id	sid	tid	token	lemma	pos
ajfa-1478	1	1	microsoft	microsoft	PROPN
ajfa-1478	1	2	word	word	NOUN
ajfa-1478	1	3	revised	revise	VERB
ajfa-1478	1	4	exploring	explore	VERB
ajfa-1478	1	5	-	-	PUNCT
ajfa-1478	1	6	writer2	writer2	VERB
ajfa-1478	1	7	-	-	ADJ
ajfa-1478	1	8	new	new	ADJ
ajfa-1478	1	9	asian	asian	ADJ
ajfa-1478	1	10	journal	journal	NOUN
ajfa-1478	1	11	of	of	ADP
ajfa-1478	1	12	finance	finance	PROPN
ajfa-1478	1	13	&	&	CCONJ
ajfa-1478	1	14	accounting	accounting	PROPN
ajfa-1478	1	15	issn	issn	PROPN
ajfa-1478	1	16	1946	1946	NUM
ajfa-1478	1	17	-	-	PUNCT
ajfa-1478	1	18	052x	052x	NOUN
ajfa-1478	1	19	2012	2012	NUM
ajfa-1478	1	20	,	,	PUNCT
ajfa-1478	1	21	vol	vol	NOUN
ajfa-1478	1	22	.	.	PROPN
ajfa-1478	1	23	4	4	NUM
ajfa-1478	1	24	,	,	PUNCT
ajfa-1478	1	25	no	no	INTJ
ajfa-1478	1	26	.	.	NOUN
ajfa-1478	1	27	1	1	NUM
ajfa-1478	1	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	1	29	189	189	NUM
ajfa-1478	1	30	exploring	explore	VERB
ajfa-1478	1	31	the	the	DET
ajfa-1478	1	32	herding	herd	VERB
ajfa-1478	1	33	behaviour	behaviour	NOUN
ajfa-1478	1	34	in	in	ADP
ajfa-1478	1	35	indian	indian	ADJ
ajfa-1478	1	36	mutual	mutual	ADJ
ajfa-1478	1	37	fund	fund	NOUN
ajfa-1478	1	38	industry	industry	PROPN
ajfa-1478	1	39	ms	ms	PROPN
ajfa-1478	1	40	.	.	PROPN
ajfa-1478	1	41	archana	archana	PROPN
ajfa-1478	1	42	patro	patro	PROPN
ajfa-1478	1	43	participant	participant	PROPN
ajfa-1478	1	44	,	,	PUNCT
ajfa-1478	1	45	fellow	fellow	ADJ
ajfa-1478	1	46	programme	programme	NOUN
ajfa-1478	1	47	in	in	ADP
ajfa-1478	1	48	management	management	PROPN
ajfa-1478	1	49	indian	indian	PROPN
ajfa-1478	1	50	institute	institute	PROPN
ajfa-1478	1	51	of	of	ADP
ajfa-1478	1	52	management	management	PROPN
ajfa-1478	1	53	indore	indore	PROPN
ajfa-1478	1	54	prabandh	prabandh	PROPN
ajfa-1478	1	55	shikhar	shikhar	PROPN
ajfa-1478	1	56	,	,	PUNCT
ajfa-1478	1	57	rau	rau	PROPN
ajfa-1478	1	58	-	-	PUNCT
ajfa-1478	1	59	pithampur	pithampur	PROPN
ajfa-1478	1	60	road	road	NOUN
ajfa-1478	1	61	,	,	PUNCT
ajfa-1478	1	62	indore	indore	PROPN
ajfa-1478	1	63	453331	453331	NUM
ajfa-1478	1	64	mp	mp	PROPN
ajfa-1478	1	65	,	,	PUNCT
ajfa-1478	1	66	india	india	PROPN
ajfa-1478	1	67	e	e	PROPN
ajfa-1478	1	68	-	-	NOUN
ajfa-1478	1	69	mail	mail	NOUN
ajfa-1478	1	70	:	:	PUNCT
ajfa-1478	1	71	f09archanap@iimidr.ac.in	f09archanap@iimidr.ac.in	PROPN
ajfa-1478	1	72	prof	prof	PROPN
ajfa-1478	1	73	.	.	PUNCT
ajfa-1478	1	74	a.	a.	PROPN
ajfa-1478	1	75	kanagaraj	kanagaraj	PROPN
ajfa-1478	1	76	faculty	faculty	PROPN
ajfa-1478	1	77	of	of	ADP
ajfa-1478	1	78	finance	finance	NOUN
ajfa-1478	1	79	and	and	CCONJ
ajfa-1478	1	80	accounting	accounting	PROPN
ajfa-1478	1	81	indian	indian	PROPN
ajfa-1478	1	82	institute	institute	PROPN
ajfa-1478	1	83	of	of	ADP
ajfa-1478	1	84	management	management	PROPN
ajfa-1478	1	85	indore	indore	PROPN
ajfa-1478	1	86	prabandh	prabandh	PROPN
ajfa-1478	1	87	shikhar	shikhar	PROPN
ajfa-1478	1	88	,	,	PUNCT
ajfa-1478	1	89	rau	rau	PROPN
ajfa-1478	1	90	-	-	PUNCT
ajfa-1478	1	91	pithampur	pithampur	PROPN
ajfa-1478	1	92	road	road	NOUN
ajfa-1478	1	93	,	,	PUNCT
ajfa-1478	1	94	indore	indore	PROPN
ajfa-1478	1	95	453331	453331	NUM
ajfa-1478	1	96	mp	mp	PROPN
ajfa-1478	1	97	,	,	PUNCT
ajfa-1478	1	98	india	india	PROPN
ajfa-1478	1	99	e	e	PROPN
ajfa-1478	1	100	-	-	NOUN
ajfa-1478	1	101	mail	mail	NOUN
ajfa-1478	1	102	:	:	PUNCT
ajfa-1478	1	103	kanagaraj@iimidr.ac.in	kanagaraj@iimidr.ac.in	PROPN
ajfa-1478	1	104	received	receive	VERB
ajfa-1478	1	105	:	:	PUNCT
ajfa-1478	1	106	march	march	PROPN
ajfa-1478	1	107	6	6	NUM
ajfa-1478	1	108	,	,	PUNCT
ajfa-1478	1	109	2012	2012	NUM
ajfa-1478	1	110	accepted	accept	VERB
ajfa-1478	1	111	:	:	PUNCT
ajfa-1478	1	112	april	april	PROPN
ajfa-1478	1	113	5	5	NUM
ajfa-1478	1	114	,	,	PUNCT
ajfa-1478	1	115	2012	2012	NUM
ajfa-1478	1	116	published	publish	VERB
ajfa-1478	1	117	:	:	PUNCT
ajfa-1478	1	118	june	june	PROPN
ajfa-1478	1	119	1	1	NUM
ajfa-1478	1	120	,	,	PUNCT
ajfa-1478	1	121	2012	2012	NUM
ajfa-1478	1	122	doi:10.5296	doi:10.5296	NOUN
ajfa-1478	1	123	/	/	SYM
ajfa-1478	1	124	ajfa.v4i1.1478	ajfa.v4i1.1478	NUM
ajfa-1478	1	125	url	url	PROPN
ajfa-1478	1	126	:	:	PUNCT
ajfa-1478	1	127	http://dx.doi.org/10.5296/ajfa.v4i1.1478	http://dx.doi.org/10.5296/ajfa.v4i1.1478	X
ajfa-1478	1	128	abstract	abstract	VERB
ajfa-1478	1	129	the	the	DET
ajfa-1478	1	130	present	present	ADJ
ajfa-1478	1	131	study	study	NOUN
ajfa-1478	1	132	analyzes	analyze	VERB
ajfa-1478	1	133	the	the	DET
ajfa-1478	1	134	trading	trading	NOUN
ajfa-1478	1	135	activity	activity	NOUN
ajfa-1478	1	136	of	of	ADP
ajfa-1478	1	137	indian	indian	ADJ
ajfa-1478	1	138	mutual	mutual	ADJ
ajfa-1478	1	139	funds	fund	NOUN
ajfa-1478	1	140	and	and	CCONJ
ajfa-1478	1	141	investigates	investigate	VERB
ajfa-1478	1	142	whether	whether	SCONJ
ajfa-1478	1	143	indian	indian	ADJ
ajfa-1478	1	144	mutual	mutual	ADJ
ajfa-1478	1	145	fund	fund	NOUN
ajfa-1478	1	146	managers	manager	NOUN
ajfa-1478	1	147	are	be	AUX
ajfa-1478	1	148	engaged	engage	VERB
ajfa-1478	1	149	in	in	ADP
ajfa-1478	1	150	herding	herding	NOUN
ajfa-1478	1	151	behaviour	behaviour	NOUN
ajfa-1478	1	152	.	.	PUNCT
ajfa-1478	2	1	results	result	NOUN
ajfa-1478	2	2	are	be	AUX
ajfa-1478	2	3	compared	compare	VERB
ajfa-1478	2	4	with	with	ADP
ajfa-1478	2	5	previous	previous	ADJ
ajfa-1478	2	6	studies	study	NOUN
ajfa-1478	2	7	in	in	ADP
ajfa-1478	2	8	mature	mature	ADJ
ajfa-1478	2	9	as	as	ADV
ajfa-1478	2	10	well	well	ADV
ajfa-1478	2	11	as	as	ADP
ajfa-1478	2	12	developing	develop	VERB
ajfa-1478	2	13	markets	market	NOUN
ajfa-1478	2	14	to	to	PART
ajfa-1478	2	15	determine	determine	VERB
ajfa-1478	2	16	the	the	DET
ajfa-1478	2	17	level	level	NOUN
ajfa-1478	2	18	of	of	ADP
ajfa-1478	2	19	maturity	maturity	NOUN
ajfa-1478	2	20	of	of	ADP
ajfa-1478	2	21	the	the	DET
ajfa-1478	2	22	indian	indian	ADJ
ajfa-1478	2	23	capital	capital	NOUN
ajfa-1478	2	24	market	market	NOUN
ajfa-1478	2	25	.	.	PUNCT
ajfa-1478	3	1	measure	measure	NOUN
ajfa-1478	3	2	of	of	ADP
ajfa-1478	3	3	herding	herding	NOUN
ajfa-1478	3	4	developed	develop	VERB
ajfa-1478	3	5	by	by	ADP
ajfa-1478	3	6	lakonishok	lakonishok	PROPN
ajfa-1478	3	7	et	et	PROPN
ajfa-1478	3	8	al	al	PROPN
ajfa-1478	3	9	.	.	PROPN
ajfa-1478	4	1	(	(	PUNCT
ajfa-1478	4	2	1992	1992	NUM
ajfa-1478	4	3	)	)	PUNCT
ajfa-1478	4	4	has	have	AUX
ajfa-1478	4	5	been	be	AUX
ajfa-1478	4	6	used	use	VERB
ajfa-1478	4	7	.	.	PUNCT
ajfa-1478	5	1	the	the	DET
ajfa-1478	5	2	study	study	NOUN
ajfa-1478	5	3	found	find	VERB
ajfa-1478	5	4	strong	strong	ADJ
ajfa-1478	5	5	evidence	evidence	NOUN
ajfa-1478	5	6	of	of	ADP
ajfa-1478	5	7	herding	herd	VERB
ajfa-1478	5	8	in	in	ADP
ajfa-1478	5	9	the	the	DET
ajfa-1478	5	10	overall	overall	ADJ
ajfa-1478	5	11	sample	sample	NOUN
ajfa-1478	5	12	.	.	PUNCT
ajfa-1478	6	1	managers	manager	NOUN
ajfa-1478	6	2	herd	herd	VERB
ajfa-1478	6	3	primarily	primarily	ADV
ajfa-1478	6	4	when	when	SCONJ
ajfa-1478	6	5	they	they	PRON
ajfa-1478	6	6	trade	trade	VERB
ajfa-1478	6	7	in	in	ADP
ajfa-1478	6	8	large	large	ADJ
ajfa-1478	6	9	capitalization	capitalization	NOUN
ajfa-1478	6	10	stocks	stock	NOUN
ajfa-1478	6	11	or	or	CCONJ
ajfa-1478	6	12	stocks	stock	NOUN
ajfa-1478	6	13	that	that	PRON
ajfa-1478	6	14	belong	belong	VERB
ajfa-1478	6	15	to	to	ADP
ajfa-1478	6	16	the	the	DET
ajfa-1478	6	17	most	most	ADV
ajfa-1478	6	18	famous	famous	ADJ
ajfa-1478	6	19	indices	index	NOUN
ajfa-1478	6	20	.	.	PUNCT
ajfa-1478	7	1	the	the	DET
ajfa-1478	7	2	herding	herding	NOUN
ajfa-1478	7	3	effect	effect	NOUN
ajfa-1478	7	4	seems	seem	VERB
ajfa-1478	7	5	to	to	PART
ajfa-1478	7	6	affect	affect	VERB
ajfa-1478	7	7	both	both	DET
ajfa-1478	7	8	purchases	purchase	NOUN
ajfa-1478	7	9	and	and	CCONJ
ajfa-1478	7	10	sales	sale	NOUN
ajfa-1478	7	11	of	of	ADP
ajfa-1478	7	12	stocks	stock	NOUN
ajfa-1478	7	13	.	.	PUNCT
ajfa-1478	8	1	the	the	DET
ajfa-1478	8	2	level	level	NOUN
ajfa-1478	8	3	of	of	ADP
ajfa-1478	8	4	herding	herding	NOUN
ajfa-1478	8	5	is	be	AUX
ajfa-1478	8	6	more	more	ADJ
ajfa-1478	8	7	in	in	ADP
ajfa-1478	8	8	indian	indian	ADJ
ajfa-1478	8	9	stock	stock	NOUN
ajfa-1478	8	10	market	market	NOUN
ajfa-1478	8	11	as	as	SCONJ
ajfa-1478	8	12	compared	compare	VERB
ajfa-1478	8	13	to	to	ADP
ajfa-1478	8	14	developed	develop	VERB
ajfa-1478	8	15	markets	market	NOUN
ajfa-1478	8	16	.	.	PUNCT
ajfa-1478	9	1	furthermore	furthermore	ADV
ajfa-1478	9	2	,	,	PUNCT
ajfa-1478	9	3	the	the	DET
ajfa-1478	9	4	indian	indian	ADJ
ajfa-1478	9	5	mutual	mutual	ADJ
ajfa-1478	9	6	funds	fund	NOUN
ajfa-1478	9	7	tend	tend	VERB
ajfa-1478	9	8	to	to	PART
ajfa-1478	9	9	herd	herd	VERB
ajfa-1478	9	10	more	more	ADV
ajfa-1478	9	11	often	often	ADV
ajfa-1478	9	12	when	when	SCONJ
ajfa-1478	9	13	purchasing	purchase	VERB
ajfa-1478	9	14	than	than	ADP
ajfa-1478	9	15	when	when	SCONJ
ajfa-1478	9	16	selling	sell	VERB
ajfa-1478	9	17	a	a	DET
ajfa-1478	9	18	stock	stock	NOUN
ajfa-1478	9	19	,	,	PUNCT
ajfa-1478	9	20	and	and	CCONJ
ajfa-1478	9	21	when	when	SCONJ
ajfa-1478	9	22	trading	trade	VERB
ajfa-1478	9	23	large	large	ADJ
ajfa-1478	9	24	stocks	stock	NOUN
ajfa-1478	9	25	.	.	PUNCT
ajfa-1478	10	1	the	the	DET
ajfa-1478	10	2	study	study	NOUN
ajfa-1478	10	3	will	will	AUX
ajfa-1478	10	4	contribute	contribute	VERB
ajfa-1478	10	5	to	to	ADP
ajfa-1478	10	6	the	the	DET
ajfa-1478	10	7	discussion	discussion	NOUN
ajfa-1478	10	8	regarding	regard	VERB
ajfa-1478	10	9	market	market	NOUN
ajfa-1478	10	10	efficiency	efficiency	NOUN
ajfa-1478	10	11	and	and	CCONJ
ajfa-1478	10	12	traditional	traditional	ADJ
ajfa-1478	10	13	asset	asset	NOUN
ajfa-1478	10	14	pricing	pricing	NOUN
ajfa-1478	10	15	models	model	NOUN
ajfa-1478	10	16	validity	validity	NOUN
ajfa-1478	10	17	.	.	PUNCT
ajfa-1478	11	1	evidence	evidence	NOUN
ajfa-1478	11	2	on	on	ADP
ajfa-1478	11	3	herding	herd	VERB
ajfa-1478	11	4	by	by	ADP
ajfa-1478	11	5	institutional	institutional	ADJ
ajfa-1478	11	6	investors	investor	NOUN
ajfa-1478	11	7	,	,	PUNCT
ajfa-1478	11	8	could	could	AUX
ajfa-1478	11	9	explain	explain	VERB
ajfa-1478	11	10	whether	whether	SCONJ
ajfa-1478	11	11	there	there	PRON
ajfa-1478	11	12	are	be	VERB
ajfa-1478	11	13	different	different	ADJ
ajfa-1478	11	14	types	type	NOUN
ajfa-1478	11	15	of	of	ADP
ajfa-1478	11	16	asian	asian	ADJ
ajfa-1478	11	17	journal	journal	NOUN
ajfa-1478	11	18	of	of	ADP
ajfa-1478	11	19	finance	finance	PROPN
ajfa-1478	11	20	&	&	CCONJ
ajfa-1478	11	21	accounting	accounting	PROPN
ajfa-1478	11	22	issn	issn	PROPN
ajfa-1478	11	23	1946	1946	NUM
ajfa-1478	11	24	-	-	PUNCT
ajfa-1478	11	25	052x	052x	NOUN
ajfa-1478	11	26	2012	2012	NUM
ajfa-1478	11	27	,	,	PUNCT
ajfa-1478	11	28	vol	vol	NOUN
ajfa-1478	11	29	.	.	PROPN
ajfa-1478	11	30	4	4	NUM
ajfa-1478	11	31	,	,	PUNCT
ajfa-1478	11	32	no	no	INTJ
ajfa-1478	11	33	.	.	NOUN
ajfa-1478	11	34	1	1	NUM
ajfa-1478	11	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	11	36	190	190	NUM
ajfa-1478	11	37	investors	investor	NOUN
ajfa-1478	11	38	having	have	VERB
ajfa-1478	11	39	different	different	ADJ
ajfa-1478	11	40	trading	trading	NOUN
ajfa-1478	11	41	pattern	pattern	NOUN
ajfa-1478	11	42	.	.	PUNCT
ajfa-1478	12	1	investigating	investigate	VERB
ajfa-1478	12	2	herding	herd	VERB
ajfa-1478	12	3	on	on	ADP
ajfa-1478	12	4	indian	indian	ADJ
ajfa-1478	12	5	mutual	mutual	ADJ
ajfa-1478	12	6	funds	fund	NOUN
ajfa-1478	12	7	would	would	AUX
ajfa-1478	12	8	help	help	VERB
ajfa-1478	12	9	researchers	researcher	NOUN
ajfa-1478	12	10	,	,	PUNCT
ajfa-1478	12	11	investors	investor	NOUN
ajfa-1478	12	12	,	,	PUNCT
ajfa-1478	12	13	traders	trader	NOUN
ajfa-1478	12	14	and	and	CCONJ
ajfa-1478	12	15	regulators	regulator	NOUN
ajfa-1478	12	16	.	.	PUNCT
ajfa-1478	13	1	keywords	keyword	NOUN
ajfa-1478	13	2	:	:	PUNCT
ajfa-1478	13	3	mutual	mutual	ADJ
ajfa-1478	13	4	fund	fund	NOUN
ajfa-1478	13	5	,	,	PUNCT
ajfa-1478	13	6	herding	herding	NOUN
ajfa-1478	13	7	,	,	PUNCT
ajfa-1478	13	8	behavioural	behavioural	ADJ
ajfa-1478	13	9	finance	finance	NOUN
ajfa-1478	13	10	,	,	PUNCT
ajfa-1478	13	11	lsv	lsv	PROPN
ajfa-1478	13	12	measure	measure	NOUN
ajfa-1478	13	13	,	,	PUNCT
ajfa-1478	13	14	institutional	institutional	ADJ
ajfa-1478	13	15	investors	investor	NOUN
ajfa-1478	13	16	asian	asian	PROPN
ajfa-1478	13	17	journal	journal	PROPN
ajfa-1478	13	18	of	of	ADP
ajfa-1478	13	19	finance	finance	PROPN
ajfa-1478	13	20	&	&	CCONJ
ajfa-1478	13	21	accounting	accounting	PROPN
ajfa-1478	13	22	issn	issn	PROPN
ajfa-1478	13	23	1946	1946	NUM
ajfa-1478	13	24	-	-	PUNCT
ajfa-1478	13	25	052x	052x	NOUN
ajfa-1478	13	26	2012	2012	NUM
ajfa-1478	13	27	,	,	PUNCT
ajfa-1478	13	28	vol	vol	NOUN
ajfa-1478	13	29	.	.	PROPN
ajfa-1478	13	30	4	4	NUM
ajfa-1478	13	31	,	,	PUNCT
ajfa-1478	13	32	no	no	INTJ
ajfa-1478	13	33	.	.	NOUN
ajfa-1478	13	34	1	1	NUM
ajfa-1478	13	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	13	36	191	191	NUM
ajfa-1478	13	37	1	1	NUM
ajfa-1478	13	38	.	.	PUNCT
ajfa-1478	13	39	introduction	introduction	NOUN
ajfa-1478	13	40	as	as	SCONJ
ajfa-1478	13	41	we	we	PRON
ajfa-1478	13	42	go	go	VERB
ajfa-1478	13	43	through	through	ADP
ajfa-1478	13	44	the	the	DET
ajfa-1478	13	45	underlying	underlie	VERB
ajfa-1478	13	46	assumptions	assumption	NOUN
ajfa-1478	13	47	for	for	ADP
ajfa-1478	13	48	efficient	efficient	ADJ
ajfa-1478	13	49	market	market	NOUN
ajfa-1478	13	50	hypothesis	hypothesis	NOUN
ajfa-1478	13	51	(	(	PUNCT
ajfa-1478	13	52	emh	emh	PROPN
ajfa-1478	13	53	)	)	PUNCT
ajfa-1478	13	54	and	and	CCONJ
ajfa-1478	13	55	the	the	DET
ajfa-1478	13	56	capital	capital	NOUN
ajfa-1478	13	57	asset	asset	NOUN
ajfa-1478	13	58	pricing	pricing	NOUN
ajfa-1478	13	59	model	model	NOUN
ajfa-1478	13	60	(	(	PUNCT
ajfa-1478	13	61	capm	capm	PROPN
ajfa-1478	13	62	)	)	PUNCT
ajfa-1478	13	63	,	,	PUNCT
ajfa-1478	13	64	it	it	PRON
ajfa-1478	13	65	triggers	trigger	VERB
ajfa-1478	13	66	certain	certain	ADJ
ajfa-1478	13	67	questions	question	NOUN
ajfa-1478	13	68	among	among	ADP
ajfa-1478	13	69	the	the	DET
ajfa-1478	13	70	researchers	researcher	NOUN
ajfa-1478	13	71	about	about	ADP
ajfa-1478	13	72	the	the	DET
ajfa-1478	13	73	validity	validity	NOUN
ajfa-1478	13	74	of	of	ADP
ajfa-1478	13	75	these	these	DET
ajfa-1478	13	76	assumptions	assumption	NOUN
ajfa-1478	13	77	in	in	ADP
ajfa-1478	13	78	the	the	DET
ajfa-1478	13	79	real	real	ADJ
ajfa-1478	13	80	world	world	NOUN
ajfa-1478	13	81	.	.	PUNCT
ajfa-1478	14	1	(	(	PUNCT
ajfa-1478	14	2	frankfurter	frankfurter	NOUN
ajfa-1478	14	3	and	and	CCONJ
ajfa-1478	14	4	mcgoun	mcgoun	NOUN
ajfa-1478	14	5	,	,	PUNCT
ajfa-1478	14	6	2001	2001	NUM
ajfa-1478	14	7	)	)	PUNCT
ajfa-1478	14	8	says	say	VERB
ajfa-1478	14	9	this	this	PRON
ajfa-1478	14	10	is	be	AUX
ajfa-1478	14	11	because	because	SCONJ
ajfa-1478	14	12	the	the	DET
ajfa-1478	14	13	assumptions	assumption	NOUN
ajfa-1478	14	14	imply	imply	VERB
ajfa-1478	14	15	investors	investor	NOUN
ajfa-1478	14	16	are	be	AUX
ajfa-1478	14	17	totally	totally	ADV
ajfa-1478	14	18	keen	keen	ADJ
ajfa-1478	14	19	,	,	PUNCT
ajfa-1478	14	20	penetrating	penetrate	VERB
ajfa-1478	14	21	and	and	CCONJ
ajfa-1478	14	22	rational	rational	ADJ
ajfa-1478	14	23	in	in	ADP
ajfa-1478	14	24	calculating	calculate	VERB
ajfa-1478	14	25	the	the	DET
ajfa-1478	14	26	numbers	number	NOUN
ajfa-1478	14	27	that	that	PRON
ajfa-1478	14	28	are	be	AUX
ajfa-1478	14	29	required	require	VERB
ajfa-1478	14	30	for	for	ADP
ajfa-1478	14	31	making	make	VERB
ajfa-1478	14	32	investment	investment	NOUN
ajfa-1478	14	33	decisions	decision	NOUN
ajfa-1478	14	34	.	.	PUNCT
ajfa-1478	15	1	it	it	PRON
ajfa-1478	15	2	might	might	AUX
ajfa-1478	15	3	be	be	AUX
ajfa-1478	15	4	the	the	DET
ajfa-1478	15	5	reasons	reason	NOUN
ajfa-1478	15	6	of	of	ADP
ajfa-1478	15	7	their	their	PRON
ajfa-1478	15	8	simplicity	simplicity	NOUN
ajfa-1478	15	9	and	and	CCONJ
ajfa-1478	15	10	suitability	suitability	NOUN
ajfa-1478	15	11	for	for	ADP
ajfa-1478	15	12	advanced	advanced	ADJ
ajfa-1478	15	13	mathematical	mathematical	ADJ
ajfa-1478	15	14	models	model	NOUN
ajfa-1478	15	15	,	,	PUNCT
ajfa-1478	15	16	these	these	DET
ajfa-1478	15	17	assumptions	assumption	NOUN
ajfa-1478	15	18	have	have	AUX
ajfa-1478	15	19	formed	form	VERB
ajfa-1478	15	20	a	a	DET
ajfa-1478	15	21	foundation	foundation	NOUN
ajfa-1478	15	22	that	that	PRON
ajfa-1478	15	23	had	have	AUX
ajfa-1478	15	24	not	not	PART
ajfa-1478	15	25	been	be	AUX
ajfa-1478	15	26	questioned	question	VERB
ajfa-1478	15	27	for	for	ADP
ajfa-1478	15	28	several	several	ADJ
ajfa-1478	15	29	decades	decade	NOUN
ajfa-1478	15	30	.	.	PUNCT
ajfa-1478	16	1	behavioural	behavioural	ADJ
ajfa-1478	16	2	finance	finance	NOUN
ajfa-1478	16	3	has	have	AUX
ajfa-1478	16	4	upset	upset	VERB
ajfa-1478	16	5	the	the	DET
ajfa-1478	16	6	very	very	ADJ
ajfa-1478	16	7	foundation	foundation	NOUN
ajfa-1478	16	8	of	of	ADP
ajfa-1478	16	9	traditional	traditional	ADJ
ajfa-1478	16	10	finance	finance	NOUN
ajfa-1478	16	11	theories	theory	NOUN
ajfa-1478	16	12	.	.	PUNCT
ajfa-1478	17	1	according	accord	VERB
ajfa-1478	17	2	to	to	ADP
ajfa-1478	17	3	behavioural	behavioural	ADJ
ajfa-1478	17	4	finance	finance	NOUN
ajfa-1478	17	5	it	it	PRON
ajfa-1478	17	6	is	be	AUX
ajfa-1478	17	7	the	the	DET
ajfa-1478	17	8	vary	vary	ADJ
ajfa-1478	17	9	phenomena	phenomenon	NOUN
ajfa-1478	17	10	of	of	ADP
ajfa-1478	17	11	human	human	ADJ
ajfa-1478	17	12	natural	natural	ADJ
ajfa-1478	17	13	tendency	tendency	NOUN
ajfa-1478	17	14	to	to	PART
ajfa-1478	17	15	behave	behave	VERB
ajfa-1478	17	16	differently	differently	ADV
ajfa-1478	17	17	to	to	ADP
ajfa-1478	17	18	different	different	ADJ
ajfa-1478	17	19	situations	situation	NOUN
ajfa-1478	17	20	.	.	PUNCT
ajfa-1478	18	1	one	one	NUM
ajfa-1478	18	2	such	such	ADJ
ajfa-1478	18	3	phenomenon	phenomenon	NOUN
ajfa-1478	18	4	is	be	AUX
ajfa-1478	18	5	herding	herd	VERB
ajfa-1478	18	6	.	.	PUNCT
ajfa-1478	19	1	it	it	PRON
ajfa-1478	19	2	is	be	AUX
ajfa-1478	19	3	defined	define	VERB
ajfa-1478	19	4	as	as	ADP
ajfa-1478	19	5	heavy	heavy	ADJ
ajfa-1478	19	6	buying	buying	NOUN
ajfa-1478	19	7	or	or	CCONJ
ajfa-1478	19	8	selling	selling	NOUN
ajfa-1478	19	9	by	by	ADP
ajfa-1478	19	10	specific	specific	ADJ
ajfa-1478	19	11	groups	group	NOUN
ajfa-1478	19	12	of	of	ADP
ajfa-1478	19	13	investors	investor	NOUN
ajfa-1478	19	14	in	in	ADP
ajfa-1478	19	15	the	the	DET
ajfa-1478	19	16	same	same	ADJ
ajfa-1478	19	17	stocks	stock	NOUN
ajfa-1478	19	18	over	over	ADP
ajfa-1478	19	19	a	a	DET
ajfa-1478	19	20	period	period	NOUN
ajfa-1478	19	21	of	of	ADP
ajfa-1478	19	22	time	time	NOUN
ajfa-1478	19	23	.	.	PUNCT
ajfa-1478	20	1	it	it	PRON
ajfa-1478	20	2	is	be	AUX
ajfa-1478	20	3	defined	define	VERB
ajfa-1478	20	4	as	as	ADP
ajfa-1478	20	5	a	a	DET
ajfa-1478	20	6	group	group	NOUN
ajfa-1478	20	7	of	of	ADP
ajfa-1478	20	8	investors	investor	NOUN
ajfa-1478	20	9	following	follow	VERB
ajfa-1478	20	10	each	each	DET
ajfa-1478	20	11	other	other	ADJ
ajfa-1478	20	12	into	into	ADP
ajfa-1478	20	13	or	or	CCONJ
ajfa-1478	20	14	out	out	ADP
ajfa-1478	20	15	of	of	ADP
ajfa-1478	20	16	the	the	DET
ajfa-1478	20	17	same	same	ADJ
ajfa-1478	20	18	securities	security	NOUN
ajfa-1478	20	19	over	over	ADP
ajfa-1478	20	20	some	some	DET
ajfa-1478	20	21	period	period	NOUN
ajfa-1478	20	22	of	of	ADP
ajfa-1478	20	23	time	time	NOUN
ajfa-1478	20	24	(	(	PUNCT
ajfa-1478	20	25	lakonishok	lakonishok	NOUN
ajfa-1478	20	26	et	et	PROPN
ajfa-1478	20	27	al	al	PROPN
ajfa-1478	20	28	.	.	PROPN
ajfa-1478	20	29	1992	1992	NUM
ajfa-1478	20	30	;	;	PUNCT
ajfa-1478	20	31	sias	sias	PROPN
ajfa-1478	20	32	2004).herding	2004).herding	NOUN
ajfa-1478	20	33	becomes	become	VERB
ajfa-1478	20	34	more	more	ADV
ajfa-1478	20	35	important	important	ADJ
ajfa-1478	20	36	if	if	SCONJ
ajfa-1478	20	37	finance	finance	NOUN
ajfa-1478	20	38	professionals	professional	NOUN
ajfa-1478	20	39	and	and	CCONJ
ajfa-1478	20	40	experts	expert	NOUN
ajfa-1478	20	41	exhibit	exhibit	VERB
ajfa-1478	20	42	such	such	ADJ
ajfa-1478	20	43	behaviour	behaviour	NOUN
ajfa-1478	20	44	,	,	PUNCT
ajfa-1478	20	45	as	as	SCONJ
ajfa-1478	20	46	they	they	PRON
ajfa-1478	20	47	are	be	AUX
ajfa-1478	20	48	supposed	suppose	VERB
ajfa-1478	20	49	to	to	PART
ajfa-1478	20	50	be	be	AUX
ajfa-1478	20	51	the	the	DET
ajfa-1478	20	52	most	most	ADV
ajfa-1478	20	53	rational	rational	ADJ
ajfa-1478	20	54	and	and	CCONJ
ajfa-1478	20	55	efficient	efficient	ADJ
ajfa-1478	20	56	persons	person	NOUN
ajfa-1478	20	57	according	accord	VERB
ajfa-1478	20	58	to	to	ADP
ajfa-1478	20	59	the	the	DET
ajfa-1478	20	60	traditional	traditional	ADJ
ajfa-1478	20	61	approach	approach	NOUN
ajfa-1478	20	62	.	.	PUNCT
ajfa-1478	21	1	if	if	SCONJ
ajfa-1478	21	2	these	these	DET
ajfa-1478	21	3	individuals	individual	NOUN
ajfa-1478	21	4	will	will	AUX
ajfa-1478	21	5	not	not	PART
ajfa-1478	21	6	verify	verify	VERB
ajfa-1478	21	7	the	the	DET
ajfa-1478	21	8	traditional	traditional	ADJ
ajfa-1478	21	9	approach	approach	NOUN
ajfa-1478	21	10	with	with	ADP
ajfa-1478	21	11	their	their	PRON
ajfa-1478	21	12	behaviour	behaviour	NOUN
ajfa-1478	21	13	,	,	PUNCT
ajfa-1478	21	14	the	the	DET
ajfa-1478	21	15	concept	concept	NOUN
ajfa-1478	21	16	can	can	AUX
ajfa-1478	21	17	not	not	PART
ajfa-1478	21	18	hold	hold	VERB
ajfa-1478	21	19	at	at	ADV
ajfa-1478	21	20	all	all	ADV
ajfa-1478	21	21	.	.	PUNCT
ajfa-1478	22	1	there	there	PRON
ajfa-1478	22	2	is	be	VERB
ajfa-1478	22	3	a	a	DET
ajfa-1478	22	4	popular	popular	ADJ
ajfa-1478	22	5	belief	belief	NOUN
ajfa-1478	22	6	that	that	SCONJ
ajfa-1478	22	7	institutional	institutional	ADJ
ajfa-1478	22	8	investors	investor	NOUN
ajfa-1478	22	9	are	be	AUX
ajfa-1478	22	10	irrational	irrational	ADJ
ajfa-1478	22	11	herding	herding	NOUN
ajfa-1478	22	12	into	into	ADP
ajfa-1478	22	13	and	and	CCONJ
ajfa-1478	22	14	out	out	ADP
ajfa-1478	22	15	of	of	ADP
ajfa-1478	22	16	stocks	stock	NOUN
ajfa-1478	22	17	without	without	ADP
ajfa-1478	22	18	fundamental	fundamental	ADJ
ajfa-1478	22	19	justification	justification	NOUN
ajfa-1478	22	20	.	.	PUNCT
ajfa-1478	23	1	because	because	SCONJ
ajfa-1478	23	2	of	of	ADP
ajfa-1478	23	3	high	high	ADJ
ajfa-1478	23	4	trading	trading	NOUN
ajfa-1478	23	5	volumes	volume	NOUN
ajfa-1478	23	6	institutional	institutional	ADJ
ajfa-1478	23	7	herding	herding	NOUN
ajfa-1478	23	8	is	be	AUX
ajfa-1478	23	9	suspected	suspect	VERB
ajfa-1478	23	10	to	to	PART
ajfa-1478	23	11	dilute	dilute	VERB
ajfa-1478	23	12	the	the	DET
ajfa-1478	23	13	information	information	NOUN
ajfa-1478	23	14	quality	quality	NOUN
ajfa-1478	23	15	of	of	ADP
ajfa-1478	23	16	stock	stock	NOUN
ajfa-1478	23	17	prices	price	NOUN
ajfa-1478	23	18	,	,	PUNCT
ajfa-1478	23	19	exacerbate	exacerbate	VERB
ajfa-1478	23	20	stock	stock	NOUN
ajfa-1478	23	21	price	price	NOUN
ajfa-1478	23	22	volatility	volatility	NOUN
ajfa-1478	23	23	,	,	PUNCT
ajfa-1478	23	24	and	and	CCONJ
ajfa-1478	23	25	destabilizes	destabilize	VERB
ajfa-1478	23	26	capital	capital	NOUN
ajfa-1478	23	27	markets	market	NOUN
ajfa-1478	23	28	by	by	ADP
ajfa-1478	23	29	driving	drive	VERB
ajfa-1478	23	30	prices	price	NOUN
ajfa-1478	23	31	away	away	ADV
ajfa-1478	23	32	from	from	ADP
ajfa-1478	23	33	fundamentals	fundamental	NOUN
ajfa-1478	23	34	(	(	PUNCT
ajfa-1478	23	35	scharfstein	scharfstein	NOUN
ajfa-1478	23	36	and	and	CCONJ
ajfa-1478	23	37	stein	stein	PROPN
ajfa-1478	23	38	,	,	PUNCT
ajfa-1478	23	39	1990	1990	NUM
ajfa-1478	23	40	)	)	PUNCT
ajfa-1478	23	41	.	.	PUNCT
ajfa-1478	24	1	this	this	DET
ajfa-1478	24	2	paper	paper	NOUN
ajfa-1478	24	3	test	test	NOUN
ajfa-1478	24	4	for	for	ADP
ajfa-1478	24	5	herding	herd	VERB
ajfa-1478	24	6	by	by	ADP
ajfa-1478	24	7	indian	indian	ADJ
ajfa-1478	24	8	mutual	mutual	ADJ
ajfa-1478	24	9	funds	fund	NOUN
ajfa-1478	24	10	.	.	PUNCT
ajfa-1478	25	1	the	the	DET
ajfa-1478	25	2	present	present	ADJ
ajfa-1478	25	3	study	study	NOUN
ajfa-1478	25	4	is	be	AUX
ajfa-1478	25	5	focused	focus	VERB
ajfa-1478	25	6	on	on	ADP
ajfa-1478	25	7	mutual	mutual	ADJ
ajfa-1478	25	8	funds	fund	NOUN
ajfa-1478	25	9	as	as	SCONJ
ajfa-1478	25	10	majority	majority	NOUN
ajfa-1478	25	11	of	of	ADP
ajfa-1478	25	12	corporate	corporate	ADJ
ajfa-1478	25	13	equities	equity	NOUN
ajfa-1478	25	14	are	be	AUX
ajfa-1478	25	15	held	hold	VERB
ajfa-1478	25	16	by	by	ADP
ajfa-1478	25	17	them	they	PRON
ajfa-1478	25	18	,	,	PUNCT
ajfa-1478	25	19	and	and	CCONJ
ajfa-1478	25	20	their	their	PRON
ajfa-1478	25	21	trade	trade	NOUN
ajfa-1478	25	22	volume	volume	NOUN
ajfa-1478	25	23	proportion	proportion	NOUN
ajfa-1478	25	24	is	be	AUX
ajfa-1478	25	25	higher	high	ADJ
ajfa-1478	25	26	for	for	SCONJ
ajfa-1478	25	27	institutional	institutional	ADJ
ajfa-1478	25	28	herding	herding	NOUN
ajfa-1478	25	29	to	to	PART
ajfa-1478	25	30	be	be	AUX
ajfa-1478	25	31	observed	observe	VERB
ajfa-1478	25	32	.	.	PUNCT
ajfa-1478	26	1	the	the	DET
ajfa-1478	26	2	indian	indian	PROPN
ajfa-1478	26	3	mutual	mutual	ADJ
ajfa-1478	26	4	fund	fund	NOUN
ajfa-1478	26	5	industry	industry	NOUN
ajfa-1478	26	6	has	have	AUX
ajfa-1478	26	7	witnessed	witness	VERB
ajfa-1478	26	8	a	a	DET
ajfa-1478	26	9	significant	significant	ADJ
ajfa-1478	26	10	growth	growth	NOUN
ajfa-1478	26	11	in	in	ADP
ajfa-1478	26	12	the	the	DET
ajfa-1478	26	13	past	past	ADJ
ajfa-1478	26	14	few	few	ADJ
ajfa-1478	26	15	years	year	NOUN
ajfa-1478	26	16	driven	drive	VERB
ajfa-1478	26	17	by	by	ADP
ajfa-1478	26	18	several	several	ADJ
ajfa-1478	26	19	favourable	favourable	ADJ
ajfa-1478	26	20	economic	economic	ADJ
ajfa-1478	26	21	and	and	CCONJ
ajfa-1478	26	22	demographic	demographic	ADJ
ajfa-1478	26	23	factors	factor	NOUN
ajfa-1478	26	24	such	such	ADJ
ajfa-1478	26	25	as	as	ADP
ajfa-1478	26	26	rising	rise	VERB
ajfa-1478	26	27	income	income	NOUN
ajfa-1478	26	28	levels	level	NOUN
ajfa-1478	26	29	and	and	CCONJ
ajfa-1478	26	30	the	the	DET
ajfa-1478	26	31	increasing	increase	VERB
ajfa-1478	26	32	reach	reach	NOUN
ajfa-1478	26	33	of	of	ADP
ajfa-1478	26	34	asset	asset	NOUN
ajfa-1478	26	35	management	management	NOUN
ajfa-1478	26	36	companies	company	NOUN
ajfa-1478	26	37	(	(	PUNCT
ajfa-1478	26	38	amcs	amcs	NOUN
ajfa-1478	26	39	)	)	PUNCT
ajfa-1478	26	40	and	and	CCONJ
ajfa-1478	26	41	distributors	distributor	NOUN
ajfa-1478	26	42	.	.	PUNCT
ajfa-1478	27	1	further	far	ADV
ajfa-1478	27	2	enabling	enable	VERB
ajfa-1478	27	3	support	support	NOUN
ajfa-1478	27	4	from	from	ADP
ajfa-1478	27	5	the	the	DET
ajfa-1478	27	6	regulator	regulator	NOUN
ajfa-1478	27	7	sebi	sebi	NOUN
ajfa-1478	27	8	and	and	CCONJ
ajfa-1478	27	9	proactive	proactive	ADJ
ajfa-1478	27	10	initiatives	initiative	NOUN
ajfa-1478	27	11	from	from	ADP
ajfa-1478	27	12	the	the	DET
ajfa-1478	27	13	industry	industry	NOUN
ajfa-1478	27	14	bodies	body	NOUN
ajfa-1478	27	15	cii	cii	PROPN
ajfa-1478	27	16	and	and	CCONJ
ajfa-1478	27	17	amfi	amfi	NOUN
ajfa-1478	27	18	,	,	PUNCT
ajfa-1478	27	19	which	which	PRON
ajfa-1478	27	20	are	be	AUX
ajfa-1478	27	21	likely	likely	ADJ
ajfa-1478	27	22	to	to	PART
ajfa-1478	27	23	be	be	AUX
ajfa-1478	27	24	the	the	DET
ajfa-1478	27	25	key	key	ADJ
ajfa-1478	27	26	components	component	NOUN
ajfa-1478	27	27	in	in	ADP
ajfa-1478	27	28	defining	define	VERB
ajfa-1478	27	29	the	the	DET
ajfa-1478	27	30	future	future	ADJ
ajfa-1478	27	31	shape	shape	NOUN
ajfa-1478	27	32	of	of	ADP
ajfa-1478	27	33	the	the	DET
ajfa-1478	27	34	indian	indian	ADJ
ajfa-1478	27	35	mutual	mutual	ADJ
ajfa-1478	27	36	,	,	PUNCT
ajfa-1478	27	37	fund	fund	NOUN
ajfa-1478	27	38	industry	industry	NOUN
ajfa-1478	27	39	as	as	SCONJ
ajfa-1478	27	40	said	say	VERB
ajfa-1478	27	41	by	by	ADP
ajfa-1478	27	42	abizer	abizer	NOUN
ajfa-1478	27	43	diwanji	diwanji	PROPN
ajfa-1478	27	44	head	head	NOUN
ajfa-1478	27	45	financial	financial	PROPN
ajfa-1478	27	46	services	services	PROPN
ajfa-1478	27	47	kpmg	kpmg	PROPN
ajfa-1478	27	48	india	india	PROPN
ajfa-1478	27	49	.	.	PUNCT
ajfa-1478	28	1	the	the	DET
ajfa-1478	28	2	low	low	ADJ
ajfa-1478	28	3	penetration	penetration	NOUN
ajfa-1478	28	4	levels	level	NOUN
ajfa-1478	28	5	combined	combine	VERB
ajfa-1478	28	6	with	with	ADP
ajfa-1478	28	7	rapid	rapid	ADJ
ajfa-1478	28	8	growth	growth	NOUN
ajfa-1478	28	9	in	in	ADP
ajfa-1478	28	10	the	the	DET
ajfa-1478	28	11	assets	asset	NOUN
ajfa-1478	28	12	under	under	ADP
ajfa-1478	28	13	management	management	NOUN
ajfa-1478	28	14	in	in	ADP
ajfa-1478	28	15	recent	recent	ADJ
ajfa-1478	28	16	years	year	NOUN
ajfa-1478	28	17	will	will	AUX
ajfa-1478	28	18	find	find	VERB
ajfa-1478	28	19	a	a	DET
ajfa-1478	28	20	place	place	NOUN
ajfa-1478	28	21	for	for	ADP
ajfa-1478	28	22	the	the	DET
ajfa-1478	28	23	high	high	ADJ
ajfa-1478	28	24	growth	growth	NOUN
ajfa-1478	28	25	potential	potential	NOUN
ajfa-1478	28	26	of	of	ADP
ajfa-1478	28	27	the	the	DET
ajfa-1478	28	28	indian	indian	ADJ
ajfa-1478	28	29	mutual	mutual	ADJ
ajfa-1478	28	30	fund	fund	NOUN
ajfa-1478	28	31	industry	industry	NOUN
ajfa-1478	28	32	.	.	PUNCT
ajfa-1478	29	1	india	india	PROPN
ajfa-1478	29	2	has	have	AUX
ajfa-1478	29	3	been	be	AUX
ajfa-1478	29	4	amongst	amongst	ADP
ajfa-1478	29	5	the	the	DET
ajfa-1478	29	6	fastest	fast	ADJ
ajfa-1478	29	7	growing	grow	VERB
ajfa-1478	29	8	markets	market	NOUN
ajfa-1478	29	9	for	for	ADP
ajfa-1478	29	10	mutual	mutual	ADJ
ajfa-1478	29	11	funds	fund	NOUN
ajfa-1478	29	12	since	since	SCONJ
ajfa-1478	29	13	2004	2004	NUM
ajfa-1478	29	14	,	,	PUNCT
ajfa-1478	29	15	witnessing	witness	VERB
ajfa-1478	29	16	a	a	DET
ajfa-1478	29	17	cagr	cagr	NOUN
ajfa-1478	29	18	of	of	ADP
ajfa-1478	29	19	29	29	NUM
ajfa-1478	29	20	percent	percent	NOUN
ajfa-1478	29	21	in	in	ADP
ajfa-1478	29	22	the	the	DET
ajfa-1478	29	23	five	five	NUM
ajfa-1478	29	24	-	-	PUNCT
ajfa-1478	29	25	year	year	NOUN
ajfa-1478	29	26	period	period	NOUN
ajfa-1478	29	27	from	from	ADP
ajfa-1478	29	28	2004	2004	NUM
ajfa-1478	29	29	to	to	ADP
ajfa-1478	29	30	2008	2008	NUM
ajfa-1478	29	31	as	as	ADP
ajfa-1478	29	32	against	against	ADP
ajfa-1478	29	33	the	the	DET
ajfa-1478	29	34	global	global	ADJ
ajfa-1478	29	35	average	average	NOUN
ajfa-1478	29	36	of	of	ADP
ajfa-1478	29	37	4	4	NUM
ajfa-1478	29	38	percent	percent	NOUN
ajfa-1478	29	39	industry	industry	NOUN
ajfa-1478	29	40	assets	asset	NOUN
ajfa-1478	29	41	under	under	ADP
ajfa-1478	29	42	management	management	NOUN
ajfa-1478	29	43	is	be	AUX
ajfa-1478	29	44	likely	likely	ADJ
ajfa-1478	29	45	to	to	PART
ajfa-1478	29	46	continue	continue	VERB
ajfa-1478	29	47	to	to	PART
ajfa-1478	29	48	grow	grow	VERB
ajfa-1478	29	49	in	in	ADP
ajfa-1478	29	50	the	the	DET
ajfa-1478	29	51	range	range	NOUN
ajfa-1478	29	52	of	of	ADP
ajfa-1478	29	53	15	15	NUM
ajfa-1478	29	54	to	to	ADP
ajfa-1478	29	55	25percent	25percent	NUM
ajfa-1478	29	56	from	from	ADP
ajfa-1478	29	57	the	the	DET
ajfa-1478	29	58	period	period	NOUN
ajfa-1478	29	59	2010	2010	NUM
ajfa-1478	29	60	to	to	ADP
ajfa-1478	29	61	2015	2015	NUM
ajfa-1478	29	62	based	base	VERB
ajfa-1478	29	63	on	on	ADP
ajfa-1478	29	64	the	the	DET
ajfa-1478	29	65	pace	pace	NOUN
ajfa-1478	29	66	of	of	ADP
ajfa-1478	29	67	economic	economic	ADJ
ajfa-1478	29	68	growth	growth	NOUN
ajfa-1478	29	69	,	,	PUNCT
ajfa-1478	29	70	kpmg	kpmg	PROPN
ajfa-1478	29	71	(	(	PUNCT
ajfa-1478	29	72	2009	2009	NUM
ajfa-1478	29	73	)	)	PUNCT
ajfa-1478	29	74	looking	look	VERB
ajfa-1478	29	75	at	at	ADP
ajfa-1478	29	76	the	the	DET
ajfa-1478	29	77	importance	importance	NOUN
ajfa-1478	29	78	of	of	ADP
ajfa-1478	29	79	mutual	mutual	ADJ
ajfa-1478	29	80	funds	fund	NOUN
ajfa-1478	29	81	in	in	ADP
ajfa-1478	29	82	indian	indian	ADJ
ajfa-1478	29	83	economy	economy	NOUN
ajfa-1478	29	84	,	,	PUNCT
ajfa-1478	29	85	the	the	DET
ajfa-1478	29	86	purpose	purpose	NOUN
ajfa-1478	29	87	of	of	ADP
ajfa-1478	29	88	this	this	DET
ajfa-1478	29	89	study	study	NOUN
ajfa-1478	29	90	is	be	AUX
ajfa-1478	29	91	to	to	PART
ajfa-1478	29	92	investigate	investigate	VERB
ajfa-1478	29	93	to	to	ADP
ajfa-1478	29	94	what	what	DET
ajfa-1478	29	95	extent	extent	NOUN
ajfa-1478	29	96	the	the	DET
ajfa-1478	29	97	indian	indian	ADJ
ajfa-1478	29	98	mutual	mutual	ADJ
ajfa-1478	29	99	fund	fund	NOUN
ajfa-1478	29	100	industry	industry	NOUN
ajfa-1478	29	101	exhibit	exhibit	VERB
ajfa-1478	29	102	herding	herding	NOUN
ajfa-1478	29	103	behaviour	behaviour	NOUN
ajfa-1478	29	104	.	.	PUNCT
ajfa-1478	30	1	the	the	DET
ajfa-1478	30	2	paper	paper	NOUN
ajfa-1478	30	3	also	also	ADV
ajfa-1478	30	4	analyze	analyze	VERB
ajfa-1478	30	5	the	the	DET
ajfa-1478	30	6	data	datum	NOUN
ajfa-1478	30	7	in	in	ADP
ajfa-1478	30	8	relation	relation	NOUN
ajfa-1478	30	9	to	to	ADP
ajfa-1478	30	10	the	the	DET
ajfa-1478	30	11	results	result	NOUN
ajfa-1478	30	12	obtained	obtain	VERB
ajfa-1478	30	13	from	from	ADP
ajfa-1478	30	14	previous	previous	ADJ
ajfa-1478	30	15	studies	study	NOUN
ajfa-1478	30	16	in	in	ADP
ajfa-1478	30	17	mature	mature	ADJ
ajfa-1478	30	18	as	as	ADV
ajfa-1478	30	19	well	well	ADV
ajfa-1478	30	20	as	as	ADP
ajfa-1478	30	21	developing	develop	VERB
ajfa-1478	30	22	markets	market	NOUN
ajfa-1478	30	23	,	,	PUNCT
ajfa-1478	30	24	and	and	CCONJ
ajfa-1478	30	25	thus	thus	ADV
ajfa-1478	30	26	provide	provide	VERB
ajfa-1478	30	27	financial	financial	ADJ
ajfa-1478	30	28	research	research	NOUN
ajfa-1478	30	29	with	with	ADP
ajfa-1478	30	30	valuable	valuable	ADJ
ajfa-1478	30	31	insights	insight	NOUN
ajfa-1478	30	32	into	into	ADP
ajfa-1478	30	33	asian	asian	ADJ
ajfa-1478	30	34	journal	journal	NOUN
ajfa-1478	30	35	of	of	ADP
ajfa-1478	30	36	finance	finance	PROPN
ajfa-1478	30	37	&	&	CCONJ
ajfa-1478	30	38	accounting	accounting	PROPN
ajfa-1478	30	39	issn	issn	PROPN
ajfa-1478	30	40	1946	1946	NUM
ajfa-1478	30	41	-	-	PUNCT
ajfa-1478	30	42	052x	052x	NOUN
ajfa-1478	30	43	2012	2012	NUM
ajfa-1478	30	44	,	,	PUNCT
ajfa-1478	30	45	vol	vol	NOUN
ajfa-1478	30	46	.	.	PROPN
ajfa-1478	30	47	4	4	NUM
ajfa-1478	30	48	,	,	PUNCT
ajfa-1478	30	49	no	no	INTJ
ajfa-1478	30	50	.	.	NOUN
ajfa-1478	30	51	1	1	NUM
ajfa-1478	30	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	30	53	192	192	NUM
ajfa-1478	30	54	the	the	DET
ajfa-1478	30	55	level	level	NOUN
ajfa-1478	30	56	of	of	ADP
ajfa-1478	30	57	maturity	maturity	NOUN
ajfa-1478	30	58	of	of	ADP
ajfa-1478	30	59	the	the	DET
ajfa-1478	30	60	indian	indian	ADJ
ajfa-1478	30	61	capital	capital	NOUN
ajfa-1478	30	62	market	market	NOUN
ajfa-1478	30	63	.	.	PUNCT
ajfa-1478	31	1	thus	thus	ADV
ajfa-1478	31	2	the	the	DET
ajfa-1478	31	3	paper	paper	NOUN
ajfa-1478	31	4	contributes	contribute	VERB
ajfa-1478	31	5	to	to	ADP
ajfa-1478	31	6	the	the	DET
ajfa-1478	31	7	body	body	NOUN
ajfa-1478	31	8	of	of	ADP
ajfa-1478	31	9	literature	literature	NOUN
ajfa-1478	31	10	by	by	ADP
ajfa-1478	31	11	analyzing	analyze	VERB
ajfa-1478	31	12	the	the	DET
ajfa-1478	31	13	herding	herding	NOUN
ajfa-1478	31	14	behaviour	behaviour	NOUN
ajfa-1478	31	15	for	for	ADP
ajfa-1478	31	16	a	a	DET
ajfa-1478	31	17	very	very	ADV
ajfa-1478	31	18	recent	recent	ADJ
ajfa-1478	31	19	time	time	NOUN
ajfa-1478	31	20	period	period	NOUN
ajfa-1478	31	21	,	,	PUNCT
ajfa-1478	31	22	giving	give	VERB
ajfa-1478	31	23	fresh	fresh	ADJ
ajfa-1478	31	24	estimates	estimate	NOUN
ajfa-1478	31	25	of	of	ADP
ajfa-1478	31	26	herding	herding	NOUN
ajfa-1478	31	27	based	base	VERB
ajfa-1478	31	28	on	on	ADP
ajfa-1478	31	29	data	datum	NOUN
ajfa-1478	31	30	on	on	ADP
ajfa-1478	31	31	a	a	DET
ajfa-1478	31	32	changing	change	VERB
ajfa-1478	31	33	indian	indian	ADJ
ajfa-1478	31	34	financial	financial	ADJ
ajfa-1478	31	35	market	market	NOUN
ajfa-1478	31	36	.	.	PUNCT
ajfa-1478	32	1	2	2	X
ajfa-1478	32	2	.	.	X
ajfa-1478	32	3	literature	literature	NOUN
ajfa-1478	32	4	review	review	PROPN
ajfa-1478	32	5	herding	herding	NOUN
ajfa-1478	32	6	refers	refer	VERB
ajfa-1478	32	7	to	to	ADP
ajfa-1478	32	8	the	the	DET
ajfa-1478	32	9	human	human	ADJ
ajfa-1478	32	10	tendency	tendency	NOUN
ajfa-1478	32	11	to	to	PART
ajfa-1478	32	12	imitate	imitate	VERB
ajfa-1478	32	13	the	the	DET
ajfa-1478	32	14	behavior	behavior	NOUN
ajfa-1478	32	15	of	of	ADP
ajfa-1478	32	16	others	other	NOUN
ajfa-1478	32	17	,	,	PUNCT
ajfa-1478	32	18	which	which	PRON
ajfa-1478	32	19	leads	lead	VERB
ajfa-1478	32	20	to	to	ADP
ajfa-1478	32	21	a	a	DET
ajfa-1478	32	22	group	group	NOUN
ajfa-1478	32	23	of	of	ADP
ajfa-1478	32	24	people	people	NOUN
ajfa-1478	32	25	acting	act	VERB
ajfa-1478	32	26	in	in	ADP
ajfa-1478	32	27	a	a	DET
ajfa-1478	32	28	similar	similar	ADJ
ajfa-1478	32	29	way	way	NOUN
ajfa-1478	32	30	(	(	PUNCT
ajfa-1478	32	31	lemieux	lemieux	PROPN
ajfa-1478	32	32	,	,	PUNCT
ajfa-1478	32	33	2003	2003	NUM
ajfa-1478	32	34	,	,	PUNCT
ajfa-1478	32	35	2004	2004	NUM
ajfa-1478	32	36	)	)	PUNCT
ajfa-1478	32	37	.	.	PUNCT
ajfa-1478	33	1	the	the	DET
ajfa-1478	33	2	tendency	tendency	NOUN
ajfa-1478	33	3	to	to	PART
ajfa-1478	33	4	trade	trade	VERB
ajfa-1478	33	5	in	in	ADP
ajfa-1478	33	6	the	the	DET
ajfa-1478	33	7	same	same	ADJ
ajfa-1478	33	8	direction	direction	NOUN
ajfa-1478	33	9	can	can	AUX
ajfa-1478	33	10	be	be	AUX
ajfa-1478	33	11	categorized	categorize	VERB
ajfa-1478	33	12	into	into	ADP
ajfa-1478	33	13	intentional	intentional	ADJ
ajfa-1478	33	14	and	and	CCONJ
ajfa-1478	33	15	unintentional	unintentional	ADJ
ajfa-1478	33	16	herding	herding	NOUN
ajfa-1478	33	17	.	.	PUNCT
ajfa-1478	34	1	scharfstein	scharfstein	PROPN
ajfa-1478	34	2	and	and	CCONJ
ajfa-1478	34	3	stein	stein	PROPN
ajfa-1478	34	4	(	(	PUNCT
ajfa-1478	34	5	1990	1990	NUM
ajfa-1478	34	6	)	)	PUNCT
ajfa-1478	34	7	tried	try	VERB
ajfa-1478	34	8	to	to	PART
ajfa-1478	34	9	explain	explain	VERB
ajfa-1478	34	10	intentional	intentional	ADJ
ajfa-1478	34	11	herding	herding	NOUN
ajfa-1478	34	12	by	by	ADP
ajfa-1478	34	13	stating	state	VERB
ajfa-1478	34	14	that	that	SCONJ
ajfa-1478	34	15	fund	fund	NOUN
ajfa-1478	34	16	managers	manager	NOUN
ajfa-1478	34	17	may	may	AUX
ajfa-1478	34	18	disregard	disregard	VERB
ajfa-1478	34	19	their	their	PRON
ajfa-1478	34	20	private	private	ADJ
ajfa-1478	34	21	information	information	NOUN
ajfa-1478	34	22	and	and	CCONJ
ajfa-1478	34	23	trade	trade	NOUN
ajfa-1478	34	24	with	with	ADP
ajfa-1478	34	25	the	the	DET
ajfa-1478	34	26	crowd	crowd	NOUN
ajfa-1478	34	27	due	due	ADP
ajfa-1478	34	28	to	to	ADP
ajfa-1478	34	29	the	the	DET
ajfa-1478	34	30	reputation	reputation	NOUN
ajfa-1478	34	31	risk	risk	NOUN
ajfa-1478	34	32	of	of	ADP
ajfa-1478	34	33	acting	act	VERB
ajfa-1478	34	34	differently	differently	ADV
ajfa-1478	34	35	from	from	ADP
ajfa-1478	34	36	their	their	PRON
ajfa-1478	34	37	peers	peer	NOUN
ajfa-1478	34	38	.	.	PUNCT
ajfa-1478	35	1	an	an	DET
ajfa-1478	35	2	alternative	alternative	ADJ
ajfa-1478	35	3	theory	theory	NOUN
ajfa-1478	35	4	points	point	VERB
ajfa-1478	35	5	out	out	ADP
ajfa-1478	35	6	that	that	SCONJ
ajfa-1478	35	7	fund	fund	NOUN
ajfa-1478	35	8	managers	manager	NOUN
ajfa-1478	35	9	might	might	AUX
ajfa-1478	35	10	gather	gather	VERB
ajfa-1478	35	11	private	private	ADJ
ajfa-1478	35	12	information	information	NOUN
ajfa-1478	35	13	from	from	ADP
ajfa-1478	35	14	the	the	DET
ajfa-1478	35	15	prior	prior	ADJ
ajfa-1478	35	16	trades	trade	NOUN
ajfa-1478	35	17	of	of	ADP
ajfa-1478	35	18	better	well	ADV
ajfa-1478	35	19	-	-	PUNCT
ajfa-1478	35	20	informed	inform	VERB
ajfa-1478	35	21	managers	manager	NOUN
ajfa-1478	35	22	and	and	CCONJ
ajfa-1478	35	23	trade	trade	NOUN
ajfa-1478	35	24	in	in	ADP
ajfa-1478	35	25	the	the	DET
ajfa-1478	35	26	same	same	ADJ
ajfa-1478	35	27	direction	direction	NOUN
ajfa-1478	35	28	(	(	PUNCT
ajfa-1478	35	29	bikhchandani	bikhchandani	NOUN
ajfa-1478	35	30	et	et	PROPN
ajfa-1478	35	31	al	al	PROPN
ajfa-1478	35	32	.	.	PROPN
ajfa-1478	35	33	,	,	PUNCT
ajfa-1478	35	34	1992).the	1992).the	DET
ajfa-1478	35	35	approach	approach	NOUN
ajfa-1478	35	36	to	to	ADP
ajfa-1478	35	37	unintentional	unintentional	ADJ
ajfa-1478	35	38	herding	herding	NOUN
ajfa-1478	35	39	by	by	ADP
ajfa-1478	35	40	froot	froot	PROPN
ajfa-1478	35	41	et	et	PROPN
ajfa-1478	35	42	al.(1992	al.(1992	PROPN
ajfa-1478	35	43	)	)	PUNCT
ajfa-1478	35	44	is	be	AUX
ajfa-1478	35	45	that	that	SCONJ
ajfa-1478	35	46	managers	manager	NOUN
ajfa-1478	35	47	may	may	AUX
ajfa-1478	35	48	trade	trade	VERB
ajfa-1478	35	49	together	together	ADV
ajfa-1478	35	50	solely	solely	ADV
ajfa-1478	35	51	because	because	SCONJ
ajfa-1478	35	52	they	they	PRON
ajfa-1478	35	53	receive	receive	VERB
ajfa-1478	35	54	correlated	correlate	VERB
ajfa-1478	35	55	private	private	ADJ
ajfa-1478	35	56	information	information	NOUN
ajfa-1478	35	57	,	,	PUNCT
ajfa-1478	35	58	e.g.	e.g.	ADV
ajfa-1478	35	59	by	by	ADP
ajfa-1478	35	60	analyzing	analyze	VERB
ajfa-1478	35	61	the	the	DET
ajfa-1478	35	62	same	same	ADJ
ajfa-1478	35	63	indicators	indicator	NOUN
ajfa-1478	35	64	.	.	PUNCT
ajfa-1478	36	1	examining	examine	VERB
ajfa-1478	36	2	herding	herding	NOUN
ajfa-1478	36	3	behavior	behavior	NOUN
ajfa-1478	36	4	can	can	AUX
ajfa-1478	36	5	grant	grant	VERB
ajfa-1478	36	6	investors	investor	NOUN
ajfa-1478	36	7	a	a	DET
ajfa-1478	36	8	higher	high	ADJ
ajfa-1478	36	9	degree	degree	NOUN
ajfa-1478	36	10	of	of	ADP
ajfa-1478	36	11	understanding	understanding	NOUN
ajfa-1478	36	12	regarding	regard	VERB
ajfa-1478	36	13	the	the	DET
ajfa-1478	36	14	price	price	NOUN
ajfa-1478	36	15	formations	formation	NOUN
ajfa-1478	36	16	in	in	ADP
ajfa-1478	36	17	financial	financial	ADJ
ajfa-1478	36	18	markets	market	NOUN
ajfa-1478	36	19	.	.	PUNCT
ajfa-1478	37	1	chang	chang	PROPN
ajfa-1478	37	2	et	et	PROPN
ajfa-1478	37	3	al	al	PROPN
ajfa-1478	37	4	.	.	PROPN
ajfa-1478	37	5	(	(	PUNCT
ajfa-1478	37	6	1999	1999	NUM
ajfa-1478	37	7	)	)	PUNCT
ajfa-1478	37	8	show	show	VERB
ajfa-1478	37	9	the	the	DET
ajfa-1478	37	10	study	study	NOUN
ajfa-1478	37	11	of	of	ADP
ajfa-1478	37	12	herding	herding	NOUN
ajfa-1478	37	13	behavior	behavior	NOUN
ajfa-1478	37	14	is	be	AUX
ajfa-1478	37	15	important	important	ADJ
ajfa-1478	37	16	as	as	SCONJ
ajfa-1478	37	17	share	share	NOUN
ajfa-1478	37	18	prices	price	NOUN
ajfa-1478	37	19	are	be	AUX
ajfa-1478	37	20	substantially	substantially	ADV
ajfa-1478	37	21	affected	affect	VERB
ajfa-1478	37	22	by	by	ADP
ajfa-1478	37	23	market	market	NOUN
ajfa-1478	37	24	participants	participant	NOUN
ajfa-1478	37	25	’	'	PUNCT
ajfa-1478	37	26	investment	investment	NOUN
ajfa-1478	37	27	behavior	behavior	NOUN
ajfa-1478	37	28	.	.	PUNCT
ajfa-1478	38	1	it	it	PRON
ajfa-1478	38	2	has	have	AUX
ajfa-1478	38	3	been	be	AUX
ajfa-1478	38	4	linked	link	VERB
ajfa-1478	38	5	to	to	ADP
ajfa-1478	38	6	some	some	DET
ajfa-1478	38	7	market	market	NOUN
ajfa-1478	38	8	inefficiency	inefficiency	NOUN
ajfa-1478	38	9	,	,	PUNCT
ajfa-1478	38	10	which	which	PRON
ajfa-1478	38	11	can	can	AUX
ajfa-1478	38	12	not	not	PART
ajfa-1478	38	13	be	be	AUX
ajfa-1478	38	14	explained	explain	VERB
ajfa-1478	38	15	by	by	ADP
ajfa-1478	38	16	the	the	DET
ajfa-1478	38	17	rational	rational	ADJ
ajfa-1478	38	18	asset	asset	NOUN
ajfa-1478	38	19	pricing	pricing	NOUN
ajfa-1478	38	20	model	model	NOUN
ajfa-1478	38	21	,	,	PUNCT
ajfa-1478	38	22	when	when	SCONJ
ajfa-1478	38	23	an	an	DET
ajfa-1478	38	24	investor	investor	NOUN
ajfa-1478	38	25	’s	’s	PART
ajfa-1478	38	26	investment	investment	NOUN
ajfa-1478	38	27	decision	decision	NOUN
ajfa-1478	38	28	is	be	AUX
ajfa-1478	38	29	based	base	VERB
ajfa-1478	38	30	on	on	ADP
ajfa-1478	38	31	collective	collective	ADJ
ajfa-1478	38	32	information	information	NOUN
ajfa-1478	38	33	rather	rather	ADV
ajfa-1478	38	34	than	than	ADP
ajfa-1478	38	35	private	private	ADJ
ajfa-1478	38	36	information	information	NOUN
ajfa-1478	38	37	,	,	PUNCT
ajfa-1478	38	38	it	it	PRON
ajfa-1478	38	39	might	might	AUX
ajfa-1478	38	40	drive	drive	VERB
ajfa-1478	38	41	stock	stock	NOUN
ajfa-1478	38	42	away	away	ADV
ajfa-1478	38	43	from	from	ADP
ajfa-1478	38	44	its	its	PRON
ajfa-1478	38	45	fundamental	fundamental	ADJ
ajfa-1478	38	46	value	value	NOUN
ajfa-1478	38	47	.	.	PUNCT
ajfa-1478	39	1	therefore	therefore	ADV
ajfa-1478	39	2	,	,	PUNCT
ajfa-1478	39	3	herding	herding	NOUN
ajfa-1478	39	4	behavior	behavior	NOUN
ajfa-1478	39	5	is	be	AUX
ajfa-1478	39	6	a	a	DET
ajfa-1478	39	7	signal	signal	NOUN
ajfa-1478	39	8	of	of	ADP
ajfa-1478	39	9	market	market	NOUN
ajfa-1478	39	10	inefficiency	inefficiency	NOUN
ajfa-1478	39	11	.	.	PUNCT
ajfa-1478	40	1	consequently	consequently	ADV
ajfa-1478	40	2	,	,	PUNCT
ajfa-1478	40	3	the	the	DET
ajfa-1478	40	4	existence	existence	NOUN
ajfa-1478	40	5	of	of	ADP
ajfa-1478	40	6	herding	herding	NOUN
ajfa-1478	40	7	behavior	behavior	NOUN
ajfa-1478	40	8	suggests	suggest	VERB
ajfa-1478	40	9	that	that	SCONJ
ajfa-1478	40	10	the	the	DET
ajfa-1478	40	11	real	real	ADJ
ajfa-1478	40	12	world	world	NOUN
ajfa-1478	40	13	market	market	NOUN
ajfa-1478	40	14	is	be	AUX
ajfa-1478	40	15	not	not	PART
ajfa-1478	40	16	as	as	ADV
ajfa-1478	40	17	efficient	efficient	ADJ
ajfa-1478	40	18	as	as	SCONJ
ajfa-1478	40	19	the	the	DET
ajfa-1478	40	20	rational	rational	ADJ
ajfa-1478	40	21	asset	asset	NOUN
ajfa-1478	40	22	pricing	pricing	NOUN
ajfa-1478	40	23	model	model	NOUN
ajfa-1478	40	24	might	might	AUX
ajfa-1478	40	25	expect	expect	VERB
ajfa-1478	40	26	.	.	PUNCT
ajfa-1478	41	1	extensive	extensive	ADJ
ajfa-1478	41	2	research	research	NOUN
ajfa-1478	41	3	has	have	AUX
ajfa-1478	41	4	investigated	investigate	VERB
ajfa-1478	41	5	the	the	DET
ajfa-1478	41	6	level	level	NOUN
ajfa-1478	41	7	of	of	ADP
ajfa-1478	41	8	herding	herding	NOUN
ajfa-1478	41	9	behavior	behavior	NOUN
ajfa-1478	41	10	in	in	ADP
ajfa-1478	41	11	developed	develop	VERB
ajfa-1478	41	12	as	as	ADV
ajfa-1478	41	13	well	well	ADV
ajfa-1478	41	14	as	as	ADP
ajfa-1478	41	15	developing	develop	VERB
ajfa-1478	41	16	markets	market	NOUN
ajfa-1478	41	17	.	.	PUNCT
ajfa-1478	42	1	the	the	DET
ajfa-1478	42	2	findings	finding	NOUN
ajfa-1478	42	3	are	be	AUX
ajfa-1478	42	4	contradictory	contradictory	ADJ
ajfa-1478	42	5	from	from	ADP
ajfa-1478	42	6	country	country	NOUN
ajfa-1478	42	7	to	to	ADP
ajfa-1478	42	8	country	country	NOUN
ajfa-1478	42	9	.	.	PUNCT
ajfa-1478	43	1	christie	christie	PROPN
ajfa-1478	43	2	and	and	CCONJ
ajfa-1478	43	3	hwang	hwang	PROPN
ajfa-1478	43	4	(	(	PUNCT
ajfa-1478	43	5	1995	1995	NUM
ajfa-1478	43	6	)	)	PUNCT
ajfa-1478	43	7	have	have	AUX
ajfa-1478	43	8	found	find	VERB
ajfa-1478	43	9	that	that	SCONJ
ajfa-1478	43	10	there	there	PRON
ajfa-1478	43	11	is	be	VERB
ajfa-1478	43	12	no	no	DET
ajfa-1478	43	13	significant	significant	ADJ
ajfa-1478	43	14	herding	herding	NOUN
ajfa-1478	43	15	in	in	ADP
ajfa-1478	43	16	us	us	PROPN
ajfa-1478	43	17	markets	market	NOUN
ajfa-1478	43	18	,	,	PUNCT
ajfa-1478	43	19	as	as	SCONJ
ajfa-1478	43	20	securities	security	NOUN
ajfa-1478	43	21	return	return	VERB
ajfa-1478	43	22	dispersion	dispersion	NOUN
ajfa-1478	43	23	increases	increase	NOUN
ajfa-1478	43	24	instead	instead	ADV
ajfa-1478	43	25	of	of	ADP
ajfa-1478	43	26	decreasing	decrease	VERB
ajfa-1478	43	27	during	during	ADP
ajfa-1478	43	28	periods	period	NOUN
ajfa-1478	43	29	of	of	ADP
ajfa-1478	43	30	large	large	ADJ
ajfa-1478	43	31	price	price	NOUN
ajfa-1478	43	32	movements	movement	NOUN
ajfa-1478	43	33	.	.	PUNCT
ajfa-1478	44	1	chang	chang	PROPN
ajfa-1478	44	2	,	,	PUNCT
ajfa-1478	44	3	et	et	PROPN
ajfa-1478	44	4	al	al	PROPN
ajfa-1478	44	5	.	.	PUNCT
ajfa-1478	44	6	(	(	PUNCT
ajfa-1478	44	7	1999	1999	NUM
ajfa-1478	44	8	)	)	PUNCT
ajfa-1478	44	9	displays	display	VERB
ajfa-1478	44	10	similar	similar	ADJ
ajfa-1478	44	11	results	result	NOUN
ajfa-1478	44	12	,	,	PUNCT
ajfa-1478	44	13	namely	namely	ADV
ajfa-1478	44	14	there	there	PRON
ajfa-1478	44	15	is	be	VERB
ajfa-1478	44	16	no	no	DET
ajfa-1478	44	17	significant	significant	ADJ
ajfa-1478	44	18	level	level	NOUN
ajfa-1478	44	19	of	of	ADP
ajfa-1478	44	20	herding	herding	NOUN
ajfa-1478	44	21	in	in	ADP
ajfa-1478	44	22	the	the	DET
ajfa-1478	44	23	united	united	PROPN
ajfa-1478	44	24	states	states	PROPN
ajfa-1478	44	25	,	,	PUNCT
ajfa-1478	44	26	hong	hong	PROPN
ajfa-1478	44	27	kong	kong	PROPN
ajfa-1478	44	28	and	and	CCONJ
ajfa-1478	44	29	japan	japan	PROPN
ajfa-1478	44	30	.	.	PUNCT
ajfa-1478	45	1	caparrelli	caparrelli	PROPN
ajfa-1478	45	2	,	,	PUNCT
ajfa-1478	45	3	et	et	PROPN
ajfa-1478	45	4	al	al	PROPN
ajfa-1478	45	5	.	.	PROPN
ajfa-1478	45	6	,	,	PUNCT
ajfa-1478	45	7	(	(	PUNCT
ajfa-1478	45	8	2004	2004	NUM
ajfa-1478	45	9	)	)	PUNCT
ajfa-1478	45	10	also	also	ADV
ajfa-1478	45	11	found	find	VERB
ajfa-1478	45	12	that	that	SCONJ
ajfa-1478	45	13	herding	herding	NOUN
ajfa-1478	45	14	is	be	AUX
ajfa-1478	45	15	only	only	ADV
ajfa-1478	45	16	present	present	ADJ
ajfa-1478	45	17	during	during	ADP
ajfa-1478	45	18	extreme	extreme	ADJ
ajfa-1478	45	19	market	market	NOUN
ajfa-1478	45	20	conditions	condition	NOUN
ajfa-1478	45	21	in	in	ADP
ajfa-1478	45	22	the	the	DET
ajfa-1478	45	23	italian	italian	ADJ
ajfa-1478	45	24	market	market	NOUN
ajfa-1478	45	25	.	.	PUNCT
ajfa-1478	46	1	furthermore	furthermore	ADV
ajfa-1478	46	2	,	,	PUNCT
ajfa-1478	46	3	nofsinger	nofsinger	NOUN
ajfa-1478	46	4	and	and	CCONJ
ajfa-1478	46	5	sias	sias	PROPN
ajfa-1478	46	6	(	(	PUNCT
ajfa-1478	46	7	1999	1999	NUM
ajfa-1478	46	8	)	)	PUNCT
ajfa-1478	46	9	use	use	VERB
ajfa-1478	46	10	their	their	PRON
ajfa-1478	46	11	own	own	ADJ
ajfa-1478	46	12	approach	approach	NOUN
ajfa-1478	46	13	and	and	CCONJ
ajfa-1478	46	14	show	show	VERB
ajfa-1478	46	15	that	that	SCONJ
ajfa-1478	46	16	herding	herding	NOUN
ajfa-1478	46	17	behavior	behavior	NOUN
ajfa-1478	46	18	is	be	AUX
ajfa-1478	46	19	in	in	ADP
ajfa-1478	46	20	fact	fact	NOUN
ajfa-1478	46	21	present	present	ADJ
ajfa-1478	46	22	in	in	ADP
ajfa-1478	46	23	us	us	PROPN
ajfa-1478	46	24	market	market	NOUN
ajfa-1478	46	25	as	as	SCONJ
ajfa-1478	46	26	they	they	PRON
ajfa-1478	46	27	find	find	VERB
ajfa-1478	46	28	that	that	SCONJ
ajfa-1478	46	29	there	there	PRON
ajfa-1478	46	30	is	be	VERB
ajfa-1478	46	31	a	a	DET
ajfa-1478	46	32	strong	strong	ADJ
ajfa-1478	46	33	positive	positive	ADJ
ajfa-1478	46	34	correlation	correlation	NOUN
ajfa-1478	46	35	between	between	ADP
ajfa-1478	46	36	changes	change	NOUN
ajfa-1478	46	37	in	in	ADP
ajfa-1478	46	38	institutional	institutional	ADJ
ajfa-1478	46	39	ownership	ownership	NOUN
ajfa-1478	46	40	and	and	CCONJ
ajfa-1478	46	41	excess	excess	ADJ
ajfa-1478	46	42	returns	return	NOUN
ajfa-1478	46	43	measured	measure	VERB
ajfa-1478	46	44	over	over	ADP
ajfa-1478	46	45	the	the	DET
ajfa-1478	46	46	same	same	ADJ
ajfa-1478	46	47	period	period	NOUN
ajfa-1478	46	48	in	in	ADP
ajfa-1478	46	49	the	the	DET
ajfa-1478	46	50	market	market	NOUN
ajfa-1478	46	51	.	.	PUNCT
ajfa-1478	47	1	these	these	DET
ajfa-1478	47	2	findings	finding	NOUN
ajfa-1478	47	3	provide	provide	VERB
ajfa-1478	47	4	evidence	evidence	NOUN
ajfa-1478	47	5	that	that	SCONJ
ajfa-1478	47	6	there	there	PRON
ajfa-1478	47	7	has	have	AUX
ajfa-1478	47	8	been	be	AUX
ajfa-1478	47	9	a	a	DET
ajfa-1478	47	10	high	high	ADJ
ajfa-1478	47	11	level	level	NOUN
ajfa-1478	47	12	of	of	ADP
ajfa-1478	47	13	herding	herd	VERB
ajfa-1478	47	14	behaviour	behaviour	NOUN
ajfa-1478	47	15	among	among	ADP
ajfa-1478	47	16	institutional	institutional	ADJ
ajfa-1478	47	17	investors	investor	NOUN
ajfa-1478	47	18	in	in	ADP
ajfa-1478	47	19	us	us	PROPN
ajfa-1478	47	20	markets	market	NOUN
ajfa-1478	47	21	.	.	PUNCT
ajfa-1478	48	1	iihara	iihara	PROPN
ajfa-1478	48	2	,	,	PUNCT
ajfa-1478	48	3	et	et	PROPN
ajfa-1478	48	4	al	al	PROPN
ajfa-1478	48	5	.	.	PROPN
ajfa-1478	48	6	,	,	PUNCT
ajfa-1478	48	7	(	(	PUNCT
ajfa-1478	48	8	2001	2001	NUM
ajfa-1478	48	9	)	)	PUNCT
ajfa-1478	48	10	examine	examine	VERB
ajfa-1478	48	11	the	the	DET
ajfa-1478	48	12	herding	herd	VERB
ajfa-1478	48	13	behaviour	behaviour	NOUN
ajfa-1478	48	14	observable	observable	ADJ
ajfa-1478	48	15	in	in	ADP
ajfa-1478	48	16	three	three	NUM
ajfa-1478	48	17	groups	group	NOUN
ajfa-1478	48	18	of	of	ADP
ajfa-1478	48	19	investors	investor	NOUN
ajfa-1478	48	20	individual	individual	ADJ
ajfa-1478	48	21	,	,	PUNCT
ajfa-1478	48	22	institutional	institutional	ADJ
ajfa-1478	48	23	and	and	CCONJ
ajfa-1478	48	24	foreign	foreign	ADJ
ajfa-1478	48	25	,	,	PUNCT
ajfa-1478	48	26	in	in	ADP
ajfa-1478	48	27	the	the	DET
ajfa-1478	48	28	tokyo	tokyo	PROPN
ajfa-1478	48	29	stock	stock	NOUN
ajfa-1478	48	30	exchange	exchange	NOUN
ajfa-1478	48	31	(	(	PUNCT
ajfa-1478	48	32	tse	tse	PROPN
ajfa-1478	48	33	)	)	PUNCT
ajfa-1478	48	34	using	use	VERB
ajfa-1478	48	35	the	the	DET
ajfa-1478	48	36	approach	approach	NOUN
ajfa-1478	48	37	of	of	ADP
ajfa-1478	48	38	nofsinger	nofsinger	NOUN
ajfa-1478	48	39	and	and	CCONJ
ajfa-1478	48	40	sias	sias	PROPN
ajfa-1478	48	41	(	(	PUNCT
ajfa-1478	48	42	1999	1999	NUM
ajfa-1478	48	43	)	)	PUNCT
ajfa-1478	48	44	.	.	PUNCT
ajfa-1478	49	1	their	their	PRON
ajfa-1478	49	2	finding	finding	NOUN
ajfa-1478	49	3	illustrates	illustrate	VERB
ajfa-1478	49	4	that	that	SCONJ
ajfa-1478	49	5	japanese	japanese	ADJ
ajfa-1478	49	6	individual	individual	ADJ
ajfa-1478	49	7	and	and	CCONJ
ajfa-1478	49	8	institutional	institutional	ADJ
ajfa-1478	49	9	investors	investor	NOUN
ajfa-1478	49	10	are	be	AUX
ajfa-1478	49	11	more	more	ADV
ajfa-1478	49	12	likely	likely	ADJ
ajfa-1478	49	13	to	to	PART
ajfa-1478	49	14	engage	engage	VERB
ajfa-1478	49	15	in	in	ADP
ajfa-1478	49	16	positive	positive	ADJ
ajfa-1478	49	17	feedback	feedback	NOUN
ajfa-1478	49	18	trading	trading	NOUN
ajfa-1478	49	19	strategies	strategy	NOUN
ajfa-1478	49	20	and	and	CCONJ
ajfa-1478	49	21	are	be	AUX
ajfa-1478	49	22	therefore	therefore	ADV
ajfa-1478	49	23	more	more	ADV
ajfa-1478	49	24	likely	likely	ADJ
ajfa-1478	49	25	to	to	PART
ajfa-1478	49	26	herd	herd	VERB
ajfa-1478	49	27	,	,	PUNCT
ajfa-1478	49	28	while	while	SCONJ
ajfa-1478	49	29	foreign	foreign	ADJ
ajfa-1478	49	30	investors	investor	NOUN
ajfa-1478	49	31	’	’	PART
ajfa-1478	49	32	investment	investment	NOUN
ajfa-1478	49	33	decisions	decision	NOUN
ajfa-1478	49	34	tend	tend	VERB
ajfa-1478	49	35	to	to	PART
ajfa-1478	49	36	be	be	AUX
ajfa-1478	49	37	based	base	VERB
ajfa-1478	49	38	on	on	ADP
ajfa-1478	49	39	information	information	NOUN
ajfa-1478	49	40	.	.	PUNCT
ajfa-1478	50	1	therefore	therefore	ADV
ajfa-1478	50	2	,	,	PUNCT
ajfa-1478	50	3	their	their	PRON
ajfa-1478	50	4	result	result	NOUN
ajfa-1478	50	5	is	be	AUX
ajfa-1478	50	6	consistent	consistent	ADJ
ajfa-1478	50	7	with	with	ADP
ajfa-1478	50	8	nofsinger	nofsinger	NOUN
ajfa-1478	50	9	and	and	CCONJ
ajfa-1478	50	10	sias	sias	PROPN
ajfa-1478	50	11	(	(	PUNCT
ajfa-1478	50	12	1999	1999	NUM
ajfa-1478	50	13	)	)	PUNCT
ajfa-1478	50	14	.	.	PUNCT
ajfa-1478	51	1	asian	asian	ADJ
ajfa-1478	51	2	journal	journal	PROPN
ajfa-1478	51	3	of	of	ADP
ajfa-1478	51	4	finance	finance	PROPN
ajfa-1478	51	5	&	&	CCONJ
ajfa-1478	51	6	accounting	accounting	PROPN
ajfa-1478	51	7	issn	issn	PROPN
ajfa-1478	51	8	1946	1946	NUM
ajfa-1478	51	9	-	-	PUNCT
ajfa-1478	51	10	052x	052x	NOUN
ajfa-1478	51	11	2012	2012	NUM
ajfa-1478	51	12	,	,	PUNCT
ajfa-1478	51	13	vol	vol	NOUN
ajfa-1478	51	14	.	.	PROPN
ajfa-1478	51	15	4	4	NUM
ajfa-1478	51	16	,	,	PUNCT
ajfa-1478	51	17	no	no	INTJ
ajfa-1478	51	18	.	.	NOUN
ajfa-1478	51	19	1	1	NUM
ajfa-1478	51	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	51	21	193	193	NUM
ajfa-1478	51	22	for	for	ADP
ajfa-1478	51	23	instance	instance	NOUN
ajfa-1478	51	24	,	,	PUNCT
ajfa-1478	51	25	demirer	demirer	NOUN
ajfa-1478	51	26	and	and	CCONJ
ajfa-1478	51	27	kutan	kutan	PROPN
ajfa-1478	51	28	(	(	PUNCT
ajfa-1478	51	29	2005	2005	NUM
ajfa-1478	51	30	)	)	PUNCT
ajfa-1478	51	31	investigate	investigate	VERB
ajfa-1478	51	32	the	the	DET
ajfa-1478	51	33	potential	potential	ADJ
ajfa-1478	51	34	existence	existence	NOUN
ajfa-1478	51	35	of	of	ADP
ajfa-1478	51	36	herding	herd	VERB
ajfa-1478	51	37	behavior	behavior	NOUN
ajfa-1478	51	38	in	in	ADP
ajfa-1478	51	39	chinese	chinese	ADJ
ajfa-1478	51	40	stock	stock	NOUN
ajfa-1478	51	41	markets	market	NOUN
ajfa-1478	51	42	by	by	ADP
ajfa-1478	51	43	using	use	VERB
ajfa-1478	51	44	the	the	DET
ajfa-1478	51	45	approach	approach	NOUN
ajfa-1478	51	46	proposed	propose	VERB
ajfa-1478	51	47	by	by	ADP
ajfa-1478	51	48	christie	christie	PROPN
ajfa-1478	51	49	and	and	CCONJ
ajfa-1478	51	50	huang	huang	PROPN
ajfa-1478	51	51	(	(	PUNCT
ajfa-1478	51	52	1995	1995	NUM
ajfa-1478	51	53	)	)	PUNCT
ajfa-1478	51	54	.	.	PUNCT
ajfa-1478	52	1	they	they	PRON
ajfa-1478	52	2	examine	examine	VERB
ajfa-1478	52	3	both	both	PRON
ajfa-1478	52	4	a	a	DET
ajfa-1478	52	5	-	-	PUNCT
ajfa-1478	52	6	share	share	NOUN
ajfa-1478	52	7	and	and	CCONJ
ajfa-1478	52	8	b	b	NOUN
ajfa-1478	52	9	-	-	PUNCT
ajfa-1478	52	10	share	share	NOUN
ajfa-1478	52	11	in	in	ADP
ajfa-1478	52	12	shanghai	shanghai	PROPN
ajfa-1478	52	13	and	and	CCONJ
ajfa-1478	52	14	shenzhen	shenzhen	PROPN
ajfa-1478	52	15	stocks	stocks	PROPN
ajfa-1478	52	16	markets	market	NOUN
ajfa-1478	52	17	.	.	PUNCT
ajfa-1478	53	1	in	in	ADP
ajfa-1478	53	2	addition	addition	NOUN
ajfa-1478	53	3	,	,	PUNCT
ajfa-1478	53	4	they	they	PRON
ajfa-1478	53	5	expect	expect	VERB
ajfa-1478	53	6	that	that	SCONJ
ajfa-1478	53	7	herding	herding	NOUN
ajfa-1478	53	8	levels	level	NOUN
ajfa-1478	53	9	would	would	AUX
ajfa-1478	53	10	be	be	AUX
ajfa-1478	53	11	different	different	ADJ
ajfa-1478	53	12	between	between	ADP
ajfa-1478	53	13	the	the	DET
ajfa-1478	53	14	shanghai	shanghai	PROPN
ajfa-1478	53	15	and	and	CCONJ
ajfa-1478	53	16	shenzhen	shenzhen	PROPN
ajfa-1478	53	17	exchanges	exchange	NOUN
ajfa-1478	53	18	because	because	SCONJ
ajfa-1478	53	19	of	of	ADP
ajfa-1478	53	20	different	different	ADJ
ajfa-1478	53	21	market	market	NOUN
ajfa-1478	53	22	characteristics	characteristic	NOUN
ajfa-1478	53	23	,	,	PUNCT
ajfa-1478	53	24	namely	namely	ADV
ajfa-1478	53	25	the	the	DET
ajfa-1478	53	26	former	former	NOUN
ajfa-1478	53	27	has	have	VERB
ajfa-1478	53	28	a	a	DET
ajfa-1478	53	29	larger	large	ADJ
ajfa-1478	53	30	market	market	NOUN
ajfa-1478	53	31	size	size	NOUN
ajfa-1478	53	32	;	;	PUNCT
ajfa-1478	53	33	the	the	DET
ajfa-1478	53	34	former	former	ADJ
ajfa-1478	53	35	consists	consist	VERB
ajfa-1478	53	36	of	of	ADP
ajfa-1478	53	37	large	large	ADJ
ajfa-1478	53	38	state	state	NOUN
ajfa-1478	53	39	-	-	PUNCT
ajfa-1478	53	40	owned	own	VERB
ajfa-1478	53	41	enterprises	enterprise	NOUN
ajfa-1478	53	42	,	,	PUNCT
ajfa-1478	53	43	while	while	SCONJ
ajfa-1478	53	44	the	the	DET
ajfa-1478	53	45	latter	latter	ADJ
ajfa-1478	53	46	consists	consist	VERB
ajfa-1478	53	47	of	of	ADP
ajfa-1478	53	48	mainly	mainly	ADV
ajfa-1478	53	49	manufacturing	manufacturing	NOUN
ajfa-1478	53	50	and	and	CCONJ
ajfa-1478	53	51	export	export	NOUN
ajfa-1478	53	52	companies	company	NOUN
ajfa-1478	53	53	;	;	PUNCT
ajfa-1478	53	54	and	and	CCONJ
ajfa-1478	53	55	the	the	DET
ajfa-1478	53	56	former	former	ADJ
ajfa-1478	53	57	is	be	AUX
ajfa-1478	53	58	considered	consider	VERB
ajfa-1478	53	59	as	as	ADP
ajfa-1478	53	60	being	be	AUX
ajfa-1478	53	61	more	more	ADV
ajfa-1478	53	62	informed	inform	VERB
ajfa-1478	53	63	.	.	PUNCT
ajfa-1478	54	1	thus	thus	ADV
ajfa-1478	54	2	,	,	PUNCT
ajfa-1478	54	3	they	they	PRON
ajfa-1478	54	4	expect	expect	VERB
ajfa-1478	54	5	that	that	SCONJ
ajfa-1478	54	6	there	there	PRON
ajfa-1478	54	7	would	would	AUX
ajfa-1478	54	8	be	be	AUX
ajfa-1478	54	9	a	a	DET
ajfa-1478	54	10	higher	high	ADJ
ajfa-1478	54	11	level	level	NOUN
ajfa-1478	54	12	of	of	ADP
ajfa-1478	54	13	herding	herding	NOUN
ajfa-1478	54	14	behavior	behavior	NOUN
ajfa-1478	54	15	in	in	ADP
ajfa-1478	54	16	the	the	DET
ajfa-1478	54	17	shenzhen	shenzhen	PROPN
ajfa-1478	54	18	stock	stock	NOUN
ajfa-1478	54	19	market	market	NOUN
ajfa-1478	54	20	.	.	PUNCT
ajfa-1478	55	1	their	their	PRON
ajfa-1478	55	2	research	research	NOUN
ajfa-1478	55	3	results	result	NOUN
ajfa-1478	55	4	are	be	AUX
ajfa-1478	55	5	similar	similar	ADJ
ajfa-1478	55	6	to	to	ADP
ajfa-1478	55	7	that	that	PRON
ajfa-1478	55	8	of	of	ADP
ajfa-1478	55	9	with	with	ADP
ajfa-1478	55	10	christie	christie	PROPN
ajfa-1478	55	11	and	and	CCONJ
ajfa-1478	55	12	hwang	hwang	PROPN
ajfa-1478	55	13	(	(	PUNCT
ajfa-1478	55	14	1995	1995	NUM
ajfa-1478	55	15	)	)	PUNCT
ajfa-1478	55	16	and	and	CCONJ
ajfa-1478	55	17	being	be	AUX
ajfa-1478	55	18	favorable	favorable	ADJ
ajfa-1478	55	19	towards	towards	ADP
ajfa-1478	55	20	rational	rational	ADJ
ajfa-1478	55	21	asset	asset	NOUN
ajfa-1478	55	22	pricing	pricing	NOUN
ajfa-1478	55	23	models	model	NOUN
ajfa-1478	55	24	.	.	PUNCT
ajfa-1478	56	1	nonetheless	nonetheless	ADV
ajfa-1478	56	2	,	,	PUNCT
ajfa-1478	56	3	tan	tan	PROPN
ajfa-1478	56	4	et	et	PROPN
ajfa-1478	56	5	al	al	PROPN
ajfa-1478	56	6	.	.	PROPN
ajfa-1478	57	1	(	(	PUNCT
ajfa-1478	57	2	2007	2007	NUM
ajfa-1478	57	3	)	)	PUNCT
ajfa-1478	57	4	find	find	VERB
ajfa-1478	57	5	conflicting	conflicting	ADJ
ajfa-1478	57	6	result	result	NOUN
ajfa-1478	57	7	in	in	ADP
ajfa-1478	57	8	their	their	PRON
ajfa-1478	57	9	study	study	NOUN
ajfa-1478	57	10	of	of	ADP
ajfa-1478	57	11	herding	herd	VERB
ajfa-1478	57	12	behavior	behavior	NOUN
ajfa-1478	57	13	in	in	ADP
ajfa-1478	57	14	both	both	CCONJ
ajfa-1478	57	15	shanghai	shanghai	PROPN
ajfa-1478	57	16	and	and	CCONJ
ajfa-1478	57	17	shenzhen	shenzhen	PROPN
ajfa-1478	57	18	stock	stock	PROPN
ajfa-1478	57	19	exchanges	exchange	NOUN
ajfa-1478	57	20	by	by	ADP
ajfa-1478	57	21	following	follow	VERB
ajfa-1478	57	22	the	the	DET
ajfa-1478	57	23	csad	csad	ADJ
ajfa-1478	57	24	approach	approach	NOUN
ajfa-1478	57	25	.	.	PUNCT
ajfa-1478	58	1	their	their	PRON
ajfa-1478	58	2	finding	finding	NOUN
ajfa-1478	58	3	shows	show	VERB
ajfa-1478	58	4	that	that	SCONJ
ajfa-1478	58	5	herding	herding	NOUN
ajfa-1478	58	6	behavior	behavior	NOUN
ajfa-1478	58	7	exists	exist	VERB
ajfa-1478	58	8	in	in	ADP
ajfa-1478	58	9	both	both	CCONJ
ajfa-1478	58	10	shanghai	shanghai	PROPN
ajfa-1478	58	11	and	and	CCONJ
ajfa-1478	58	12	shenzhen	shenzhen	PROPN
ajfa-1478	58	13	,	,	PUNCT
ajfa-1478	58	14	a	a	DET
ajfa-1478	58	15	-	-	PUNCT
ajfa-1478	58	16	share	share	NOUN
ajfa-1478	58	17	and	and	CCONJ
ajfa-1478	58	18	b	b	NOUN
ajfa-1478	58	19	-	-	PUNCT
ajfa-1478	58	20	share	share	NOUN
ajfa-1478	58	21	markets	market	NOUN
ajfa-1478	58	22	.	.	PUNCT
ajfa-1478	59	1	chang	chang	PROPN
ajfa-1478	59	2	et	et	PROPN
ajfa-1478	59	3	al	al	PROPN
ajfa-1478	59	4	.	.	PROPN
ajfa-1478	59	5	(	(	PUNCT
ajfa-1478	59	6	1999	1999	NUM
ajfa-1478	59	7	)	)	PUNCT
ajfa-1478	59	8	also	also	ADV
ajfa-1478	59	9	demonstrate	demonstrate	VERB
ajfa-1478	59	10	that	that	SCONJ
ajfa-1478	59	11	there	there	PRON
ajfa-1478	59	12	is	be	VERB
ajfa-1478	59	13	evidence	evidence	NOUN
ajfa-1478	59	14	of	of	ADP
ajfa-1478	59	15	herding	herd	VERB
ajfa-1478	59	16	behavior	behavior	NOUN
ajfa-1478	59	17	in	in	ADP
ajfa-1478	59	18	south	south	PROPN
ajfa-1478	59	19	korea	korea	PROPN
ajfa-1478	59	20	and	and	CCONJ
ajfa-1478	59	21	taiwan	taiwan	PROPN
ajfa-1478	59	22	.	.	PUNCT
ajfa-1478	60	1	they	they	PRON
ajfa-1478	60	2	argue	argue	VERB
ajfa-1478	60	3	that	that	SCONJ
ajfa-1478	60	4	this	this	DET
ajfa-1478	60	5	behavior	behavior	NOUN
ajfa-1478	60	6	may	may	AUX
ajfa-1478	60	7	be	be	AUX
ajfa-1478	60	8	a	a	DET
ajfa-1478	60	9	result	result	NOUN
ajfa-1478	60	10	of	of	ADP
ajfa-1478	60	11	incomplete	incomplete	ADJ
ajfa-1478	60	12	information	information	NOUN
ajfa-1478	60	13	disclosure	disclosure	NOUN
ajfa-1478	60	14	in	in	ADP
ajfa-1478	60	15	emerging	emerge	VERB
ajfa-1478	60	16	markets	market	NOUN
ajfa-1478	60	17	and	and	CCONJ
ajfa-1478	60	18	the	the	DET
ajfa-1478	60	19	greater	great	ADJ
ajfa-1478	60	20	importance	importance	NOUN
ajfa-1478	60	21	of	of	ADP
ajfa-1478	60	22	macroeconomics	macroeconomic	NOUN
ajfa-1478	60	23	with	with	ADP
ajfa-1478	60	24	regard	regard	NOUN
ajfa-1478	60	25	to	to	ADP
ajfa-1478	60	26	investor	investor	NOUN
ajfa-1478	60	27	decision	decision	NOUN
ajfa-1478	60	28	-	-	PUNCT
ajfa-1478	60	29	making	making	NOUN
ajfa-1478	60	30	,	,	PUNCT
ajfa-1478	60	31	in	in	ADP
ajfa-1478	60	32	turn	turn	NOUN
ajfa-1478	60	33	making	make	VERB
ajfa-1478	60	34	them	they	PRON
ajfa-1478	60	35	more	more	ADV
ajfa-1478	60	36	likely	likely	ADJ
ajfa-1478	60	37	to	to	PART
ajfa-1478	60	38	herd	herd	VERB
ajfa-1478	60	39	around	around	ADV
ajfa-1478	60	40	.	.	PUNCT
ajfa-1478	61	1	institutional	institutional	ADJ
ajfa-1478	61	2	investors	investor	NOUN
ajfa-1478	61	3	may	may	AUX
ajfa-1478	61	4	herd	herd	VERB
ajfa-1478	61	5	not	not	PART
ajfa-1478	61	6	so	so	ADV
ajfa-1478	61	7	much	much	ADV
ajfa-1478	61	8	because	because	SCONJ
ajfa-1478	61	9	of	of	ADP
ajfa-1478	61	10	imperfect	imperfect	ADJ
ajfa-1478	61	11	information	information	NOUN
ajfa-1478	61	12	,	,	PUNCT
ajfa-1478	61	13	although	although	SCONJ
ajfa-1478	61	14	this	this	PRON
ajfa-1478	61	15	might	might	AUX
ajfa-1478	61	16	happen	happen	VERB
ajfa-1478	61	17	as	as	ADV
ajfa-1478	61	18	well	well	ADV
ajfa-1478	61	19	,	,	PUNCT
ajfa-1478	61	20	but	but	CCONJ
ajfa-1478	61	21	primarily	primarily	ADV
ajfa-1478	61	22	(	(	PUNCT
ajfa-1478	61	23	and	and	CCONJ
ajfa-1478	61	24	for	for	ADP
ajfa-1478	61	25	the	the	DET
ajfa-1478	61	26	long	long	ADJ
ajfa-1478	61	27	term	term	NOUN
ajfa-1478	61	28	)	)	PUNCT
ajfa-1478	61	29	due	due	ADP
ajfa-1478	61	30	to	to	ADP
ajfa-1478	61	31	reputational	reputational	ADJ
ajfa-1478	61	32	concerns	concern	NOUN
ajfa-1478	61	33	(	(	PUNCT
ajfa-1478	61	34	bernhardt	bernhardt	PROPN
ajfa-1478	61	35	et	et	PROPN
ajfa-1478	61	36	al	al	PROPN
ajfa-1478	61	37	.	.	PROPN
ajfa-1478	61	38	2006	2006	NUM
ajfa-1478	61	39	)	)	PUNCT
ajfa-1478	61	40	and	and	CCONJ
ajfa-1478	61	41	compensation	compensation	NOUN
ajfa-1478	61	42	structures	structure	NOUN
ajfa-1478	61	43	(	(	PUNCT
ajfa-1478	61	44	clarke	clarke	PROPN
ajfa-1478	61	45	and	and	CCONJ
ajfa-1478	61	46	subramanian	subramanian	PROPN
ajfa-1478	61	47	,	,	PUNCT
ajfa-1478	61	48	2006	2006	NUM
ajfa-1478	61	49	)	)	PUNCT
ajfa-1478	61	50	.	.	PUNCT
ajfa-1478	62	1	an	an	DET
ajfa-1478	62	2	investment	investment	NOUN
ajfa-1478	62	3	manager	manager	NOUN
ajfa-1478	62	4	will	will	AUX
ajfa-1478	62	5	probably	probably	ADV
ajfa-1478	62	6	not	not	PART
ajfa-1478	62	7	face	face	VERB
ajfa-1478	62	8	personal	personal	ADJ
ajfa-1478	62	9	professional	professional	ADJ
ajfa-1478	62	10	damage	damage	NOUN
ajfa-1478	62	11	if	if	SCONJ
ajfa-1478	62	12	he	he	PRON
ajfa-1478	62	13	fails	fail	VERB
ajfa-1478	62	14	when	when	SCONJ
ajfa-1478	62	15	the	the	DET
ajfa-1478	62	16	others	other	NOUN
ajfa-1478	62	17	have	have	AUX
ajfa-1478	62	18	failed	fail	VERB
ajfa-1478	62	19	as	as	ADV
ajfa-1478	62	20	well	well	ADV
ajfa-1478	62	21	,	,	PUNCT
ajfa-1478	62	22	but	but	CCONJ
ajfa-1478	62	23	is	be	AUX
ajfa-1478	62	24	very	very	ADV
ajfa-1478	62	25	likely	likely	ADJ
ajfa-1478	62	26	to	to	PART
ajfa-1478	62	27	lose	lose	VERB
ajfa-1478	62	28	his	his	PRON
ajfa-1478	62	29	job	job	NOUN
ajfa-1478	62	30	if	if	SCONJ
ajfa-1478	62	31	he	he	PRON
ajfa-1478	62	32	significantly	significantly	ADV
ajfa-1478	62	33	under	under	ADP
ajfa-1478	62	34	performs	perform	VERB
ajfa-1478	62	35	the	the	DET
ajfa-1478	62	36	market	market	NOUN
ajfa-1478	62	37	(	(	PUNCT
ajfa-1478	62	38	hirshleifer	hirshleifer	NOUN
ajfa-1478	62	39	and	and	CCONJ
ajfa-1478	62	40	teoh	teoh	NOUN
ajfa-1478	62	41	,	,	PUNCT
ajfa-1478	62	42	2003	2003	NUM
ajfa-1478	62	43	)	)	PUNCT
ajfa-1478	62	44	.	.	PUNCT
ajfa-1478	63	1	consequently	consequently	ADV
ajfa-1478	63	2	,	,	PUNCT
ajfa-1478	63	3	this	this	PRON
ajfa-1478	63	4	could	could	AUX
ajfa-1478	63	5	lead	lead	VERB
ajfa-1478	63	6	to	to	ADP
ajfa-1478	63	7	permanent	permanent	ADJ
ajfa-1478	63	8	behavioral	behavioral	ADJ
ajfa-1478	63	9	biases	bias	NOUN
ajfa-1478	63	10	for	for	ADP
ajfa-1478	63	11	the	the	DET
ajfa-1478	63	12	investment	investment	NOUN
ajfa-1478	63	13	managers	manager	NOUN
ajfa-1478	63	14	,	,	PUNCT
ajfa-1478	63	15	since	since	SCONJ
ajfa-1478	63	16	a	a	DET
ajfa-1478	63	17	risk	risk	NOUN
ajfa-1478	63	18	-	-	PUNCT
ajfa-1478	63	19	averse	averse	ADJ
ajfa-1478	63	20	manager	manager	NOUN
ajfa-1478	63	21	has	have	VERB
ajfa-1478	63	22	a	a	DET
ajfa-1478	63	23	large	large	ADJ
ajfa-1478	63	24	incentive	incentive	NOUN
ajfa-1478	63	25	to	to	PART
ajfa-1478	63	26	follow	follow	VERB
ajfa-1478	63	27	the	the	DET
ajfa-1478	63	28	market	market	NOUN
ajfa-1478	63	29	consensus	consensus	NOUN
ajfa-1478	63	30	to	to	PART
ajfa-1478	63	31	avoid	avoid	VERB
ajfa-1478	63	32	professional	professional	ADJ
ajfa-1478	63	33	implications	implication	NOUN
ajfa-1478	63	34	.	.	PUNCT
ajfa-1478	64	1	krous	krous	ADJ
ajfa-1478	64	2	(	(	PUNCT
ajfa-1478	64	3	1972	1972	NUM
ajfa-1478	64	4	)	)	PUNCT
ajfa-1478	64	5	et	et	PROPN
ajfa-1478	64	6	al	al	PROPN
ajfa-1478	64	7	.	.	PROPN
ajfa-1478	64	8	first	first	PROPN
ajfa-1478	64	9	uses	use	VERB
ajfa-1478	64	10	229	229	NUM
ajfa-1478	64	11	monthly	monthly	ADJ
ajfa-1478	64	12	data	datum	NOUN
ajfa-1478	64	13	of	of	ADP
ajfa-1478	64	14	mutual	mutual	ADJ
ajfa-1478	64	15	funds	fund	NOUN
ajfa-1478	64	16	and	and	CCONJ
ajfa-1478	64	17	bank	bank	NOUN
ajfa-1478	64	18	trust	trust	NOUN
ajfa-1478	64	19	institutions	institution	NOUN
ajfa-1478	64	20	from	from	ADP
ajfa-1478	64	21	jan.1968	jan.1968	NUM
ajfa-1478	64	22	to	to	ADP
ajfa-1478	64	23	sep	sep	PROPN
ajfa-1478	64	24	.	.	PROPN
ajfa-1478	64	25	1969	1969	NUM
ajfa-1478	64	26	to	to	PART
ajfa-1478	64	27	test	test	VERB
ajfa-1478	64	28	institutional	institutional	ADJ
ajfa-1478	64	29	group	group	NOUN
ajfa-1478	64	30	behavior	behavior	NOUN
ajfa-1478	64	31	.	.	PUNCT
ajfa-1478	65	1	they	they	PRON
ajfa-1478	65	2	find	find	VERB
ajfa-1478	65	3	that	that	SCONJ
ajfa-1478	65	4	mutual	mutual	ADJ
ajfa-1478	65	5	funds	fund	NOUN
ajfa-1478	65	6	tend	tend	VERB
ajfa-1478	65	7	to	to	PART
ajfa-1478	65	8	imitate	imitate	VERB
ajfa-1478	65	9	the	the	DET
ajfa-1478	65	10	strategies	strategy	NOUN
ajfa-1478	65	11	of	of	ADP
ajfa-1478	65	12	their	their	PRON
ajfa-1478	65	13	more	more	ADV
ajfa-1478	65	14	successive	successive	ADJ
ajfa-1478	65	15	counterparts	counterpart	NOUN
ajfa-1478	65	16	,	,	PUNCT
ajfa-1478	65	17	and	and	CCONJ
ajfa-1478	65	18	they	they	PRON
ajfa-1478	65	19	call	call	VERB
ajfa-1478	65	20	it	it	PRON
ajfa-1478	65	21	“	"	PUNCT
ajfa-1478	65	22	follow	follow	VERB
ajfa-1478	65	23	leaders	leader	NOUN
ajfa-1478	65	24	"	"	PUNCT
ajfa-1478	65	25	strategy	strategy	NOUN
ajfa-1478	65	26	.	.	PUNCT
ajfa-1478	66	1	lakonishok	lakonishok	NOUN
ajfa-1478	66	2	,	,	PUNCT
ajfa-1478	66	3	shleifer	shleifer	NOUN
ajfa-1478	66	4	and	and	CCONJ
ajfa-1478	66	5	vishny	vishny	PROPN
ajfa-1478	66	6	(	(	PUNCT
ajfa-1478	66	7	1992	1992	NUM
ajfa-1478	66	8	)	)	PUNCT
ajfa-1478	66	9	use	use	VERB
ajfa-1478	66	10	the	the	DET
ajfa-1478	66	11	percentage	percentage	NOUN
ajfa-1478	66	12	of	of	ADP
ajfa-1478	66	13	investors	investor	NOUN
ajfa-1478	66	14	that	that	PRON
ajfa-1478	66	15	are	be	AUX
ajfa-1478	66	16	in	in	ADP
ajfa-1478	66	17	one	one	NUM
ajfa-1478	66	18	-	-	PUNCT
ajfa-1478	66	19	side	side	NOUN
ajfa-1478	66	20	markets	market	NOUN
ajfa-1478	66	21	to	to	PART
ajfa-1478	66	22	study	study	VERB
ajfa-1478	66	23	whether	whether	SCONJ
ajfa-1478	66	24	there	there	PRON
ajfa-1478	66	25	exists	exist	VERB
ajfa-1478	66	26	herding	herd	VERB
ajfa-1478	66	27	between	between	ADP
ajfa-1478	66	28	managers	manager	NOUN
ajfa-1478	66	29	of	of	ADP
ajfa-1478	66	30	stock	stock	NOUN
ajfa-1478	66	31	funds	fund	NOUN
ajfa-1478	66	32	exemption	exemption	NOUN
ajfa-1478	66	33	from	from	ADP
ajfa-1478	66	34	duty	duty	NOUN
ajfa-1478	66	35	in	in	ADP
ajfa-1478	66	36	america	america	PROPN
ajfa-1478	66	37	,	,	PUNCT
ajfa-1478	66	38	and	and	CCONJ
ajfa-1478	66	39	they	they	PRON
ajfa-1478	66	40	further	far	ADV
ajfa-1478	66	41	test	test	VERB
ajfa-1478	66	42	this	this	PRON
ajfa-1478	66	43	based	base	VERB
ajfa-1478	66	44	on	on	ADP
ajfa-1478	66	45	classifications	classification	NOUN
ajfa-1478	66	46	according	accord	VERB
ajfa-1478	66	47	to	to	ADP
ajfa-1478	66	48	sizes	size	NOUN
ajfa-1478	66	49	of	of	ADP
ajfa-1478	66	50	shares	share	NOUN
ajfa-1478	66	51	,	,	PUNCT
ajfa-1478	66	52	historical	historical	ADJ
ajfa-1478	66	53	performance	performance	NOUN
ajfa-1478	66	54	and	and	CCONJ
ajfa-1478	66	55	asset	asset	NOUN
ajfa-1478	66	56	scale	scale	NOUN
ajfa-1478	66	57	of	of	ADP
ajfa-1478	66	58	funds	fund	NOUN
ajfa-1478	66	59	,	,	PUNCT
ajfa-1478	66	60	etc	etc	X
ajfa-1478	66	61	.	.	X
ajfa-1478	66	62	they	they	PRON
ajfa-1478	66	63	find	find	VERB
ajfa-1478	66	64	that	that	SCONJ
ajfa-1478	66	65	these	these	DET
ajfa-1478	66	66	funds	fund	NOUN
ajfa-1478	66	67	do	do	AUX
ajfa-1478	66	68	not	not	PART
ajfa-1478	66	69	exhibit	exhibit	VERB
ajfa-1478	66	70	significant	significant	ADJ
ajfa-1478	66	71	herding	herding	NOUN
ajfa-1478	66	72	but	but	CCONJ
ajfa-1478	66	73	there	there	PRON
ajfa-1478	66	74	exists	exist	VERB
ajfa-1478	66	75	a	a	DET
ajfa-1478	66	76	little	little	ADJ
ajfa-1478	66	77	herding	herding	NOUN
ajfa-1478	66	78	in	in	ADP
ajfa-1478	66	79	transactions	transaction	NOUN
ajfa-1478	66	80	of	of	ADP
ajfa-1478	66	81	stocks	stock	NOUN
ajfa-1478	66	82	of	of	ADP
ajfa-1478	66	83	small	small	ADJ
ajfa-1478	66	84	companies	company	NOUN
ajfa-1478	66	85	.	.	PUNCT
ajfa-1478	67	1	grinblat	grinblat	ADJ
ajfa-1478	67	2	,	,	PUNCT
ajfa-1478	67	3	titman	titman	NOUN
ajfa-1478	67	4	and	and	CCONJ
ajfa-1478	67	5	wemers	wemer	NOUN
ajfa-1478	67	6	(	(	PUNCT
ajfa-1478	67	7	1995	1995	NUM
ajfa-1478	67	8	)	)	PUNCT
ajfa-1478	67	9	study	study	NOUN
ajfa-1478	67	10	on	on	ADP
ajfa-1478	67	11	portfolios	portfolio	NOUN
ajfa-1478	67	12	of	of	ADP
ajfa-1478	67	13	274	274	NUM
ajfa-1478	67	14	mutual	mutual	ADJ
ajfa-1478	67	15	funds	fund	NOUN
ajfa-1478	67	16	in	in	ADP
ajfa-1478	67	17	a	a	DET
ajfa-1478	67	18	period	period	NOUN
ajfa-1478	67	19	of	of	ADP
ajfa-1478	67	20	1974	1974	NUM
ajfa-1478	67	21	-	-	SYM
ajfa-1478	67	22	1984	1984	NUM
ajfa-1478	67	23	and	and	CCONJ
ajfa-1478	67	24	get	get	VERB
ajfa-1478	67	25	a	a	DET
ajfa-1478	67	26	similar	similar	ADJ
ajfa-1478	67	27	result	result	NOUN
ajfa-1478	67	28	.	.	PUNCT
ajfa-1478	68	1	generally	generally	ADV
ajfa-1478	68	2	,	,	PUNCT
ajfa-1478	68	3	lsv	lsv	PROPN
ajfa-1478	68	4	method	method	NOUN
ajfa-1478	68	5	is	be	AUX
ajfa-1478	68	6	most	most	ADV
ajfa-1478	68	7	widely	widely	ADV
ajfa-1478	68	8	used	use	VERB
ajfa-1478	68	9	for	for	ADP
ajfa-1478	68	10	its	its	PRON
ajfa-1478	68	11	simplify	simplify	NOUN
ajfa-1478	68	12	and	and	CCONJ
ajfa-1478	68	13	the	the	DET
ajfa-1478	68	14	availability	availability	NOUN
ajfa-1478	68	15	of	of	ADP
ajfa-1478	68	16	data	datum	NOUN
ajfa-1478	68	17	.	.	PUNCT
ajfa-1478	69	1	wemers	wemer	NOUN
ajfa-1478	69	2	(	(	PUNCT
ajfa-1478	69	3	1999	1999	NUM
ajfa-1478	69	4	)	)	PUNCT
ajfa-1478	69	5	takes	take	VERB
ajfa-1478	69	6	all	all	DET
ajfa-1478	69	7	the	the	DET
ajfa-1478	69	8	funds	fund	NOUN
ajfa-1478	69	9	in	in	ADP
ajfa-1478	69	10	american	american	ADJ
ajfa-1478	69	11	stock	stock	NOUN
ajfa-1478	69	12	markets	market	NOUN
ajfa-1478	69	13	between	between	ADP
ajfa-1478	69	14	1975	1975	NUM
ajfa-1478	69	15	-	-	SYM
ajfa-1478	69	16	1994	1994	NUM
ajfa-1478	69	17	as	as	ADP
ajfa-1478	69	18	the	the	DET
ajfa-1478	69	19	object	object	NOUN
ajfa-1478	69	20	of	of	ADP
ajfa-1478	69	21	the	the	DET
ajfa-1478	69	22	study	study	NOUN
ajfa-1478	69	23	,	,	PUNCT
ajfa-1478	69	24	and	and	CCONJ
ajfa-1478	69	25	find	find	VERB
ajfa-1478	69	26	herding	herding	NOUN
ajfa-1478	69	27	is	be	AUX
ajfa-1478	69	28	very	very	ADV
ajfa-1478	69	29	obvious	obvious	ADJ
ajfa-1478	69	30	for	for	ADP
ajfa-1478	69	31	total	total	ADJ
ajfa-1478	69	32	funds	fund	NOUN
ajfa-1478	69	33	based	base	VERB
ajfa-1478	69	34	on	on	ADP
ajfa-1478	69	35	a	a	DET
ajfa-1478	69	36	further	further	ADJ
ajfa-1478	69	37	study	study	NOUN
ajfa-1478	69	38	,	,	PUNCT
ajfa-1478	69	39	and	and	CCONJ
ajfa-1478	69	40	the	the	DET
ajfa-1478	69	41	herding	herd	VERB
ajfa-1478	69	42	tendencies	tendency	NOUN
ajfa-1478	69	43	of	of	ADP
ajfa-1478	69	44	different	different	ADJ
ajfa-1478	69	45	funds	fund	NOUN
ajfa-1478	69	46	have	have	VERB
ajfa-1478	69	47	great	great	ADJ
ajfa-1478	69	48	differences	difference	NOUN
ajfa-1478	69	49	.	.	PUNCT
ajfa-1478	70	1	asian	asian	ADJ
ajfa-1478	70	2	journal	journal	PROPN
ajfa-1478	70	3	of	of	ADP
ajfa-1478	70	4	finance	finance	PROPN
ajfa-1478	70	5	&	&	CCONJ
ajfa-1478	70	6	accounting	accounting	PROPN
ajfa-1478	70	7	issn	issn	PROPN
ajfa-1478	70	8	1946	1946	NUM
ajfa-1478	70	9	-	-	PUNCT
ajfa-1478	70	10	052x	052x	NOUN
ajfa-1478	70	11	2012	2012	NUM
ajfa-1478	70	12	,	,	PUNCT
ajfa-1478	70	13	vol	vol	NOUN
ajfa-1478	70	14	.	.	PROPN
ajfa-1478	70	15	4	4	NUM
ajfa-1478	70	16	,	,	PUNCT
ajfa-1478	70	17	no	no	INTJ
ajfa-1478	70	18	.	.	NOUN
ajfa-1478	70	19	1	1	NUM
ajfa-1478	70	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	70	21	194	194	NUM
ajfa-1478	70	22	shidonghui	shidonghui	NOUN
ajfa-1478	70	23	(	(	PUNCT
ajfa-1478	70	24	2001	2001	NUM
ajfa-1478	70	25	)	)	PUNCT
ajfa-1478	70	26	analyzes	analyze	VERB
ajfa-1478	70	27	the	the	DET
ajfa-1478	70	28	herding	herd	VERB
ajfa-1478	70	29	behavior	behavior	NOUN
ajfa-1478	70	30	of	of	ADP
ajfa-1478	70	31	chinese	chinese	ADJ
ajfa-1478	70	32	investment	investment	NOUN
ajfa-1478	70	33	funds	fund	NOUN
ajfa-1478	70	34	,	,	PUNCT
ajfa-1478	70	35	and	and	CCONJ
ajfa-1478	70	36	the	the	DET
ajfa-1478	70	37	results	result	NOUN
ajfa-1478	70	38	show	show	VERB
ajfa-1478	70	39	that	that	SCONJ
ajfa-1478	70	40	more	more	ADJ
ajfa-1478	70	41	than	than	ADP
ajfa-1478	70	42	75	75	NUM
ajfa-1478	70	43	%	%	NOUN
ajfa-1478	70	44	of	of	ADP
ajfa-1478	70	45	funds	fund	NOUN
ajfa-1478	70	46	are	be	AUX
ajfa-1478	70	47	at	at	ADP
ajfa-1478	70	48	the	the	DET
ajfa-1478	70	49	same	same	ADJ
ajfa-1478	70	50	side	side	NOUN
ajfa-1478	70	51	in	in	ADP
ajfa-1478	70	52	markets	market	NOUN
ajfa-1478	70	53	,	,	PUNCT
ajfa-1478	70	54	herding	herding	NOUN
ajfa-1478	70	55	is	be	AUX
ajfa-1478	70	56	very	very	ADV
ajfa-1478	70	57	serious	serious	ADJ
ajfa-1478	70	58	.	.	PUNCT
ajfa-1478	71	1	júlio	júlio	PROPN
ajfa-1478	71	2	lobão(2002	lobão(2002	PROPN
ajfa-1478	71	3	)	)	PUNCT
ajfa-1478	71	4	test	test	NOUN
ajfa-1478	71	5	for	for	ADP
ajfa-1478	71	6	herding	herd	VERB
ajfa-1478	71	7	by	by	ADP
ajfa-1478	71	8	portuguese	portuguese	ADJ
ajfa-1478	71	9	mutual	mutual	ADJ
ajfa-1478	71	10	funds	fund	NOUN
ajfa-1478	71	11	over	over	ADP
ajfa-1478	71	12	the	the	DET
ajfa-1478	71	13	period	period	NOUN
ajfa-1478	71	14	of	of	ADP
ajfa-1478	71	15	1998	1998	NUM
ajfa-1478	71	16	to	to	ADP
ajfa-1478	71	17	2000	2000	NUM
ajfa-1478	71	18	and	and	CCONJ
ajfa-1478	71	19	found	find	VERB
ajfa-1478	71	20	strong	strong	ADJ
ajfa-1478	71	21	evidence	evidence	NOUN
ajfa-1478	71	22	of	of	ADP
ajfa-1478	71	23	herding	herd	VERB
ajfa-1478	71	24	behaviour	behaviour	NOUN
ajfa-1478	71	25	for	for	ADP
ajfa-1478	71	26	portuguese	portuguese	ADJ
ajfa-1478	71	27	mutual	mutual	ADJ
ajfa-1478	71	28	funds	fund	NOUN
ajfa-1478	71	29	.	.	PUNCT
ajfa-1478	72	1	furthermore	furthermore	ADV
ajfa-1478	72	2	,	,	PUNCT
ajfa-1478	72	3	their	their	PRON
ajfa-1478	72	4	results	result	NOUN
ajfa-1478	72	5	suggest	suggest	VERB
ajfa-1478	72	6	that	that	SCONJ
ajfa-1478	72	7	the	the	DET
ajfa-1478	72	8	level	level	NOUN
ajfa-1478	72	9	of	of	ADP
ajfa-1478	72	10	herding	herding	NOUN
ajfa-1478	72	11	is	be	AUX
ajfa-1478	72	12	4	4	NUM
ajfa-1478	72	13	to	to	PART
ajfa-1478	72	14	5	5	NUM
ajfa-1478	72	15	times	time	NOUN
ajfa-1478	72	16	stronger	strong	ADJ
ajfa-1478	72	17	than	than	ADP
ajfa-1478	72	18	the	the	DET
ajfa-1478	72	19	herding	herding	NOUN
ajfa-1478	72	20	found	find	VERB
ajfa-1478	72	21	for	for	ADP
ajfa-1478	72	22	institutional	institutional	ADJ
ajfa-1478	72	23	investors	investor	NOUN
ajfa-1478	72	24	in	in	ADP
ajfa-1478	72	25	mature	mature	ADJ
ajfa-1478	72	26	markets	market	NOUN
ajfa-1478	72	27	.	.	PUNCT
ajfa-1478	73	1	the	the	DET
ajfa-1478	73	2	herding	herding	NOUN
ajfa-1478	73	3	effect	effect	NOUN
ajfa-1478	73	4	seems	seem	VERB
ajfa-1478	73	5	to	to	PART
ajfa-1478	73	6	affect	affect	VERB
ajfa-1478	73	7	,	,	PUNCT
ajfa-1478	73	8	as	as	ADV
ajfa-1478	73	9	likely	likely	ADJ
ajfa-1478	73	10	,	,	PUNCT
ajfa-1478	73	11	purchases	purchase	NOUN
ajfa-1478	73	12	and	and	CCONJ
ajfa-1478	73	13	sales	sale	NOUN
ajfa-1478	73	14	of	of	ADP
ajfa-1478	73	15	stocks	stock	NOUN
ajfa-1478	73	16	.	.	PUNCT
ajfa-1478	74	1	there	there	PRON
ajfa-1478	74	2	seems	seem	VERB
ajfa-1478	74	3	to	to	PART
ajfa-1478	74	4	be	be	AUX
ajfa-1478	74	5	a	a	DET
ajfa-1478	74	6	stronger	strong	ADJ
ajfa-1478	74	7	tendency	tendency	NOUN
ajfa-1478	74	8	to	to	PART
ajfa-1478	74	9	herd	herd	VERB
ajfa-1478	74	10	among	among	ADP
ajfa-1478	74	11	medium	medium	ADJ
ajfa-1478	74	12	-	-	PUNCT
ajfa-1478	74	13	cap	cap	NOUN
ajfa-1478	74	14	funds	fund	NOUN
ajfa-1478	74	15	rather	rather	ADV
ajfa-1478	74	16	than	than	ADP
ajfa-1478	74	17	very	very	ADV
ajfa-1478	74	18	large	large	ADJ
ajfa-1478	74	19	or	or	CCONJ
ajfa-1478	74	20	very	very	ADV
ajfa-1478	74	21	small	small	ADJ
ajfa-1478	74	22	funds	fund	NOUN
ajfa-1478	74	23	,	,	PUNCT
ajfa-1478	74	24	and	and	CCONJ
ajfa-1478	74	25	among	among	ADP
ajfa-1478	74	26	funds	fund	NOUN
ajfa-1478	74	27	with	with	ADP
ajfa-1478	74	28	fewer	few	ADJ
ajfa-1478	74	29	stocks	stock	NOUN
ajfa-1478	74	30	.	.	PUNCT
ajfa-1478	75	1	lastly	lastly	ADV
ajfa-1478	75	2	,	,	PUNCT
ajfa-1478	75	3	herding	herding	NOUN
ajfa-1478	75	4	seems	seem	VERB
ajfa-1478	75	5	to	to	PART
ajfa-1478	75	6	decrease	decrease	VERB
ajfa-1478	75	7	when	when	SCONJ
ajfa-1478	75	8	the	the	DET
ajfa-1478	75	9	stock	stock	NOUN
ajfa-1478	75	10	market	market	NOUN
ajfa-1478	75	11	is	be	AUX
ajfa-1478	75	12	doing	do	VERB
ajfa-1478	75	13	well	well	ADV
ajfa-1478	75	14	or	or	CCONJ
ajfa-1478	75	15	is	be	AUX
ajfa-1478	75	16	more	more	ADV
ajfa-1478	75	17	volatile	volatile	ADJ
ajfa-1478	75	18	.	.	PUNCT
ajfa-1478	76	1	yuan	yuan	NOUN
ajfa-1478	76	2	ke	ke	PROPN
ajfa-1478	76	3	and	and	CCONJ
ajfa-1478	76	4	chen	chen	PROPN
ajfa-1478	76	5	hao	hao	PROPN
ajfa-1478	76	6	(	(	PUNCT
ajfa-1478	76	7	2003	2003	NUM
ajfa-1478	76	8	)	)	PUNCT
ajfa-1478	76	9	test	test	NOUN
ajfa-1478	76	10	completely	completely	ADV
ajfa-1478	76	11	the	the	DET
ajfa-1478	76	12	herding	herding	NOUN
ajfa-1478	76	13	of	of	ADP
ajfa-1478	76	14	investment	investment	NOUN
ajfa-1478	76	15	funds	fund	NOUN
ajfa-1478	76	16	in	in	ADP
ajfa-1478	76	17	stock	stock	NOUN
ajfa-1478	76	18	markets	market	NOUN
ajfa-1478	76	19	of	of	ADP
ajfa-1478	76	20	shanghai	shanghai	PROPN
ajfa-1478	76	21	and	and	CCONJ
ajfa-1478	76	22	shenzhen	shenzhen	PROPN
ajfa-1478	76	23	by	by	ADP
ajfa-1478	76	24	referring	refer	VERB
ajfa-1478	76	25	to	to	ADP
ajfa-1478	76	26	the	the	DET
ajfa-1478	76	27	method	method	NOUN
ajfa-1478	76	28	(	(	PUNCT
ajfa-1478	76	29	lsv	lsv	NOUN
ajfa-1478	76	30	method	method	PROPN
ajfa-1478	76	31	)	)	PUNCT
ajfa-1478	76	32	of	of	ADP
ajfa-1478	76	33	lakonishok	lakonishok	NOUN
ajfa-1478	76	34	(	(	PUNCT
ajfa-1478	76	35	1991	1991	NUM
ajfa-1478	76	36	)	)	PUNCT
ajfa-1478	76	37	,	,	PUNCT
ajfa-1478	76	38	and	and	CCONJ
ajfa-1478	76	39	find	find	VERB
ajfa-1478	76	40	there	there	PRON
ajfa-1478	76	41	exists	exist	VERB
ajfa-1478	76	42	strong	strong	ADJ
ajfa-1478	76	43	herding	herding	NOUN
ajfa-1478	76	44	between	between	ADP
ajfa-1478	76	45	mutual	mutual	ADJ
ajfa-1478	76	46	funds	fund	NOUN
ajfa-1478	76	47	in	in	ADP
ajfa-1478	76	48	chinese	chinese	ADJ
ajfa-1478	76	49	stock	stock	NOUN
ajfa-1478	76	50	markets	market	NOUN
ajfa-1478	76	51	.	.	PUNCT
ajfa-1478	77	1	qi	qi	PROPN
ajfa-1478	77	2	bin	bin	PROPN
ajfa-1478	77	3	et	et	PROPN
ajfa-1478	77	4	al	al	PROPN
ajfa-1478	77	5	.	.	PROPN
ajfa-1478	78	1	(	(	PUNCT
ajfa-1478	78	2	2006	2006	NUM
ajfa-1478	78	3	)	)	PUNCT
ajfa-1478	78	4	use	use	VERB
ajfa-1478	78	5	the	the	DET
ajfa-1478	78	6	classic	classic	ADJ
ajfa-1478	78	7	lsv	lsv	NOUN
ajfa-1478	78	8	method	method	NOUN
ajfa-1478	78	9	and	and	CCONJ
ajfa-1478	78	10	the	the	DET
ajfa-1478	78	11	method	method	NOUN
ajfa-1478	78	12	extended	extend	VERB
ajfa-1478	78	13	by	by	ADP
ajfa-1478	78	14	wermers	wermer	NOUN
ajfa-1478	78	15	to	to	PART
ajfa-1478	78	16	study	study	VERB
ajfa-1478	78	17	empirically	empirically	ADV
ajfa-1478	78	18	behaviors	behavior	NOUN
ajfa-1478	78	19	of	of	ADP
ajfa-1478	78	20	institutional	institutional	ADJ
ajfa-1478	78	21	investors	investor	NOUN
ajfa-1478	78	22	of	of	ADP
ajfa-1478	78	23	which	which	PRON
ajfa-1478	78	24	the	the	DET
ajfa-1478	78	25	preventatives	preventative	NOUN
ajfa-1478	78	26	are	be	AUX
ajfa-1478	78	27	mutual	mutual	ADJ
ajfa-1478	78	28	funds	fund	NOUN
ajfa-1478	78	29	in	in	ADP
ajfa-1478	78	30	china	china	PROPN
ajfa-1478	78	31	.	.	PUNCT
ajfa-1478	79	1	angelo	angelo	PROPN
ajfa-1478	79	2	manganaro	manganaro	PROPN
ajfa-1478	79	3	(	(	PUNCT
ajfa-1478	79	4	2007	2007	NUM
ajfa-1478	79	5	)	)	PUNCT
ajfa-1478	79	6	investigates	investigate	VERB
ajfa-1478	79	7	the	the	DET
ajfa-1478	79	8	tendency	tendency	NOUN
ajfa-1478	79	9	to	to	PART
ajfa-1478	79	10	herd	herd	VERB
ajfa-1478	79	11	by	by	ADP
ajfa-1478	79	12	124	124	NUM
ajfa-1478	79	13	swedish	swedish	ADJ
ajfa-1478	79	14	equity	equity	NOUN
ajfa-1478	79	15	mutual	mutual	ADJ
ajfa-1478	79	16	funds	fund	NOUN
ajfa-1478	79	17	over	over	ADP
ajfa-1478	79	18	the	the	DET
ajfa-1478	79	19	period	period	NOUN
ajfa-1478	79	20	of	of	ADP
ajfa-1478	79	21	2000	2000	NUM
ajfa-1478	79	22	to	to	ADP
ajfa-1478	79	23	2007	2007	NUM
ajfa-1478	79	24	.	.	PUNCT
ajfa-1478	80	1	by	by	ADP
ajfa-1478	80	2	employing	employ	VERB
ajfa-1478	80	3	the	the	DET
ajfa-1478	80	4	measure	measure	NOUN
ajfa-1478	80	5	developed	develop	VERB
ajfa-1478	80	6	by	by	ADP
ajfa-1478	80	7	lakonishok	lakonishok	PROPN
ajfa-1478	80	8	et	et	PROPN
ajfa-1478	80	9	al	al	PROPN
ajfa-1478	80	10	.	.	PROPN
ajfa-1478	81	1	(	(	PUNCT
ajfa-1478	81	2	1992	1992	NUM
ajfa-1478	81	3	)	)	PUNCT
ajfa-1478	81	4	they	they	PRON
ajfa-1478	81	5	found	find	VERB
ajfa-1478	81	6	strong	strong	ADJ
ajfa-1478	81	7	evidence	evidence	NOUN
ajfa-1478	81	8	of	of	ADP
ajfa-1478	81	9	herding	herd	VERB
ajfa-1478	81	10	in	in	ADP
ajfa-1478	81	11	the	the	DET
ajfa-1478	81	12	overall	overall	ADJ
ajfa-1478	81	13	sample	sample	NOUN
ajfa-1478	81	14	.	.	PUNCT
ajfa-1478	82	1	nikolaos	nikolaos	PROPN
ajfa-1478	82	2	theriou1	theriou1	NOUN
ajfa-1478	82	3	(	(	PUNCT
ajfa-1478	82	4	2010	2010	NUM
ajfa-1478	82	5	)	)	PUNCT
ajfa-1478	82	6	analyzed	analyze	VERB
ajfa-1478	82	7	portfolio	portfolio	NOUN
ajfa-1478	82	8	holdings	holding	NOUN
ajfa-1478	82	9	of	of	ADP
ajfa-1478	82	10	31	31	NUM
ajfa-1478	82	11	mutual	mutual	ADJ
ajfa-1478	82	12	funds	fund	NOUN
ajfa-1478	82	13	using	use	VERB
ajfa-1478	82	14	the	the	DET
ajfa-1478	82	15	methodology	methodology	NOUN
ajfa-1478	82	16	proposed	propose	VERB
ajfa-1478	82	17	by	by	ADP
ajfa-1478	82	18	lakonishok	lakonishok	PROPN
ajfa-1478	82	19	et	et	PROPN
ajfa-1478	82	20	al	al	PROPN
ajfa-1478	82	21	.	.	PROPN
ajfa-1478	83	1	(	(	PUNCT
ajfa-1478	83	2	1992	1992	NUM
ajfa-1478	83	3	)	)	PUNCT
ajfa-1478	83	4	.	.	PUNCT
ajfa-1478	84	1	the	the	DET
ajfa-1478	84	2	study	study	NOUN
ajfa-1478	84	3	concludes	conclude	VERB
ajfa-1478	84	4	that	that	SCONJ
ajfa-1478	84	5	mutual	mutual	ADJ
ajfa-1478	84	6	fund	fund	NOUN
ajfa-1478	84	7	managers	manager	NOUN
ajfa-1478	84	8	undoubtedly	undoubtedly	ADV
ajfa-1478	84	9	herd	herd	VERB
ajfa-1478	84	10	,	,	PUNCT
ajfa-1478	84	11	with	with	ADP
ajfa-1478	84	12	the	the	DET
ajfa-1478	84	13	extent	extent	NOUN
ajfa-1478	84	14	of	of	ADP
ajfa-1478	84	15	herding	herding	NOUN
ajfa-1478	84	16	being	be	AUX
ajfa-1478	84	17	irrelevant	irrelevant	ADJ
ajfa-1478	84	18	to	to	ADP
ajfa-1478	84	19	the	the	DET
ajfa-1478	84	20	price	price	NOUN
ajfa-1478	84	21	movements	movement	NOUN
ajfa-1478	84	22	observed	observe	VERB
ajfa-1478	84	23	in	in	ADP
ajfa-1478	84	24	the	the	DET
ajfa-1478	84	25	market	market	NOUN
ajfa-1478	84	26	.	.	PUNCT
ajfa-1478	85	1	managers	manager	NOUN
ajfa-1478	85	2	herd	herd	VERB
ajfa-1478	85	3	primarily	primarily	ADV
ajfa-1478	85	4	when	when	SCONJ
ajfa-1478	85	5	they	they	PRON
ajfa-1478	85	6	trade	trade	VERB
ajfa-1478	85	7	in	in	ADP
ajfa-1478	85	8	large	large	ADJ
ajfa-1478	85	9	capitalization	capitalization	NOUN
ajfa-1478	85	10	stocks	stock	NOUN
ajfa-1478	85	11	or	or	CCONJ
ajfa-1478	85	12	stocks	stock	NOUN
ajfa-1478	85	13	that	that	PRON
ajfa-1478	85	14	belong	belong	VERB
ajfa-1478	85	15	to	to	ADP
ajfa-1478	85	16	the	the	DET
ajfa-1478	85	17	most	most	ADV
ajfa-1478	85	18	famous	famous	ADJ
ajfa-1478	85	19	indices	index	NOUN
ajfa-1478	85	20	.	.	PUNCT
ajfa-1478	86	1	empirical	empirical	ADJ
ajfa-1478	86	2	studies	study	NOUN
ajfa-1478	86	3	on	on	ADP
ajfa-1478	86	4	herding	herd	VERB
ajfa-1478	86	5	in	in	ADP
ajfa-1478	86	6	indian	indian	ADJ
ajfa-1478	86	7	context	context	NOUN
ajfa-1478	86	8	are	be	AUX
ajfa-1478	86	9	very	very	ADV
ajfa-1478	86	10	few.gokhan	few.gokhan	ADP
ajfa-1478	86	11	sonaer	sonaer	NOUN
ajfa-1478	86	12	(	(	PUNCT
ajfa-1478	86	13	2011	2011	NUM
ajfa-1478	86	14	)	)	PUNCT
ajfa-1478	86	15	examines	examine	VERB
ajfa-1478	86	16	whether	whether	SCONJ
ajfa-1478	86	17	herding	herd	VERB
ajfa-1478	86	18	by	by	ADP
ajfa-1478	86	19	actively	actively	ADV
ajfa-1478	86	20	managed	manage	VERB
ajfa-1478	86	21	equity	equity	NOUN
ajfa-1478	86	22	funds	fund	NOUN
ajfa-1478	86	23	affects	affect	VERB
ajfa-1478	86	24	their	their	PRON
ajfa-1478	86	25	performance	performance	NOUN
ajfa-1478	86	26	.	.	PUNCT
ajfa-1478	87	1	first	first	ADV
ajfa-1478	87	2	the	the	DET
ajfa-1478	87	3	effect	effect	NOUN
ajfa-1478	87	4	of	of	ADP
ajfa-1478	87	5	herding	herd	VERB
ajfa-1478	87	6	on	on	ADP
ajfa-1478	87	7	stock	stock	NOUN
ajfa-1478	87	8	returns	return	NOUN
ajfa-1478	87	9	is	be	AUX
ajfa-1478	87	10	re	re	VERB
ajfa-1478	87	11	-	-	VERB
ajfa-1478	87	12	examined	examine	VERB
ajfa-1478	87	13	and	and	CCONJ
ajfa-1478	87	14	evidence	evidence	NOUN
ajfa-1478	87	15	is	be	AUX
ajfa-1478	87	16	found	find	VERB
ajfa-1478	87	17	that	that	SCONJ
ajfa-1478	87	18	,	,	PUNCT
ajfa-1478	87	19	during	during	ADP
ajfa-1478	87	20	the	the	DET
ajfa-1478	87	21	herding	herd	VERB
ajfa-1478	87	22	quarter	quarter	NOUN
ajfa-1478	87	23	,	,	PUNCT
ajfa-1478	87	24	stocks	stock	NOUN
ajfa-1478	87	25	bought	buy	VERB
ajfa-1478	87	26	intensely	intensely	ADV
ajfa-1478	87	27	by	by	ADP
ajfa-1478	87	28	herds	herd	NOUN
ajfa-1478	87	29	outperform	outperform	ADJ
ajfa-1478	87	30	stocks	stock	NOUN
ajfa-1478	87	31	sold	sell	VERB
ajfa-1478	87	32	intensely	intensely	ADV
ajfa-1478	87	33	by	by	ADP
ajfa-1478	87	34	herds	herd	NOUN
ajfa-1478	87	35	.	.	PUNCT
ajfa-1478	88	1	controlling	control	VERB
ajfa-1478	88	2	for	for	ADP
ajfa-1478	88	3	subsequent	subsequent	ADJ
ajfa-1478	88	4	quarter	quarter	NOUN
ajfa-1478	88	5	herding	herding	NOUN
ajfa-1478	88	6	,	,	PUNCT
ajfa-1478	88	7	this	this	DET
ajfa-1478	88	8	performance	performance	NOUN
ajfa-1478	88	9	difference	difference	NOUN
ajfa-1478	88	10	reverses	reverse	VERB
ajfa-1478	88	11	,	,	PUNCT
ajfa-1478	88	12	an	an	DET
ajfa-1478	88	13	indication	indication	NOUN
ajfa-1478	88	14	that	that	SCONJ
ajfa-1478	88	15	herding	herding	NOUN
ajfa-1478	88	16	drives	drive	VERB
ajfa-1478	88	17	prices	price	NOUN
ajfa-1478	88	18	away	away	ADV
ajfa-1478	88	19	from	from	ADP
ajfa-1478	88	20	their	their	PRON
ajfa-1478	88	21	fundamental	fundamental	ADJ
ajfa-1478	88	22	values	value	NOUN
ajfa-1478	88	23	.	.	PUNCT
ajfa-1478	89	1	it	it	PRON
ajfa-1478	89	2	is	be	AUX
ajfa-1478	89	3	also	also	ADV
ajfa-1478	89	4	shown	show	VERB
ajfa-1478	89	5	that	that	SCONJ
ajfa-1478	89	6	herding	herd	VERB
ajfa-1478	89	7	funds	fund	NOUN
ajfa-1478	89	8	benefit	benefit	VERB
ajfa-1478	89	9	from	from	ADP
ajfa-1478	89	10	this	this	DET
ajfa-1478	89	11	activity	activity	NOUN
ajfa-1478	89	12	during	during	ADP
ajfa-1478	89	13	the	the	DET
ajfa-1478	89	14	quarter	quarter	NOUN
ajfa-1478	89	15	in	in	ADP
ajfa-1478	89	16	which	which	PRON
ajfa-1478	89	17	they	they	PRON
ajfa-1478	89	18	herd	herd	VERB
ajfa-1478	89	19	.	.	PUNCT
ajfa-1478	90	1	introducing	introduce	VERB
ajfa-1478	90	2	the	the	DET
ajfa-1478	90	3	concept	concept	NOUN
ajfa-1478	90	4	of	of	ADP
ajfa-1478	90	5	leader	leader	NOUN
ajfa-1478	90	6	and	and	CCONJ
ajfa-1478	90	7	follower	follower	NOUN
ajfa-1478	90	8	funds	fund	NOUN
ajfa-1478	90	9	this	this	DET
ajfa-1478	90	10	study	study	NOUN
ajfa-1478	90	11	shows	show	VERB
ajfa-1478	90	12	that	that	SCONJ
ajfa-1478	90	13	the	the	DET
ajfa-1478	90	14	subsequent	subsequent	ADJ
ajfa-1478	90	15	quarter	quarter	NOUN
ajfa-1478	90	16	performance	performance	NOUN
ajfa-1478	90	17	of	of	ADP
ajfa-1478	90	18	funds	fund	NOUN
ajfa-1478	90	19	that	that	PRON
ajfa-1478	90	20	lead	lead	VERB
ajfa-1478	90	21	the	the	DET
ajfa-1478	90	22	herd	herd	NOUN
ajfa-1478	90	23	is	be	AUX
ajfa-1478	90	24	superior	superior	ADJ
ajfa-1478	90	25	to	to	ADP
ajfa-1478	90	26	that	that	PRON
ajfa-1478	90	27	of	of	ADP
ajfa-1478	90	28	follower	follower	NOUN
ajfa-1478	90	29	funds	fund	NOUN
ajfa-1478	90	30	.	.	PUNCT
ajfa-1478	91	1	sanjay	sanjay	PROPN
ajfa-1478	91	2	sehgal	sehgal	PROPN
ajfa-1478	91	3	and	and	CCONJ
ajfa-1478	91	4	neeta	neeta	PROPN
ajfa-1478	91	5	tripathi	tripathi	PROPN
ajfa-1478	91	6	(	(	PUNCT
ajfa-1478	91	7	2009	2009	NUM
ajfa-1478	91	8	)	)	PUNCT
ajfa-1478	91	9	in	in	ADP
ajfa-1478	91	10	their	their	PRON
ajfa-1478	91	11	paper	paper	NOUN
ajfa-1478	91	12	empirically	empirically	ADV
ajfa-1478	91	13	evaluate	evaluate	VERB
ajfa-1478	91	14	if	if	SCONJ
ajfa-1478	91	15	foreign	foreign	ADJ
ajfa-1478	91	16	institutional	institutional	ADJ
ajfa-1478	91	17	investors	investor	NOUN
ajfa-1478	91	18	(	(	PUNCT
ajfa-1478	91	19	fiis	fiis	NOUN
ajfa-1478	91	20	)	)	PUNCT
ajfa-1478	91	21	adopt	adopt	VERB
ajfa-1478	91	22	positive	positive	ADJ
ajfa-1478	91	23	feedback	feedback	NOUN
ajfa-1478	91	24	and	and	CCONJ
ajfa-1478	91	25	herding	herding	NOUN
ajfa-1478	91	26	strategies	strategy	NOUN
ajfa-1478	91	27	in	in	ADP
ajfa-1478	91	28	the	the	DET
ajfa-1478	91	29	indian	indian	ADJ
ajfa-1478	91	30	environment	environment	NOUN
ajfa-1478	91	31	and	and	CCONJ
ajfa-1478	91	32	found	find	VERB
ajfa-1478	91	33	that	that	SCONJ
ajfa-1478	91	34	fiis	fiis	NOUN
ajfa-1478	91	35	exhibit	exhibit	NOUN
ajfa-1478	91	36	return	return	NOUN
ajfa-1478	91	37	chasing	chase	VERB
ajfa-1478	91	38	behavior	behavior	NOUN
ajfa-1478	91	39	when	when	SCONJ
ajfa-1478	91	40	they	they	PRON
ajfa-1478	91	41	use	use	VERB
ajfa-1478	91	42	monthly	monthly	ADJ
ajfa-1478	91	43	data	datum	NOUN
ajfa-1478	91	44	.	.	PUNCT
ajfa-1478	92	1	however	however	ADV
ajfa-1478	92	2	,	,	PUNCT
ajfa-1478	92	3	they	they	PRON
ajfa-1478	92	4	do	do	AUX
ajfa-1478	92	5	not	not	PART
ajfa-1478	92	6	seem	seem	VERB
ajfa-1478	92	7	to	to	PART
ajfa-1478	92	8	be	be	AUX
ajfa-1478	92	9	working	work	VERB
ajfa-1478	92	10	on	on	ADP
ajfa-1478	92	11	the	the	DET
ajfa-1478	92	12	positive	positive	ADJ
ajfa-1478	92	13	feedback	feedback	NOUN
ajfa-1478	92	14	strategy	strategy	NOUN
ajfa-1478	92	15	when	when	SCONJ
ajfa-1478	92	16	they	they	PRON
ajfa-1478	92	17	used	use	VERB
ajfa-1478	92	18	daily	daily	ADJ
ajfa-1478	92	19	files	file	NOUN
ajfa-1478	92	20	.	.	PUNCT
ajfa-1478	93	1	this	this	PRON
ajfa-1478	93	2	may	may	AUX
ajfa-1478	93	3	be	be	AUX
ajfa-1478	93	4	owing	owe	VERB
ajfa-1478	93	5	to	to	ADP
ajfa-1478	93	6	the	the	DET
ajfa-1478	93	7	fact	fact	NOUN
ajfa-1478	93	8	that	that	SCONJ
ajfa-1478	93	9	they	they	PRON
ajfa-1478	93	10	wait	wait	VERB
ajfa-1478	93	11	for	for	SCONJ
ajfa-1478	93	12	the	the	DET
ajfa-1478	93	13	market	market	NOUN
ajfa-1478	93	14	information	information	NOUN
ajfa-1478	93	15	to	to	PART
ajfa-1478	93	16	crystallize	crystallize	VERB
ajfa-1478	93	17	and	and	CCONJ
ajfa-1478	93	18	do	do	AUX
ajfa-1478	93	19	not	not	PART
ajfa-1478	93	20	react	react	VERB
ajfa-1478	93	21	to	to	ADP
ajfa-1478	93	22	it	it	PRON
ajfa-1478	93	23	in	in	ADP
ajfa-1478	93	24	an	an	DET
ajfa-1478	93	25	instantaneous	instantaneous	ADJ
ajfa-1478	93	26	manner	manner	NOUN
ajfa-1478	93	27	.	.	PUNCT
ajfa-1478	94	1	the	the	DET
ajfa-1478	94	2	study	study	NOUN
ajfa-1478	94	3	also	also	ADV
ajfa-1478	94	4	observes	observe	VERB
ajfa-1478	94	5	that	that	SCONJ
ajfa-1478	94	6	the	the	DET
ajfa-1478	94	7	fiis	fiis	NOUN
ajfa-1478	94	8	display	display	VERB
ajfa-1478	94	9	strong	strong	ADJ
ajfa-1478	94	10	herding	herding	NOUN
ajfa-1478	94	11	behaviour	behaviour	NOUN
ajfa-1478	94	12	based	base	VERB
ajfa-1478	94	13	on	on	ADP
ajfa-1478	94	14	quarterly	quarterly	ADJ
ajfa-1478	94	15	shareholding	shareholding	NOUN
ajfa-1478	94	16	pattern	pattern	NOUN
ajfa-1478	94	17	.	.	PUNCT
ajfa-1478	95	1	the	the	DET
ajfa-1478	95	2	herding	herd	VERB
ajfa-1478	95	3	behaviour	behaviour	NOUN
ajfa-1478	95	4	seems	seem	VERB
ajfa-1478	95	5	to	to	PART
ajfa-1478	95	6	be	be	AUX
ajfa-1478	95	7	stronger	strong	ADJ
ajfa-1478	95	8	at	at	ADP
ajfa-1478	95	9	the	the	DET
ajfa-1478	95	10	aggregate	aggregate	ADJ
ajfa-1478	95	11	level	level	NOUN
ajfa-1478	95	12	than	than	ADP
ajfa-1478	95	13	at	at	ADP
ajfa-1478	95	14	the	the	DET
ajfa-1478	95	15	individual	individual	ADJ
ajfa-1478	95	16	stock	stock	NOUN
ajfa-1478	95	17	level	level	NOUN
ajfa-1478	95	18	.	.	PUNCT
ajfa-1478	96	1	this	this	DET
ajfa-1478	96	2	asian	asian	ADJ
ajfa-1478	96	3	journal	journal	NOUN
ajfa-1478	96	4	of	of	ADP
ajfa-1478	96	5	finance	finance	PROPN
ajfa-1478	96	6	&	&	CCONJ
ajfa-1478	96	7	accounting	accounting	PROPN
ajfa-1478	96	8	issn	issn	PROPN
ajfa-1478	96	9	1946	1946	NUM
ajfa-1478	96	10	-	-	PUNCT
ajfa-1478	96	11	052x	052x	NOUN
ajfa-1478	96	12	2012	2012	NUM
ajfa-1478	96	13	,	,	PUNCT
ajfa-1478	96	14	vol	vol	NOUN
ajfa-1478	96	15	.	.	PROPN
ajfa-1478	96	16	4	4	NUM
ajfa-1478	96	17	,	,	PUNCT
ajfa-1478	96	18	no	no	INTJ
ajfa-1478	96	19	.	.	NOUN
ajfa-1478	96	20	1	1	NUM
ajfa-1478	96	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	96	22	195	195	NUM
ajfa-1478	96	23	may	may	AUX
ajfa-1478	96	24	be	be	AUX
ajfa-1478	96	25	explained	explain	VERB
ajfa-1478	96	26	by	by	ADP
ajfa-1478	96	27	the	the	DET
ajfa-1478	96	28	fact	fact	NOUN
ajfa-1478	96	29	that	that	SCONJ
ajfa-1478	96	30	fiis	fiis	NOUN
ajfa-1478	96	31	are	be	AUX
ajfa-1478	96	32	more	more	ADV
ajfa-1478	96	33	cognizant	cognizant	ADJ
ajfa-1478	96	34	of	of	ADP
ajfa-1478	96	35	corporate	corporate	ADJ
ajfa-1478	96	36	fundamentals	fundamental	NOUN
ajfa-1478	96	37	at	at	ADP
ajfa-1478	96	38	the	the	DET
ajfa-1478	96	39	individual	individual	ADJ
ajfa-1478	96	40	stock	stock	NOUN
ajfa-1478	96	41	level	level	NOUN
ajfa-1478	96	42	.	.	PUNCT
ajfa-1478	97	1	further	far	ADV
ajfa-1478	97	2	,	,	PUNCT
ajfa-1478	97	3	the	the	DET
ajfa-1478	97	4	market	market	NOUN
ajfa-1478	97	5	cycle	cycle	NOUN
ajfa-1478	97	6	behaviour	behaviour	NOUN
ajfa-1478	97	7	may	may	AUX
ajfa-1478	97	8	vary	vary	VERB
ajfa-1478	97	9	from	from	ADP
ajfa-1478	97	10	such	such	ADJ
ajfa-1478	97	11	cycles	cycle	NOUN
ajfa-1478	97	12	for	for	ADP
ajfa-1478	97	13	individual	individual	ADJ
ajfa-1478	97	14	stocks	stock	NOUN
ajfa-1478	97	15	.	.	PUNCT
ajfa-1478	98	1	their	their	PRON
ajfa-1478	98	2	findings	finding	NOUN
ajfa-1478	98	3	have	have	VERB
ajfa-1478	98	4	strong	strong	ADJ
ajfa-1478	98	5	implications	implication	NOUN
ajfa-1478	98	6	for	for	ADP
ajfa-1478	98	7	domestic	domestic	ADJ
ajfa-1478	98	8	financial	financial	ADJ
ajfa-1478	98	9	institutions	institution	NOUN
ajfa-1478	98	10	,	,	PUNCT
ajfa-1478	98	11	portfolio	portfolio	NOUN
ajfa-1478	98	12	managers	manager	NOUN
ajfa-1478	98	13	,	,	PUNCT
ajfa-1478	98	14	wealth	wealth	NOUN
ajfa-1478	98	15	managers	manager	NOUN
ajfa-1478	98	16	and	and	CCONJ
ajfa-1478	98	17	other	other	ADJ
ajfa-1478	98	18	investors	investor	NOUN
ajfa-1478	98	19	as	as	ADV
ajfa-1478	98	20	well	well	ADV
ajfa-1478	98	21	as	as	ADP
ajfa-1478	98	22	market	market	NOUN
ajfa-1478	98	23	regulators	regulator	NOUN
ajfa-1478	98	24	who	who	PRON
ajfa-1478	98	25	wish	wish	VERB
ajfa-1478	98	26	to	to	PART
ajfa-1478	98	27	have	have	VERB
ajfa-1478	98	28	better	well	ADJ
ajfa-1478	98	29	understanding	understanding	NOUN
ajfa-1478	98	30	of	of	ADP
ajfa-1478	98	31	fiis	fiis	ADJ
ajfa-1478	98	32	behaviour	behaviour	NOUN
ajfa-1478	98	33	as	as	ADP
ajfa-1478	98	34	the	the	DET
ajfa-1478	98	35	later	late	ADJ
ajfa-1478	98	36	are	be	AUX
ajfa-1478	98	37	the	the	DET
ajfa-1478	98	38	dominant	dominant	ADJ
ajfa-1478	98	39	investors	investor	NOUN
ajfa-1478	98	40	in	in	ADP
ajfa-1478	98	41	the	the	DET
ajfa-1478	98	42	indian	indian	ADJ
ajfa-1478	98	43	equity	equity	NOUN
ajfa-1478	98	44	market	market	NOUN
ajfa-1478	98	45	.	.	PUNCT
ajfa-1478	99	1	paulo	paulo	PROPN
ajfa-1478	99	2	lao	lao	PROPN
ajfa-1478	99	3	and	and	CCONJ
ajfa-1478	99	4	harminder	harminder	PROPN
ajfa-1478	99	5	singh	singh	PROPN
ajfa-1478	99	6	(	(	PUNCT
ajfa-1478	99	7	2011	2011	NUM
ajfa-1478	99	8	)	)	PUNCT
ajfa-1478	99	9	in	in	ADP
ajfa-1478	99	10	their	their	PRON
ajfa-1478	99	11	study	study	NOUN
ajfa-1478	99	12	examine	examine	NOUN
ajfa-1478	99	13	herding	herd	VERB
ajfa-1478	99	14	behavior	behavior	NOUN
ajfa-1478	99	15	in	in	ADP
ajfa-1478	99	16	the	the	DET
ajfa-1478	99	17	chinese	chinese	ADJ
ajfa-1478	99	18	and	and	CCONJ
ajfa-1478	99	19	indian	indian	ADJ
ajfa-1478	99	20	stock	stock	NOUN
ajfa-1478	99	21	markets	market	NOUN
ajfa-1478	99	22	.	.	PUNCT
ajfa-1478	100	1	the	the	DET
ajfa-1478	100	2	study	study	NOUN
ajfa-1478	100	3	employs	employ	VERB
ajfa-1478	100	4	the	the	DET
ajfa-1478	100	5	cross	cross	NOUN
ajfa-1478	100	6	sectional	sectional	ADJ
ajfa-1478	100	7	absolute	absolute	ADJ
ajfa-1478	100	8	deviation	deviation	NOUN
ajfa-1478	100	9	(	(	PUNCT
ajfa-1478	100	10	csad	csad	NOUN
ajfa-1478	100	11	)	)	PUNCT
ajfa-1478	100	12	approach	approach	NOUN
ajfa-1478	100	13	proposed	propose	VERB
ajfa-1478	100	14	by	by	ADP
ajfa-1478	100	15	tan	tan	PROPN
ajfa-1478	100	16	,	,	PUNCT
ajfa-1478	100	17	chiang	chiang	PROPN
ajfa-1478	100	18	,	,	PUNCT
ajfa-1478	100	19	mason	mason	PROPN
ajfa-1478	100	20	and	and	CCONJ
ajfa-1478	100	21	nelling	nelling	PROPN
ajfa-1478	100	22	(	(	PUNCT
ajfa-1478	100	23	2008	2008	NUM
ajfa-1478	100	24	)	)	PUNCT
ajfa-1478	100	25	to	to	PART
ajfa-1478	100	26	measure	measure	VERB
ajfa-1478	100	27	herding	herd	VERB
ajfa-1478	100	28	behavior	behavior	NOUN
ajfa-1478	100	29	.	.	PUNCT
ajfa-1478	101	1	the	the	DET
ajfa-1478	101	2	findings	finding	NOUN
ajfa-1478	101	3	suggest	suggest	VERB
ajfa-1478	101	4	that	that	SCONJ
ajfa-1478	101	5	herding	herding	NOUN
ajfa-1478	101	6	behavior	behavior	NOUN
ajfa-1478	101	7	exists	exist	VERB
ajfa-1478	101	8	in	in	ADP
ajfa-1478	101	9	both	both	CCONJ
ajfa-1478	101	10	the	the	DET
ajfa-1478	101	11	chinese	chinese	ADJ
ajfa-1478	101	12	and	and	CCONJ
ajfa-1478	101	13	indian	indian	ADJ
ajfa-1478	101	14	stock	stock	NOUN
ajfa-1478	101	15	markets	market	NOUN
ajfa-1478	101	16	depending	depend	VERB
ajfa-1478	101	17	on	on	ADP
ajfa-1478	101	18	some	some	DET
ajfa-1478	101	19	market	market	NOUN
ajfa-1478	101	20	conditions	condition	NOUN
ajfa-1478	101	21	.	.	PUNCT
ajfa-1478	102	1	in	in	ADP
ajfa-1478	102	2	the	the	DET
ajfa-1478	102	3	chinese	chinese	ADJ
ajfa-1478	102	4	market	market	NOUN
ajfa-1478	102	5	,	,	PUNCT
ajfa-1478	102	6	herding	herding	NOUN
ajfa-1478	102	7	behavior	behavior	NOUN
ajfa-1478	102	8	is	be	AUX
ajfa-1478	102	9	greater	great	ADJ
ajfa-1478	102	10	when	when	SCONJ
ajfa-1478	102	11	the	the	DET
ajfa-1478	102	12	market	market	NOUN
ajfa-1478	102	13	is	be	AUX
ajfa-1478	102	14	falling	fall	VERB
ajfa-1478	102	15	and	and	CCONJ
ajfa-1478	102	16	the	the	DET
ajfa-1478	102	17	trading	trading	NOUN
ajfa-1478	102	18	volume	volume	NOUN
ajfa-1478	102	19	is	be	AUX
ajfa-1478	102	20	high	high	ADJ
ajfa-1478	102	21	.	.	PUNCT
ajfa-1478	103	1	on	on	ADP
ajfa-1478	103	2	the	the	DET
ajfa-1478	103	3	other	other	ADJ
ajfa-1478	103	4	hand	hand	NOUN
ajfa-1478	103	5	,	,	PUNCT
ajfa-1478	103	6	in	in	ADP
ajfa-1478	103	7	india	india	PROPN
ajfa-1478	103	8	the	the	DET
ajfa-1478	103	9	study	study	NOUN
ajfa-1478	103	10	finds	find	VERB
ajfa-1478	103	11	herding	herd	VERB
ajfa-1478	103	12	behavior	behavior	NOUN
ajfa-1478	103	13	during	during	ADP
ajfa-1478	103	14	the	the	DET
ajfa-1478	103	15	up	up	ADJ
ajfa-1478	103	16	market	market	NOUN
ajfa-1478	103	17	.	.	PUNCT
ajfa-1478	104	1	herding	herd	VERB
ajfa-1478	104	2	behavior	behavior	NOUN
ajfa-1478	104	3	is	be	AUX
ajfa-1478	104	4	more	more	ADV
ajfa-1478	104	5	predominant	predominant	ADJ
ajfa-1478	104	6	during	during	ADP
ajfa-1478	104	7	large	large	ADJ
ajfa-1478	104	8	market	market	NOUN
ajfa-1478	104	9	movements	movement	NOUN
ajfa-1478	104	10	in	in	ADP
ajfa-1478	104	11	both	both	DET
ajfa-1478	104	12	markets	market	NOUN
ajfa-1478	104	13	.	.	PUNCT
ajfa-1478	105	1	relatively	relatively	ADV
ajfa-1478	105	2	,	,	PUNCT
ajfa-1478	105	3	there	there	PRON
ajfa-1478	105	4	is	be	VERB
ajfa-1478	105	5	lower	low	ADJ
ajfa-1478	105	6	prevalence	prevalence	NOUN
ajfa-1478	105	7	of	of	ADP
ajfa-1478	105	8	herding	herding	NOUN
ajfa-1478	105	9	behavior	behavior	NOUN
ajfa-1478	105	10	detected	detect	VERB
ajfa-1478	105	11	in	in	ADP
ajfa-1478	105	12	the	the	DET
ajfa-1478	105	13	indian	indian	ADJ
ajfa-1478	105	14	stock	stock	NOUN
ajfa-1478	105	15	market	market	NOUN
ajfa-1478	105	16	.	.	PUNCT
ajfa-1478	106	1	however	however	ADV
ajfa-1478	106	2	,	,	PUNCT
ajfa-1478	106	3	chinese	chinese	ADJ
ajfa-1478	106	4	and	and	CCONJ
ajfa-1478	106	5	indian	indian	ADJ
ajfa-1478	106	6	stock	stock	NOUN
ajfa-1478	106	7	markets	market	NOUN
ajfa-1478	106	8	are	be	AUX
ajfa-1478	106	9	believed	believe	VERB
ajfa-1478	106	10	to	to	PART
ajfa-1478	106	11	be	be	AUX
ajfa-1478	106	12	riskier	risky	ADJ
ajfa-1478	106	13	and	and	CCONJ
ajfa-1478	106	14	less	less	ADV
ajfa-1478	106	15	mature	mature	ADJ
ajfa-1478	106	16	than	than	ADP
ajfa-1478	106	17	the	the	DET
ajfa-1478	106	18	developed	develop	VERB
ajfa-1478	106	19	stock	stock	NOUN
ajfa-1478	106	20	markets	market	NOUN
ajfa-1478	106	21	.	.	PUNCT
ajfa-1478	107	1	even	even	ADV
ajfa-1478	107	2	though	though	SCONJ
ajfa-1478	107	3	the	the	DET
ajfa-1478	107	4	herding	herding	NOUN
ajfa-1478	107	5	behavior	behavior	NOUN
ajfa-1478	107	6	has	have	AUX
ajfa-1478	107	7	been	be	AUX
ajfa-1478	107	8	examined	examine	VERB
ajfa-1478	107	9	in	in	ADP
ajfa-1478	107	10	some	some	DET
ajfa-1478	107	11	studies	study	NOUN
ajfa-1478	107	12	,	,	PUNCT
ajfa-1478	107	13	we	we	PRON
ajfa-1478	107	14	have	have	AUX
ajfa-1478	107	15	tried	try	VERB
ajfa-1478	107	16	to	to	PART
ajfa-1478	107	17	contribute	contribute	VERB
ajfa-1478	107	18	to	to	ADP
ajfa-1478	107	19	the	the	DET
ajfa-1478	107	20	literature	literature	NOUN
ajfa-1478	107	21	by	by	ADP
ajfa-1478	107	22	proving	prove	VERB
ajfa-1478	107	23	the	the	DET
ajfa-1478	107	24	evidences	evidence	NOUN
ajfa-1478	107	25	of	of	ADP
ajfa-1478	107	26	herding	herd	VERB
ajfa-1478	107	27	in	in	ADP
ajfa-1478	107	28	indian	indian	ADJ
ajfa-1478	107	29	mutual	mutual	ADJ
ajfa-1478	107	30	funds	fund	NOUN
ajfa-1478	107	31	.	.	PUNCT
ajfa-1478	108	1	through	through	ADP
ajfa-1478	108	2	this	this	DET
ajfa-1478	108	3	paper	paper	NOUN
ajfa-1478	108	4	the	the	DET
ajfa-1478	108	5	present	present	ADJ
ajfa-1478	108	6	study	study	NOUN
ajfa-1478	108	7	covers	cover	VERB
ajfa-1478	108	8	a	a	DET
ajfa-1478	108	9	recent	recent	ADJ
ajfa-1478	108	10	time	time	NOUN
ajfa-1478	108	11	period	period	NOUN
ajfa-1478	108	12	,	,	PUNCT
ajfa-1478	108	13	to	to	ADP
ajfa-1478	108	14	our	our	PRON
ajfa-1478	108	15	knowledge	knowledge	NOUN
ajfa-1478	108	16	,	,	PUNCT
ajfa-1478	108	17	not	not	PART
ajfa-1478	108	18	investigated	investigate	VERB
ajfa-1478	108	19	before	before	ADV
ajfa-1478	108	20	in	in	ADP
ajfa-1478	108	21	indian	indian	ADJ
ajfa-1478	108	22	context	context	NOUN
ajfa-1478	108	23	3	3	X
ajfa-1478	108	24	.	.	X
ajfa-1478	108	25	objective	objective	NOUN
ajfa-1478	108	26	of	of	ADP
ajfa-1478	108	27	the	the	DET
ajfa-1478	108	28	study	study	NOUN
ajfa-1478	108	29	the	the	DET
ajfa-1478	108	30	following	follow	VERB
ajfa-1478	108	31	hypotheses	hypothesis	NOUN
ajfa-1478	108	32	are	be	AUX
ajfa-1478	108	33	to	to	PART
ajfa-1478	108	34	be	be	AUX
ajfa-1478	108	35	tested	test	VERB
ajfa-1478	108	36	in	in	ADP
ajfa-1478	108	37	the	the	DET
ajfa-1478	108	38	study	study	NOUN
ajfa-1478	108	39	.	.	PUNCT
ajfa-1478	109	1	hypothesis	hypothesis	NOUN
ajfa-1478	109	2	1	1	NUM
ajfa-1478	109	3	:	:	PUNCT
ajfa-1478	109	4	the	the	DET
ajfa-1478	109	5	indian	indian	ADJ
ajfa-1478	109	6	mutual	mutual	ADJ
ajfa-1478	109	7	funds	fund	NOUN
ajfa-1478	109	8	exhibit	exhibit	VERB
ajfa-1478	109	9	herding	herding	NOUN
ajfa-1478	109	10	behavior	behavior	NOUN
ajfa-1478	109	11	.	.	PUNCT
ajfa-1478	110	1	hypothesis	hypothesis	NOUN
ajfa-1478	110	2	2	2	NUM
ajfa-1478	110	3	:	:	PUNCT
ajfa-1478	110	4	higher	high	ADJ
ajfa-1478	110	5	level	level	NOUN
ajfa-1478	110	6	of	of	ADP
ajfa-1478	110	7	herding	herding	NOUN
ajfa-1478	110	8	is	be	AUX
ajfa-1478	110	9	found	find	VERB
ajfa-1478	110	10	in	in	ADP
ajfa-1478	110	11	the	the	DET
ajfa-1478	110	12	trading	trading	NOUN
ajfa-1478	110	13	of	of	ADP
ajfa-1478	110	14	small	small	ADJ
ajfa-1478	110	15	capitalization	capitalization	NOUN
ajfa-1478	110	16	stocks	stock	NOUN
ajfa-1478	110	17	.	.	PUNCT
ajfa-1478	111	1	managers	manager	NOUN
ajfa-1478	111	2	of	of	ADP
ajfa-1478	111	3	larger	large	ADJ
ajfa-1478	111	4	funds	fund	NOUN
ajfa-1478	111	5	have	have	VERB
ajfa-1478	111	6	more	more	ADJ
ajfa-1478	111	7	resources	resource	NOUN
ajfa-1478	111	8	and	and	CCONJ
ajfa-1478	111	9	should	should	AUX
ajfa-1478	111	10	therefore	therefore	ADV
ajfa-1478	111	11	be	be	AUX
ajfa-1478	111	12	able	able	ADJ
ajfa-1478	111	13	to	to	PART
ajfa-1478	111	14	extract	extract	VERB
ajfa-1478	111	15	more	more	ADV
ajfa-1478	111	16	accurate	accurate	ADJ
ajfa-1478	111	17	private	private	ADJ
ajfa-1478	111	18	information	information	NOUN
ajfa-1478	111	19	.	.	PUNCT
ajfa-1478	112	1	smaller	small	ADJ
ajfa-1478	112	2	funds	fund	NOUN
ajfa-1478	112	3	with	with	ADP
ajfa-1478	112	4	fewer	few	ADJ
ajfa-1478	112	5	resources	resource	NOUN
ajfa-1478	112	6	will	will	AUX
ajfa-1478	112	7	more	more	ADV
ajfa-1478	112	8	often	often	ADV
ajfa-1478	112	9	have	have	VERB
ajfa-1478	112	10	to	to	PART
ajfa-1478	112	11	mimic	mimic	VERB
ajfa-1478	112	12	each	each	DET
ajfa-1478	112	13	other	other	ADJ
ajfa-1478	112	14	’s	’s	PART
ajfa-1478	112	15	trading	trading	NOUN
ajfa-1478	112	16	decisions	decision	NOUN
ajfa-1478	112	17	,	,	PUNCT
ajfa-1478	112	18	bikhchandani	bikhchandani	PROPN
ajfa-1478	112	19	et	et	PROPN
ajfa-1478	112	20	al	al	PROPN
ajfa-1478	112	21	.	.	PROPN
ajfa-1478	113	1	(	(	PUNCT
ajfa-1478	113	2	1992	1992	NUM
ajfa-1478	113	3	)	)	PUNCT
ajfa-1478	113	4	.	.	PUNCT
ajfa-1478	114	1	hypothesis	hypothesis	NOUN
ajfa-1478	114	2	3	3	NUM
ajfa-1478	114	3	:	:	PUNCT
ajfa-1478	114	4	the	the	DET
ajfa-1478	114	5	tendency	tendency	NOUN
ajfa-1478	114	6	to	to	PART
ajfa-1478	114	7	herd	herd	VERB
ajfa-1478	114	8	increases	increase	NOUN
ajfa-1478	114	9	with	with	ADP
ajfa-1478	114	10	the	the	DET
ajfa-1478	114	11	number	number	NOUN
ajfa-1478	114	12	of	of	ADP
ajfa-1478	114	13	funds	fund	NOUN
ajfa-1478	114	14	trading	trade	VERB
ajfa-1478	114	15	a	a	DET
ajfa-1478	114	16	specific	specific	ADJ
ajfa-1478	114	17	stock	stock	NOUN
ajfa-1478	114	18	within	within	ADP
ajfa-1478	114	19	the	the	DET
ajfa-1478	114	20	period	period	NOUN
ajfa-1478	114	21	.	.	PUNCT
ajfa-1478	115	1	the	the	DET
ajfa-1478	115	2	expected	expect	VERB
ajfa-1478	115	3	level	level	NOUN
ajfa-1478	115	4	of	of	ADP
ajfa-1478	115	5	herding	herding	NOUN
ajfa-1478	115	6	in	in	ADP
ajfa-1478	115	7	the	the	DET
ajfa-1478	115	8	indian	indian	ADJ
ajfa-1478	115	9	fund	fund	NOUN
ajfa-1478	115	10	market	market	NOUN
ajfa-1478	115	11	is	be	AUX
ajfa-1478	115	12	higher	high	ADJ
ajfa-1478	115	13	than	than	ADP
ajfa-1478	115	14	for	for	ADP
ajfa-1478	115	15	more	more	ADV
ajfa-1478	115	16	developed	develop	VERB
ajfa-1478	115	17	markets	market	NOUN
ajfa-1478	115	18	.	.	PUNCT
ajfa-1478	116	1	less	less	ADJ
ajfa-1478	116	2	developed	develop	VERB
ajfa-1478	116	3	markets	market	NOUN
ajfa-1478	116	4	have	have	VERB
ajfa-1478	116	5	lower	low	ADJ
ajfa-1478	116	6	information	information	NOUN
ajfa-1478	116	7	efficiency	efficiency	NOUN
ajfa-1478	116	8	;	;	PUNCT
ajfa-1478	116	9	therefore	therefore	ADV
ajfa-1478	116	10	the	the	DET
ajfa-1478	116	11	investors	investor	NOUN
ajfa-1478	116	12	may	may	AUX
ajfa-1478	116	13	base	base	VERB
ajfa-1478	116	14	more	more	ADJ
ajfa-1478	116	15	of	of	ADP
ajfa-1478	116	16	their	their	PRON
ajfa-1478	116	17	decisions	decision	NOUN
ajfa-1478	116	18	on	on	ADP
ajfa-1478	116	19	information	information	NOUN
ajfa-1478	116	20	from	from	ADP
ajfa-1478	116	21	the	the	DET
ajfa-1478	116	22	trades	trade	NOUN
ajfa-1478	116	23	of	of	ADP
ajfa-1478	116	24	their	their	PRON
ajfa-1478	116	25	peers	peer	NOUN
ajfa-1478	116	26	,	,	PUNCT
ajfa-1478	116	27	bikhchandani	bikhchandani	PROPN
ajfa-1478	116	28	et	et	PROPN
ajfa-1478	116	29	al	al	PROPN
ajfa-1478	116	30	.	.	PROPN
ajfa-1478	117	1	(	(	PUNCT
ajfa-1478	117	2	1992	1992	NUM
ajfa-1478	117	3	)	)	PUNCT
ajfa-1478	117	4	.	.	PUNCT
ajfa-1478	118	1	4	4	X
ajfa-1478	118	2	.	.	X
ajfa-1478	118	3	research	research	NOUN
ajfa-1478	118	4	methodology	methodology	NOUN
ajfa-1478	118	5	the	the	DET
ajfa-1478	118	6	database	database	NOUN
ajfa-1478	118	7	created	create	VERB
ajfa-1478	118	8	for	for	ADP
ajfa-1478	118	9	the	the	DET
ajfa-1478	118	10	analysis	analysis	NOUN
ajfa-1478	118	11	of	of	ADP
ajfa-1478	118	12	the	the	DET
ajfa-1478	118	13	study	study	NOUN
ajfa-1478	118	14	consists	consist	VERB
ajfa-1478	118	15	of	of	ADP
ajfa-1478	118	16	the	the	DET
ajfa-1478	118	17	portfolio	portfolio	NOUN
ajfa-1478	118	18	holdings	holding	NOUN
ajfa-1478	118	19	of	of	ADP
ajfa-1478	118	20	30	30	NUM
ajfa-1478	118	21	indian	indian	ADJ
ajfa-1478	118	22	domiciled	domicile	VERB
ajfa-1478	118	23	equity	equity	NOUN
ajfa-1478	118	24	mutual	mutual	ADJ
ajfa-1478	118	25	funds	fund	NOUN
ajfa-1478	118	26	.	.	PUNCT
ajfa-1478	119	1	while	while	SCONJ
ajfa-1478	119	2	selecting	select	VERB
ajfa-1478	119	3	the	the	DET
ajfa-1478	119	4	sample	sample	NOUN
ajfa-1478	119	5	,	,	PUNCT
ajfa-1478	119	6	certain	certain	ADJ
ajfa-1478	119	7	criteria	criterion	NOUN
ajfa-1478	119	8	have	have	AUX
ajfa-1478	119	9	been	be	AUX
ajfa-1478	119	10	followed	follow	VERB
ajfa-1478	119	11	.	.	PUNCT
ajfa-1478	120	1	schemes	scheme	NOUN
ajfa-1478	120	2	which	which	PRON
ajfa-1478	120	3	are	be	AUX
ajfa-1478	120	4	in	in	ADP
ajfa-1478	120	5	operation	operation	NOUN
ajfa-1478	120	6	and	and	CCONJ
ajfa-1478	120	7	are	be	AUX
ajfa-1478	120	8	non	non	X
ajfa-1478	120	9	index	index	NOUN
ajfa-1478	120	10	equity	equity	NOUN
ajfa-1478	120	11	diversified	diversify	VERB
ajfa-1478	120	12	have	have	AUX
ajfa-1478	120	13	been	be	AUX
ajfa-1478	120	14	asian	asian	ADJ
ajfa-1478	120	15	journal	journal	NOUN
ajfa-1478	120	16	of	of	ADP
ajfa-1478	120	17	finance	finance	PROPN
ajfa-1478	120	18	&	&	CCONJ
ajfa-1478	120	19	accounting	accounting	PROPN
ajfa-1478	120	20	issn	issn	PROPN
ajfa-1478	120	21	1946	1946	NUM
ajfa-1478	120	22	-	-	PUNCT
ajfa-1478	120	23	052x	052x	NOUN
ajfa-1478	120	24	2012	2012	NUM
ajfa-1478	120	25	,	,	PUNCT
ajfa-1478	120	26	vol	vol	NOUN
ajfa-1478	120	27	.	.	PROPN
ajfa-1478	120	28	4	4	NUM
ajfa-1478	120	29	,	,	PUNCT
ajfa-1478	120	30	no	no	INTJ
ajfa-1478	120	31	.	.	NOUN
ajfa-1478	120	32	1	1	NUM
ajfa-1478	120	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	120	34	196	196	NUM
ajfa-1478	120	35	selected.futher	selected.futher	NUM
ajfa-1478	120	36	growth	growth	NOUN
ajfa-1478	120	37	funds	fund	NOUN
ajfa-1478	120	38	were	be	AUX
ajfa-1478	120	39	included	include	VERB
ajfa-1478	120	40	in	in	ADP
ajfa-1478	120	41	the	the	DET
ajfa-1478	120	42	sample	sample	NOUN
ajfa-1478	120	43	.	.	PUNCT
ajfa-1478	121	1	the	the	DET
ajfa-1478	121	2	target	target	NOUN
ajfa-1478	121	3	sample	sample	NOUN
ajfa-1478	121	4	of	of	ADP
ajfa-1478	121	5	the	the	DET
ajfa-1478	121	6	study	study	NOUN
ajfa-1478	121	7	was	be	AUX
ajfa-1478	121	8	collected	collect	VERB
ajfa-1478	121	9	from	from	ADP
ajfa-1478	121	10	the	the	DET
ajfa-1478	121	11	website	website	NOUN
ajfa-1478	121	12	of	of	ADP
ajfa-1478	121	13	the	the	DET
ajfa-1478	121	14	association	association	NOUN
ajfa-1478	121	15	of	of	ADP
ajfa-1478	121	16	mutual	mutual	ADJ
ajfa-1478	121	17	funds	fund	NOUN
ajfa-1478	121	18	in	in	ADP
ajfa-1478	121	19	india	india	PROPN
ajfa-1478	121	20	(	(	PUNCT
ajfa-1478	121	21	amfi).portfolio	amfi).portfolio	PROPN
ajfa-1478	121	22	holdings	holding	NOUN
ajfa-1478	121	23	database	database	PROPN
ajfa-1478	121	24	quarter	quarter	NOUN
ajfa-1478	121	25	wise	wise	ADJ
ajfa-1478	121	26	from	from	ADP
ajfa-1478	121	27	the	the	DET
ajfa-1478	121	28	quarter	quarter	NOUN
ajfa-1478	121	29	june2009	june2009	PROPN
ajfa-1478	121	30	to	to	ADP
ajfa-1478	121	31	june	june	PROPN
ajfa-1478	121	32	2011	2011	NUM
ajfa-1478	121	33	,	,	PUNCT
ajfa-1478	121	34	i.e.	i.e.	X
ajfa-1478	121	35	for	for	ADP
ajfa-1478	121	36	10	10	NUM
ajfa-1478	121	37	quartes	quarte	NOUN
ajfa-1478	121	38	was	be	AUX
ajfa-1478	121	39	created	create	VERB
ajfa-1478	121	40	for	for	ADP
ajfa-1478	121	41	the	the	DET
ajfa-1478	121	42	study	study	NOUN
ajfa-1478	121	43	.	.	PUNCT
ajfa-1478	122	1	after	after	ADP
ajfa-1478	122	2	extracting	extract	VERB
ajfa-1478	122	3	required	require	VERB
ajfa-1478	122	4	information	information	NOUN
ajfa-1478	122	5	from	from	ADP
ajfa-1478	122	6	the	the	DET
ajfa-1478	122	7	first	first	ADJ
ajfa-1478	122	8	and	and	CCONJ
ajfa-1478	122	9	the	the	DET
ajfa-1478	122	10	last	last	ADJ
ajfa-1478	122	11	quarter	quarter	NOUN
ajfa-1478	122	12	of	of	ADP
ajfa-1478	122	13	holdings	holding	NOUN
ajfa-1478	122	14	,	,	PUNCT
ajfa-1478	122	15	the	the	DET
ajfa-1478	122	16	remaining	remain	VERB
ajfa-1478	122	17	sample	sample	NOUN
ajfa-1478	122	18	covers	cover	VERB
ajfa-1478	122	19	9	9	NUM
ajfa-1478	122	20	quarters	quarter	NOUN
ajfa-1478	122	21	over	over	ADP
ajfa-1478	122	22	the	the	DET
ajfa-1478	122	23	period	period	NOUN
ajfa-1478	122	24	of	of	ADP
ajfa-1478	122	25	march	march	PROPN
ajfa-1478	122	26	2009	2009	NUM
ajfa-1478	122	27	to	to	ADP
ajfa-1478	122	28	june	june	PROPN
ajfa-1478	122	29	2011.over	2011.over	ADV
ajfa-1478	123	1	the	the	DET
ajfa-1478	123	2	whole	whole	ADJ
ajfa-1478	123	3	sample	sample	NOUN
ajfa-1478	123	4	size	size	NOUN
ajfa-1478	123	5	of	of	ADP
ajfa-1478	123	6	500	500	NUM
ajfa-1478	123	7	different	different	ADJ
ajfa-1478	123	8	indian	indian	ADJ
ajfa-1478	123	9	stocks	stock	NOUN
ajfa-1478	123	10	are	be	AUX
ajfa-1478	123	11	traded	trade	VERB
ajfa-1478	123	12	by	by	ADP
ajfa-1478	123	13	at	at	ADV
ajfa-1478	123	14	least	least	ADV
ajfa-1478	123	15	one	one	NUM
ajfa-1478	123	16	fund	fund	NOUN
ajfa-1478	123	17	.	.	PUNCT
ajfa-1478	124	1	the	the	DET
ajfa-1478	124	2	number	number	NOUN
ajfa-1478	124	3	of	of	ADP
ajfa-1478	124	4	stocks	stock	NOUN
ajfa-1478	124	5	within	within	ADP
ajfa-1478	124	6	a	a	DET
ajfa-1478	124	7	quarter	quarter	NOUN
ajfa-1478	124	8	traded	trade	VERB
ajfa-1478	124	9	by	by	ADP
ajfa-1478	124	10	at	at	ADV
ajfa-1478	124	11	least	least	ADV
ajfa-1478	124	12	one	one	NUM
ajfa-1478	124	13	fund	fund	NOUN
ajfa-1478	124	14	summed	sum	VERB
ajfa-1478	124	15	over	over	ADP
ajfa-1478	124	16	the	the	DET
ajfa-1478	124	17	total	total	ADJ
ajfa-1478	124	18	period	period	NOUN
ajfa-1478	124	19	provides	provide	VERB
ajfa-1478	124	20	with	with	ADP
ajfa-1478	124	21	1893	1893	NUM
ajfa-1478	124	22	stock	stock	NOUN
ajfa-1478	124	23	-	-	PUNCT
ajfa-1478	124	24	quarters	quarter	NOUN
ajfa-1478	124	25	.	.	PUNCT
ajfa-1478	125	1	finally	finally	ADV
ajfa-1478	125	2	,	,	PUNCT
ajfa-1478	125	3	the	the	DET
ajfa-1478	125	4	dataset	dataset	NOUN
ajfa-1478	125	5	consists	consist	VERB
ajfa-1478	125	6	of	of	ADP
ajfa-1478	125	7	8256	8256	NUM
ajfa-1478	125	8	observations	observation	NOUN
ajfa-1478	125	9	of	of	ADP
ajfa-1478	125	10	changes	change	NOUN
ajfa-1478	125	11	in	in	ADP
ajfa-1478	125	12	stock	stock	NOUN
ajfa-1478	125	13	holdings	holding	NOUN
ajfa-1478	125	14	in	in	ADP
ajfa-1478	125	15	indian	indian	ADJ
ajfa-1478	125	16	equity	equity	NOUN
ajfa-1478	125	17	by	by	ADP
ajfa-1478	125	18	the	the	DET
ajfa-1478	125	19	funds	fund	NOUN
ajfa-1478	125	20	.	.	PUNCT
ajfa-1478	126	1	the	the	DET
ajfa-1478	126	2	study	study	NOUN
ajfa-1478	126	3	uses	use	VERB
ajfa-1478	126	4	the	the	DET
ajfa-1478	126	5	measure	measure	NOUN
ajfa-1478	126	6	of	of	ADP
ajfa-1478	126	7	herding	herding	NOUN
ajfa-1478	126	8	designed	design	VERB
ajfa-1478	126	9	by	by	ADP
ajfa-1478	126	10	lakonishok	lakonishok	PROPN
ajfa-1478	126	11	et	et	PROPN
ajfa-1478	126	12	al	al	PROPN
ajfa-1478	126	13	.	.	PROPN
ajfa-1478	127	1	(	(	PUNCT
ajfa-1478	127	2	1992	1992	NUM
ajfa-1478	127	3	)	)	PUNCT
ajfa-1478	127	4	,	,	PUNCT
ajfa-1478	127	5	the	the	DET
ajfa-1478	127	6	so	so	ADV
ajfa-1478	127	7	-	-	PUNCT
ajfa-1478	127	8	called	call	VERB
ajfa-1478	127	9	lsv	lsv	NOUN
ajfa-1478	127	10	measure	measure	NOUN
ajfa-1478	127	11	.	.	PUNCT
ajfa-1478	128	1	lakonishok	lakonishok	NOUN
ajfa-1478	128	2	schleifer	schleifer	PROPN
ajfa-1478	128	3	vishny	vishny	PROPN
ajfa-1478	128	4	(	(	PUNCT
ajfa-1478	128	5	lsv	lsv	PROPN
ajfa-1478	128	6	,	,	PUNCT
ajfa-1478	128	7	1991	1991	NUM
ajfa-1478	128	8	)	)	PUNCT
ajfa-1478	128	9	can	can	AUX
ajfa-1478	128	10	be	be	AUX
ajfa-1478	128	11	regarded	regard	VERB
ajfa-1478	128	12	as	as	ADP
ajfa-1478	128	13	the	the	DET
ajfa-1478	128	14	pioneers	pioneer	NOUN
ajfa-1478	128	15	of	of	ADP
ajfa-1478	128	16	empirical	empirical	ADJ
ajfa-1478	128	17	tests	test	NOUN
ajfa-1478	128	18	of	of	ADP
ajfa-1478	128	19	herding	herd	VERB
ajfa-1478	128	20	behaviour	behaviour	NOUN
ajfa-1478	128	21	this	this	PRON
ajfa-1478	128	22	is	be	AUX
ajfa-1478	128	23	the	the	DET
ajfa-1478	128	24	measure	measure	NOUN
ajfa-1478	128	25	most	most	ADV
ajfa-1478	128	26	widely	widely	ADV
ajfa-1478	128	27	used	use	VERB
ajfa-1478	128	28	in	in	ADP
ajfa-1478	128	29	empirical	empirical	ADJ
ajfa-1478	128	30	studies	study	NOUN
ajfa-1478	128	31	of	of	ADP
ajfa-1478	128	32	mutual	mutual	ADJ
ajfa-1478	128	33	fund	fund	NOUN
ajfa-1478	128	34	herding	herding	NOUN
ajfa-1478	128	35	behaviour	behaviour	NOUN
ajfa-1478	128	36	.	.	PUNCT
ajfa-1478	129	1	the	the	DET
ajfa-1478	129	2	lsv	lsv	PROPN
ajfa-1478	129	3	measure	measure	NOUN
ajfa-1478	129	4	estimates	estimate	VERB
ajfa-1478	129	5	the	the	DET
ajfa-1478	129	6	degree	degree	NOUN
ajfa-1478	129	7	of	of	ADP
ajfa-1478	129	8	correlated	correlate	VERB
ajfa-1478	129	9	trading	trading	NOUN
ajfa-1478	129	10	among	among	ADP
ajfa-1478	129	11	a	a	DET
ajfa-1478	129	12	specific	specific	ADJ
ajfa-1478	129	13	group	group	NOUN
ajfa-1478	129	14	of	of	ADP
ajfa-1478	129	15	investors	investor	NOUN
ajfa-1478	129	16	.	.	PUNCT
ajfa-1478	130	1	herding	herd	VERB
ajfa-1478	130	2	behavior	behavior	NOUN
ajfa-1478	130	3	is	be	AUX
ajfa-1478	130	4	defined	define	VERB
ajfa-1478	130	5	as	as	ADP
ajfa-1478	130	6	the	the	DET
ajfa-1478	130	7	average	average	ADJ
ajfa-1478	130	8	tendency	tendency	NOUN
ajfa-1478	130	9	of	of	ADP
ajfa-1478	130	10	mutual	mutual	ADJ
ajfa-1478	130	11	funds	fund	NOUN
ajfa-1478	130	12	to	to	PART
ajfa-1478	130	13	trade	trade	VERB
ajfa-1478	130	14	a	a	DET
ajfa-1478	130	15	given	give	VERB
ajfa-1478	130	16	asset	asset	NOUN
ajfa-1478	130	17	(	(	PUNCT
ajfa-1478	130	18	stock	stock	NOUN
ajfa-1478	130	19	)	)	PUNCT
ajfa-1478	130	20	in	in	ADP
ajfa-1478	130	21	the	the	DET
ajfa-1478	130	22	same	same	ADJ
ajfa-1478	130	23	direction	direction	NOUN
ajfa-1478	130	24	under	under	ADP
ajfa-1478	130	25	the	the	DET
ajfa-1478	130	26	same	same	ADJ
ajfa-1478	130	27	time	time	NOUN
ajfa-1478	130	28	period	period	NOUN
ajfa-1478	130	29	above	above	ADP
ajfa-1478	130	30	what	what	PRON
ajfa-1478	130	31	would	would	AUX
ajfa-1478	130	32	be	be	AUX
ajfa-1478	130	33	expected	expect	VERB
ajfa-1478	130	34	if	if	SCONJ
ajfa-1478	130	35	the	the	DET
ajfa-1478	130	36	funds	fund	NOUN
ajfa-1478	130	37	were	be	AUX
ajfa-1478	130	38	trading	trade	VERB
ajfa-1478	130	39	independently	independently	ADV
ajfa-1478	130	40	.	.	PUNCT
ajfa-1478	131	1	the	the	DET
ajfa-1478	131	2	lsv	lsv	PROPN
ajfa-1478	131	3	herding	herding	NOUN
ajfa-1478	131	4	measure	measure	NOUN
ajfa-1478	131	5	,	,	PUNCT
ajfa-1478	131	6	hm	hm	INTJ
ajfa-1478	131	7	,	,	PUNCT
ajfa-1478	131	8	for	for	ADP
ajfa-1478	131	9	stock	stock	NOUN
ajfa-1478	131	10	i	i	PRON
ajfa-1478	131	11	in	in	ADP
ajfa-1478	131	12	period	period	NOUN
ajfa-1478	131	13	t	t	PROPN
ajfa-1478	131	14	is	be	AUX
ajfa-1478	131	15	defined	define	VERB
ajfa-1478	131	16	as	as	ADP
ajfa-1478	131	17	:	:	PUNCT
ajfa-1478	131	18	hmi	hmi	PROPN
ajfa-1478	131	19	,	,	PUNCT
ajfa-1478	131	20	t	t	NOUN
ajfa-1478	131	21	=	=	PUNCT
ajfa-1478	131	22	│	│	NUM
ajfa-1478	131	23	pi	pi	NOUN
ajfa-1478	131	24	,	,	PUNCT
ajfa-1478	131	25	tpt	tpt	NOUN
ajfa-1478	131	26	│	│	X
ajfa-1478	131	27	-afi	-afi	NOUN
ajfa-1478	131	28	,	,	PUNCT
ajfa-1478	131	29	t	t	PROPN
ajfa-1478	131	30	(	(	PUNCT
ajfa-1478	131	31	1	1	NUM
ajfa-1478	131	32	)	)	PUNCT
ajfa-1478	131	33	where	where	SCONJ
ajfa-1478	131	34	pi	pi	NOUN
ajfa-1478	131	35	,	,	PUNCT
ajfa-1478	131	36	t	t	PROPN
ajfa-1478	131	37	=	=	SYM
ajfa-1478	131	38	and	and	CCONJ
ajfa-1478	131	39	pt	pt	X
ajfa-1478	131	40	=	=	SYM
ajfa-1478	131	41	(	(	PUNCT
ajfa-1478	131	42	2	2	NUM
ajfa-1478	131	43	)	)	PUNCT
ajfa-1478	131	44	bi	bi	NOUN
ajfa-1478	131	45	,	,	PUNCT
ajfa-1478	131	46	t	t	PROPN
ajfa-1478	131	47	(	(	PUNCT
ajfa-1478	131	48	si	si	X
ajfa-1478	131	49	,	,	PUNCT
ajfa-1478	131	50	t	t	PROPN
ajfa-1478	131	51	)	)	PUNCT
ajfa-1478	131	52	is	be	AUX
ajfa-1478	131	53	the	the	DET
ajfa-1478	131	54	number	number	NOUN
ajfa-1478	131	55	of	of	ADP
ajfa-1478	131	56	funds	fund	NOUN
ajfa-1478	131	57	that	that	PRON
ajfa-1478	131	58	buy	buy	VERB
ajfa-1478	131	59	(	(	PUNCT
ajfa-1478	131	60	sell	sell	NOUN
ajfa-1478	131	61	)	)	PUNCT
ajfa-1478	131	62	the	the	DET
ajfa-1478	131	63	stock	stock	NOUN
ajfa-1478	131	64	i	i	PRON
ajfa-1478	131	65	during	during	ADP
ajfa-1478	131	66	the	the	DET
ajfa-1478	131	67	period	period	NOUN
ajfa-1478	131	68	t.	t.	PROPN
ajfa-1478	132	1	thus	thus	ADV
ajfa-1478	132	2	,	,	PUNCT
ajfa-1478	132	3	pi	pi	PROPN
ajfa-1478	132	4	,	,	PUNCT
ajfa-1478	132	5	t	t	PROPN
ajfa-1478	132	6	is	be	AUX
ajfa-1478	132	7	the	the	DET
ajfa-1478	132	8	proportion	proportion	NOUN
ajfa-1478	132	9	of	of	ADP
ajfa-1478	132	10	funds	fund	NOUN
ajfa-1478	132	11	trading	trade	VERB
ajfa-1478	132	12	the	the	DET
ajfa-1478	132	13	stock	stock	NOUN
ajfa-1478	132	14	i	i	PROPN
ajfa-1478	132	15	,	,	PUNCT
ajfa-1478	132	16	t	t	PROPN
ajfa-1478	132	17	during	during	ADP
ajfa-1478	132	18	the	the	DET
ajfa-1478	132	19	period	period	NOUN
ajfa-1478	132	20	t	t	NOUN
ajfa-1478	132	21	that	that	PRON
ajfa-1478	132	22	were	be	AUX
ajfa-1478	132	23	buyers	buyer	NOUN
ajfa-1478	132	24	.	.	PUNCT
ajfa-1478	133	1	pt	pt	PROPN
ajfa-1478	133	2	is	be	AUX
ajfa-1478	133	3	the	the	DET
ajfa-1478	133	4	average	average	ADJ
ajfa-1478	133	5	proportion	proportion	NOUN
ajfa-1478	133	6	of	of	ADP
ajfa-1478	133	7	trades	trade	NOUN
ajfa-1478	133	8	over	over	ADP
ajfa-1478	133	9	all	all	DET
ajfa-1478	133	10	funds	fund	NOUN
ajfa-1478	133	11	that	that	PRON
ajfa-1478	133	12	were	be	AUX
ajfa-1478	133	13	purchases	purchase	NOUN
ajfa-1478	133	14	in	in	ADP
ajfa-1478	133	15	the	the	DET
ajfa-1478	133	16	period	period	NOUN
ajfa-1478	133	17	t.	t.	NOUN
ajfa-1478	133	18	pt	pt	PROPN
ajfa-1478	133	19	corrects	correct	NOUN
ajfa-1478	133	20	for	for	ADP
ajfa-1478	133	21	the	the	DET
ajfa-1478	133	22	expected	expect	VERB
ajfa-1478	133	23	proportion	proportion	NOUN
ajfa-1478	133	24	of	of	ADP
ajfa-1478	133	25	buyers	buyer	NOUN
ajfa-1478	133	26	under	under	ADP
ajfa-1478	133	27	the	the	DET
ajfa-1478	133	28	null	null	ADJ
ajfa-1478	133	29	hypothesis	hypothesis	NOUN
ajfa-1478	133	30	of	of	ADP
ajfa-1478	133	31	independent	independent	ADJ
ajfa-1478	133	32	trading	trading	NOUN
ajfa-1478	133	33	.	.	PUNCT
ajfa-1478	134	1	it	it	PRON
ajfa-1478	134	2	is	be	AUX
ajfa-1478	134	3	calculated	calculate	VERB
ajfa-1478	134	4	separately	separately	ADV
ajfa-1478	134	5	for	for	ADP
ajfa-1478	134	6	each	each	DET
ajfa-1478	134	7	time	time	NOUN
ajfa-1478	134	8	period	period	NOUN
ajfa-1478	134	9	,	,	PUNCT
ajfa-1478	134	10	since	since	SCONJ
ajfa-1478	134	11	it	it	PRON
ajfa-1478	134	12	could	could	AUX
ajfa-1478	134	13	depend	depend	VERB
ajfa-1478	134	14	on	on	ADP
ajfa-1478	134	15	the	the	DET
ajfa-1478	134	16	net	net	ADJ
ajfa-1478	134	17	capital	capital	NOUN
ajfa-1478	134	18	inflows	inflow	NOUN
ajfa-1478	134	19	to	to	ADP
ajfa-1478	134	20	the	the	DET
ajfa-1478	134	21	funds	fund	NOUN
ajfa-1478	134	22	during	during	ADP
ajfa-1478	134	23	the	the	DET
ajfa-1478	134	24	period	period	NOUN
ajfa-1478	134	25	.	.	PUNCT
ajfa-1478	135	1	the	the	DET
ajfa-1478	135	2	first	first	ADJ
ajfa-1478	135	3	part	part	NOUN
ajfa-1478	135	4	of	of	ADP
ajfa-1478	135	5	the	the	DET
ajfa-1478	135	6	lsv	lsv	PROPN
ajfa-1478	135	7	measure	measure	NOUN
ajfa-1478	135	8	,	,	PUNCT
ajfa-1478	135	9	|pi	|pi	PROPN
ajfa-1478	135	10	,	,	PUNCT
ajfa-1478	135	11	t	t	NOUN
ajfa-1478	135	12	−	−	NOUN
ajfa-1478	135	13	pt|	pt|	NOUN
ajfa-1478	135	14	,	,	PUNCT
ajfa-1478	135	15	is	be	AUX
ajfa-1478	135	16	defined	define	VERB
ajfa-1478	135	17	in	in	ADP
ajfa-1478	135	18	absolute	absolute	ADJ
ajfa-1478	135	19	value	value	NOUN
ajfa-1478	135	20	and	and	CCONJ
ajfa-1478	135	21	as	as	ADP
ajfa-1478	135	22	a	a	DET
ajfa-1478	135	23	result	result	NOUN
ajfa-1478	135	24	the	the	DET
ajfa-1478	135	25	expected	expect	VERB
ajfa-1478	135	26	value	value	NOUN
ajfa-1478	135	27	would	would	AUX
ajfa-1478	135	28	under	under	ADP
ajfa-1478	135	29	random	random	ADJ
ajfa-1478	135	30	variation	variation	NOUN
ajfa-1478	135	31	differ	differ	VERB
ajfa-1478	135	32	from	from	ADP
ajfa-1478	135	33	zero	zero	NUM
ajfa-1478	135	34	.	.	PUNCT
ajfa-1478	136	1	the	the	DET
ajfa-1478	136	2	adjustment	adjustment	NOUN
ajfa-1478	136	3	factor	factor	NOUN
ajfa-1478	136	4	,	,	PUNCT
ajfa-1478	136	5	afi	afi	PROPN
ajfa-1478	136	6	corrects	correct	NOUN
ajfa-1478	136	7	for	for	ADP
ajfa-1478	136	8	this	this	DET
ajfa-1478	136	9	randomness	randomness	NOUN
ajfa-1478	136	10	.	.	PUNCT
ajfa-1478	137	1	afi	afi	PROPN
ajfa-1478	137	2	,	,	PUNCT
ajfa-1478	137	3	is	be	AUX
ajfa-1478	137	4	the	the	DET
ajfa-1478	137	5	expected	expect	VERB
ajfa-1478	137	6	value	value	NOUN
ajfa-1478	137	7	of	of	ADP
ajfa-1478	137	8	|pi	|pi	PROPN
ajfa-1478	137	9	,	,	PUNCT
ajfa-1478	137	10	t	t	NOUN
ajfa-1478	137	11	−	−	PROPN
ajfa-1478	137	12	pt|	pt|	NOUN
ajfa-1478	137	13	estimated	estimate	VERB
ajfa-1478	137	14	under	under	ADP
ajfa-1478	137	15	the	the	DET
ajfa-1478	137	16	assumption	assumption	NOUN
ajfa-1478	137	17	that	that	SCONJ
ajfa-1478	137	18	the	the	DET
ajfa-1478	137	19	direction	direction	NOUN
ajfa-1478	137	20	of	of	ADP
ajfa-1478	137	21	the	the	DET
ajfa-1478	137	22	trades	trade	NOUN
ajfa-1478	137	23	follows	follow	VERB
ajfa-1478	137	24	a	a	DET
ajfa-1478	137	25	binominal	binominal	ADJ
ajfa-1478	137	26	distribution	distribution	NOUN
ajfa-1478	137	27	with	with	ADP
ajfa-1478	137	28	bi	bi	NOUN
ajfa-1478	137	29	,	,	PUNCT
ajfa-1478	137	30	and	and	CCONJ
ajfa-1478	137	31	t	t	PROPN
ajfa-1478	137	32	si	si	PROPN
ajfa-1478	137	33	,	,	PUNCT
ajfa-1478	137	34	t	t	PROPN
ajfa-1478	137	35	as	as	ADP
ajfa-1478	137	36	possible	possible	ADJ
ajfa-1478	137	37	outcomes	outcome	NOUN
ajfa-1478	137	38	.	.	PUNCT
ajfa-1478	138	1	under	under	ADP
ajfa-1478	138	2	the	the	DET
ajfa-1478	138	3	null	null	ADJ
ajfa-1478	138	4	hypothesis	hypothesis	NOUN
ajfa-1478	138	5	of	of	ADP
ajfa-1478	138	6	independent	independent	ADJ
ajfa-1478	138	7	trading	trading	NOUN
ajfa-1478	138	8	the	the	DET
ajfa-1478	138	9	probability	probability	NOUN
ajfa-1478	138	10	of	of	ADP
ajfa-1478	138	11	bi	bi	NOUN
ajfa-1478	138	12	,	,	PUNCT
ajfa-1478	138	13	equals	equal	VERB
ajfa-1478	138	14	pt	pt	PROPN
ajfa-1478	138	15	.the	.the	DET
ajfa-1478	138	16	adjustment	adjustment	NOUN
ajfa-1478	138	17	factor	factor	NOUN
ajfa-1478	138	18	accounts	account	VERB
ajfa-1478	138	19	for	for	ADP
ajfa-1478	138	20	bias	bias	NOUN
ajfa-1478	138	21	that	that	PRON
ajfa-1478	138	22	would	would	AUX
ajfa-1478	138	23	occur	occur	VERB
ajfa-1478	138	24	in	in	ADP
ajfa-1478	138	25	|pi	|pi	PROPN
ajfa-1478	138	26	,	,	PUNCT
ajfa-1478	138	27	t	t	NOUN
ajfa-1478	138	28	−	−	NOUN
ajfa-1478	138	29	pt|	pt|	NOUN
ajfa-1478	138	30	for	for	ADP
ajfa-1478	138	31	stocks	stock	NOUN
ajfa-1478	138	32	traded	trade	VERB
ajfa-1478	138	33	by	by	ADP
ajfa-1478	138	34	a	a	DET
ajfa-1478	138	35	low	low	ADJ
ajfa-1478	138	36	number	number	NOUN
ajfa-1478	138	37	of	of	ADP
ajfa-1478	138	38	funds	fund	NOUN
ajfa-1478	138	39	.	.	PUNCT
ajfa-1478	139	1	asian	asian	ADJ
ajfa-1478	139	2	journal	journal	PROPN
ajfa-1478	139	3	of	of	ADP
ajfa-1478	139	4	finance	finance	PROPN
ajfa-1478	139	5	&	&	CCONJ
ajfa-1478	139	6	accounting	accounting	PROPN
ajfa-1478	139	7	issn	issn	PROPN
ajfa-1478	139	8	1946	1946	NUM
ajfa-1478	139	9	-	-	PUNCT
ajfa-1478	139	10	052x	052x	NOUN
ajfa-1478	139	11	2012	2012	NUM
ajfa-1478	139	12	,	,	PUNCT
ajfa-1478	139	13	vol	vol	NOUN
ajfa-1478	139	14	.	.	PROPN
ajfa-1478	139	15	4	4	NUM
ajfa-1478	139	16	,	,	PUNCT
ajfa-1478	139	17	no	no	INTJ
ajfa-1478	139	18	.	.	NOUN
ajfa-1478	139	19	1	1	NUM
ajfa-1478	139	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	139	21	197	197	NUM
ajfa-1478	139	22	a	a	DET
ajfa-1478	139	23	positive	positive	ADJ
ajfa-1478	139	24	value	value	NOUN
ajfa-1478	139	25	of	of	ADP
ajfa-1478	139	26	hmi	hmi	PROPN
ajfa-1478	139	27	t	t	PROPN
ajfa-1478	139	28	gives	give	VERB
ajfa-1478	139	29	evidence	evidence	NOUN
ajfa-1478	139	30	of	of	ADP
ajfa-1478	139	31	herding	herd	VERB
ajfa-1478	139	32	within	within	ADP
ajfa-1478	139	33	a	a	DET
ajfa-1478	139	34	stock	stock	NOUN
ajfa-1478	139	35	-	-	PUNCT
ajfa-1478	139	36	quarter	quarter	NOUN
ajfa-1478	139	37	.	.	PUNCT
ajfa-1478	140	1	the	the	DET
ajfa-1478	140	2	calculated	calculate	VERB
ajfa-1478	140	3	values	value	NOUN
ajfa-1478	140	4	of	of	ADP
ajfa-1478	140	5	hmi	hmi	PROPN
ajfa-1478	140	6	,	,	PUNCT
ajfa-1478	140	7	t	t	PROPN
ajfa-1478	140	8	are	be	AUX
ajfa-1478	140	9	averaged	average	VERB
ajfa-1478	140	10	for	for	ADP
ajfa-1478	140	11	a	a	DET
ajfa-1478	140	12	given	give	VERB
ajfa-1478	140	13	subgroup	subgroup	NOUN
ajfa-1478	140	14	of	of	ADP
ajfa-1478	140	15	funds	fund	NOUN
ajfa-1478	140	16	and	and	CCONJ
ajfa-1478	140	17	then	then	ADV
ajfa-1478	140	18	over	over	ADP
ajfa-1478	140	19	time	time	NOUN
ajfa-1478	140	20	periods	period	NOUN
ajfa-1478	140	21	.	.	PUNCT
ajfa-1478	141	1	the	the	DET
ajfa-1478	141	2	adjustment	adjustment	NOUN
ajfa-1478	141	3	factor	factor	NOUN
ajfa-1478	141	4	and	and	CCONJ
ajfa-1478	141	5	pt	pt	PROPN
ajfa-1478	141	6	for	for	ADP
ajfa-1478	141	7	each	each	DET
ajfa-1478	141	8	subgroup	subgroup	NOUN
ajfa-1478	141	9	of	of	ADP
ajfa-1478	141	10	funds	fund	NOUN
ajfa-1478	141	11	are	be	AUX
ajfa-1478	141	12	based	base	VERB
ajfa-1478	141	13	only	only	ADV
ajfa-1478	141	14	on	on	ADP
ajfa-1478	141	15	the	the	DET
ajfa-1478	141	16	trading	trading	NOUN
ajfa-1478	141	17	of	of	ADP
ajfa-1478	141	18	that	that	DET
ajfa-1478	141	19	subgroup	subgroup	NOUN
ajfa-1478	141	20	.	.	PUNCT
ajfa-1478	142	1	the	the	DET
ajfa-1478	142	2	measure	measure	NOUN
ajfa-1478	142	3	hmi	hmi	PROPN
ajfa-1478	142	4	,	,	PUNCT
ajfa-1478	142	5	t	t	PROPN
ajfa-1478	142	6	is	be	AUX
ajfa-1478	142	7	expected	expect	VERB
ajfa-1478	142	8	to	to	PART
ajfa-1478	142	9	be	be	AUX
ajfa-1478	142	10	calibrated	calibrate	VERB
ajfa-1478	142	11	to	to	ADP
ajfa-1478	142	12	zero	zero	NUM
ajfa-1478	142	13	,	,	PUNCT
ajfa-1478	142	14	if	if	SCONJ
ajfa-1478	142	15	no	no	DET
ajfa-1478	142	16	herding	herding	NOUN
ajfa-1478	142	17	actually	actually	ADV
ajfa-1478	142	18	exists	exist	VERB
ajfa-1478	142	19	.	.	PUNCT
ajfa-1478	143	1	since	since	SCONJ
ajfa-1478	143	2	the	the	DET
ajfa-1478	143	3	first	first	ADJ
ajfa-1478	143	4	expression	expression	NOUN
ajfa-1478	143	5	of	of	ADP
ajfa-1478	143	6	the	the	DET
ajfa-1478	143	7	lsv	lsv	PROPN
ajfa-1478	143	8	measure	measure	PROPN
ajfa-1478	143	9	hmi	hmi	PROPN
ajfa-1478	143	10	,	,	PUNCT
ajfa-1478	143	11	t	t	PROPN
ajfa-1478	143	12	is	be	AUX
ajfa-1478	143	13	defined	define	VERB
ajfa-1478	143	14	in	in	ADP
ajfa-1478	143	15	absolute	absolute	ADJ
ajfa-1478	143	16	value	value	NOUN
ajfa-1478	143	17	(	(	PUNCT
ajfa-1478	143	18	|pi	|pi	PROPN
ajfa-1478	143	19	,	,	PUNCT
ajfa-1478	143	20	t	t	NOUN
ajfa-1478	143	21	pt|	pt|	NOUN
ajfa-1478	143	22	)	)	PUNCT
ajfa-1478	143	23	,	,	PUNCT
ajfa-1478	143	24	without	without	ADP
ajfa-1478	143	25	inclusion	inclusion	NOUN
ajfa-1478	143	26	of	of	ADP
ajfa-1478	143	27	the	the	DET
ajfa-1478	143	28	adjustment	adjustment	NOUN
ajfa-1478	143	29	factor	factor	NOUN
ajfa-1478	143	30	afi	afi	PROPN
ajfa-1478	143	31	,	,	PUNCT
ajfa-1478	143	32	t	t	PROPN
ajfa-1478	143	33	,	,	PUNCT
ajfa-1478	143	34	the	the	DET
ajfa-1478	143	35	measure	measure	NOUN
ajfa-1478	143	36	is	be	AUX
ajfa-1478	143	37	likely	likely	ADJ
ajfa-1478	143	38	to	to	PART
ajfa-1478	143	39	take	take	VERB
ajfa-1478	143	40	positive	positive	ADJ
ajfa-1478	143	41	values	value	NOUN
ajfa-1478	143	42	,	,	PUNCT
ajfa-1478	143	43	even	even	ADV
ajfa-1478	143	44	where	where	SCONJ
ajfa-1478	143	45	no	no	DET
ajfa-1478	143	46	herding	herding	NOUN
ajfa-1478	143	47	exists	exist	VERB
ajfa-1478	143	48	.	.	PUNCT
ajfa-1478	144	1	the	the	DET
ajfa-1478	144	2	ordinary	ordinary	ADJ
ajfa-1478	144	3	lsv	lsv	NOUN
ajfa-1478	144	4	measure	measure	NOUN
ajfa-1478	144	5	does	do	AUX
ajfa-1478	144	6	not	not	PART
ajfa-1478	144	7	take	take	VERB
ajfa-1478	144	8	into	into	ADP
ajfa-1478	144	9	account	account	NOUN
ajfa-1478	144	10	if	if	SCONJ
ajfa-1478	144	11	the	the	DET
ajfa-1478	144	12	herding	herding	NOUN
ajfa-1478	144	13	behaviour	behaviour	NOUN
ajfa-1478	144	14	is	be	AUX
ajfa-1478	144	15	more	more	ADV
ajfa-1478	144	16	pronounced	pronounce	VERB
ajfa-1478	144	17	in	in	ADP
ajfa-1478	144	18	one	one	NUM
ajfa-1478	144	19	direction	direction	NOUN
ajfa-1478	144	20	of	of	ADP
ajfa-1478	144	21	the	the	DET
ajfa-1478	144	22	trading	trading	NOUN
ajfa-1478	144	23	.	.	PUNCT
ajfa-1478	145	1	wermers	wermer	NOUN
ajfa-1478	145	2	(	(	PUNCT
ajfa-1478	145	3	1999	1999	NUM
ajfa-1478	145	4	)	)	PUNCT
ajfa-1478	145	5	modified	modify	VERB
ajfa-1478	145	6	the	the	DET
ajfa-1478	145	7	measure	measure	NOUN
ajfa-1478	145	8	and	and	CCONJ
ajfa-1478	145	9	designed	design	VERB
ajfa-1478	145	10	a	a	DET
ajfa-1478	145	11	buy	buy	NOUN
ajfa-1478	145	12	-	-	PUNCT
ajfa-1478	145	13	side	side	NOUN
ajfa-1478	145	14	and	and	CCONJ
ajfa-1478	145	15	a	a	DET
ajfa-1478	145	16	sell	sell	NOUN
ajfa-1478	145	17	-	-	PUNCT
ajfa-1478	145	18	side	side	NOUN
ajfa-1478	145	19	herding	herding	NOUN
ajfa-1478	145	20	measure	measure	NOUN
ajfa-1478	145	21	,	,	PUNCT
ajfa-1478	145	22	bhmi	bhmi	PROPN
ajfa-1478	145	23	,	,	PUNCT
ajfa-1478	145	24	t	t	NOUN
ajfa-1478	145	25	and	and	CCONJ
ajfa-1478	145	26	shmi	shmi	NOUN
ajfa-1478	145	27	,	,	PUNCT
ajfa-1478	145	28	t	t	NOUN
ajfa-1478	145	29	respectively	respectively	ADV
ajfa-1478	145	30	.	.	PUNCT
ajfa-1478	146	1	the	the	DET
ajfa-1478	146	2	measures	measure	NOUN
ajfa-1478	146	3	are	be	AUX
ajfa-1478	146	4	calculated	calculate	VERB
ajfa-1478	146	5	in	in	ADP
ajfa-1478	146	6	the	the	DET
ajfa-1478	146	7	same	same	ADJ
ajfa-1478	146	8	manner	manner	NOUN
ajfa-1478	146	9	as	as	ADP
ajfa-1478	146	10	the	the	DET
ajfa-1478	146	11	ordinary	ordinary	ADJ
ajfa-1478	146	12	lsv	lsv	NOUN
ajfa-1478	146	13	measure	measure	NOUN
ajfa-1478	146	14	,	,	PUNCT
ajfa-1478	146	15	but	but	CCONJ
ajfa-1478	146	16	conditioned	condition	VERB
ajfa-1478	146	17	:	:	PUNCT
ajfa-1478	146	18	bhmi	bhmi	PROPN
ajfa-1478	146	19	,	,	PUNCT
ajfa-1478	146	20	t	t	PROPN
ajfa-1478	146	21	=	=	SYM
ajfa-1478	146	22	hmi	hmi	PROPN
ajfa-1478	146	23	,	,	PUNCT
ajfa-1478	146	24	t	t	PROPN
ajfa-1478	146	25	│	│	ADJ
ajfa-1478	146	26	pi	pi	NOUN
ajfa-1478	146	27	,	,	PUNCT
ajfa-1478	147	1	t	t	PROPN
ajfa-1478	147	2	>	>	X
ajfa-1478	147	3	pt	pt	PROPN
ajfa-1478	147	4	(	(	PUNCT
ajfa-1478	147	5	3	3	NUM
ajfa-1478	147	6	)	)	PUNCT
ajfa-1478	147	7	smei	smei	PROPN
ajfa-1478	147	8	,	,	PUNCT
ajfa-1478	147	9	t	t	PROPN
ajfa-1478	147	10	=	=	SYM
ajfa-1478	147	11	hmi	hmi	PROPN
ajfa-1478	147	12	,	,	PUNCT
ajfa-1478	147	13	t	t	NOUN
ajfa-1478	147	14	│	│	NUM
ajfa-1478	147	15	pi	pi	NOUN
ajfa-1478	147	16	,	,	PUNCT
ajfa-1478	147	17	t	t	X
ajfa-1478	147	18	<	<	X
ajfa-1478	147	19	pt	pt	X
ajfa-1478	147	20	(	(	PUNCT
ajfa-1478	147	21	4	4	NUM
ajfa-1478	147	22	)	)	PUNCT
ajfa-1478	147	23	the	the	DET
ajfa-1478	147	24	bhmi	bhmi	NOUN
ajfa-1478	147	25	,	,	PUNCT
ajfa-1478	147	26	t	t	PROPN
ajfa-1478	147	27	measure	measure	NOUN
ajfa-1478	147	28	includes	include	VERB
ajfa-1478	147	29	the	the	DET
ajfa-1478	147	30	stock	stock	NOUN
ajfa-1478	147	31	-	-	PUNCT
ajfa-1478	147	32	quarters	quarter	NOUN
ajfa-1478	147	33	where	where	SCONJ
ajfa-1478	147	34	the	the	DET
ajfa-1478	147	35	tendency	tendency	NOUN
ajfa-1478	147	36	to	to	PART
ajfa-1478	147	37	buy	buy	VERB
ajfa-1478	147	38	,	,	PUNCT
ajfa-1478	147	39	pi	pi	PROPN
ajfa-1478	147	40	,	,	PUNCT
ajfa-1478	147	41	t	t	PROPN
ajfa-1478	147	42	,	,	PUNCT
ajfa-1478	147	43	is	be	AUX
ajfa-1478	147	44	higher	high	ADJ
ajfa-1478	147	45	than	than	ADP
ajfa-1478	147	46	the	the	DET
ajfa-1478	147	47	average	average	ADJ
ajfa-1478	147	48	tendency	tendency	NOUN
ajfa-1478	147	49	,	,	PUNCT
ajfa-1478	147	50	pt	pt	INTJ
ajfa-1478	147	51	,	,	PUNCT
ajfa-1478	147	52	for	for	ADP
ajfa-1478	147	53	the	the	DET
ajfa-1478	147	54	period	period	NOUN
ajfa-1478	147	55	.	.	PUNCT
ajfa-1478	148	1	the	the	DET
ajfa-1478	148	2	shmi	shmi	NOUN
ajfa-1478	148	3	,	,	PUNCT
ajfa-1478	148	4	t	t	PROPN
ajfa-1478	148	5	measure	measure	NOUN
ajfa-1478	148	6	calculates	calculate	VERB
ajfa-1478	148	7	herding	herd	VERB
ajfa-1478	148	8	within	within	ADP
ajfa-1478	148	9	the	the	DET
ajfa-1478	148	10	stock	stock	NOUN
ajfa-1478	148	11	quarters	quarter	NOUN
ajfa-1478	148	12	where	where	SCONJ
ajfa-1478	148	13	the	the	DET
ajfa-1478	148	14	tendency	tendency	NOUN
ajfa-1478	148	15	to	to	PART
ajfa-1478	148	16	buy	buy	VERB
ajfa-1478	148	17	is	be	AUX
ajfa-1478	148	18	lower	low	ADJ
ajfa-1478	148	19	than	than	ADP
ajfa-1478	148	20	the	the	DET
ajfa-1478	148	21	average	average	ADJ
ajfa-1478	148	22	tendency	tendency	NOUN
ajfa-1478	148	23	.	.	PUNCT
ajfa-1478	149	1	5	5	X
ajfa-1478	149	2	.	.	X
ajfa-1478	149	3	data	datum	NOUN
ajfa-1478	149	4	analysis	analysis	NOUN
ajfa-1478	149	5	and	and	CCONJ
ajfa-1478	149	6	discussion	discussion	NOUN
ajfa-1478	149	7	table	table	NOUN
ajfa-1478	149	8	1	1	NUM
ajfa-1478	149	9	.	.	PUNCT
ajfa-1478	150	1	summary	summary	NOUN
ajfa-1478	150	2	statistics	statistic	NOUN
ajfa-1478	150	3	for	for	ADP
ajfa-1478	150	4	indian	indian	PROPN
ajfa-1478	150	5	equity	equity	PROPN
ajfa-1478	150	6	mutual	mutual	ADJ
ajfa-1478	150	7	fund	fund	NOUN
ajfa-1478	150	8	holding	hold	VERB
ajfa-1478	150	9	database	database	NOUN
ajfa-1478	150	10	(	(	PUNCT
ajfa-1478	150	11	june	june	PROPN
ajfa-1478	150	12	2011	2011	NUM
ajfa-1478	150	13	-	-	SYM
ajfa-1478	150	14	09	09	NUM
ajfa-1478	150	15	)	)	PUNCT
ajfa-1478	150	16	quarter	quarter	NOUN
ajfa-1478	150	17	wise	wise	ADJ
ajfa-1478	150	18	portfolio	portfolio	NOUN
ajfa-1478	150	19	data	data	PROPN
ajfa-1478	150	20	quarters	quarter	NOUN
ajfa-1478	150	21	q1	q1	PROPN
ajfa-1478	150	22	q2	q2	PROPN
ajfa-1478	150	23	q3	q3	PROPN
ajfa-1478	150	24	q4	q4	PROPN
ajfa-1478	150	25	q5	q5	PROPN
ajfa-1478	150	26	q6	q6	PROPN
ajfa-1478	150	27	q7	q7	PROPN
ajfa-1478	150	28	q8	q8	PROPN
ajfa-1478	150	29	q9	q9	PROPN
ajfa-1478	150	30	average	average	PROPN
ajfa-1478	150	31	a.	a.	NOUN
ajfa-1478	150	32	fund	fund	NOUN
ajfa-1478	150	33	counts	count	VERB
ajfa-1478	150	34	no	no	INTJ
ajfa-1478	150	35	.	.	PUNCT
ajfa-1478	150	36	of	of	ADP
ajfa-1478	150	37	active	active	ADJ
ajfa-1478	150	38	funds	fund	NOUN
ajfa-1478	150	39	in	in	ADP
ajfa-1478	150	40	database	database	NOUN
ajfa-1478	150	41	30	30	NUM
ajfa-1478	150	42	30	30	NUM
ajfa-1478	150	43	30	30	NUM
ajfa-1478	150	44	30	30	NUM
ajfa-1478	150	45	30	30	NUM
ajfa-1478	150	46	30	30	NUM
ajfa-1478	150	47	30	30	NUM
ajfa-1478	150	48	30	30	NUM
ajfa-1478	150	49	30	30	NUM
ajfa-1478	150	50	30	30	NUM
ajfa-1478	150	51	b.	b.	PROPN
ajfa-1478	150	52	net	net	PROPN
ajfa-1478	150	53	asset	asset	NOUN
ajfa-1478	150	54	fund	fund	NOUN
ajfa-1478	150	55	value	value	NOUN
ajfa-1478	150	56	total	total	ADJ
ajfa-1478	150	57	net	net	ADJ
ajfa-1478	150	58	assets	asset	NOUN
ajfa-1478	150	59	of	of	ADP
ajfa-1478	150	60	funds	fund	NOUN
ajfa-1478	150	61	(	(	PUNCT
ajfa-1478	150	62	avg	avg	NOUN
ajfa-1478	150	63	)	)	PUNCT
ajfa-1478	150	64	in	in	ADP
ajfa-1478	150	65	percentage	percentage	NOUN
ajfa-1478	150	66	98.20	98.20	NUM
ajfa-1478	150	67	99.58	99.58	NUM
ajfa-1478	150	68	99.07	99.07	NUM
ajfa-1478	150	69	96.03	96.03	NUM
ajfa-1478	150	70	95.62	95.62	NUM
ajfa-1478	150	71	92.89	92.89	NUM
ajfa-1478	150	72	69.68	69.68	NUM
ajfa-1478	150	73	83.84	83.84	NUM
ajfa-1478	150	74	26.75	26.75	NUM
ajfa-1478	150	75	84.62	84.62	NUM
ajfa-1478	150	76	c.asset	c.asset	NOUN
ajfa-1478	150	77	counts	count	NOUN
ajfa-1478	150	78	number	number	NOUN
ajfa-1478	150	79	indian	indian	ADJ
ajfa-1478	150	80	stocks	stock	NOUN
ajfa-1478	150	81	held	hold	VERB
ajfa-1478	150	82	per	per	ADP
ajfa-1478	150	83	fund	fund	NOUN
ajfa-1478	150	84	40	40	NUM
ajfa-1478	150	85	42	42	NUM
ajfa-1478	150	86	38	38	NUM
ajfa-1478	150	87	36	36	NUM
ajfa-1478	150	88	32	32	NUM
ajfa-1478	150	89	30	30	NUM
ajfa-1478	150	90	28	28	NUM
ajfa-1478	150	91	34	34	NUM
ajfa-1478	150	92	37	37	NUM
ajfa-1478	150	93	35.222	35.222	NUM
ajfa-1478	150	94	d.	d.	NOUN
ajfa-1478	150	95	trading	trading	NOUN
ajfa-1478	150	96	statistics	statistic	NOUN
ajfa-1478	150	97	total	total	ADJ
ajfa-1478	150	98	number	number	NOUN
ajfa-1478	150	99	of	of	ADP
ajfa-1478	150	100	trades	trade	NOUN
ajfa-1478	150	101	923	923	NUM
ajfa-1478	150	102	952	952	NUM
ajfa-1478	150	103	918	918	NUM
ajfa-1478	150	104	956	956	NUM
ajfa-1478	150	105	999	999	NUM
ajfa-1478	150	106	1003	1003	NUM
ajfa-1478	150	107	952	952	NUM
ajfa-1478	150	108	800	800	NUM
ajfa-1478	150	109	753	753	NUM
ajfa-1478	150	110	917.33	917.33	NUM
ajfa-1478	150	111	asian	asian	ADJ
ajfa-1478	150	112	journal	journal	NOUN
ajfa-1478	150	113	of	of	ADP
ajfa-1478	150	114	finance	finance	PROPN
ajfa-1478	150	115	&	&	CCONJ
ajfa-1478	150	116	accounting	accounting	PROPN
ajfa-1478	150	117	issn	issn	PROPN
ajfa-1478	150	118	1946	1946	NUM
ajfa-1478	150	119	-	-	PUNCT
ajfa-1478	150	120	052x	052x	NOUN
ajfa-1478	150	121	2012	2012	NUM
ajfa-1478	150	122	,	,	PUNCT
ajfa-1478	150	123	vol	vol	NOUN
ajfa-1478	150	124	.	.	PROPN
ajfa-1478	151	1	4	4	NUM
ajfa-1478	151	2	,	,	PUNCT
ajfa-1478	151	3	no	no	INTJ
ajfa-1478	151	4	.	.	NOUN
ajfa-1478	151	5	1	1	NUM
ajfa-1478	151	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	151	7	198	198	NUM
ajfa-1478	151	8	total	total	ADJ
ajfa-1478	151	9	trades	trade	NOUN
ajfa-1478	151	10	that	that	PRON
ajfa-1478	151	11	are	be	AUX
ajfa-1478	151	12	buys	buy	VERB
ajfa-1478	151	13	326	326	NUM
ajfa-1478	151	14	267	267	NUM
ajfa-1478	151	15	294	294	NUM
ajfa-1478	151	16	406	406	NUM
ajfa-1478	151	17	358	358	NUM
ajfa-1478	151	18	392	392	NUM
ajfa-1478	151	19	383	383	NUM
ajfa-1478	151	20	313	313	NUM
ajfa-1478	151	21	249	249	NUM
ajfa-1478	151	22	332	332	NUM
ajfa-1478	151	23	percent	percent	NOUN
ajfa-1478	151	24	of	of	ADP
ajfa-1478	151	25	trades	trade	NOUN
ajfa-1478	151	26	that	that	PRON
ajfa-1478	151	27	are	be	AUX
ajfa-1478	151	28	buys	buy	VERB
ajfa-1478	151	29	35.32	35.32	NUM
ajfa-1478	151	30	28.04	28.04	NUM
ajfa-1478	152	1	32.02	32.02	NUM
ajfa-1478	152	2	42.46	42.46	NUM
ajfa-1478	152	3	35.83	35.83	NUM
ajfa-1478	152	4	39.08	39.08	NUM
ajfa-1478	152	5	40.23	40.23	NUM
ajfa-1478	152	6	39.13	39.13	NUM
ajfa-1478	152	7	33.07	33.07	NUM
ajfa-1478	152	8	36.13	36.13	NUM
ajfa-1478	152	9	e.number	e.number	NOUN
ajfa-1478	152	10	of	of	ADP
ajfa-1478	152	11	stocks	stock	NOUN
ajfa-1478	152	12	traded	trade	VERB
ajfa-1478	152	13	by	by	ADP
ajfa-1478	152	14	≥	≥	NOUN
ajfa-1478	152	15	1	1	NUM
ajfa-1478	152	16	fund	fund	NOUN
ajfa-1478	152	17	179	179	NUM
ajfa-1478	152	18	173	173	NUM
ajfa-1478	152	19	161	161	NUM
ajfa-1478	152	20	165	165	NUM
ajfa-1478	152	21	165	165	NUM
ajfa-1478	152	22	188	188	NUM
ajfa-1478	152	23	173	173	NUM
ajfa-1478	152	24	139	139	NUM
ajfa-1478	152	25	152	152	NUM
ajfa-1478	152	26	166	166	NUM
ajfa-1478	152	27	≥	≥	NOUN
ajfa-1478	152	28	2	2	NUM
ajfa-1478	152	29	funds	fund	NOUN
ajfa-1478	152	30	72	72	NUM
ajfa-1478	152	31	31	31	NUM
ajfa-1478	152	32	18	18	NUM
ajfa-1478	152	33	12	12	NUM
ajfa-1478	152	34	23	23	NUM
ajfa-1478	152	35	21	21	NUM
ajfa-1478	152	36	20	20	NUM
ajfa-1478	152	37	19	19	NUM
ajfa-1478	152	38	22	22	NUM
ajfa-1478	152	39	26	26	NUM
ajfa-1478	152	40	≥	≥	NOUN
ajfa-1478	152	41	5funds	5funds	NUM
ajfa-1478	152	42	18	18	NUM
ajfa-1478	152	43	4	4	NUM
ajfa-1478	152	44	4	4	NUM
ajfa-1478	152	45	7	7	NUM
ajfa-1478	152	46	8	8	NUM
ajfa-1478	152	47	12	12	NUM
ajfa-1478	152	48	8	8	NUM
ajfa-1478	152	49	11	11	NUM
ajfa-1478	152	50	9	9	NUM
ajfa-1478	152	51	9	9	NUM
ajfa-1478	152	52	≥	≥	NOUN
ajfa-1478	152	53	10funds	10funds	NUM
ajfa-1478	152	54	2	2	NUM
ajfa-1478	152	55	3	3	NUM
ajfa-1478	152	56	2	2	NUM
ajfa-1478	152	57	2	2	NUM
ajfa-1478	152	58	8	8	NUM
ajfa-1478	152	59	3	3	NUM
ajfa-1478	152	60	4	4	NUM
ajfa-1478	152	61	6	6	NUM
ajfa-1478	152	62	5	5	NUM
ajfa-1478	152	63	4	4	NUM
ajfa-1478	152	64	=	=	NOUN
ajfa-1478	152	65	=	=	SYM
ajfa-1478	152	66	=	=	SYM
ajfa-1478	152	67	=	=	SYM
ajfa-1478	152	68	=	=	SYM
ajfa-1478	152	69	=	=	SYM
ajfa-1478	152	70	=	=	SYM
ajfa-1478	152	71	=	=	SYM
ajfa-1478	152	72	=	=	SYM
ajfa-1478	152	73	=	=	SYM
ajfa-1478	152	74	=	=	SYM
ajfa-1478	152	75	=	=	SYM
ajfa-1478	152	76	=	=	SYM
ajfa-1478	152	77	=	=	SYM
ajfa-1478	152	78	=	=	SYM
ajfa-1478	152	79	=	=	SYM
ajfa-1478	152	80	=	=	SYM
ajfa-1478	152	81	=	=	SYM
ajfa-1478	152	82	=	=	SYM
ajfa-1478	152	83	=	=	SYM
ajfa-1478	152	84	=	=	SYM
ajfa-1478	152	85	=	=	SYM
ajfa-1478	152	86	=	=	SYM
ajfa-1478	152	87	=	=	SYM
ajfa-1478	152	88	=	=	SYM
ajfa-1478	152	89	=	=	SYM
ajfa-1478	152	90	=	=	SYM
ajfa-1478	152	91	=	=	SYM
ajfa-1478	152	92	=	=	SYM
ajfa-1478	152	93	=	=	SYM
ajfa-1478	152	94	=	=	SYM
ajfa-1478	152	95	=	=	SYM
ajfa-1478	152	96	=	=	SYM
ajfa-1478	152	97	=	=	SYM
ajfa-1478	152	98	=	=	SYM
ajfa-1478	152	99	=	=	SYM
ajfa-1478	152	100	=	=	SYM
ajfa-1478	152	101	=	=	SYM
ajfa-1478	152	102	=	=	SYM
ajfa-1478	152	103	=	=	SYM
ajfa-1478	152	104	=	=	SYM
ajfa-1478	152	105	=	=	SYM
ajfa-1478	152	106	=	=	SYM
ajfa-1478	152	107	=	=	SYM
ajfa-1478	152	108	=	=	SYM
ajfa-1478	152	109	=	=	SYM
ajfa-1478	152	110	=	=	SYM
ajfa-1478	152	111	=	=	SYM
ajfa-1478	152	112	=	=	SYM
ajfa-1478	152	113	=	=	SYM
ajfa-1478	152	114	=	=	SYM
ajfa-1478	152	115	=	=	SYM
ajfa-1478	152	116	=	=	SYM
ajfa-1478	152	117	=	=	SYM
ajfa-1478	152	118	=	=	SYM
ajfa-1478	152	119	=	=	SYM
ajfa-1478	152	120	=	=	SYM
ajfa-1478	152	121	=	=	SYM
ajfa-1478	152	122	=	=	SYM
ajfa-1478	152	123	=	=	SYM
ajfa-1478	152	124	=	=	SYM
ajfa-1478	152	125	=	=	SYM
ajfa-1478	152	126	=	=	SYM
ajfa-1478	152	127	=	=	SYM
ajfa-1478	152	128	=	=	SYM
ajfa-1478	152	129	=	=	SYM
ajfa-1478	152	130	=	=	SYM
ajfa-1478	152	131	=	=	SYM
ajfa-1478	152	132	=	=	SYM
ajfa-1478	152	133	=	=	NOUN
ajfa-1478	152	134	notes	note	VERB
ajfa-1478	152	135	:	:	PUNCT
ajfa-1478	152	136	the	the	DET
ajfa-1478	152	137	indian	indian	PROPN
ajfa-1478	152	138	equity	equity	PROPN
ajfa-1478	152	139	mutual	mutual	ADJ
ajfa-1478	152	140	fund	fund	NOUN
ajfa-1478	152	141	holdings	holding	NOUN
ajfa-1478	152	142	database	database	NOUN
ajfa-1478	152	143	of	of	ADP
ajfa-1478	152	144	my	my	PRON
ajfa-1478	152	145	sample	sample	NOUN
ajfa-1478	152	146	contains	contain	VERB
ajfa-1478	152	147	of	of	ADP
ajfa-1478	152	148	portfolio	portfolio	NOUN
ajfa-1478	152	149	holdings	holding	NOUN
ajfa-1478	152	150	data	datum	NOUN
ajfa-1478	152	151	from	from	ADP
ajfa-1478	152	152	the	the	DET
ajfa-1478	152	153	period	period	NOUN
ajfa-1478	152	154	march	march	PROPN
ajfa-1478	152	155	2009	2009	NUM
ajfa-1478	152	156	to	to	ADP
ajfa-1478	152	157	june2011.summary	june2011.summary	ADJ
ajfa-1478	152	158	statistics	statistic	NOUN
ajfa-1478	152	159	of	of	ADP
ajfa-1478	152	160	the	the	DET
ajfa-1478	152	161	funds	fund	NOUN
ajfa-1478	152	162	in	in	ADP
ajfa-1478	152	163	the	the	DET
ajfa-1478	152	164	sample	sample	NOUN
ajfa-1478	152	165	are	be	AUX
ajfa-1478	152	166	reported	report	VERB
ajfa-1478	152	167	above	above	ADV
ajfa-1478	152	168	as	as	ADP
ajfa-1478	152	169	for	for	ADP
ajfa-1478	152	170	the	the	DET
ajfa-1478	152	171	first	first	ADJ
ajfa-1478	152	172	quarter	quarter	NOUN
ajfa-1478	152	173	within	within	ADP
ajfa-1478	152	174	each	each	DET
ajfa-1478	152	175	year	year	NOUN
ajfa-1478	152	176	and	and	CCONJ
ajfa-1478	152	177	for	for	ADP
ajfa-1478	152	178	the	the	DET
ajfa-1478	152	179	average	average	ADJ
ajfa-1478	152	180	values	value	NOUN
ajfa-1478	152	181	of	of	ADP
ajfa-1478	152	182	the	the	DET
ajfa-1478	152	183	overall	overall	ADJ
ajfa-1478	152	184	sample	sample	NOUN
ajfa-1478	152	185	in	in	ADP
ajfa-1478	152	186	the	the	DET
ajfa-1478	152	187	rightmost	rightmost	ADJ
ajfa-1478	152	188	column	column	NOUN
ajfa-1478	152	189	.	.	PUNCT
ajfa-1478	153	1	panel	panel	NOUN
ajfa-1478	153	2	a	a	DET
ajfa-1478	153	3	records	record	NOUN
ajfa-1478	153	4	how	how	SCONJ
ajfa-1478	153	5	many	many	ADJ
ajfa-1478	153	6	funds	fund	NOUN
ajfa-1478	153	7	counted	count	VERB
ajfa-1478	153	8	for	for	ADP
ajfa-1478	153	9	in	in	ADP
ajfa-1478	153	10	each	each	DET
ajfa-1478	153	11	quarter	quarter	NOUN
ajfa-1478	153	12	.	.	PUNCT
ajfa-1478	154	1	panel	panel	NOUN
ajfa-1478	154	2	b	b	PROPN
ajfa-1478	154	3	presents	present	VERB
ajfa-1478	154	4	the	the	DET
ajfa-1478	154	5	total	total	ADJ
ajfa-1478	154	6	net	net	ADJ
ajfa-1478	154	7	assets	asset	NOUN
ajfa-1478	154	8	held	hold	VERB
ajfa-1478	154	9	by	by	ADP
ajfa-1478	154	10	the	the	DET
ajfa-1478	154	11	funds	fund	NOUN
ajfa-1478	154	12	in	in	ADP
ajfa-1478	154	13	the	the	DET
ajfa-1478	154	14	dataset	dataset	NOUN
ajfa-1478	154	15	.	.	PUNCT
ajfa-1478	155	1	panel	panel	NOUN
ajfa-1478	155	2	c	c	PROPN
ajfa-1478	155	3	displays	display	VERB
ajfa-1478	155	4	summary	summary	VERB
ajfa-1478	155	5	statistics	statistic	NOUN
ajfa-1478	155	6	on	on	ADP
ajfa-1478	155	7	the	the	DET
ajfa-1478	155	8	average	average	ADJ
ajfa-1478	155	9	number	number	NOUN
ajfa-1478	155	10	of	of	ADP
ajfa-1478	155	11	indian	indian	ADJ
ajfa-1478	155	12	stocks	stock	NOUN
ajfa-1478	155	13	held	hold	VERB
ajfa-1478	155	14	per	per	ADP
ajfa-1478	155	15	fund	fund	NOUN
ajfa-1478	155	16	.	.	PUNCT
ajfa-1478	156	1	panel	panel	NOUN
ajfa-1478	156	2	d	d	PROPN
ajfa-1478	156	3	presents	present	VERB
ajfa-1478	156	4	trading	trading	NOUN
ajfa-1478	156	5	statistics	statistic	NOUN
ajfa-1478	156	6	of	of	ADP
ajfa-1478	156	7	the	the	DET
ajfa-1478	156	8	total	total	ADJ
ajfa-1478	156	9	number	number	NOUN
ajfa-1478	156	10	of	of	ADP
ajfa-1478	156	11	trades	trade	NOUN
ajfa-1478	156	12	,	,	PUNCT
ajfa-1478	156	13	the	the	DET
ajfa-1478	156	14	proportion	proportion	NOUN
ajfa-1478	156	15	of	of	ADP
ajfa-1478	156	16	the	the	DET
ajfa-1478	156	17	trades	trade	NOUN
ajfa-1478	156	18	that	that	PRON
ajfa-1478	156	19	are	be	AUX
ajfa-1478	156	20	buys	buy	NOUN
ajfa-1478	156	21	and	and	CCONJ
ajfa-1478	156	22	the	the	DET
ajfa-1478	156	23	number	number	NOUN
ajfa-1478	156	24	of	of	ADP
ajfa-1478	156	25	distinctive	distinctive	ADJ
ajfa-1478	156	26	stocks	stock	NOUN
ajfa-1478	156	27	traded	trade	VERB
ajfa-1478	156	28	by	by	ADP
ajfa-1478	156	29	at	at	ADV
ajfa-1478	156	30	least	least	ADJ
ajfa-1478	156	31	a	a	DET
ajfa-1478	156	32	given	give	VERB
ajfa-1478	156	33	number	number	NOUN
ajfa-1478	156	34	of	of	ADP
ajfa-1478	156	35	funds	fund	NOUN
ajfa-1478	156	36	within	within	ADP
ajfa-1478	156	37	the	the	DET
ajfa-1478	156	38	quarter	quarter	NOUN
ajfa-1478	156	39	.	.	PUNCT
ajfa-1478	157	1	table	table	NOUN
ajfa-1478	157	2	above	above	ADP
ajfa-1478	157	3	displays	display	NOUN
ajfa-1478	157	4	summary	summary	VERB
ajfa-1478	157	5	statistics	statistic	NOUN
ajfa-1478	157	6	of	of	ADP
ajfa-1478	157	7	the	the	DET
ajfa-1478	157	8	holdings	holding	NOUN
ajfa-1478	157	9	in	in	ADP
ajfa-1478	157	10	the	the	DET
ajfa-1478	157	11	indian	indian	PROPN
ajfa-1478	157	12	equity	equity	PROPN
ajfa-1478	157	13	mutual	mutual	ADJ
ajfa-1478	157	14	fund	fund	NOUN
ajfa-1478	157	15	database	database	NOUN
ajfa-1478	157	16	.	.	PUNCT
ajfa-1478	158	1	the	the	DET
ajfa-1478	158	2	average	average	ADJ
ajfa-1478	158	3	number	number	NOUN
ajfa-1478	158	4	of	of	ADP
ajfa-1478	158	5	funds	fund	NOUN
ajfa-1478	158	6	trading	trade	VERB
ajfa-1478	158	7	during	during	ADP
ajfa-1478	158	8	a	a	DET
ajfa-1478	158	9	quarter	quarter	NOUN
ajfa-1478	158	10	is	be	AUX
ajfa-1478	158	11	30	30	NUM
ajfa-1478	158	12	mutual	mutual	ADJ
ajfa-1478	158	13	funds	fund	NOUN
ajfa-1478	158	14	.	.	PUNCT
ajfa-1478	159	1	the	the	DET
ajfa-1478	159	2	number	number	NOUN
ajfa-1478	159	3	of	of	ADP
ajfa-1478	159	4	stocks	stock	NOUN
ajfa-1478	159	5	in	in	ADP
ajfa-1478	159	6	funds	fund	NOUN
ajfa-1478	159	7	peaks	peak	NOUN
ajfa-1478	159	8	with	with	ADP
ajfa-1478	159	9	42	42	NUM
ajfa-1478	159	10	different	different	ADJ
ajfa-1478	159	11	stocks	stock	NOUN
ajfa-1478	159	12	in	in	ADP
ajfa-1478	159	13	their	their	PRON
ajfa-1478	159	14	portfolio	portfolio	NOUN
ajfa-1478	159	15	in	in	ADP
ajfa-1478	159	16	the	the	DET
ajfa-1478	159	17	first	first	ADJ
ajfa-1478	159	18	quarter	quarter	NOUN
ajfa-1478	159	19	of	of	ADP
ajfa-1478	159	20	the	the	DET
ajfa-1478	159	21	year	year	NOUN
ajfa-1478	159	22	2011	2011	NUM
ajfa-1478	159	23	.	.	PUNCT
ajfa-1478	160	1	the	the	DET
ajfa-1478	160	2	drop	drop	NOUN
ajfa-1478	160	3	before	before	ADP
ajfa-1478	160	4	2010	2010	NUM
ajfa-1478	160	5	is	be	AUX
ajfa-1478	160	6	consistent	consistent	ADJ
ajfa-1478	160	7	with	with	ADP
ajfa-1478	160	8	mergers	merger	NOUN
ajfa-1478	160	9	of	of	ADP
ajfa-1478	160	10	some	some	DET
ajfa-1478	160	11	stocks	stock	NOUN
ajfa-1478	160	12	in	in	ADP
ajfa-1478	160	13	the	the	DET
ajfa-1478	160	14	funds	fund	NOUN
ajfa-1478	160	15	during	during	ADP
ajfa-1478	160	16	that	that	DET
ajfa-1478	160	17	period	period	NOUN
ajfa-1478	160	18	.	.	PUNCT
ajfa-1478	161	1	therefore	therefore	ADV
ajfa-1478	161	2	the	the	DET
ajfa-1478	161	3	average	average	ADJ
ajfa-1478	161	4	total	total	ADJ
ajfa-1478	161	5	net	net	ADJ
ajfa-1478	161	6	asset	asset	NOUN
ajfa-1478	161	7	value	value	NOUN
ajfa-1478	161	8	of	of	ADP
ajfa-1478	161	9	the	the	DET
ajfa-1478	161	10	funds	fund	NOUN
ajfa-1478	161	11	within	within	ADP
ajfa-1478	161	12	a	a	DET
ajfa-1478	161	13	quarter	quarter	NOUN
ajfa-1478	161	14	has	have	AUX
ajfa-1478	161	15	also	also	ADV
ajfa-1478	161	16	been	be	AUX
ajfa-1478	161	17	increased	increase	VERB
ajfa-1478	161	18	due	due	ADP
ajfa-1478	161	19	to	to	ADP
ajfa-1478	161	20	the	the	DET
ajfa-1478	161	21	more	more	ADJ
ajfa-1478	161	22	equity	equity	NOUN
ajfa-1478	161	23	holdings	holding	NOUN
ajfa-1478	161	24	of	of	ADP
ajfa-1478	161	25	the	the	DET
ajfa-1478	161	26	mutual	mutual	ADJ
ajfa-1478	161	27	funds	fund	NOUN
ajfa-1478	161	28	.	.	PUNCT
ajfa-1478	162	1	on	on	ADP
ajfa-1478	162	2	an	an	DET
ajfa-1478	162	3	average	average	NOUN
ajfa-1478	162	4	it	it	PRON
ajfa-1478	162	5	can	can	AUX
ajfa-1478	162	6	be	be	AUX
ajfa-1478	162	7	seen	see	VERB
ajfa-1478	162	8	that	that	SCONJ
ajfa-1478	162	9	,	,	PUNCT
ajfa-1478	162	10	there	there	PRON
ajfa-1478	162	11	is	be	VERB
ajfa-1478	162	12	an	an	DET
ajfa-1478	162	13	increasing	increase	VERB
ajfa-1478	162	14	trend	trend	NOUN
ajfa-1478	162	15	in	in	ADP
ajfa-1478	162	16	the	the	DET
ajfa-1478	162	17	trade	trade	NOUN
ajfa-1478	162	18	quantity	quantity	NOUN
ajfa-1478	162	19	by	by	ADP
ajfa-1478	162	20	the	the	DET
ajfa-1478	162	21	funds	fund	NOUN
ajfa-1478	162	22	in	in	ADP
ajfa-1478	162	23	india	india	PROPN
ajfa-1478	162	24	.	.	PUNCT
ajfa-1478	163	1	in	in	ADP
ajfa-1478	163	2	the	the	DET
ajfa-1478	163	3	majority	majority	NOUN
ajfa-1478	163	4	of	of	ADP
ajfa-1478	163	5	quarters	quarter	NOUN
ajfa-1478	163	6	the	the	DET
ajfa-1478	163	7	purchases	purchase	NOUN
ajfa-1478	163	8	outweighed	outweigh	VERB
ajfa-1478	163	9	the	the	DET
ajfa-1478	163	10	sales	sale	NOUN
ajfa-1478	163	11	,	,	PUNCT
ajfa-1478	163	12	with	with	ADP
ajfa-1478	163	13	a	a	DET
ajfa-1478	163	14	total	total	ADJ
ajfa-1478	163	15	average	average	NOUN
ajfa-1478	163	16	of	of	ADP
ajfa-1478	163	17	trades	trade	NOUN
ajfa-1478	163	18	that	that	PRON
ajfa-1478	163	19	were	be	AUX
ajfa-1478	163	20	buys	buy	NOUN
ajfa-1478	163	21	of	of	ADP
ajfa-1478	163	22	54.3	54.3	NUM
ajfa-1478	163	23	percent	percent	NOUN
ajfa-1478	163	24	.	.	PUNCT
ajfa-1478	164	1	in	in	ADP
ajfa-1478	164	2	the	the	DET
ajfa-1478	164	3	last	last	ADJ
ajfa-1478	164	4	panel	panel	NOUN
ajfa-1478	164	5	the	the	DET
ajfa-1478	164	6	number	number	NOUN
ajfa-1478	164	7	of	of	ADP
ajfa-1478	164	8	distinctive	distinctive	ADJ
ajfa-1478	164	9	stocks	stock	NOUN
ajfa-1478	164	10	traded	trade	VERB
ajfa-1478	164	11	within	within	ADP
ajfa-1478	164	12	a	a	DET
ajfa-1478	164	13	quarter	quarter	NOUN
ajfa-1478	164	14	by	by	ADP
ajfa-1478	164	15	at	at	ADV
ajfa-1478	164	16	least	least	ADJ
ajfa-1478	164	17	a	a	DET
ajfa-1478	164	18	certain	certain	ADJ
ajfa-1478	164	19	number	number	NOUN
ajfa-1478	164	20	of	of	ADP
ajfa-1478	164	21	funds	fund	NOUN
ajfa-1478	164	22	is	be	AUX
ajfa-1478	164	23	presented	present	VERB
ajfa-1478	164	24	.	.	PUNCT
ajfa-1478	165	1	the	the	DET
ajfa-1478	165	2	average	average	ADJ
ajfa-1478	165	3	number	number	NOUN
ajfa-1478	165	4	of	of	ADP
ajfa-1478	165	5	stocks	stock	NOUN
ajfa-1478	165	6	within	within	ADP
ajfa-1478	165	7	a	a	DET
ajfa-1478	165	8	quarter	quarter	NOUN
ajfa-1478	165	9	traded	trade	VERB
ajfa-1478	165	10	by	by	ADP
ajfa-1478	165	11	at	at	ADV
ajfa-1478	165	12	least	least	ADJ
ajfa-1478	165	13	1	1	NUM
ajfa-1478	165	14	fund	fund	NOUN
ajfa-1478	165	15	is	be	AUX
ajfa-1478	165	16	166	166	NUM
ajfa-1478	165	17	.	.	PUNCT
ajfa-1478	166	1	the	the	DET
ajfa-1478	166	2	number	number	NOUN
ajfa-1478	166	3	of	of	ADP
ajfa-1478	166	4	stocks	stock	NOUN
ajfa-1478	166	5	traded	trade	VERB
ajfa-1478	166	6	decreases	decrease	NOUN
ajfa-1478	166	7	substantially	substantially	ADV
ajfa-1478	166	8	between	between	ADP
ajfa-1478	166	9	each	each	DET
ajfa-1478	166	10	level	level	NOUN
ajfa-1478	166	11	of	of	ADP
ajfa-1478	166	12	minimum	minimum	ADJ
ajfa-1478	166	13	funds	fund	NOUN
ajfa-1478	166	14	.	.	PUNCT
ajfa-1478	167	1	6	6	X
ajfa-1478	167	2	.	.	X
ajfa-1478	167	3	findings	finding	NOUN
ajfa-1478	167	4	of	of	ADP
ajfa-1478	167	5	the	the	DET
ajfa-1478	167	6	study	study	NOUN
ajfa-1478	167	7	the	the	DET
ajfa-1478	167	8	study	study	NOUN
ajfa-1478	167	9	came	come	VERB
ajfa-1478	167	10	out	out	ADP
ajfa-1478	167	11	with	with	ADP
ajfa-1478	167	12	an	an	DET
ajfa-1478	167	13	overall	overall	ADJ
ajfa-1478	167	14	herding	herding	NOUN
ajfa-1478	167	15	measure	measure	NOUN
ajfa-1478	167	16	of	of	ADP
ajfa-1478	167	17	13	13	NUM
ajfa-1478	167	18	for	for	ADP
ajfa-1478	167	19	the	the	DET
ajfa-1478	167	20	indian	indian	ADJ
ajfa-1478	167	21	mutual	mutual	ADJ
ajfa-1478	167	22	fund	fund	NOUN
ajfa-1478	167	23	industry	industry	NOUN
ajfa-1478	167	24	.	.	PUNCT
ajfa-1478	168	1	the	the	DET
ajfa-1478	168	2	results	result	NOUN
ajfa-1478	168	3	of	of	ADP
ajfa-1478	168	4	the	the	DET
ajfa-1478	168	5	analysis	analysis	NOUN
ajfa-1478	168	6	provide	provide	VERB
ajfa-1478	168	7	evidence	evidence	NOUN
ajfa-1478	168	8	of	of	ADP
ajfa-1478	168	9	herding	herd	VERB
ajfa-1478	168	10	in	in	ADP
ajfa-1478	168	11	the	the	DET
ajfa-1478	168	12	indian	indian	ADJ
ajfa-1478	168	13	mutual	mutual	ADJ
ajfa-1478	168	14	funds	fund	NOUN
ajfa-1478	168	15	,	,	PUNCT
ajfa-1478	168	16	consistent	consistent	ADJ
ajfa-1478	168	17	with	with	ADP
ajfa-1478	168	18	findings	finding	NOUN
ajfa-1478	168	19	of	of	ADP
ajfa-1478	168	20	other	other	ADJ
ajfa-1478	168	21	studies	study	NOUN
ajfa-1478	168	22	for	for	ADP
ajfa-1478	168	23	developing	develop	VERB
ajfa-1478	168	24	markets	market	NOUN
ajfa-1478	168	25	.	.	PUNCT
ajfa-1478	169	1	table	table	NOUN
ajfa-1478	169	2	2	2	NUM
ajfa-1478	169	3	.	.	PUNCT
ajfa-1478	169	4	mutual	mutual	ADJ
ajfa-1478	169	5	funds	fund	NOUN
ajfa-1478	169	6	quarter	quarter	NOUN
ajfa-1478	169	7	wise	wise	ADJ
ajfa-1478	169	8	mean	mean	VERB
ajfa-1478	169	9	herding	herding	NOUN
ajfa-1478	169	10	measure	measure	NOUN
ajfa-1478	169	11	from	from	ADP
ajfa-1478	169	12	march09	march09	NOUN
ajfa-1478	169	13	to	to	ADP
ajfa-1478	169	14	june	june	PROPN
ajfa-1478	169	15	2011	2011	NUM
ajfa-1478	169	16	asian	asian	ADJ
ajfa-1478	169	17	journal	journal	NOUN
ajfa-1478	169	18	of	of	ADP
ajfa-1478	169	19	finance	finance	PROPN
ajfa-1478	169	20	&	&	CCONJ
ajfa-1478	169	21	accounting	accounting	PROPN
ajfa-1478	169	22	issn	issn	PROPN
ajfa-1478	169	23	1946	1946	NUM
ajfa-1478	169	24	-	-	PUNCT
ajfa-1478	169	25	052x	052x	NOUN
ajfa-1478	169	26	2012	2012	NUM
ajfa-1478	169	27	,	,	PUNCT
ajfa-1478	169	28	vol	vol	NOUN
ajfa-1478	169	29	.	.	PROPN
ajfa-1478	169	30	4	4	NUM
ajfa-1478	169	31	,	,	PUNCT
ajfa-1478	169	32	no	no	INTJ
ajfa-1478	169	33	.	.	NOUN
ajfa-1478	169	34	1	1	NUM
ajfa-1478	169	35	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	169	36	199	199	NUM
ajfa-1478	169	37	quarters	quarter	NOUN
ajfa-1478	169	38	no	no	PRON
ajfa-1478	169	39	of	of	ADP
ajfa-1478	169	40	stocks	stock	NOUN
ajfa-1478	169	41	traded	trade	VERB
ajfa-1478	169	42	lsv	lsv	PROPN
ajfa-1478	169	43	measure	measure	NOUN
ajfa-1478	169	44	march11	march11	NOUN
ajfa-1478	169	45	-	-	PUNCT
ajfa-1478	169	46	june11	june11	VERB
ajfa-1478	169	47	179	179	NUM
ajfa-1478	169	48	15.56	15.56	NUM
ajfa-1478	169	49	dec10	dec10	PROPN
ajfa-1478	169	50	-	-	PUNCT
ajfa-1478	169	51	march11	march11	NOUN
ajfa-1478	169	52	173	173	NUM
ajfa-1478	169	53	14.42	14.42	NUM
ajfa-1478	169	54	sep10	sep10	NOUN
ajfa-1478	169	55	-	-	PUNCT
ajfa-1478	169	56	dec10	dec10	ADJ
ajfa-1478	169	57	161	161	NUM
ajfa-1478	169	58	9.50	9.50	NUM
ajfa-1478	169	59	june10	june10	NOUN
ajfa-1478	169	60	-	-	PUNCT
ajfa-1478	169	61	sep10	sep10	PROPN
ajfa-1478	169	62	165	165	NUM
ajfa-1478	169	63	10.72	10.72	NUM
ajfa-1478	169	64	mar10	mar10	NOUN
ajfa-1478	169	65	-	-	PUNCT
ajfa-1478	169	66	june10	june10	NOUN
ajfa-1478	169	67	165	165	NUM
ajfa-1478	169	68	12.15	12.15	NUM
ajfa-1478	169	69	dec09march10	dec09march10	NOUN
ajfa-1478	169	70	188	188	NUM
ajfa-1478	169	71	13.76	13.76	NUM
ajfa-1478	169	72	sept09	sept09	ADJ
ajfa-1478	169	73	-	-	PUNCT
ajfa-1478	169	74	dec09	dec09	PROPN
ajfa-1478	169	75	173	173	NUM
ajfa-1478	169	76	12.15	12.15	NUM
ajfa-1478	169	77	june09	june09	PROPN
ajfa-1478	169	78	-	-	PUNCT
ajfa-1478	170	1	sept.09	sept.09	PROPN
ajfa-1478	170	2	139	139	NUM
ajfa-1478	170	3	7.85	7.85	NUM
ajfa-1478	170	4	april09	april09	PROPN
ajfa-1478	170	5	-	-	PUNCT
ajfa-1478	170	6	june09	june09	PROPN
ajfa-1478	170	7	152	152	NUM
ajfa-1478	170	8	25.36	25.36	NUM
ajfa-1478	170	9	above	above	ADP
ajfa-1478	170	10	is	be	AUX
ajfa-1478	170	11	the	the	DET
ajfa-1478	170	12	data	datum	NOUN
ajfa-1478	170	13	for	for	ADP
ajfa-1478	170	14	the	the	DET
ajfa-1478	170	15	herding	herding	NOUN
ajfa-1478	170	16	measure	measure	NOUN
ajfa-1478	170	17	for	for	ADP
ajfa-1478	170	18	each	each	DET
ajfa-1478	170	19	quarter	quarter	NOUN
ajfa-1478	170	20	that	that	PRON
ajfa-1478	170	21	i	i	PRON
ajfa-1478	170	22	have	have	AUX
ajfa-1478	170	23	calculated	calculate	VERB
ajfa-1478	170	24	.	.	PUNCT
ajfa-1478	171	1	we	we	PRON
ajfa-1478	171	2	can	can	AUX
ajfa-1478	171	3	observe	observe	VERB
ajfa-1478	171	4	from	from	ADP
ajfa-1478	171	5	the	the	DET
ajfa-1478	171	6	data	datum	NOUN
ajfa-1478	171	7	there	there	PRON
ajfa-1478	171	8	is	be	VERB
ajfa-1478	171	9	a	a	DET
ajfa-1478	171	10	clear	clear	ADJ
ajfa-1478	171	11	tendency	tendency	NOUN
ajfa-1478	171	12	of	of	ADP
ajfa-1478	171	13	herding	herd	VERB
ajfa-1478	171	14	in	in	ADP
ajfa-1478	171	15	indian	indian	ADJ
ajfa-1478	171	16	mutual	mutual	ADJ
ajfa-1478	171	17	funds	fund	NOUN
ajfa-1478	171	18	.	.	PUNCT
ajfa-1478	172	1	the	the	DET
ajfa-1478	172	2	herding	herding	NOUN
ajfa-1478	172	3	was	be	AUX
ajfa-1478	172	4	highest	high	ADJ
ajfa-1478	172	5	in	in	ADP
ajfa-1478	172	6	the	the	DET
ajfa-1478	172	7	quarter	quarter	NOUN
ajfa-1478	172	8	of	of	ADP
ajfa-1478	172	9	june	june	PROPN
ajfa-1478	172	10	2009	2009	NUM
ajfa-1478	172	11	and	and	CCONJ
ajfa-1478	172	12	then	then	ADV
ajfa-1478	172	13	suddenly	suddenly	ADV
ajfa-1478	172	14	decreased	decrease	VERB
ajfa-1478	172	15	again	again	ADV
ajfa-1478	172	16	coming	come	VERB
ajfa-1478	172	17	to	to	ADP
ajfa-1478	172	18	the	the	DET
ajfa-1478	172	19	value	value	NOUN
ajfa-1478	172	20	of	of	ADP
ajfa-1478	172	21	15	15	NUM
ajfa-1478	172	22	by	by	ADP
ajfa-1478	172	23	the	the	DET
ajfa-1478	172	24	quarter	quarter	NOUN
ajfa-1478	172	25	june2011	june2011	PROPN
ajfa-1478	172	26	.	.	PUNCT
ajfa-1478	173	1	the	the	DET
ajfa-1478	173	2	study	study	NOUN
ajfa-1478	173	3	only	only	ADV
ajfa-1478	173	4	shows	show	VERB
ajfa-1478	173	5	the	the	DET
ajfa-1478	173	6	evidence	evidence	NOUN
ajfa-1478	173	7	of	of	ADP
ajfa-1478	173	8	herding	herding	NOUN
ajfa-1478	173	9	but	but	CCONJ
ajfa-1478	173	10	the	the	DET
ajfa-1478	173	11	reason	reason	NOUN
ajfa-1478	173	12	behind	behind	ADP
ajfa-1478	173	13	the	the	DET
ajfa-1478	173	14	same	same	ADJ
ajfa-1478	173	15	has	have	VERB
ajfa-1478	173	16	yet	yet	ADV
ajfa-1478	173	17	to	to	PART
ajfa-1478	173	18	be	be	AUX
ajfa-1478	173	19	explored	explore	VERB
ajfa-1478	173	20	in	in	ADP
ajfa-1478	173	21	further	further	ADJ
ajfa-1478	173	22	extension	extension	NOUN
ajfa-1478	173	23	of	of	ADP
ajfa-1478	173	24	the	the	DET
ajfa-1478	173	25	study	study	NOUN
ajfa-1478	173	26	.	.	PUNCT
ajfa-1478	174	1	the	the	DET
ajfa-1478	174	2	table	table	NOUN
ajfa-1478	174	3	below	below	ADP
ajfa-1478	174	4	presents	present	VERB
ajfa-1478	174	5	the	the	DET
ajfa-1478	174	6	results	result	NOUN
ajfa-1478	174	7	from	from	ADP
ajfa-1478	174	8	studies	study	NOUN
ajfa-1478	174	9	conducted	conduct	VERB
ajfa-1478	174	10	using	use	VERB
ajfa-1478	174	11	the	the	DET
ajfa-1478	174	12	lsv	lsv	PROPN
ajfa-1478	174	13	measure	measure	NOUN
ajfa-1478	174	14	of	of	ADP
ajfa-1478	174	15	herding	herding	NOUN
ajfa-1478	174	16	.	.	PUNCT
ajfa-1478	175	1	grinblatt	grinblatt	PROPN
ajfa-1478	175	2	,	,	PUNCT
ajfa-1478	175	3	titman	titman	NOUN
ajfa-1478	175	4	and	and	CCONJ
ajfa-1478	175	5	wermers	wermer	NOUN
ajfa-1478	175	6	(	(	PUNCT
ajfa-1478	175	7	1995	1995	NUM
ajfa-1478	175	8	)	)	PUNCT
ajfa-1478	175	9	investigate	investigate	VERB
ajfa-1478	175	10	the	the	DET
ajfa-1478	175	11	behaviour	behaviour	NOUN
ajfa-1478	175	12	of	of	ADP
ajfa-1478	175	13	274	274	NUM
ajfa-1478	175	14	mutual	mutual	ADJ
ajfa-1478	175	15	funds	fund	NOUN
ajfa-1478	175	16	and	and	CCONJ
ajfa-1478	175	17	they	they	PRON
ajfa-1478	175	18	find	find	VERB
ajfa-1478	175	19	only	only	ADV
ajfa-1478	175	20	weak	weak	ADJ
ajfa-1478	175	21	evidence	evidence	NOUN
ajfa-1478	175	22	of	of	ADP
ajfa-1478	175	23	herding	herding	NOUN
ajfa-1478	175	24	.	.	PUNCT
ajfa-1478	176	1	when	when	SCONJ
ajfa-1478	176	2	imposing	impose	VERB
ajfa-1478	176	3	a	a	DET
ajfa-1478	176	4	higher	high	ADJ
ajfa-1478	176	5	number	number	NOUN
ajfa-1478	176	6	of	of	ADP
ajfa-1478	176	7	minimum	minimum	ADJ
ajfa-1478	176	8	funds	fund	NOUN
ajfa-1478	176	9	active	active	ADJ
ajfa-1478	176	10	in	in	ADP
ajfa-1478	176	11	a	a	DET
ajfa-1478	176	12	stock	stock	NOUN
ajfa-1478	176	13	,	,	PUNCT
ajfa-1478	176	14	their	their	PRON
ajfa-1478	176	15	computed	compute	VERB
ajfa-1478	176	16	figures	figure	NOUN
ajfa-1478	176	17	of	of	ADP
ajfa-1478	176	18	herding	herd	VERB
ajfa-1478	176	19	behaviour	behaviour	NOUN
ajfa-1478	176	20	increase	increase	NOUN
ajfa-1478	176	21	and	and	CCONJ
ajfa-1478	176	22	are	be	AUX
ajfa-1478	176	23	highest	high	ADJ
ajfa-1478	176	24	among	among	ADP
ajfa-1478	176	25	growth	growth	NOUN
ajfa-1478	176	26	and	and	CCONJ
ajfa-1478	176	27	income	income	NOUN
ajfa-1478	176	28	funds	fund	NOUN
ajfa-1478	176	29	.	.	PUNCT
ajfa-1478	177	1	the	the	DET
ajfa-1478	177	2	study	study	NOUN
ajfa-1478	177	3	by	by	ADP
ajfa-1478	177	4	wermers	wermer	NOUN
ajfa-1478	177	5	(	(	PUNCT
ajfa-1478	177	6	1999	1999	NUM
ajfa-1478	177	7	)	)	PUNCT
ajfa-1478	177	8	is	be	AUX
ajfa-1478	177	9	the	the	DET
ajfa-1478	177	10	most	most	ADV
ajfa-1478	177	11	extensive	extensive	ADJ
ajfa-1478	177	12	,	,	PUNCT
ajfa-1478	177	13	with	with	ADP
ajfa-1478	177	14	a	a	DET
ajfa-1478	177	15	remarkable	remarkable	ADJ
ajfa-1478	177	16	2	2	NUM
ajfa-1478	177	17	424	424	NUM
ajfa-1478	177	18	different	different	ADJ
ajfa-1478	177	19	funds	fund	NOUN
ajfa-1478	177	20	in	in	ADP
ajfa-1478	177	21	the	the	DET
ajfa-1478	177	22	sample	sample	NOUN
ajfa-1478	177	23	.	.	PUNCT
ajfa-1478	178	1	he	he	PRON
ajfa-1478	178	2	obtains	obtain	VERB
ajfa-1478	178	3	a	a	DET
ajfa-1478	178	4	low	low	ADJ
ajfa-1478	178	5	level	level	NOUN
ajfa-1478	178	6	of	of	ADP
ajfa-1478	178	7	herding	herd	VERB
ajfa-1478	178	8	among	among	ADP
ajfa-1478	178	9	mutual	mutual	ADJ
ajfa-1478	178	10	funds	fund	NOUN
ajfa-1478	178	11	for	for	ADP
ajfa-1478	178	12	the	the	DET
ajfa-1478	178	13	overall	overall	ADJ
ajfa-1478	178	14	sample	sample	NOUN
ajfa-1478	178	15	in	in	ADP
ajfa-1478	178	16	the	the	DET
ajfa-1478	178	17	period	period	NOUN
ajfa-1478	178	18	1975	1975	NUM
ajfa-1478	178	19	to	to	ADP
ajfa-1478	178	20	1994	1994	NUM
ajfa-1478	178	21	.	.	PUNCT
ajfa-1478	179	1	when	when	SCONJ
ajfa-1478	179	2	dividing	divide	VERB
ajfa-1478	179	3	into	into	ADP
ajfa-1478	179	4	subgroups	subgroup	NOUN
ajfa-1478	179	5	formed	form	VERB
ajfa-1478	179	6	by	by	ADP
ajfa-1478	179	7	investment	investment	NOUN
ajfa-1478	179	8	objective	objective	NOUN
ajfa-1478	179	9	he	he	PRON
ajfa-1478	179	10	finds	find	VERB
ajfa-1478	179	11	higher	high	ADJ
ajfa-1478	179	12	herding	herding	NOUN
ajfa-1478	179	13	tendency	tendency	NOUN
ajfa-1478	179	14	among	among	ADP
ajfa-1478	179	15	growth	growth	NOUN
ajfa-1478	179	16	-	-	PUNCT
ajfa-1478	179	17	oriented	orient	VERB
ajfa-1478	179	18	funds	fund	NOUN
ajfa-1478	179	19	.	.	PUNCT
ajfa-1478	180	1	also	also	ADV
ajfa-1478	180	2	,	,	PUNCT
ajfa-1478	180	3	the	the	DET
ajfa-1478	180	4	effect	effect	NOUN
ajfa-1478	180	5	of	of	ADP
ajfa-1478	180	6	herding	herd	VERB
ajfa-1478	180	7	in	in	ADP
ajfa-1478	180	8	small	small	ADJ
ajfa-1478	180	9	and	and	CCONJ
ajfa-1478	180	10	past	past	ADJ
ajfa-1478	180	11	-	-	PUNCT
ajfa-1478	180	12	winner	winner	NOUN
ajfa-1478	180	13	stocks	stock	NOUN
ajfa-1478	180	14	seemed	seem	VERB
ajfa-1478	180	15	to	to	PART
ajfa-1478	180	16	be	be	AUX
ajfa-1478	180	17	more	more	ADV
ajfa-1478	180	18	prominent	prominent	ADJ
ajfa-1478	180	19	.	.	PUNCT
ajfa-1478	181	1	the	the	DET
ajfa-1478	181	2	268	268	NUM
ajfa-1478	181	3	uk	uk	PROPN
ajfa-1478	181	4	mutual	mutual	ADJ
ajfa-1478	181	5	funds	fund	NOUN
ajfa-1478	181	6	investigated	investigate	VERB
ajfa-1478	181	7	by	by	ADP
ajfa-1478	181	8	wylie	wylie	PROPN
ajfa-1478	181	9	(	(	PUNCT
ajfa-1478	181	10	2005	2005	NUM
ajfa-1478	181	11	)	)	PUNCT
ajfa-1478	181	12	showed	show	VERB
ajfa-1478	181	13	a	a	DET
ajfa-1478	181	14	similar	similar	ADJ
ajfa-1478	181	15	tendency	tendency	NOUN
ajfa-1478	181	16	to	to	PART
ajfa-1478	181	17	herd	herd	VERB
ajfa-1478	181	18	as	as	ADP
ajfa-1478	181	19	for	for	ADP
ajfa-1478	181	20	the	the	DET
ajfa-1478	181	21	us	us	PROPN
ajfa-1478	181	22	investors	investor	NOUN
ajfa-1478	181	23	.	.	PUNCT
ajfa-1478	182	1	as	as	SCONJ
ajfa-1478	182	2	noted	note	VERB
ajfa-1478	182	3	above	above	ADV
ajfa-1478	182	4	,	,	PUNCT
ajfa-1478	182	5	the	the	DET
ajfa-1478	182	6	results	result	NOUN
ajfa-1478	182	7	from	from	ADP
ajfa-1478	182	8	less	less	ADJ
ajfa-1478	182	9	developed	developed	ADJ
ajfa-1478	182	10	markets	market	NOUN
ajfa-1478	182	11	,	,	PUNCT
ajfa-1478	182	12	as	as	SCONJ
ajfa-1478	182	13	the	the	DET
ajfa-1478	182	14	portugal	portugal	PROPN
ajfa-1478	182	15	and	and	CCONJ
ajfa-1478	182	16	polish	polish	ADJ
ajfa-1478	182	17	financial	financial	ADJ
ajfa-1478	182	18	markets	market	NOUN
ajfa-1478	182	19	could	could	AUX
ajfa-1478	182	20	be	be	AUX
ajfa-1478	182	21	considered	consider	VERB
ajfa-1478	182	22	to	to	PART
ajfa-1478	182	23	be	be	AUX
ajfa-1478	182	24	,	,	PUNCT
ajfa-1478	182	25	present	present	VERB
ajfa-1478	182	26	a	a	DET
ajfa-1478	182	27	much	much	ADV
ajfa-1478	182	28	higher	high	ADJ
ajfa-1478	182	29	level	level	NOUN
ajfa-1478	182	30	of	of	ADP
ajfa-1478	182	31	herding	herding	NOUN
ajfa-1478	182	32	behaviour	behaviour	NOUN
ajfa-1478	182	33	.	.	PUNCT
ajfa-1478	183	1	the	the	DET
ajfa-1478	183	2	latest	late	ADJ
ajfa-1478	183	3	study	study	NOUN
ajfa-1478	183	4	conducted	conduct	VERB
ajfa-1478	183	5	on	on	ADP
ajfa-1478	183	6	herding	herd	VERB
ajfa-1478	183	7	behaviour	behaviour	NOUN
ajfa-1478	183	8	is	be	AUX
ajfa-1478	183	9	by	by	ADP
ajfa-1478	183	10	walter	walter	PROPN
ajfa-1478	183	11	and	and	CCONJ
ajfa-1478	183	12	weber	weber	PROPN
ajfa-1478	183	13	(	(	PUNCT
ajfa-1478	183	14	2006	2006	NUM
ajfa-1478	183	15	)	)	PUNCT
ajfa-1478	183	16	on	on	ADP
ajfa-1478	183	17	a	a	DET
ajfa-1478	183	18	sample	sample	NOUN
ajfa-1478	183	19	of	of	ADP
ajfa-1478	183	20	60	60	NUM
ajfa-1478	183	21	german	german	ADJ
ajfa-1478	183	22	mutual	mutual	ADJ
ajfa-1478	183	23	funds	fund	NOUN
ajfa-1478	183	24	.	.	PUNCT
ajfa-1478	184	1	their	their	PRON
ajfa-1478	184	2	figures	figure	NOUN
ajfa-1478	184	3	of	of	ADP
ajfa-1478	184	4	herding	herding	NOUN
ajfa-1478	184	5	are	be	AUX
ajfa-1478	184	6	close	close	ADJ
ajfa-1478	184	7	to	to	ADP
ajfa-1478	184	8	those	those	PRON
ajfa-1478	184	9	from	from	ADP
ajfa-1478	184	10	the	the	DET
ajfa-1478	184	11	mature	mature	ADJ
ajfa-1478	184	12	markets	market	NOUN
ajfa-1478	184	13	.	.	PUNCT
ajfa-1478	185	1	table	table	NOUN
ajfa-1478	185	2	3	3	NUM
ajfa-1478	185	3	.	.	PUNCT
ajfa-1478	186	1	summary	summary	NOUN
ajfa-1478	186	2	of	of	ADP
ajfa-1478	186	3	results	result	NOUN
ajfa-1478	186	4	of	of	ADP
ajfa-1478	186	5	the	the	DET
ajfa-1478	186	6	lsv	lsv	PROPN
ajfa-1478	186	7	measure	measure	NOUN
ajfa-1478	186	8	of	of	ADP
ajfa-1478	186	9	herding	herd	VERB
ajfa-1478	186	10	in	in	ADP
ajfa-1478	186	11	previous	previous	ADJ
ajfa-1478	186	12	studies	study	NOUN
ajfa-1478	186	13	study	study	NOUN
ajfa-1478	186	14	market	market	NOUN
ajfa-1478	186	15	period	period	NOUN
ajfa-1478	186	16	fund	fund	NOUN
ajfa-1478	186	17	counts	count	VERB
ajfa-1478	186	18	no	no	INTJ
ajfa-1478	186	19	.	.	PUNCT
ajfa-1478	187	1	of	of	ADP
ajfa-1478	187	2	funds	fund	NOUN
ajfa-1478	187	3	trading	trading	NOUN
ajfa-1478	187	4	fund	fund	NOUN
ajfa-1478	187	5	counts	count	VERB
ajfa-1478	187	6	≥1	≥1	X
ajfa-1478	187	7	lakonishok	lakonishok	VERB
ajfa-1478	187	8	et	et	PROPN
ajfa-1478	187	9	al	al	PROPN
ajfa-1478	187	10	(	(	PUNCT
ajfa-1478	187	11	1992	1992	NUM
ajfa-1478	187	12	)	)	PUNCT
ajfa-1478	187	13	usa	usa	PROPN
ajfa-1478	187	14	85	85	NUM
ajfa-1478	187	15	-	-	SYM
ajfa-1478	187	16	89	89	NUM
ajfa-1478	187	17	769	769	NUM
ajfa-1478	187	18	2.7	2.7	NUM
ajfa-1478	187	19	grinblatt	grinblatt	NOUN
ajfa-1478	187	20	et	et	PROPN
ajfa-1478	187	21	al.(1995	al.(1995	PROPN
ajfa-1478	187	22	)	)	PUNCT
ajfa-1478	187	23	usa	usa	PROPN
ajfa-1478	187	24	74	74	NUM
ajfa-1478	187	25	-	-	SYM
ajfa-1478	187	26	84	84	NUM
ajfa-1478	187	27	274	274	NUM
ajfa-1478	187	28	2.5	2.5	NUM
ajfa-1478	187	29	asian	asian	ADJ
ajfa-1478	187	30	journal	journal	NOUN
ajfa-1478	187	31	of	of	ADP
ajfa-1478	187	32	finance	finance	PROPN
ajfa-1478	187	33	&	&	CCONJ
ajfa-1478	187	34	accounting	accounting	PROPN
ajfa-1478	187	35	issn	issn	PROPN
ajfa-1478	187	36	1946	1946	NUM
ajfa-1478	187	37	-	-	PUNCT
ajfa-1478	187	38	052x	052x	NOUN
ajfa-1478	187	39	2012	2012	NUM
ajfa-1478	187	40	,	,	PUNCT
ajfa-1478	187	41	vol	vol	NOUN
ajfa-1478	187	42	.	.	PROPN
ajfa-1478	188	1	4	4	NUM
ajfa-1478	188	2	,	,	PUNCT
ajfa-1478	188	3	no	no	INTJ
ajfa-1478	188	4	.	.	NOUN
ajfa-1478	188	5	1	1	NUM
ajfa-1478	188	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	188	7	200	200	NUM
ajfa-1478	188	8	loboa	loboa	NOUN
ajfa-1478	188	9	and	and	CCONJ
ajfa-1478	188	10	serra	serra	PROPN
ajfa-1478	188	11	(	(	PUNCT
ajfa-1478	188	12	l998	l998	PROPN
ajfa-1478	188	13	)	)	PUNCT
ajfa-1478	188	14	portugal	portugal	PROPN
ajfa-1478	188	15	98	98	NUM
ajfa-1478	188	16	-	-	SYM
ajfa-1478	188	17	00	00	NUM
ajfa-1478	188	18	32	32	NUM
ajfa-1478	188	19	11.38	11.38	NUM
ajfa-1478	188	20	voronkova	voronkova	X
ajfa-1478	188	21	and	and	CCONJ
ajfa-1478	188	22	bohl	bohl	NOUN
ajfa-1478	188	23	(	(	PUNCT
ajfa-1478	188	24	2005	2005	NUM
ajfa-1478	188	25	)	)	PUNCT
ajfa-1478	188	26	poland	poland	PROPN
ajfa-1478	188	27	99	99	NUM
ajfa-1478	188	28	-	-	SYM
ajfa-1478	188	29	02	02	NUM
ajfa-1478	188	30	17	17	NUM
ajfa-1478	188	31	14.6	14.6	NUM
ajfa-1478	188	32	walter	walter	NOUN
ajfa-1478	188	33	and	and	CCONJ
ajfa-1478	188	34	weber	weber	PROPN
ajfa-1478	188	35	(	(	PUNCT
ajfa-1478	188	36	2006	2006	NUM
ajfa-1478	188	37	)	)	PUNCT
ajfa-1478	188	38	germany	germany	PROPN
ajfa-1478	188	39	98	98	NUM
ajfa-1478	188	40	-	-	SYM
ajfa-1478	188	41	02	02	NUM
ajfa-1478	188	42	60	60	NUM
ajfa-1478	188	43	2.67	2.67	NUM
ajfa-1478	188	44	present	present	ADJ
ajfa-1478	188	45	study	study	NOUN
ajfa-1478	188	46	india	india	PROPN
ajfa-1478	188	47	2009	2009	NUM
ajfa-1478	188	48	-	-	SYM
ajfa-1478	188	49	11	11	NUM
ajfa-1478	188	50	30	30	NUM
ajfa-1478	188	51	13.49	13.49	NUM
ajfa-1478	188	52	notes	note	NOUN
ajfa-1478	188	53	the	the	DET
ajfa-1478	188	54	column	column	NOUN
ajfa-1478	188	55	fund	fund	NOUN
ajfa-1478	188	56	counts	count	VERB
ajfa-1478	188	57	displays	display	VERB
ajfa-1478	188	58	the	the	DET
ajfa-1478	188	59	number	number	NOUN
ajfa-1478	188	60	of	of	ADP
ajfa-1478	188	61	distinctive	distinctive	ADJ
ajfa-1478	188	62	funds	fund	NOUN
ajfa-1478	188	63	used	use	VERB
ajfa-1478	188	64	in	in	ADP
ajfa-1478	188	65	the	the	DET
ajfa-1478	188	66	different	different	ADJ
ajfa-1478	188	67	studies	study	NOUN
ajfa-1478	188	68	.	.	PUNCT
ajfa-1478	189	1	the	the	DET
ajfa-1478	189	2	number	number	NOUN
ajfa-1478	189	3	of	of	ADP
ajfa-1478	189	4	funds	fund	NOUN
ajfa-1478	189	5	trading	trading	NOUN
ajfa-1478	189	6	indicates	indicate	VERB
ajfa-1478	189	7	the	the	DET
ajfa-1478	189	8	minimum	minimum	ADJ
ajfa-1478	189	9	number	number	NOUN
ajfa-1478	189	10	of	of	ADP
ajfa-1478	189	11	active	active	ADJ
ajfa-1478	189	12	funds	fund	NOUN
ajfa-1478	189	13	within	within	ADP
ajfa-1478	189	14	a	a	DET
ajfa-1478	189	15	stock	stock	NOUN
ajfa-1478	189	16	quarter	quarter	NOUN
ajfa-1478	189	17	to	to	PART
ajfa-1478	189	18	be	be	AUX
ajfa-1478	189	19	included	include	VERB
ajfa-1478	189	20	in	in	ADP
ajfa-1478	189	21	the	the	DET
ajfa-1478	189	22	computed	computed	ADJ
ajfa-1478	189	23	average	average	ADJ
ajfa-1478	189	24	herding	herding	NOUN
ajfa-1478	189	25	value	value	NOUN
ajfa-1478	189	26	=	=	NOUN
ajfa-1478	189	27	=	=	SYM
ajfa-1478	189	28	=	=	SYM
ajfa-1478	189	29	=	=	SYM
ajfa-1478	189	30	=	=	SYM
ajfa-1478	189	31	=	=	SYM
ajfa-1478	189	32	=	=	SYM
ajfa-1478	189	33	=	=	SYM
ajfa-1478	189	34	=	=	SYM
ajfa-1478	189	35	=	=	SYM
ajfa-1478	189	36	=	=	SYM
ajfa-1478	189	37	=	=	SYM
ajfa-1478	189	38	=	=	SYM
ajfa-1478	189	39	=	=	SYM
ajfa-1478	189	40	=	=	SYM
ajfa-1478	189	41	=	=	SYM
ajfa-1478	189	42	=	=	SYM
ajfa-1478	189	43	=	=	SYM
ajfa-1478	189	44	=	=	SYM
ajfa-1478	189	45	=	=	SYM
ajfa-1478	189	46	=	=	SYM
ajfa-1478	189	47	=	=	SYM
ajfa-1478	189	48	=	=	SYM
ajfa-1478	189	49	=	=	SYM
ajfa-1478	189	50	=	=	SYM
ajfa-1478	189	51	=	=	SYM
ajfa-1478	189	52	=	=	SYM
ajfa-1478	189	53	=	=	SYM
ajfa-1478	189	54	=	=	SYM
ajfa-1478	189	55	=	=	SYM
ajfa-1478	189	56	=	=	SYM
ajfa-1478	189	57	=	=	SYM
ajfa-1478	189	58	=	=	SYM
ajfa-1478	189	59	=	=	SYM
ajfa-1478	189	60	=	=	SYM
ajfa-1478	189	61	=	=	SYM
ajfa-1478	189	62	=	=	SYM
ajfa-1478	189	63	=	=	SYM
ajfa-1478	189	64	=	=	SYM
ajfa-1478	189	65	=	=	SYM
ajfa-1478	189	66	=	=	SYM
ajfa-1478	189	67	=	=	SYM
ajfa-1478	189	68	=	=	SYM
ajfa-1478	189	69	=	=	SYM
ajfa-1478	189	70	=	=	SYM
ajfa-1478	189	71	=	=	SYM
ajfa-1478	189	72	=	=	SYM
ajfa-1478	189	73	=	=	SYM
ajfa-1478	189	74	=	=	SYM
ajfa-1478	189	75	=	=	SYM
ajfa-1478	189	76	=	=	SYM
ajfa-1478	189	77	=	=	SYM
ajfa-1478	189	78	=	=	SYM
ajfa-1478	189	79	=	=	SYM
ajfa-1478	189	80	=	=	SYM
ajfa-1478	189	81	=	=	SYM
ajfa-1478	189	82	=	=	SYM
ajfa-1478	189	83	=	=	SYM
ajfa-1478	189	84	=	=	SYM
ajfa-1478	189	85	=	=	SYM
ajfa-1478	189	86	=	=	SYM
ajfa-1478	189	87	=	=	SYM
ajfa-1478	189	88	=	=	SYM
ajfa-1478	189	89	=	=	SYM
ajfa-1478	189	90	=	=	SYM
ajfa-1478	189	91	=	=	SYM
ajfa-1478	189	92	=	=	SYM
ajfa-1478	189	93	=	=	NOUN
ajfa-1478	189	94	=	=	NOUN
ajfa-1478	189	95	when	when	SCONJ
ajfa-1478	189	96	a	a	DET
ajfa-1478	189	97	graph	graph	NOUN
ajfa-1478	189	98	is	be	AUX
ajfa-1478	189	99	plotted	plot	VERB
ajfa-1478	189	100	using	use	VERB
ajfa-1478	189	101	the	the	DET
ajfa-1478	189	102	lsv	lsv	NOUN
ajfa-1478	189	103	measure	measure	NOUN
ajfa-1478	189	104	that	that	PRON
ajfa-1478	189	105	was	be	AUX
ajfa-1478	189	106	calculated	calculate	VERB
ajfa-1478	189	107	with	with	ADP
ajfa-1478	189	108	from	from	ADP
ajfa-1478	189	109	various	various	ADJ
ajfa-1478	189	110	quarters	quarter	NOUN
ajfa-1478	189	111	trend	trend	NOUN
ajfa-1478	189	112	of	of	ADP
ajfa-1478	189	113	herding	herding	NOUN
ajfa-1478	189	114	can	can	AUX
ajfa-1478	189	115	be	be	AUX
ajfa-1478	189	116	observed	observe	VERB
ajfa-1478	189	117	.	.	PUNCT
ajfa-1478	190	1	it	it	PRON
ajfa-1478	190	2	was	be	AUX
ajfa-1478	190	3	much	much	ADV
ajfa-1478	190	4	higher	high	ADJ
ajfa-1478	190	5	in	in	ADP
ajfa-1478	190	6	the	the	DET
ajfa-1478	190	7	year	year	NOUN
ajfa-1478	190	8	2009	2009	NUM
ajfa-1478	190	9	and	and	CCONJ
ajfa-1478	190	10	then	then	ADV
ajfa-1478	190	11	decreased	decrease	VERB
ajfa-1478	190	12	and	and	CCONJ
ajfa-1478	190	13	slightly	slightly	ADV
ajfa-1478	190	14	increased	increase	VERB
ajfa-1478	190	15	thereafter	thereafter	ADV
ajfa-1478	190	16	.	.	PUNCT
ajfa-1478	191	1	but	but	CCONJ
ajfa-1478	191	2	there	there	PRON
ajfa-1478	191	3	is	be	VERB
ajfa-1478	191	4	a	a	DET
ajfa-1478	191	5	positive	positive	ADJ
ajfa-1478	191	6	sign	sign	NOUN
ajfa-1478	191	7	of	of	ADP
ajfa-1478	191	8	existence	existence	NOUN
ajfa-1478	191	9	of	of	ADP
ajfa-1478	191	10	herding	herd	VERB
ajfa-1478	191	11	during	during	ADP
ajfa-1478	191	12	all	all	DET
ajfa-1478	191	13	the	the	DET
ajfa-1478	191	14	quarters	quarter	NOUN
ajfa-1478	191	15	of	of	ADP
ajfa-1478	191	16	the	the	DET
ajfa-1478	191	17	sample	sample	NOUN
ajfa-1478	191	18	period	period	NOUN
ajfa-1478	191	19	.	.	PUNCT
ajfa-1478	192	1	lsv	lsv	PROPN
ajfa-1478	192	2	measure	measure	NOUN
ajfa-1478	192	3	0	0	NUM
ajfa-1478	192	4	5	5	NUM
ajfa-1478	192	5	10	10	NUM
ajfa-1478	192	6	15	15	NUM
ajfa-1478	192	7	20	20	NUM
ajfa-1478	192	8	25	25	NUM
ajfa-1478	192	9	30	30	NUM
ajfa-1478	192	10	m	m	NOUN
ajfa-1478	192	11	arc	arc	NOUN
ajfa-1478	192	12	h1	h1	PROPN
ajfa-1478	192	13	1ju	1ju	PROPN
ajfa-1478	192	14	ne	ne	ADP
ajfa-1478	192	15	11	11	NUM
ajfa-1478	192	16	dec	dec	PROPN
ajfa-1478	192	17	10	10	NUM
ajfa-1478	192	18	-m	-m	NUM
ajfa-1478	192	19	arc	arc	NOUN
ajfa-1478	192	20	h1	h1	NOUN
ajfa-1478	192	21	1	1	NUM
ajfa-1478	192	22	sep	sep	PROPN
ajfa-1478	192	23	10	10	NUM
ajfa-1478	192	24	-d	-d	SYM
ajfa-1478	192	25	ec	ec	PROPN
ajfa-1478	192	26	10	10	NUM
ajfa-1478	192	27	ju	ju	PROPN
ajfa-1478	192	28	ne	ne	PROPN
ajfa-1478	192	29	10	10	NUM
ajfa-1478	192	30	-s	-s	PROPN
ajfa-1478	192	31	ep	ep	PROPN
ajfa-1478	192	32	10	10	NUM
ajfa-1478	192	33	m	m	NOUN
ajfa-1478	192	34	ar1	ar1	PROPN
ajfa-1478	192	35	0ju	0ju	PROPN
ajfa-1478	192	36	ne	ne	PROPN
ajfa-1478	192	37	10	10	NUM
ajfa-1478	192	38	dec	dec	PROPN
ajfa-1478	192	39	09	09	NUM
ajfa-1478	192	40	m	m	PROPN
ajfa-1478	192	41	arc	arc	NOUN
ajfa-1478	192	42	h1	h1	NOUN
ajfa-1478	192	43	0	0	PROPN
ajfa-1478	193	1	sep	sep	PROPN
ajfa-1478	193	2	t09	t09	PROPN
ajfa-1478	193	3	-d	-d	PRON
ajfa-1478	193	4	ec	ec	PROPN
ajfa-1478	193	5	09	09	NUM
ajfa-1478	193	6	ju	ju	PROPN
ajfa-1478	193	7	ne	ne	PROPN
ajfa-1478	193	8	09	09	NUM
ajfa-1478	193	9	-s	-s	INTJ
ajfa-1478	193	10	ep	ep	NOUN
ajfa-1478	193	11	t.0	t.0	PROPN
ajfa-1478	193	12	9	9	NUM
ajfa-1478	193	13	apr	apr	NOUN
ajfa-1478	193	14	il0	il0	NOUN
ajfa-1478	193	15	9ju	9ju	PROPN
ajfa-1478	193	16	ne	ne	PROPN
ajfa-1478	193	17	09	09	NUM
ajfa-1478	193	18	lsv	lsv	PROPN
ajfa-1478	193	19	measure	measure	NOUN
ajfa-1478	193	20	lsv	lsv	PROPN
ajfa-1478	193	21	values	value	VERB
ajfa-1478	193	22	inpercent	inpercent	NOUN
ajfa-1478	193	23	graph1	graph1	NOUN
ajfa-1478	193	24	.	.	PUNCT
ajfa-1478	194	1	the	the	DET
ajfa-1478	194	2	trend	trend	NOUN
ajfa-1478	194	3	of	of	ADP
ajfa-1478	194	4	herding	herd	VERB
ajfa-1478	194	5	measure	measure	NOUN
ajfa-1478	194	6	over	over	ADP
ajfa-1478	194	7	the	the	DET
ajfa-1478	194	8	quarters	quarter	NOUN
ajfa-1478	194	9	table	table	NOUN
ajfa-1478	194	10	4	4	NUM
ajfa-1478	194	11	.	.	PUNCT
ajfa-1478	194	12	buy	buy	VERB
ajfa-1478	194	13	side	side	NOUN
ajfa-1478	194	14	and	and	CCONJ
ajfa-1478	194	15	sell	sell	VERB
ajfa-1478	194	16	side	side	NOUN
ajfa-1478	194	17	level	level	NOUN
ajfa-1478	194	18	of	of	ADP
ajfa-1478	194	19	herding	herd	VERB
ajfa-1478	194	20	asian	asian	ADJ
ajfa-1478	194	21	journal	journal	PROPN
ajfa-1478	194	22	of	of	ADP
ajfa-1478	194	23	finance	finance	PROPN
ajfa-1478	194	24	&	&	CCONJ
ajfa-1478	194	25	accounting	accounting	PROPN
ajfa-1478	194	26	issn	issn	PROPN
ajfa-1478	194	27	1946	1946	NUM
ajfa-1478	194	28	-	-	PUNCT
ajfa-1478	194	29	052x	052x	NOUN
ajfa-1478	194	30	2012	2012	NUM
ajfa-1478	194	31	,	,	PUNCT
ajfa-1478	194	32	vol	vol	NOUN
ajfa-1478	194	33	.	.	PROPN
ajfa-1478	195	1	4	4	NUM
ajfa-1478	195	2	,	,	PUNCT
ajfa-1478	195	3	no	no	INTJ
ajfa-1478	195	4	.	.	NOUN
ajfa-1478	195	5	1	1	NUM
ajfa-1478	195	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	195	7	201	201	NUM
ajfa-1478	195	8	mean	mean	ADJ
ajfa-1478	195	9	buyand	buyand	NOUN
ajfa-1478	195	10	sell	sell	NOUN
ajfa-1478	195	11	-	-	PUNCT
ajfa-1478	195	12	herding	herd	VERB
ajfa-1478	195	13	levels	level	NOUN
ajfa-1478	195	14	[	[	X
ajfa-1478	195	15	bhm	bhm	NOUN
ajfa-1478	195	16	and	and	CCONJ
ajfa-1478	195	17	shm	shm	NOUN
ajfa-1478	195	18	in	in	ADP
ajfa-1478	195	19	percent	percent	NOUN
ajfa-1478	195	20	]	]	PUNCT
ajfa-1478	195	21	for	for	ADP
ajfa-1478	195	22	number	number	NOUN
ajfa-1478	195	23	of	of	ADP
ajfa-1478	195	24	funds	fund	NOUN
ajfa-1478	195	25	trading	trade	VERB
ajfa-1478	195	26	in	in	ADP
ajfa-1478	195	27	the	the	DET
ajfa-1478	195	28	quarter	quarter	NOUN
ajfa-1478	195	29	>	>	SYM
ajfa-1478	195	30	1	1	NUM
ajfa-1478	195	31	a.	a.	NOUN
ajfa-1478	195	32	mean	mean	NOUN
ajfa-1478	195	33	buy	buy	NOUN
ajfa-1478	195	34	-	-	PUNCT
ajfa-1478	195	35	side	side	NOUN
ajfa-1478	195	36	herding	herding	NOUN
ajfa-1478	195	37	results	result	NOUN
ajfa-1478	195	38	bhm	bhm	NOUN
ajfa-1478	195	39	for	for	ADP
ajfa-1478	195	40	all	all	DET
ajfa-1478	195	41	funds	fund	NOUN
ajfa-1478	195	42	in	in	ADP
ajfa-1478	195	43	database	database	NOUN
ajfa-1478	195	44	11.25	11.25	NUM
ajfa-1478	195	45	b.	b.	NOUN
ajfa-1478	195	46	mean	mean	VERB
ajfa-1478	195	47	sell	sell	NOUN
ajfa-1478	195	48	-	-	PUNCT
ajfa-1478	195	49	side	side	NOUN
ajfa-1478	195	50	herding	herding	NOUN
ajfa-1478	195	51	results	result	NOUN
ajfa-1478	195	52	shm	shm	NOUN
ajfa-1478	195	53	for	for	ADP
ajfa-1478	195	54	all	all	DET
ajfa-1478	195	55	funds	fund	NOUN
ajfa-1478	195	56	in	in	ADP
ajfa-1478	195	57	database	database	NOUN
ajfa-1478	195	58	8.23	8.23	NUM
ajfa-1478	195	59	the	the	DET
ajfa-1478	195	60	mean	mean	ADJ
ajfa-1478	195	61	herding	herding	NOUN
ajfa-1478	195	62	levels	level	NOUN
ajfa-1478	195	63	,	,	PUNCT
ajfa-1478	195	64	conditioned	condition	VERB
ajfa-1478	195	65	on	on	ADP
ajfa-1478	195	66	if	if	SCONJ
ajfa-1478	195	67	the	the	DET
ajfa-1478	195	68	proportion	proportion	NOUN
ajfa-1478	195	69	of	of	ADP
ajfa-1478	195	70	buyers	buyer	NOUN
ajfa-1478	195	71	is	be	AUX
ajfa-1478	195	72	higher	high	ADJ
ajfa-1478	195	73	or	or	CCONJ
ajfa-1478	195	74	lower	low	ADJ
ajfa-1478	195	75	than	than	ADP
ajfa-1478	195	76	the	the	DET
ajfa-1478	195	77	average	average	NOUN
ajfa-1478	195	78	within	within	ADP
ajfa-1478	195	79	a	a	DET
ajfa-1478	195	80	quarter	quarter	NOUN
ajfa-1478	195	81	,	,	PUNCT
ajfa-1478	195	82	are	be	AUX
ajfa-1478	195	83	reported	report	VERB
ajfa-1478	195	84	in	in	ADP
ajfa-1478	195	85	table	table	NOUN
ajfa-1478	195	86	4	4	NUM
ajfa-1478	195	87	above	above	ADV
ajfa-1478	195	88	.	.	PUNCT
ajfa-1478	196	1	buy	buy	VERB
ajfa-1478	196	2	-	-	PUNCT
ajfa-1478	196	3	side	side	NOUN
ajfa-1478	196	4	herding	herding	NOUN
ajfa-1478	196	5	seems	seem	VERB
ajfa-1478	196	6	to	to	PART
ajfa-1478	196	7	be	be	AUX
ajfa-1478	196	8	more	more	ADV
ajfa-1478	196	9	prominent	prominent	ADJ
ajfa-1478	196	10	than	than	ADP
ajfa-1478	196	11	the	the	DET
ajfa-1478	196	12	sell	sell	NOUN
ajfa-1478	196	13	-	-	PUNCT
ajfa-1478	196	14	side	side	NOUN
ajfa-1478	196	15	herding	herding	NOUN
ajfa-1478	196	16	for	for	ADP
ajfa-1478	196	17	our	our	PRON
ajfa-1478	196	18	sample	sample	NOUN
ajfa-1478	196	19	of	of	ADP
ajfa-1478	196	20	funds	fund	NOUN
ajfa-1478	196	21	.	.	PUNCT
ajfa-1478	197	1	we	we	PRON
ajfa-1478	197	2	can	can	AUX
ajfa-1478	197	3	conclude	conclude	VERB
ajfa-1478	197	4	that	that	SCONJ
ajfa-1478	197	5	the	the	DET
ajfa-1478	197	6	indian	indian	PROPN
ajfa-1478	197	7	equity	equity	NOUN
ajfa-1478	197	8	mutual	mutual	ADJ
ajfa-1478	197	9	funds	fund	NOUN
ajfa-1478	197	10	tend	tend	VERB
ajfa-1478	197	11	to	to	PART
ajfa-1478	197	12	herd	herd	VERB
ajfa-1478	197	13	more	more	ADV
ajfa-1478	197	14	often	often	ADV
ajfa-1478	197	15	when	when	SCONJ
ajfa-1478	197	16	purchasing	purchase	VERB
ajfa-1478	197	17	a	a	DET
ajfa-1478	197	18	stock	stock	NOUN
ajfa-1478	197	19	.	.	PUNCT
ajfa-1478	198	1	this	this	PRON
ajfa-1478	198	2	is	be	AUX
ajfa-1478	198	3	similar	similar	ADJ
ajfa-1478	198	4	to	to	ADP
ajfa-1478	198	5	the	the	DET
ajfa-1478	198	6	results	result	NOUN
ajfa-1478	198	7	from	from	ADP
ajfa-1478	198	8	some	some	DET
ajfa-1478	198	9	previous	previous	ADJ
ajfa-1478	198	10	studies	study	NOUN
ajfa-1478	198	11	,	,	PUNCT
ajfa-1478	198	12	e.g.	e.g.	ADV
ajfa-1478	198	13	wylie	wylie	PROPN
ajfa-1478	198	14	(	(	PUNCT
ajfa-1478	198	15	2005	2005	NUM
ajfa-1478	198	16	)	)	PUNCT
ajfa-1478	198	17	,	,	PUNCT
ajfa-1478	198	18	but	but	CCONJ
ajfa-1478	198	19	other	other	ADJ
ajfa-1478	198	20	researchers	researcher	NOUN
ajfa-1478	198	21	have	have	AUX
ajfa-1478	198	22	also	also	ADV
ajfa-1478	198	23	reported	report	VERB
ajfa-1478	198	24	the	the	DET
ajfa-1478	198	25	opposite	opposite	ADJ
ajfa-1478	198	26	conclusion	conclusion	NOUN
ajfa-1478	198	27	,	,	PUNCT
ajfa-1478	198	28	e.g.	e.g.	ADV
ajfa-1478	198	29	wermers	wermer	NOUN
ajfa-1478	198	30	(	(	PUNCT
ajfa-1478	198	31	1999	1999	NUM
ajfa-1478	198	32	)	)	PUNCT
ajfa-1478	198	33	.	.	PUNCT
ajfa-1478	199	1	table	table	NOUN
ajfa-1478	199	2	5	5	NUM
ajfa-1478	199	3	.	.	PUNCT
ajfa-1478	200	1	mean	mean	VERB
ajfa-1478	200	2	herding	herding	NOUN
ajfa-1478	200	3	levels	level	NOUN
ajfa-1478	200	4	by	by	ADP
ajfa-1478	200	5	stock	stock	NOUN
ajfa-1478	200	6	size	size	NOUN
ajfa-1478	200	7	the	the	DET
ajfa-1478	200	8	paper	paper	NOUN
ajfa-1478	200	9	classifies	classify	VERB
ajfa-1478	200	10	the	the	DET
ajfa-1478	200	11	traded	trade	VERB
ajfa-1478	200	12	stocks	stock	NOUN
ajfa-1478	200	13	in	in	ADP
ajfa-1478	200	14	sub	sub	NOUN
ajfa-1478	200	15	-	-	NOUN
ajfa-1478	200	16	groups	group	NOUN
ajfa-1478	200	17	in	in	ADP
ajfa-1478	200	18	terms	term	NOUN
ajfa-1478	200	19	of	of	ADP
ajfa-1478	200	20	market	market	NOUN
ajfa-1478	200	21	capitalization	capitalization	NOUN
ajfa-1478	200	22	of	of	ADP
ajfa-1478	200	23	the	the	DET
ajfa-1478	200	24	stocks	stock	NOUN
ajfa-1478	200	25	.	.	PUNCT
ajfa-1478	201	1	the	the	DET
ajfa-1478	201	2	stocks	stock	NOUN
ajfa-1478	201	3	have	have	AUX
ajfa-1478	201	4	been	be	AUX
ajfa-1478	201	5	divided	divide	VERB
ajfa-1478	201	6	by	by	ADP
ajfa-1478	201	7	ranking	rank	VERB
ajfa-1478	201	8	the	the	DET
ajfa-1478	201	9	stocks	stock	NOUN
ajfa-1478	201	10	on	on	ADP
ajfa-1478	201	11	their	their	PRON
ajfa-1478	201	12	market	market	NOUN
ajfa-1478	201	13	value	value	NOUN
ajfa-1478	201	14	at	at	ADP
ajfa-1478	201	15	the	the	DET
ajfa-1478	201	16	beginning	beginning	NOUN
ajfa-1478	201	17	of	of	ADP
ajfa-1478	201	18	each	each	DET
ajfa-1478	201	19	quarter	quarter	NOUN
ajfa-1478	201	20	.	.	PUNCT
ajfa-1478	202	1	three	three	NUM
ajfa-1478	202	2	groups	group	NOUN
ajfa-1478	202	3	of	of	ADP
ajfa-1478	202	4	stocks	stock	NOUN
ajfa-1478	202	5	have	have	AUX
ajfa-1478	202	6	been	be	AUX
ajfa-1478	202	7	computed	compute	VERB
ajfa-1478	202	8	,	,	PUNCT
ajfa-1478	202	9	so	so	ADV
ajfa-1478	202	10	called	call	VERB
ajfa-1478	202	11	small	small	ADJ
ajfa-1478	202	12	cap	cap	NOUN
ajfa-1478	202	13	,	,	PUNCT
ajfa-1478	202	14	mid	mid	ADJ
ajfa-1478	202	15	cap	cap	NOUN
ajfa-1478	202	16	,	,	PUNCT
ajfa-1478	202	17	and	and	CCONJ
ajfa-1478	202	18	large	large	ADJ
ajfa-1478	202	19	cap	cap	NOUN
ajfa-1478	202	20	.	.	PUNCT
ajfa-1478	203	1	the	the	DET
ajfa-1478	203	2	indian	indian	ADJ
ajfa-1478	203	3	mutual	mutual	ADJ
ajfa-1478	203	4	funds	fund	NOUN
ajfa-1478	203	5	seem	seem	VERB
ajfa-1478	203	6	to	to	PART
ajfa-1478	203	7	herd	herd	VERB
ajfa-1478	203	8	more	more	ADV
ajfa-1478	203	9	in	in	ADP
ajfa-1478	203	10	large	large	ADJ
ajfa-1478	203	11	stocks	stock	NOUN
ajfa-1478	203	12	compared	compare	VERB
ajfa-1478	203	13	to	to	ADP
ajfa-1478	203	14	smaller	small	ADJ
ajfa-1478	203	15	stocks	stock	NOUN
ajfa-1478	203	16	,	,	PUNCT
ajfa-1478	203	17	with	with	ADP
ajfa-1478	203	18	an	an	DET
ajfa-1478	203	19	average	average	ADJ
ajfa-1478	203	20	level	level	NOUN
ajfa-1478	203	21	of	of	ADP
ajfa-1478	203	22	hm	hm	INTJ
ajfa-1478	203	23	in	in	ADP
ajfa-1478	203	24	large	large	ADJ
ajfa-1478	203	25	capitalized	capitalize	VERB
ajfa-1478	203	26	stocks	stock	NOUN
ajfa-1478	203	27	of	of	ADP
ajfa-1478	203	28	7.68	7.68	NUM
ajfa-1478	203	29	percent	percent	NOUN
ajfa-1478	203	30	.	.	PUNCT
ajfa-1478	204	1	in	in	ADP
ajfa-1478	204	2	small	small	ADJ
ajfa-1478	204	3	stocks	stock	NOUN
ajfa-1478	204	4	the	the	DET
ajfa-1478	204	5	funds	fund	NOUN
ajfa-1478	204	6	herd	herd	NOUN
ajfa-1478	204	7	in	in	ADP
ajfa-1478	204	8	a	a	DET
ajfa-1478	204	9	level	level	NOUN
ajfa-1478	204	10	of	of	ADP
ajfa-1478	204	11	5.75	5.75	NUM
ajfa-1478	204	12	percent	percent	NOUN
ajfa-1478	204	13	and	and	CCONJ
ajfa-1478	204	14	the	the	DET
ajfa-1478	204	15	difference	difference	NOUN
ajfa-1478	204	16	to	to	ADP
ajfa-1478	204	17	large	large	ADJ
ajfa-1478	204	18	stocks	stock	NOUN
ajfa-1478	204	19	is	be	AUX
ajfa-1478	204	20	1.93	1.93	NUM
ajfa-1478	204	21	percent	percent	NOUN
ajfa-1478	204	22	less	less	ADJ
ajfa-1478	204	23	.	.	PUNCT
ajfa-1478	205	1	the	the	DET
ajfa-1478	205	2	probability	probability	NOUN
ajfa-1478	205	3	of	of	ADP
ajfa-1478	205	4	the	the	DET
ajfa-1478	205	5	two	two	NUM
ajfa-1478	205	6	means	mean	NOUN
ajfa-1478	205	7	to	to	PART
ajfa-1478	205	8	be	be	AUX
ajfa-1478	205	9	the	the	DET
ajfa-1478	205	10	same	same	ADJ
ajfa-1478	205	11	is	be	AUX
ajfa-1478	205	12	0.0425	0.0425	NUM
ajfa-1478	205	13	,	,	PUNCT
ajfa-1478	205	14	i.e.	i.e.	X
ajfa-1478	205	15	the	the	DET
ajfa-1478	205	16	difference	difference	NOUN
ajfa-1478	205	17	in	in	ADP
ajfa-1478	205	18	means	mean	NOUN
ajfa-1478	205	19	is	be	AUX
ajfa-1478	205	20	significant	significant	ADJ
ajfa-1478	205	21	at	at	ADP
ajfa-1478	205	22	the	the	DET
ajfa-1478	205	23	5	5	NUM
ajfa-1478	205	24	percent	percent	NOUN
ajfa-1478	205	25	level	level	NOUN
ajfa-1478	205	26	.	.	PUNCT
ajfa-1478	206	1	this	this	PRON
ajfa-1478	206	2	contradicts	contradict	VERB
ajfa-1478	206	3	the	the	DET
ajfa-1478	206	4	theories	theory	NOUN
ajfa-1478	206	5	of	of	ADP
ajfa-1478	206	6	herding	herding	NOUN
ajfa-1478	206	7	behaviour	behaviour	NOUN
ajfa-1478	206	8	,	,	PUNCT
ajfa-1478	206	9	which	which	PRON
ajfa-1478	206	10	foresees	foresee	VERB
ajfa-1478	206	11	a	a	DET
ajfa-1478	206	12	higher	high	ADJ
ajfa-1478	206	13	tendency	tendency	NOUN
ajfa-1478	206	14	to	to	PART
ajfa-1478	206	15	herd	herd	VERB
ajfa-1478	206	16	in	in	ADP
ajfa-1478	206	17	smaller	small	ADJ
ajfa-1478	206	18	stocks	stock	NOUN
ajfa-1478	206	19	.	.	PUNCT
ajfa-1478	207	1	other	other	ADJ
ajfa-1478	207	2	studies	study	NOUN
ajfa-1478	207	3	have	have	AUX
ajfa-1478	207	4	also	also	ADV
ajfa-1478	207	5	received	receive	VERB
ajfa-1478	207	6	results	result	NOUN
ajfa-1478	207	7	that	that	PRON
ajfa-1478	207	8	could	could	AUX
ajfa-1478	207	9	not	not	PART
ajfa-1478	207	10	confirm	confirm	VERB
ajfa-1478	207	11	the	the	DET
ajfa-1478	207	12	theories	theory	NOUN
ajfa-1478	207	13	of	of	ADP
ajfa-1478	207	14	more	more	ADJ
ajfa-1478	207	15	elevated	elevated	ADJ
ajfa-1478	207	16	herding	herding	NOUN
ajfa-1478	207	17	in	in	ADP
ajfa-1478	207	18	small	small	ADJ
ajfa-1478	207	19	stocks	stock	NOUN
ajfa-1478	207	20	;	;	PUNCT
ajfa-1478	207	21	see	see	VERB
ajfa-1478	207	22	e.g.	e.g.	ADV
ajfa-1478	207	23	walter	walter	X
ajfa-1478	207	24	(	(	PUNCT
ajfa-1478	207	25	2006	2006	NUM
ajfa-1478	207	26	)	)	PUNCT
ajfa-1478	207	27	.	.	PUNCT
ajfa-1478	208	1	7	7	X
ajfa-1478	208	2	.	.	X
ajfa-1478	208	3	summary	summary	NOUN
ajfa-1478	208	4	and	and	CCONJ
ajfa-1478	208	5	conclusions	conclusion	NOUN
ajfa-1478	208	6	hm	hm	INTJ
ajfa-1478	208	7	and	and	CCONJ
ajfa-1478	208	8	difference	difference	NOUN
ajfa-1478	208	9	in	in	ADP
ajfa-1478	208	10	mean	mean	NOUN
ajfa-1478	208	11	in	in	ADP
ajfa-1478	208	12	percent	percent	NOUN
ajfa-1478	208	13	stock	stock	NOUN
ajfa-1478	208	14	size	size	NOUN
ajfa-1478	208	15	for	for	ADP
ajfa-1478	208	16	number	number	NOUN
ajfa-1478	208	17	of	of	ADP
ajfa-1478	208	18	funds	fund	NOUN
ajfa-1478	208	19	trading	trade	VERB
ajfa-1478	208	20	in	in	ADP
ajfa-1478	208	21	the	the	DET
ajfa-1478	208	22	quarter>1	quarter>1	DET
ajfa-1478	208	23	a.	a.	NOUN
ajfa-1478	208	24	mean	mean	PROPN
ajfa-1478	208	25	herding	herding	NOUN
ajfa-1478	208	26	results	result	NOUN
ajfa-1478	208	27	hm	hm	INTJ
ajfa-1478	208	28	for	for	ADP
ajfa-1478	208	29	stock	stock	NOUN
ajfa-1478	208	30	-	-	PUNCT
ajfa-1478	208	31	quarters	quarter	NOUN
ajfa-1478	208	32	in	in	ADP
ajfa-1478	208	33	subgroup	subgroup	NOUN
ajfa-1478	208	34	s1	s1	PROPN
ajfa-1478	208	35	(	(	PUNCT
ajfa-1478	208	36	small	small	ADJ
ajfa-1478	208	37	cap	cap	NOUN
ajfa-1478	208	38	)	)	PUNCT
ajfa-1478	208	39	5.75	5.75	NUM
ajfa-1478	208	40	hm	hm	INTJ
ajfa-1478	208	41	for	for	ADP
ajfa-1478	208	42	stock	stock	NOUN
ajfa-1478	208	43	-	-	PUNCT
ajfa-1478	208	44	quarters	quarter	NOUN
ajfa-1478	208	45	in	in	ADP
ajfa-1478	208	46	subgroup	subgroup	PROPN
ajfa-1478	208	47	s2	s2	PROPN
ajfa-1478	208	48	(	(	PUNCT
ajfa-1478	208	49	medium	medium	ADJ
ajfa-1478	208	50	cap	cap	NOUN
ajfa-1478	208	51	)	)	PUNCT
ajfa-1478	208	52	7.02	7.02	NUM
ajfa-1478	208	53	hm	hm	INTJ
ajfa-1478	208	54	for	for	ADP
ajfa-1478	208	55	stock	stock	NOUN
ajfa-1478	208	56	-	-	PUNCT
ajfa-1478	208	57	quarters	quarter	NOUN
ajfa-1478	208	58	in	in	ADP
ajfa-1478	208	59	subgroup	subgroup	PROPN
ajfa-1478	208	60	s3	s3	PROPN
ajfa-1478	208	61	(	(	PUNCT
ajfa-1478	208	62	large	large	ADJ
ajfa-1478	208	63	cap	cap	NOUN
ajfa-1478	208	64	)	)	PUNCT
ajfa-1478	208	65	7.68	7.68	NUM
ajfa-1478	208	66	b.	b.	NOUN
ajfa-1478	208	67	differences	difference	NOUN
ajfa-1478	208	68	mean	mean	VERB
ajfa-1478	208	69	difference	difference	NOUN
ajfa-1478	208	70	in	in	ADP
ajfa-1478	208	71	mean	mean	PROPN
ajfa-1478	208	72	s1−	s1−	PROPN
ajfa-1478	208	73	s3	s3	PROPN
ajfa-1478	208	74	-1.93	-1.93	PROPN
ajfa-1478	208	75	(	(	PUNCT
ajfa-1478	208	76	p	p	NOUN
ajfa-1478	208	77	-	-	PUNCT
ajfa-1478	208	78	value	value	NOUN
ajfa-1478	208	79	)	)	PUNCT
ajfa-1478	208	80	0.0425	0.0425	NUM
ajfa-1478	208	81	asian	asian	ADJ
ajfa-1478	208	82	journal	journal	NOUN
ajfa-1478	208	83	of	of	ADP
ajfa-1478	208	84	finance	finance	PROPN
ajfa-1478	208	85	&	&	CCONJ
ajfa-1478	208	86	accounting	accounting	PROPN
ajfa-1478	208	87	issn	issn	PROPN
ajfa-1478	208	88	1946	1946	NUM
ajfa-1478	208	89	-	-	PUNCT
ajfa-1478	208	90	052x	052x	NOUN
ajfa-1478	208	91	2012	2012	NUM
ajfa-1478	208	92	,	,	PUNCT
ajfa-1478	208	93	vol	vol	NOUN
ajfa-1478	208	94	.	.	PROPN
ajfa-1478	208	95	4	4	NUM
ajfa-1478	208	96	,	,	PUNCT
ajfa-1478	208	97	no	no	INTJ
ajfa-1478	208	98	.	.	NOUN
ajfa-1478	208	99	1	1	NUM
ajfa-1478	208	100	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	208	101	202	202	NUM
ajfa-1478	208	102	the	the	DET
ajfa-1478	208	103	study	study	NOUN
ajfa-1478	208	104	provides	provide	VERB
ajfa-1478	208	105	evidence	evidence	NOUN
ajfa-1478	208	106	of	of	ADP
ajfa-1478	208	107	the	the	DET
ajfa-1478	208	108	tendency	tendency	NOUN
ajfa-1478	208	109	of	of	ADP
ajfa-1478	208	110	mutual	mutual	ADJ
ajfa-1478	208	111	funds	fund	NOUN
ajfa-1478	208	112	in	in	ADP
ajfa-1478	208	113	india	india	PROPN
ajfa-1478	208	114	to	to	PART
ajfa-1478	208	115	form	form	VERB
ajfa-1478	208	116	herds	herd	NOUN
ajfa-1478	208	117	while	while	SCONJ
ajfa-1478	208	118	trading	trade	VERB
ajfa-1478	208	119	the	the	DET
ajfa-1478	208	120	stocks	stock	NOUN
ajfa-1478	208	121	.	.	PUNCT
ajfa-1478	209	1	the	the	DET
ajfa-1478	209	2	overall	overall	ADJ
ajfa-1478	209	3	hm	hm	INTJ
ajfa-1478	209	4	computed	compute	VERB
ajfa-1478	209	5	over	over	ADP
ajfa-1478	209	6	all	all	DET
ajfa-1478	209	7	stock	stock	NOUN
ajfa-1478	209	8	-	-	PUNCT
ajfa-1478	209	9	quarters	quarter	NOUN
ajfa-1478	209	10	is	be	AUX
ajfa-1478	209	11	13	13	NUM
ajfa-1478	209	12	percent	percent	NOUN
ajfa-1478	209	13	,	,	PUNCT
ajfa-1478	209	14	under	under	ADP
ajfa-1478	209	15	the	the	DET
ajfa-1478	209	16	restriction	restriction	NOUN
ajfa-1478	209	17	of	of	ADP
ajfa-1478	209	18	at	at	ADV
ajfa-1478	209	19	least	least	ADJ
ajfa-1478	209	20	1	1	NUM
ajfa-1478	209	21	fund	fund	NOUN
ajfa-1478	209	22	trading	trade	VERB
ajfa-1478	209	23	a	a	DET
ajfa-1478	209	24	specific	specific	ADJ
ajfa-1478	209	25	stock	stock	NOUN
ajfa-1478	209	26	within	within	ADP
ajfa-1478	209	27	the	the	DET
ajfa-1478	209	28	quarter	quarter	NOUN
ajfa-1478	209	29	.	.	PUNCT
ajfa-1478	210	1	the	the	DET
ajfa-1478	210	2	result	result	NOUN
ajfa-1478	210	3	can	can	AUX
ajfa-1478	210	4	be	be	AUX
ajfa-1478	210	5	interpreted	interpret	VERB
ajfa-1478	210	6	as	as	SCONJ
ajfa-1478	210	7	if	if	SCONJ
ajfa-1478	210	8	100	100	NUM
ajfa-1478	210	9	funds	fund	NOUN
ajfa-1478	210	10	trade	trade	VERB
ajfa-1478	210	11	a	a	DET
ajfa-1478	210	12	given	give	VERB
ajfa-1478	210	13	stock	stock	NOUN
ajfa-1478	210	14	,	,	PUNCT
ajfa-1478	210	15	then	then	ADV
ajfa-1478	210	16	approximately	approximately	ADV
ajfa-1478	210	17	13	13	NUM
ajfa-1478	210	18	more	more	ADJ
ajfa-1478	210	19	funds	fund	NOUN
ajfa-1478	210	20	trade	trade	VERB
ajfa-1478	210	21	on	on	ADP
ajfa-1478	210	22	the	the	DET
ajfa-1478	210	23	same	same	ADJ
ajfa-1478	210	24	side	side	NOUN
ajfa-1478	210	25	of	of	ADP
ajfa-1478	210	26	the	the	DET
ajfa-1478	210	27	market	market	NOUN
ajfa-1478	210	28	,	,	PUNCT
ajfa-1478	210	29	than	than	SCONJ
ajfa-1478	210	30	would	would	AUX
ajfa-1478	210	31	be	be	AUX
ajfa-1478	210	32	expected	expect	VERB
ajfa-1478	210	33	if	if	SCONJ
ajfa-1478	210	34	the	the	DET
ajfa-1478	210	35	fund	fund	NOUN
ajfa-1478	210	36	managers	manager	NOUN
ajfa-1478	210	37	chose	choose	VERB
ajfa-1478	210	38	their	their	PRON
ajfa-1478	210	39	stocks	stock	NOUN
ajfa-1478	210	40	independently	independently	ADV
ajfa-1478	210	41	as	as	SCONJ
ajfa-1478	210	42	interpreted	interpret	VERB
ajfa-1478	210	43	by	by	ADP
ajfa-1478	210	44	earlier	early	ADJ
ajfa-1478	210	45	study	study	NOUN
ajfa-1478	210	46	of	of	ADP
ajfa-1478	210	47	herding	herd	VERB
ajfa-1478	210	48	on	on	ADP
ajfa-1478	210	49	portugese	portugese	ADJ
ajfa-1478	210	50	mutual	mutual	ADJ
ajfa-1478	210	51	funds	fund	NOUN
ajfa-1478	210	52	by	by	ADP
ajfa-1478	210	53	júlio	júlio	PROPN
ajfa-1478	210	54	lobão	lobão	PROPN
ajfa-1478	210	55	(	(	PUNCT
ajfa-1478	210	56	2002	2002	NUM
ajfa-1478	210	57	)	)	PUNCT
ajfa-1478	210	58	.	.	PUNCT
ajfa-1478	211	1	the	the	DET
ajfa-1478	211	2	indian	indian	ADJ
ajfa-1478	211	3	mutual	mutual	ADJ
ajfa-1478	211	4	funds	fund	NOUN
ajfa-1478	211	5	seem	seem	VERB
ajfa-1478	211	6	to	to	PART
ajfa-1478	211	7	herd	herd	VERB
ajfa-1478	211	8	more	more	ADJ
ajfa-1478	211	9	than	than	ADP
ajfa-1478	211	10	the	the	DET
ajfa-1478	211	11	mature	mature	ADJ
ajfa-1478	211	12	markets	market	NOUN
ajfa-1478	211	13	.	.	PUNCT
ajfa-1478	212	1	the	the	DET
ajfa-1478	212	2	study	study	NOUN
ajfa-1478	212	3	also	also	ADV
ajfa-1478	212	4	concludes	conclude	VERB
ajfa-1478	212	5	that	that	SCONJ
ajfa-1478	212	6	large	large	ADJ
ajfa-1478	212	7	cap	cap	NOUN
ajfa-1478	212	8	stocks	stock	NOUN
ajfa-1478	212	9	herd	herd	VERB
ajfa-1478	212	10	more	more	ADV
ajfa-1478	212	11	than	than	ADP
ajfa-1478	212	12	small	small	ADJ
ajfa-1478	212	13	caps	cap	NOUN
ajfa-1478	212	14	,	,	PUNCT
ajfa-1478	212	15	which	which	PRON
ajfa-1478	212	16	support	support	VERB
ajfa-1478	212	17	our	our	PRON
ajfa-1478	212	18	hypothesis	hypothesis	NOUN
ajfa-1478	212	19	.	.	PUNCT
ajfa-1478	213	1	the	the	DET
ajfa-1478	213	2	dataset	dataset	NOUN
ajfa-1478	213	3	consists	consist	VERB
ajfa-1478	213	4	of	of	ADP
ajfa-1478	213	5	a	a	DET
ajfa-1478	213	6	clear	clear	ADV
ajfa-1478	213	7	defined	define	VERB
ajfa-1478	213	8	group	group	NOUN
ajfa-1478	213	9	of	of	ADP
ajfa-1478	213	10	funds	fund	NOUN
ajfa-1478	213	11	,	,	PUNCT
ajfa-1478	213	12	investing	invest	VERB
ajfa-1478	213	13	in	in	ADP
ajfa-1478	213	14	the	the	DET
ajfa-1478	213	15	same	same	ADJ
ajfa-1478	213	16	type	type	NOUN
ajfa-1478	213	17	of	of	ADP
ajfa-1478	213	18	holdings	holding	NOUN
ajfa-1478	213	19	and	and	CCONJ
ajfa-1478	213	20	based	base	VERB
ajfa-1478	213	21	on	on	ADP
ajfa-1478	213	22	consistent	consistent	ADJ
ajfa-1478	213	23	reported	report	VERB
ajfa-1478	213	24	snapshots	snapshot	NOUN
ajfa-1478	213	25	of	of	ADP
ajfa-1478	213	26	holdings	holding	NOUN
ajfa-1478	213	27	.	.	PUNCT
ajfa-1478	214	1	hence	hence	ADV
ajfa-1478	214	2	,	,	PUNCT
ajfa-1478	214	3	the	the	DET
ajfa-1478	214	4	difference	difference	NOUN
ajfa-1478	214	5	compared	compare	VERB
ajfa-1478	214	6	to	to	ADP
ajfa-1478	214	7	the	the	DET
ajfa-1478	214	8	more	more	ADV
ajfa-1478	214	9	developed	develop	VERB
ajfa-1478	214	10	markets	market	NOUN
ajfa-1478	214	11	could	could	AUX
ajfa-1478	214	12	to	to	ADP
ajfa-1478	214	13	some	some	DET
ajfa-1478	214	14	extent	extent	NOUN
ajfa-1478	214	15	depend	depend	VERB
ajfa-1478	214	16	on	on	ADP
ajfa-1478	214	17	those	those	DET
ajfa-1478	214	18	facts	fact	NOUN
ajfa-1478	214	19	applied	apply	VERB
ajfa-1478	214	20	to	to	ADP
ajfa-1478	214	21	a	a	DET
ajfa-1478	214	22	sample	sample	NOUN
ajfa-1478	214	23	of	of	ADP
ajfa-1478	214	24	funds	fund	NOUN
ajfa-1478	214	25	during	during	ADP
ajfa-1478	214	26	a	a	DET
ajfa-1478	214	27	different	different	ADJ
ajfa-1478	214	28	time	time	NOUN
ajfa-1478	214	29	period	period	NOUN
ajfa-1478	214	30	.	.	PUNCT
ajfa-1478	215	1	however	however	ADV
ajfa-1478	215	2	there	there	PRON
ajfa-1478	215	3	are	be	VERB
ajfa-1478	215	4	certain	certain	ADJ
ajfa-1478	215	5	limitations	limitation	NOUN
ajfa-1478	215	6	of	of	ADP
ajfa-1478	215	7	the	the	DET
ajfa-1478	215	8	present	present	ADJ
ajfa-1478	215	9	study	study	NOUN
ajfa-1478	215	10	.	.	PUNCT
ajfa-1478	216	1	the	the	DET
ajfa-1478	216	2	sample	sample	NOUN
ajfa-1478	216	3	does	do	AUX
ajfa-1478	216	4	not	not	PART
ajfa-1478	216	5	cover	cover	VERB
ajfa-1478	216	6	a	a	DET
ajfa-1478	216	7	large	large	ADJ
ajfa-1478	216	8	proportion	proportion	NOUN
ajfa-1478	216	9	of	of	ADP
ajfa-1478	216	10	the	the	DET
ajfa-1478	216	11	market	market	NOUN
ajfa-1478	216	12	.	.	PUNCT
ajfa-1478	217	1	as	as	ADV
ajfa-1478	217	2	far	far	ADV
ajfa-1478	217	3	as	as	SCONJ
ajfa-1478	217	4	the	the	DET
ajfa-1478	217	5	measure	measure	NOUN
ajfa-1478	217	6	is	be	AUX
ajfa-1478	217	7	concerned	concern	VERB
ajfa-1478	217	8	,	,	PUNCT
ajfa-1478	217	9	although	although	SCONJ
ajfa-1478	217	10	it	it	PRON
ajfa-1478	217	11	has	have	AUX
ajfa-1478	217	12	been	be	AUX
ajfa-1478	217	13	used	use	VERB
ajfa-1478	217	14	widely	widely	ADV
ajfa-1478	217	15	,	,	PUNCT
ajfa-1478	217	16	due	due	ADP
ajfa-1478	217	17	to	to	ADP
ajfa-1478	217	18	its	its	PRON
ajfa-1478	217	19	simplicity	simplicity	NOUN
ajfa-1478	217	20	and	and	CCONJ
ajfa-1478	217	21	conceptual	conceptual	ADJ
ajfa-1478	217	22	clarity	clarity	NOUN
ajfa-1478	217	23	,	,	PUNCT
ajfa-1478	217	24	it	it	PRON
ajfa-1478	217	25	carries	carry	VERB
ajfa-1478	217	26	certain	certain	ADJ
ajfa-1478	217	27	drawbacks	drawback	NOUN
ajfa-1478	217	28	.	.	PUNCT
ajfa-1478	218	1	first	first	ADV
ajfa-1478	218	2	of	of	ADP
ajfa-1478	218	3	all	all	PRON
ajfa-1478	218	4	,	,	PUNCT
ajfa-1478	218	5	the	the	DET
ajfa-1478	218	6	lsv	lsv	NOUN
ajfa-1478	218	7	measure	measure	NOUN
ajfa-1478	218	8	can	can	AUX
ajfa-1478	218	9	not	not	PART
ajfa-1478	218	10	identify	identify	VERB
ajfa-1478	218	11	the	the	DET
ajfa-1478	218	12	reason	reason	NOUN
ajfa-1478	218	13	managers	manager	NOUN
ajfa-1478	218	14	are	be	AUX
ajfa-1478	218	15	lead	lead	ADJ
ajfa-1478	218	16	to	to	ADP
ajfa-1478	218	17	similar	similar	ADJ
ajfa-1478	218	18	decisions	decision	NOUN
ajfa-1478	218	19	(	(	PUNCT
ajfa-1478	218	20	voronkova	voronkova	NOUN
ajfa-1478	218	21	and	and	CCONJ
ajfa-1478	218	22	bohl	bohl	NOUN
ajfa-1478	218	23	,	,	PUNCT
ajfa-1478	218	24	2005	2005	NUM
ajfa-1478	218	25	)	)	PUNCT
ajfa-1478	218	26	.	.	PUNCT
ajfa-1478	219	1	the	the	DET
ajfa-1478	219	2	study	study	NOUN
ajfa-1478	219	3	has	have	AUX
ajfa-1478	219	4	made	make	VERB
ajfa-1478	219	5	certain	certain	ADJ
ajfa-1478	219	6	assumptions	assumption	NOUN
ajfa-1478	219	7	such	such	ADJ
ajfa-1478	219	8	as	as	ADP
ajfa-1478	219	9	increase	increase	NOUN
ajfa-1478	219	10	or	or	CCONJ
ajfa-1478	219	11	decrease	decrease	NOUN
ajfa-1478	219	12	in	in	ADP
ajfa-1478	219	13	the	the	DET
ajfa-1478	219	14	nav	nav	NOUN
ajfa-1478	219	15	(	(	PUNCT
ajfa-1478	219	16	net	net	ADJ
ajfa-1478	219	17	asset	asset	NOUN
ajfa-1478	219	18	values	value	NOUN
ajfa-1478	219	19	)	)	PUNCT
ajfa-1478	219	20	of	of	ADP
ajfa-1478	219	21	the	the	DET
ajfa-1478	219	22	stocks	stock	NOUN
ajfa-1478	219	23	of	of	ADP
ajfa-1478	219	24	a	a	DET
ajfa-1478	219	25	company	company	NOUN
ajfa-1478	219	26	to	to	PART
ajfa-1478	219	27	determine	determine	VERB
ajfa-1478	219	28	the	the	DET
ajfa-1478	219	29	buy	buy	NOUN
ajfa-1478	219	30	and	and	CCONJ
ajfa-1478	219	31	sell	sell	VERB
ajfa-1478	219	32	of	of	ADP
ajfa-1478	219	33	a	a	DET
ajfa-1478	219	34	particular	particular	ADJ
ajfa-1478	219	35	stock	stock	NOUN
ajfa-1478	219	36	in	in	ADP
ajfa-1478	219	37	comparing	compare	VERB
ajfa-1478	219	38	the	the	DET
ajfa-1478	219	39	results	result	NOUN
ajfa-1478	219	40	quarter	quarter	NOUN
ajfa-1478	219	41	wise	wise	ADJ
ajfa-1478	219	42	.	.	PUNCT
ajfa-1478	220	1	to	to	PART
ajfa-1478	220	2	make	make	VERB
ajfa-1478	220	3	it	it	PRON
ajfa-1478	220	4	more	more	ADV
ajfa-1478	220	5	reliable	reliable	ADJ
ajfa-1478	220	6	the	the	DET
ajfa-1478	220	7	future	future	ADJ
ajfa-1478	220	8	extension	extension	NOUN
ajfa-1478	220	9	of	of	ADP
ajfa-1478	220	10	the	the	DET
ajfa-1478	220	11	study	study	NOUN
ajfa-1478	220	12	should	should	AUX
ajfa-1478	220	13	also	also	ADV
ajfa-1478	220	14	track	track	VERB
ajfa-1478	220	15	the	the	DET
ajfa-1478	220	16	change	change	NOUN
ajfa-1478	220	17	in	in	ADP
ajfa-1478	220	18	the	the	DET
ajfa-1478	220	19	stock	stock	NOUN
ajfa-1478	220	20	price	price	NOUN
ajfa-1478	220	21	accompanied	accompany	VERB
ajfa-1478	220	22	with	with	ADP
ajfa-1478	220	23	the	the	DET
ajfa-1478	220	24	nav	nav	NOUN
ajfa-1478	220	25	values	value	NOUN
ajfa-1478	220	26	to	to	PART
ajfa-1478	220	27	determine	determine	VERB
ajfa-1478	220	28	the	the	DET
ajfa-1478	220	29	buy	buy	NOUN
ajfa-1478	220	30	and	and	CCONJ
ajfa-1478	220	31	sell	sell	VERB
ajfa-1478	220	32	of	of	ADP
ajfa-1478	220	33	a	a	DET
ajfa-1478	220	34	stock	stock	NOUN
ajfa-1478	220	35	.	.	PUNCT
ajfa-1478	221	1	further	far	ADV
ajfa-1478	221	2	the	the	DET
ajfa-1478	221	3	study	study	NOUN
ajfa-1478	221	4	has	have	AUX
ajfa-1478	221	5	not	not	PART
ajfa-1478	221	6	taken	take	VERB
ajfa-1478	221	7	in	in	ADP
ajfa-1478	221	8	to	to	ADP
ajfa-1478	221	9	consideration	consideration	NOUN
ajfa-1478	221	10	other	other	ADJ
ajfa-1478	221	11	factors	factor	NOUN
ajfa-1478	221	12	such	such	ADJ
ajfa-1478	221	13	as	as	ADP
ajfa-1478	221	14	stock	stock	NOUN
ajfa-1478	221	15	splits	split	NOUN
ajfa-1478	221	16	and	and	CCONJ
ajfa-1478	221	17	mergers	merger	NOUN
ajfa-1478	221	18	due	due	ADJ
ajfa-1478	221	19	to	to	ADP
ajfa-1478	221	20	which	which	PRON
ajfa-1478	221	21	there	there	PRON
ajfa-1478	221	22	is	be	VERB
ajfa-1478	221	23	a	a	DET
ajfa-1478	221	24	change	change	NOUN
ajfa-1478	221	25	in	in	ADP
ajfa-1478	221	26	the	the	DET
ajfa-1478	221	27	weight	weight	NOUN
ajfa-1478	221	28	holdings	holding	NOUN
ajfa-1478	221	29	of	of	ADP
ajfa-1478	221	30	the	the	DET
ajfa-1478	221	31	portfolios	portfolio	NOUN
ajfa-1478	221	32	which	which	PRON
ajfa-1478	221	33	can	can	AUX
ajfa-1478	221	34	not	not	PART
ajfa-1478	221	35	be	be	AUX
ajfa-1478	221	36	truly	truly	ADV
ajfa-1478	221	37	regarded	regard	VERB
ajfa-1478	221	38	as	as	ADP
ajfa-1478	221	39	buy	buy	VERB
ajfa-1478	221	40	or	or	CCONJ
ajfa-1478	221	41	sell	sell	VERB
ajfa-1478	221	42	which	which	PRON
ajfa-1478	221	43	should	should	AUX
ajfa-1478	221	44	be	be	AUX
ajfa-1478	221	45	taken	take	VERB
ajfa-1478	221	46	as	as	ADP
ajfa-1478	221	47	an	an	DET
ajfa-1478	221	48	adjustment	adjustment	NOUN
ajfa-1478	221	49	in	in	ADP
ajfa-1478	221	50	the	the	DET
ajfa-1478	221	51	further	further	ADJ
ajfa-1478	221	52	extension	extension	NOUN
ajfa-1478	221	53	of	of	ADP
ajfa-1478	221	54	the	the	DET
ajfa-1478	221	55	study	study	NOUN
ajfa-1478	221	56	.	.	PUNCT
ajfa-1478	222	1	evidence	evidence	NOUN
ajfa-1478	222	2	on	on	ADP
ajfa-1478	222	3	herding	herd	VERB
ajfa-1478	222	4	by	by	ADP
ajfa-1478	222	5	a	a	DET
ajfa-1478	222	6	particular	particular	ADJ
ajfa-1478	222	7	type	type	NOUN
ajfa-1478	222	8	of	of	ADP
ajfa-1478	222	9	investors	investor	NOUN
ajfa-1478	222	10	such	such	ADJ
ajfa-1478	222	11	as	as	ADP
ajfa-1478	222	12	institutional	institutional	ADJ
ajfa-1478	222	13	investors	investor	NOUN
ajfa-1478	222	14	,	,	PUNCT
ajfa-1478	222	15	could	could	AUX
ajfa-1478	222	16	help	help	VERB
ajfa-1478	222	17	in	in	ADP
ajfa-1478	222	18	identifying	identify	VERB
ajfa-1478	222	19	different	different	ADJ
ajfa-1478	222	20	types	type	NOUN
ajfa-1478	222	21	or	or	CCONJ
ajfa-1478	222	22	styles	style	NOUN
ajfa-1478	222	23	of	of	ADP
ajfa-1478	222	24	investors	investor	NOUN
ajfa-1478	222	25	with	with	ADP
ajfa-1478	222	26	different	different	ADJ
ajfa-1478	222	27	trading	trading	NOUN
ajfa-1478	222	28	pattern	pattern	NOUN
ajfa-1478	222	29	.	.	PUNCT
ajfa-1478	223	1	investigating	investigate	VERB
ajfa-1478	223	2	herding	herding	NOUN
ajfa-1478	223	3	allows	allow	VERB
ajfa-1478	223	4	us	we	PRON
ajfa-1478	223	5	to	to	PART
ajfa-1478	223	6	further	far	ADV
ajfa-1478	223	7	understand	understand	VERB
ajfa-1478	223	8	investors	investor	NOUN
ajfa-1478	223	9	’	'	PUNCT
ajfa-1478	223	10	thought	think	VERB
ajfa-1478	223	11	processes	process	NOUN
ajfa-1478	223	12	and	and	CCONJ
ajfa-1478	223	13	its	its	PRON
ajfa-1478	223	14	effect	effect	NOUN
ajfa-1478	223	15	on	on	ADP
ajfa-1478	223	16	their	their	PRON
ajfa-1478	223	17	investment	investment	NOUN
ajfa-1478	223	18	decisions	decision	NOUN
ajfa-1478	223	19	such	such	ADJ
ajfa-1478	223	20	as	as	ADP
ajfa-1478	223	21	high	high	ADJ
ajfa-1478	223	22	market	market	NOUN
ajfa-1478	223	23	volatility	volatility	NOUN
ajfa-1478	223	24	and	and	CCONJ
ajfa-1478	223	25	market	market	NOUN
ajfa-1478	223	26	destabilization	destabilization	NOUN
ajfa-1478	223	27	.	.	PUNCT
ajfa-1478	224	1	the	the	DET
ajfa-1478	224	2	future	future	ADJ
ajfa-1478	224	3	extension	extension	NOUN
ajfa-1478	224	4	should	should	AUX
ajfa-1478	224	5	try	try	VERB
ajfa-1478	224	6	to	to	PART
ajfa-1478	224	7	study	study	VERB
ajfa-1478	224	8	the	the	DET
ajfa-1478	224	9	characteristics	characteristic	NOUN
ajfa-1478	224	10	of	of	ADP
ajfa-1478	224	11	the	the	DET
ajfa-1478	224	12	mutual	mutual	ADJ
ajfa-1478	224	13	funds	fund	NOUN
ajfa-1478	224	14	with	with	ADP
ajfa-1478	224	15	herding	herding	NOUN
ajfa-1478	224	16	.	.	PUNCT
ajfa-1478	225	1	such	such	ADJ
ajfa-1478	225	2	as	as	ADP
ajfa-1478	225	3	what	what	PRON
ajfa-1478	225	4	is	be	AUX
ajfa-1478	225	5	the	the	DET
ajfa-1478	225	6	difference	difference	NOUN
ajfa-1478	225	7	in	in	ADP
ajfa-1478	225	8	herding	herd	VERB
ajfa-1478	225	9	among	among	ADP
ajfa-1478	225	10	different	different	ADJ
ajfa-1478	225	11	size	size	NOUN
ajfa-1478	225	12	mutual	mutual	ADJ
ajfa-1478	225	13	funds	fund	NOUN
ajfa-1478	225	14	and	and	CCONJ
ajfa-1478	225	15	stocks	stock	NOUN
ajfa-1478	225	16	etc	etc	X
ajfa-1478	225	17	.	.	X
ajfa-1478	226	1	furthermore	furthermore	ADV
ajfa-1478	226	2	,	,	PUNCT
ajfa-1478	226	3	the	the	DET
ajfa-1478	226	4	present	present	ADJ
ajfa-1478	226	5	study	study	NOUN
ajfa-1478	226	6	does	do	AUX
ajfa-1478	226	7	not	not	PART
ajfa-1478	226	8	measure	measure	VERB
ajfa-1478	226	9	the	the	DET
ajfa-1478	226	10	effect	effect	NOUN
ajfa-1478	226	11	of	of	ADP
ajfa-1478	226	12	the	the	DET
ajfa-1478	226	13	herding	herd	VERB
ajfa-1478	226	14	behaviour	behaviour	NOUN
ajfa-1478	226	15	on	on	ADP
ajfa-1478	226	16	the	the	DET
ajfa-1478	226	17	stock	stock	NOUN
ajfa-1478	226	18	prices	price	NOUN
ajfa-1478	226	19	,	,	PUNCT
ajfa-1478	226	20	which	which	PRON
ajfa-1478	226	21	is	be	AUX
ajfa-1478	226	22	a	a	DET
ajfa-1478	226	23	very	very	ADV
ajfa-1478	226	24	important	important	ADJ
ajfa-1478	226	25	aspect	aspect	NOUN
ajfa-1478	226	26	of	of	ADP
ajfa-1478	226	27	this	this	DET
ajfa-1478	226	28	issue	issue	NOUN
ajfa-1478	226	29	to	to	PART
ajfa-1478	226	30	explore	explore	VERB
ajfa-1478	226	31	.	.	PUNCT
ajfa-1478	227	1	future	future	ADJ
ajfa-1478	227	2	research	research	NOUN
ajfa-1478	227	3	should	should	AUX
ajfa-1478	227	4	try	try	VERB
ajfa-1478	227	5	to	to	PART
ajfa-1478	227	6	study	study	VERB
ajfa-1478	227	7	the	the	DET
ajfa-1478	227	8	factors	factor	NOUN
ajfa-1478	227	9	,	,	PUNCT
ajfa-1478	227	10	which	which	PRON
ajfa-1478	227	11	leads	lead	VERB
ajfa-1478	227	12	to	to	ADP
ajfa-1478	227	13	the	the	DET
ajfa-1478	227	14	herding	herd	VERB
ajfa-1478	227	15	behavior	behavior	NOUN
ajfa-1478	227	16	in	in	ADP
ajfa-1478	227	17	indian	indian	ADJ
ajfa-1478	227	18	financial	financial	ADJ
ajfa-1478	227	19	market	market	NOUN
ajfa-1478	227	20	.	.	PUNCT
ajfa-1478	228	1	after	after	ADP
ajfa-1478	228	2	determining	determine	VERB
ajfa-1478	228	3	the	the	DET
ajfa-1478	228	4	variable	variable	ADJ
ajfa-1478	228	5	characteristics	characteristic	NOUN
ajfa-1478	228	6	such	such	ADJ
ajfa-1478	228	7	as	as	ADP
ajfa-1478	228	8	age	age	NOUN
ajfa-1478	228	9	,	,	PUNCT
ajfa-1478	228	10	management	management	NOUN
ajfa-1478	228	11	tenure	tenure	NOUN
ajfa-1478	228	12	,	,	PUNCT
ajfa-1478	228	13	size	size	NOUN
ajfa-1478	228	14	,	,	PUNCT
ajfa-1478	228	15	cash	cash	NOUN
ajfa-1478	228	16	flows	flow	NOUN
ajfa-1478	228	17	,	,	PUNCT
ajfa-1478	228	18	turnover	turnover	NOUN
ajfa-1478	228	19	,	,	PUNCT
ajfa-1478	228	20	expenses	expense	NOUN
ajfa-1478	228	21	and	and	CCONJ
ajfa-1478	228	22	previous	previous	ADJ
ajfa-1478	228	23	quarter	quarter	NOUN
ajfa-1478	228	24	return	return	NOUN
ajfa-1478	228	25	.	.	PUNCT
ajfa-1478	229	1	the	the	DET
ajfa-1478	229	2	research	research	NOUN
ajfa-1478	229	3	should	should	AUX
ajfa-1478	229	4	try	try	VERB
ajfa-1478	229	5	to	to	PART
ajfa-1478	229	6	find	find	VERB
ajfa-1478	229	7	the	the	DET
ajfa-1478	229	8	most	most	ADV
ajfa-1478	229	9	closely	closely	ADV
ajfa-1478	229	10	related	relate	VERB
ajfa-1478	229	11	characteristic	characteristic	ADJ
ajfa-1478	229	12	to	to	ADP
ajfa-1478	229	13	these	these	DET
ajfa-1478	229	14	herding	herd	VERB
ajfa-1478	229	15	intensity	intensity	NOUN
ajfa-1478	229	16	measures	measure	NOUN
ajfa-1478	229	17	.	.	PUNCT
ajfa-1478	230	1	future	future	ADJ
ajfa-1478	230	2	studies	study	NOUN
ajfa-1478	230	3	should	should	AUX
ajfa-1478	230	4	next	next	ADV
ajfa-1478	230	5	investigate	investigate	VERB
ajfa-1478	230	6	whether	whether	SCONJ
ajfa-1478	230	7	industry	industry	NOUN
ajfa-1478	230	8	herding	herding	NOUN
ajfa-1478	230	9	is	be	AUX
ajfa-1478	230	10	caused	cause	VERB
ajfa-1478	230	11	by	by	ADP
ajfa-1478	230	12	mutual	mutual	ADJ
ajfa-1478	230	13	fund	fund	NOUN
ajfa-1478	230	14	managers	manager	NOUN
ajfa-1478	230	15	’	’	PART
ajfa-1478	230	16	attraction	attraction	NOUN
ajfa-1478	230	17	to	to	ADP
ajfa-1478	230	18	certain	certain	ADJ
ajfa-1478	230	19	industry	industry	NOUN
ajfa-1478	230	20	characteristics	characteristic	NOUN
ajfa-1478	230	21	such	such	ADJ
ajfa-1478	230	22	as	as	ADP
ajfa-1478	230	23	past	past	ADJ
ajfa-1478	230	24	returns	return	NOUN
ajfa-1478	230	25	,	,	PUNCT
ajfa-1478	230	26	size	size	NOUN
ajfa-1478	230	27	,	,	PUNCT
ajfa-1478	230	28	and	and	CCONJ
ajfa-1478	230	29	book	book	NOUN
ajfa-1478	230	30	to	to	ADP
ajfa-1478	230	31	market	market	NOUN
ajfa-1478	230	32	.	.	PUNCT
ajfa-1478	231	1	and	and	CCONJ
ajfa-1478	231	2	proceed	proceed	VERB
ajfa-1478	231	3	to	to	PART
ajfa-1478	231	4	examine	examine	VERB
ajfa-1478	231	5	the	the	DET
ajfa-1478	231	6	impact	impact	NOUN
ajfa-1478	231	7	of	of	ADP
ajfa-1478	231	8	herding	herd	VERB
ajfa-1478	231	9	on	on	ADP
ajfa-1478	231	10	mutual	mutual	ADJ
ajfa-1478	231	11	fund	fund	NOUN
ajfa-1478	231	12	performance	performance	NOUN
ajfa-1478	231	13	.	.	PUNCT
ajfa-1478	232	1	implication	implication	NOUN
ajfa-1478	232	2	of	of	ADP
ajfa-1478	232	3	measuring	measure	VERB
ajfa-1478	232	4	herding	herding	NOUN
ajfa-1478	232	5	in	in	ADP
ajfa-1478	232	6	a	a	DET
ajfa-1478	232	7	particular	particular	ADJ
ajfa-1478	232	8	country	country	NOUN
ajfa-1478	232	9	is	be	AUX
ajfa-1478	232	10	that	that	SCONJ
ajfa-1478	232	11	while	while	SCONJ
ajfa-1478	232	12	investing	invest	VERB
ajfa-1478	232	13	one	one	NUM
ajfa-1478	232	14	need	need	NOUN
ajfa-1478	232	15	to	to	PART
ajfa-1478	232	16	hold	hold	VERB
ajfa-1478	232	17	larger	large	ADJ
ajfa-1478	232	18	number	number	NOUN
ajfa-1478	232	19	of	of	ADP
ajfa-1478	232	20	securities	security	NOUN
ajfa-1478	232	21	in	in	ADP
ajfa-1478	232	22	his	his	PRON
ajfa-1478	232	23	portfolio	portfolio	NOUN
ajfa-1478	232	24	to	to	PART
ajfa-1478	232	25	achieve	achieve	VERB
ajfa-1478	232	26	the	the	DET
ajfa-1478	232	27	same	same	ADJ
ajfa-1478	232	28	degree	degree	NOUN
ajfa-1478	232	29	of	of	ADP
ajfa-1478	232	30	diversification	diversification	NOUN
ajfa-1478	232	31	asian	asian	ADJ
ajfa-1478	232	32	journal	journal	NOUN
ajfa-1478	232	33	of	of	ADP
ajfa-1478	232	34	finance	finance	PROPN
ajfa-1478	232	35	&	&	CCONJ
ajfa-1478	232	36	accounting	accounting	PROPN
ajfa-1478	232	37	issn	issn	PROPN
ajfa-1478	232	38	1946	1946	NUM
ajfa-1478	232	39	-	-	PUNCT
ajfa-1478	232	40	052x	052x	NOUN
ajfa-1478	232	41	2012	2012	NUM
ajfa-1478	232	42	,	,	PUNCT
ajfa-1478	232	43	vol	vol	NOUN
ajfa-1478	232	44	.	.	PROPN
ajfa-1478	233	1	4	4	NUM
ajfa-1478	233	2	,	,	PUNCT
ajfa-1478	233	3	no	no	INTJ
ajfa-1478	233	4	.	.	NOUN
ajfa-1478	233	5	1	1	NUM
ajfa-1478	233	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1478	233	7	203	203	NUM
ajfa-1478	233	8	than	than	ADP
ajfa-1478	233	9	in	in	ADP
ajfa-1478	233	10	an	an	DET
ajfa-1478	233	11	otherwise	otherwise	ADV
ajfa-1478	233	12	normal	normal	ADJ
ajfa-1478	233	13	market	market	NOUN
ajfa-1478	233	14	where	where	SCONJ
ajfa-1478	233	15	there	there	PRON
ajfa-1478	233	16	is	be	VERB
ajfa-1478	233	17	no	no	DET
ajfa-1478	233	18	herding	herding	NOUN
ajfa-1478	233	19	.	.	PUNCT
ajfa-1478	234	1	furthermore	furthermore	ADV
ajfa-1478	234	2	,	,	PUNCT
ajfa-1478	234	3	in	in	ADP
ajfa-1478	234	4	a	a	DET
ajfa-1478	234	5	market	market	NOUN
ajfa-1478	234	6	where	where	SCONJ
ajfa-1478	234	7	investors	investor	NOUN
ajfa-1478	234	8	herd	herd	VERB
ajfa-1478	234	9	stock	stock	NOUN
ajfa-1478	234	10	prices	price	NOUN
ajfa-1478	234	11	would	would	AUX
ajfa-1478	234	12	stop	stop	VERB
ajfa-1478	234	13	reflecting	reflect	VERB
ajfa-1478	234	14	true	true	ADJ
ajfa-1478	234	15	values	value	NOUN
ajfa-1478	234	16	of	of	ADP
ajfa-1478	234	17	businesses	business	NOUN
ajfa-1478	234	18	leading	lead	VERB
ajfa-1478	234	19	the	the	DET
ajfa-1478	234	20	way	way	NOUN
ajfa-1478	234	21	to	to	AUX
ajfa-1478	234	22	speculative	speculative	ADJ
ajfa-1478	234	23	trades	trade	NOUN
ajfa-1478	234	24	.	.	PUNCT
ajfa-1478	235	1	study	study	NOUN
ajfa-1478	235	2	has	have	VERB
ajfa-1478	235	3	strong	strong	ADJ
ajfa-1478	235	4	implications	implication	NOUN
ajfa-1478	235	5	for	for	ADP
ajfa-1478	235	6	the	the	DET
ajfa-1478	235	7	domestic	domestic	ADJ
ajfa-1478	235	8	financial	financial	ADJ
ajfa-1478	235	9	institutions	institution	NOUN
ajfa-1478	235	10	,	,	PUNCT
ajfa-1478	235	11	portfolio	portfolio	NOUN
ajfa-1478	235	12	managers	manager	NOUN
ajfa-1478	235	13	,	,	PUNCT
ajfa-1478	235	14	wealth	wealth	NOUN
ajfa-1478	235	15	managers	manager	NOUN
ajfa-1478	235	16	and	and	CCONJ
ajfa-1478	235	17	other	other	ADJ
ajfa-1478	235	18	investors	investor	NOUN
ajfa-1478	235	19	as	as	ADV
ajfa-1478	235	20	well	well	ADV
ajfa-1478	235	21	as	as	ADP
ajfa-1478	235	22	the	the	DET
ajfa-1478	235	23	policy	policy	NOUN
ajfa-1478	235	24	makers	maker	NOUN
ajfa-1478	235	25	as	as	SCONJ
ajfa-1478	235	26	they	they	PRON
ajfa-1478	235	27	shall	shall	AUX
ajfa-1478	235	28	be	be	AUX
ajfa-1478	235	29	interested	interested	ADJ
ajfa-1478	235	30	in	in	ADP
ajfa-1478	235	31	understanding	understand	VERB
ajfa-1478	235	32	the	the	DET
ajfa-1478	235	33	trading	trading	NOUN
ajfa-1478	235	34	behavior	behavior	NOUN
ajfa-1478	235	35	of	of	ADP
ajfa-1478	235	36	dominant	dominant	ADJ
ajfa-1478	235	37	investor	investor	NOUN
ajfa-1478	235	38	group	group	NOUN
ajfa-1478	235	39	in	in	ADP
ajfa-1478	235	40	the	the	DET
ajfa-1478	235	41	market	market	NOUN
ajfa-1478	235	42	references	reference	NOUN
ajfa-1478	235	43	agudo	agudo	NOUN
ajfa-1478	235	44	,	,	PUNCT
ajfa-1478	235	45	l.f	l.f	PROPN
ajfa-1478	235	46	.	.	PROPN
ajfa-1478	235	47	,	,	PUNCT
ajfa-1478	235	48	sarto	sarto	PROPN
ajfa-1478	235	49	,	,	PUNCT
ajfa-1478	235	50	j.	j.	PROPN
ajfa-1478	235	51	l.	l.	PROPN
ajfa-1478	235	52	and	and	CCONJ
ajfa-1478	235	53	vicente	vicente	PROPN
ajfa-1478	235	54	,	,	PUNCT
ajfa-1478	235	55	l.	l.	PROPN
ajfa-1478	235	56	(	(	PUNCT
ajfa-1478	235	57	2008	2008	NUM
ajfa-1478	235	58	)	)	PUNCT
ajfa-1478	235	59	.	.	PUNCT
ajfa-1478	236	1	herding	herd	VERB
ajfa-1478	236	2	behavior	behavior	NOUN
ajfa-1478	236	3	in	in	ADP
ajfa-1478	236	4	spanish	spanish	ADJ
ajfa-1478	236	5	equity	equity	NOUN
ajfa-1478	236	6	funds	fund	NOUN
ajfa-1478	236	7	.	.	PUNCT
ajfa-1478	237	1	applied	apply	VERB
ajfa-1478	237	2	economics	economic	NOUN
ajfa-1478	237	3	letters	letter	NOUN
ajfa-1478	237	4	,	,	PUNCT
ajfa-1478	237	5	15	15	NUM
ajfa-1478	237	6	,	,	PUNCT
ajfa-1478	237	7	573–576	573–576	NUM
ajfa-1478	237	8	.	.	PUNCT
ajfa-1478	238	1	http://dx.doi.org/10.1080/13504850600706974	http://dx.doi.org/10.1080/13504850600706974	PROPN
ajfa-1478	238	2	ananthanarayanan	ananthanarayanan	PROPN
ajfa-1478	238	3	,	,	PUNCT
ajfa-1478	238	4	s.	s.	PROPN
ajfa-1478	238	5	,	,	PUNCT
ajfa-1478	238	6	krishnamurthi	krishnamurthi	PROPN
ajfa-1478	238	7	,	,	PUNCT
ajfa-1478	238	8	c.	c.	PROPN
ajfa-1478	238	9	,	,	PUNCT
ajfa-1478	238	10	&	&	CCONJ
ajfa-1478	238	11	sen	sen	PROPN
ajfa-1478	238	12	,	,	PUNCT
ajfa-1478	238	13	n.	n.	PROPN
ajfa-1478	238	14	(	(	PUNCT
ajfa-1478	238	15	2004	2004	NUM
ajfa-1478	238	16	)	)	PUNCT
ajfa-1478	238	17	.	.	PUNCT
ajfa-1478	239	1	foreign	foreign	ADJ
ajfa-1478	239	2	institutional	institutional	ADJ
ajfa-1478	239	3	investors	investor	NOUN
ajfa-1478	239	4	and	and	CCONJ
ajfa-1478	239	5	security	security	NOUN
ajfa-1478	239	6	returns	return	NOUN
ajfa-1478	239	7	:	:	PUNCT
ajfa-1478	239	8	evidence	evidence	NOUN
ajfa-1478	239	9	from	from	ADP
ajfa-1478	239	10	indian	indian	ADJ
ajfa-1478	239	11	stock	stock	NOUN
ajfa-1478	239	12	exchanges	exchange	NOUN
ajfa-1478	239	13	,	,	PUNCT
ajfa-1478	239	14	working	working	NOUN
ajfa-1478	239	15	paper	paper	NOUN
ajfa-1478	239	16	,	,	PUNCT
ajfa-1478	239	17	isb	isb	NOUN
ajfa-1478	239	18	(	(	PUNCT
ajfa-1478	239	19	indian	indian	ADJ
ajfa-1478	239	20	school	school	NOUN
ajfa-1478	239	21	of	of	ADP
ajfa-1478	239	22	business	business	NOUN
ajfa-1478	239	23	)	)	PUNCT
ajfa-1478	239	24	,	,	PUNCT
ajfa-1478	239	25	hyderabad	hyderabad	PROPN
ajfa-1478	239	26	angelo	angelo	PROPN
ajfa-1478	239	27	manganaro	manganaro	PROPN
ajfa-1478	239	28	.	.	PUNCT
ajfa-1478	240	1	(	(	PUNCT
ajfa-1478	240	2	dick	dick	PROPN
ajfa-1478	240	3	von	von	PROPN
ajfa-1478	240	4	martens2007	martens2007	PROPN
ajfa-1478	240	5	)	)	PUNCT
ajfa-1478	240	6	.	.	PUNCT
ajfa-1478	241	1	herding	herd	VERB
ajfa-1478	241	2	behavior	behavior	NOUN
ajfa-1478	241	3	in	in	ADP
ajfa-1478	241	4	the	the	DET
ajfa-1478	241	5	swedish	swedish	ADJ
ajfa-1478	241	6	mutual	mutual	ADJ
ajfa-1478	241	7	fund	fund	NOUN
ajfa-1478	241	8	industry	industry	NOUN
ajfa-1478	241	9	,	,	PUNCT
ajfa-1478	241	10	stockholm	stockholm	PROPN
ajfa-1478	241	11	school	school	NOUN
ajfa-1478	241	12	of	of	ADP
ajfa-1478	241	13	economics	economics	NOUN
ajfa-1478	241	14	master	master	NOUN
ajfa-1478	241	15	thesis	thesis	NOUN
ajfa-1478	241	16	in	in	ADP
ajfa-1478	241	17	finance	finance	NOUN
ajfa-1478	241	18	banerjee	banerjee	PROPN
ajfa-1478	241	19	,	,	PUNCT
ajfa-1478	241	20	a.v	a.v	PROPN
ajfa-1478	241	21	.	.	PROPN
ajfa-1478	241	22	(	(	PUNCT
ajfa-1478	241	23	1992	1992	NUM
ajfa-1478	241	24	)	)	PUNCT
ajfa-1478	241	25	.	.	PUNCT
ajfa-1478	242	1	a	a	DET
ajfa-1478	242	2	simple	simple	ADJ
ajfa-1478	242	3	model	model	NOUN
ajfa-1478	242	4	of	of	ADP
ajfa-1478	242	5	herd	herd	NOUN
ajfa-1478	242	6	behavior	behavior	NOUN
ajfa-1478	242	7	.	.	PUNCT
ajfa-1478	243	1	quarterly	quarterly	ADJ
ajfa-1478	243	2	journal	journal	NOUN
ajfa-1478	243	3	of	of	ADP
ajfa-1478	243	4	economics	economic	NOUN
ajfa-1478	243	5	,	,	PUNCT
ajfa-1478	243	6	107	107	NUM
ajfa-1478	243	7	,	,	PUNCT
ajfa-1478	243	8	797–817	797–817	NUM
ajfa-1478	243	9	.	.	PUNCT
ajfa-1478	244	1	http://dx.doi.org/10.2307/2118364	http://dx.doi.org/10.2307/2118364	PROPN
ajfa-1478	244	2	bikhchandani	bikhchandani	PROPN
ajfa-1478	244	3	,	,	PUNCT
ajfa-1478	244	4	s.	s.	PROPN
ajfa-1478	244	5	,	,	PUNCT
ajfa-1478	244	6	hirshleifer	hirshleifer	PROPN
ajfa-1478	244	7	,	,	PUNCT
ajfa-1478	244	8	d.	d.	PROPN
ajfa-1478	244	9	,	,	PUNCT
ajfa-1478	244	10	&	&	CCONJ
ajfa-1478	244	11	welch	welch	PROPN
ajfa-1478	244	12	,	,	PUNCT
ajfa-1478	244	13	i.	i.	PROPN
ajfa-1478	244	14	(	(	PUNCT
ajfa-1478	244	15	1992	1992	NUM
ajfa-1478	244	16	)	)	PUNCT
ajfa-1478	244	17	.	.	PUNCT
ajfa-1478	245	1	a	a	DET
ajfa-1478	245	2	theory	theory	NOUN
ajfa-1478	245	3	of	of	ADP
ajfa-1478	245	4	fads	fad	NOUN
ajfa-1478	245	5	,	,	PUNCT
ajfa-1478	245	6	fashion	fashion	NOUN
ajfa-1478	245	7	,	,	PUNCT
ajfa-1478	245	8	custom	custom	ADJ
ajfa-1478	245	9	,	,	PUNCT
ajfa-1478	245	10	and	and	CCONJ
ajfa-1478	245	11	cultural	cultural	ADJ
ajfa-1478	245	12	change	change	NOUN
ajfa-1478	245	13	as	as	ADP
ajfa-1478	245	14	informational	informational	ADJ
ajfa-1478	245	15	cascades	cascade	NOUN
ajfa-1478	245	16	.	.	PUNCT
ajfa-1478	246	1	journal	journal	NOUN
ajfa-1478	246	2	of	of	ADP
ajfa-1478	246	3	political	political	ADJ
ajfa-1478	246	4	economy	economy	NOUN
ajfa-1478	246	5	,	,	PUNCT
ajfa-1478	246	6	100	100	NUM
ajfa-1478	246	7	,	,	PUNCT
ajfa-1478	246	8	992–1026	992–1026	NUM
ajfa-1478	246	9	.	.	PUNCT
ajfa-1478	246	10	http://dx.doi.org/10.1086/261849	http://dx.doi.org/10.1086/261849	PROPN
ajfa-1478	246	11	chu	chu	PROPN
ajfa-1478	246	12	ying	ying	PROPN
ajfa-1478	246	13	,	,	PUNCT
ajfa-1478	246	14	&	&	CCONJ
ajfa-1478	246	15	qin	qin	PROPN
ajfa-1478	246	16	ping	ping	PROPN
ajfa-1478	246	17	.	.	PUNCT
ajfa-1478	247	1	(	(	PUNCT
ajfa-1478	247	2	2007	2007	NUM
ajfa-1478	247	3	)	)	PUNCT
ajfa-1478	247	4	.	.	PUNCT
ajfa-1478	248	1	an	an	DET
ajfa-1478	248	2	empirical	empirical	ADJ
ajfa-1478	248	3	study	study	NOUN
ajfa-1478	248	4	of	of	ADP
ajfa-1478	248	5	herding	herding	NOUN
ajfa-1478	248	6	behavior	behavior	NOUN
ajfa-1478	248	7	of	of	ADP
ajfa-1478	248	8	mutual	mutual	ADJ
ajfa-1478	248	9	funds	fund	NOUN
ajfa-1478	248	10	in	in	ADP
ajfa-1478	248	11	china	china	PROPN
ajfa-1478	248	12	(	(	PUNCT
ajfa-1478	248	13	working	working	NOUN
ajfa-1478	248	14	paper	paper	NOUN
ajfa-1478	248	15	)	)	PUNCT
ajfa-1478	248	16	chang	chang	PROPN
ajfa-1478	248	17	,	,	PUNCT
ajfa-1478	248	18	e.	e.	PROPN
ajfa-1478	248	19	c.	c.	PROPN
ajfa-1478	248	20	,	,	PUNCT
ajfa-1478	248	21	cheng	cheng	PROPN
ajfa-1478	248	22	,	,	PUNCT
ajfa-1478	248	23	j.	j.	PROPN
ajfa-1478	248	24	w.	w.	PROPN
ajfa-1478	248	25	,	,	PUNCT
ajfa-1478	248	26	&	&	CCONJ
ajfa-1478	248	27	khorana	khorana	PROPN
ajfa-1478	248	28	,	,	PUNCT
ajfa-1478	248	29	a.	a.	NOUN
ajfa-1478	248	30	(	(	PUNCT
ajfa-1478	248	31	2000	2000	NUM
ajfa-1478	248	32	)	)	PUNCT
ajfa-1478	248	33	.	.	PUNCT
ajfa-1478	249	1	an	an	DET
ajfa-1478	249	2	examination	examination	NOUN
ajfa-1478	249	3	of	of	ADP
ajfa-1478	249	4	herd	herd	NOUN
ajfa-1478	249	5	behavior	behavior	NOUN
ajfa-1478	249	6	in	in	ADP
ajfa-1478	249	7	equity	equity	NOUN
ajfa-1478	249	8	markets	market	NOUN
ajfa-1478	249	9	:	:	PUNCT
ajfa-1478	249	10	an	an	DET
ajfa-1478	249	11	international	international	ADJ
ajfa-1478	249	12	perspective	perspective	NOUN
ajfa-1478	249	13	.	.	PUNCT
ajfa-1478	250	1	journal	journal	NOUN
ajfa-1478	250	2	of	of	ADP
ajfa-1478	250	3	banking	banking	NOUN
ajfa-1478	250	4	and	and	CCONJ
ajfa-1478	250	5	finance	finance	NOUN
ajfa-1478	250	6	,	,	PUNCT
ajfa-1478	250	7	24(10	24(10	NUM
ajfa-1478	250	8	)	)	PUNCT
ajfa-1478	250	9	,	,	PUNCT
ajfa-1478	250	10	1651	1651	NUM
ajfa-1478	250	11	1679	1679	NUM
ajfa-1478	250	12	.	.	PUNCT
ajfa-1478	251	1	http://dx.doi.org/10.1016/s0378-4266(99)00096-5	http://dx.doi.org/10.1016/s0378-4266(99)00096-5	PROPN
ajfa-1478	251	2	chiyachantana	chiyachantana	PROPN
ajfa-1478	251	3	c.n	c.n	PROPN
ajfa-1478	251	4	.	.	PROPN
ajfa-1478	251	5	,	,	PUNCT
ajfa-1478	251	6	jain	jain	PROPN
ajfa-1478	251	7	,	,	PUNCT
ajfa-1478	251	8	p.k	p.k	PROPN
ajfa-1478	251	9	.	.	PROPN
ajfa-1478	251	10	jiang	jiang	PROPN
ajfa-1478	251	11	,	,	PUNCT
ajfa-1478	251	12	c.	c.	PROPN
ajfa-1478	251	13	,	,	PUNCT
ajfa-1478	251	14	&	&	CCONJ
ajfa-1478	251	15	wood	wood	PROPN
ajfa-1478	251	16	,	,	PUNCT
ajfa-1478	251	17	r.a	r.a	PROPN
ajfa-1478	251	18	.	.	PROPN
ajfa-1478	251	19	(	(	PUNCT
ajfa-1478	251	20	2004	2004	NUM
ajfa-1478	251	21	)	)	PUNCT
ajfa-1478	251	22	.	.	PUNCT
ajfa-1478	252	1	international	international	ADJ
ajfa-1478	252	2	evidence	evidence	NOUN
ajfa-1478	252	3	on	on	ADP
ajfa-1478	252	4	institutional	institutional	ADJ
ajfa-1478	252	5	trading	trading	NOUN
ajfa-1478	252	6	behavior	behavior	NOUN
ajfa-1478	252	7	and	and	CCONJ
ajfa-1478	252	8	price	price	NOUN
ajfa-1478	252	9	impact	impact	NOUN
ajfa-1478	252	10	.	.	PUNCT
ajfa-1478	253	1	the	the	DET
ajfa-1478	253	2	journal	journal	PROPN
ajfa-1478	253	3	of	of	ADP
ajfa-1478	253	4	finance	finance	NOUN
ajfa-1478	253	5	,	,	PUNCT
ajfa-1478	253	6	lix(2	lix(2	NUM
ajfa-1478	253	7	)	)	PUNCT
ajfa-1478	253	8	.	.	PUNCT
ajfa-1478	254	1	demirer	demirer	PROPN
ajfa-1478	254	2	,	,	PUNCT
ajfa-1478	254	3	r.	r.	PROPN
ajfa-1478	254	4	and	and	CCONJ
ajfa-1478	254	5	kutan	kutan	PROPN
ajfa-1478	254	6	,	,	PUNCT
ajfa-1478	254	7	a.	a.	NOUN
ajfa-1478	254	8	m.	m.	NOUN
ajfa-1478	254	9	(	(	PUNCT
ajfa-1478	254	10	2006	2006	NUM
ajfa-1478	254	11	)	)	PUNCT
ajfa-1478	254	12	.	.	PUNCT
ajfa-1478	255	1	does	do	AUX
ajfa-1478	255	2	herding	herd	VERB
ajfa-1478	255	3	behavior	behavior	NOUN
ajfa-1478	255	4	exist	exist	VERB
ajfa-1478	255	5	in	in	ADP
ajfa-1478	255	6	chinese	chinese	ADJ
ajfa-1478	255	7	stock	stock	NOUN
ajfa-1478	255	8	markets	market	NOUN
ajfa-1478	255	9	?	?	PUNCT
ajfa-1478	255	10	.	.	PUNCT
ajfa-1478	256	1	journal	journal	PROPN
ajfa-1478	256	2	of	of	ADP
ajfa-1478	256	3	international	international	ADJ
ajfa-1478	256	4	financial	financial	ADJ
ajfa-1478	256	5	markets	market	NOUN
ajfa-1478	256	6	,	,	PUNCT
ajfa-1478	256	7	institutions	institution	NOUN
ajfa-1478	256	8	and	and	CCONJ
ajfa-1478	256	9	money	money	NOUN
ajfa-1478	256	10	,	,	PUNCT
ajfa-1478	256	11	16(2	16(2	NUM
ajfa-1478	256	12	)	)	PUNCT
ajfa-1478	256	13	,	,	PUNCT
ajfa-1478	256	14	pp	pp	ADP
ajfa-1478	256	15	.	.	PUNCT
ajfa-1478	257	1	123	123	NUM
ajfa-1478	257	2	142	142	NUM
ajfa-1478	257	3	.	.	PUNCT
ajfa-1478	258	1	http://dx.doi.org/10.1016/j.intfin.2005.01.002	http://dx.doi.org/10.1016/j.intfin.2005.01.002	PROPN
ajfa-1478	258	2	de	de	PROPN
ajfa-1478	258	3	bondt	bondt	PROPN
ajfa-1478	258	4	,	,	PUNCT
ajfa-1478	258	5	w.	w.	PROPN
ajfa-1478	258	6	f.	f.	PROPN
ajfa-1478	258	7	m.	m.	PROPN
ajfa-1478	258	8	,	,	PUNCT
ajfa-1478	258	9	&	&	CCONJ
ajfa-1478	258	10	forbes	forbes	PROPN
ajfa-1478	258	11	,	,	PUNCT
ajfa-1478	258	12	w.	w.	PROPN
ajfa-1478	258	13	p.	p.	PROPN
ajfa-1478	258	14	(	(	PUNCT
ajfa-1478	258	15	1999	1999	NUM
ajfa-1478	258	16	)	)	PUNCT
ajfa-1478	258	17	.	.	PUNCT
ajfa-1478	259	1	herding	herd	VERB
ajfa-1478	259	2	in	in	ADP
ajfa-1478	259	3	analyst	analyst	NOUN
ajfa-1478	259	4	earnings	earning	NOUN
ajfa-1478	259	5	forecasts	forecast	NOUN
ajfa-1478	259	6	:	:	PUNCT
ajfa-1478	259	7	evidence	evidence	NOUN
ajfa-1478	259	8	from	from	ADP
ajfa-1478	259	9	the	the	DET
ajfa-1478	259	10	united	united	ADJ
ajfa-1478	259	11	kingdom	kingdom	PROPN
ajfa-1478	259	12	.	.	PUNCT
ajfa-1478	260	1	european	european	ADJ
ajfa-1478	260	2	financial	financial	ADJ
ajfa-1478	260	3	management	management	NOUN
ajfa-1478	260	4	,	,	PUNCT
ajfa-1478	260	5	5	5	NUM
ajfa-1478	260	6	,	,	PUNCT
ajfa-1478	260	7	143–63	143–63	NUM
ajfa-1478	260	8	.	.	PUNCT
ajfa-1478	261	1	http://dx.doi.org/10.1111/1468-036x.00087	http://dx.doi.org/10.1111/1468-036x.00087	PROPN
ajfa-1478	261	2	froot	froot	NOUN
ajfa-1478	261	3	,	,	PUNCT
ajfa-1478	261	4	k.a	k.a	PROPN
ajfa-1478	261	5	.	.	PROPN
ajfa-1478	261	6	,	,	PUNCT
ajfa-1478	261	7	scharfstein	scharfstein	PROPN
ajfa-1478	261	8	,	,	PUNCT
ajfa-1478	261	9	d.s	d.s	PROPN
ajfa-1478	261	10	.	.	PROPN
ajfa-1478	261	11	,	,	PUNCT
ajfa-1478	261	12	&	&	CCONJ
ajfa-1478	261	13	stein	stein	PROPN
ajfa-1478	261	14	,	,	PUNCT
ajfa-1478	261	15	j.	j.	PROPN
ajfa-1478	261	16	c.	c.	PROPN
ajfa-1478	261	17	(	(	PUNCT
ajfa-1478	261	18	1992	1992	NUM
ajfa-1478	261	19	)	)	PUNCT
ajfa-1478	261	20	.	.	PUNCT
ajfa-1478	262	1	herd	herd	NOUN
ajfa-1478	262	2	on	on	ADP
ajfa-1478	262	3	the	the	DET
ajfa-1478	262	4	street	street	NOUN
ajfa-1478	262	5	:	:	PUNCT
ajfa-1478	262	6	informational	informational	ADJ
ajfa-1478	262	7	inefficiencies	inefficiency	NOUN
ajfa-1478	262	8	in	in	ADP
ajfa-1478	262	9	a	a	DET
ajfa-1478	262	10	model	model	NOUN
ajfa-1478	262	11	with	with	ADP
ajfa-1478	262	12	short	short	ADJ
ajfa-1478	262	13	-	-	PUNCT
ajfa-1478	262	14	term	term	NOUN
ajfa-1478	262	15	speculation	speculation	NOUN
ajfa-1478	262	16	.	.	PUNCT
ajfa-1478	263	1	journal	journal	NOUN
ajfa-1478	263	2	of	of	ADP
ajfa-1478	263	3	finance	finance	NOUN
ajfa-1478	263	4	,	,	PUNCT
ajfa-1478	263	5	67	67	NUM
ajfa-1478	263	6	,	,	PUNCT
ajfa-1478	263	7	1461–84	1461–84	NUM
ajfa-1478	263	8	.	.	PUNCT
ajfa-1478	264	1	http://dx.doi.org/10.2307/2328947	http://dx.doi.org/10.2307/2328947	ADJ
ajfa-1478	264	2	asian	asian	ADJ
ajfa-1478	264	3	journal	journal	PROPN
ajfa-1478	264	4	of	of	ADP
ajfa-1478	264	5	finance	finance	PROPN
ajfa-1478	264	6	&	&	CCONJ
ajfa-1478	264	7	accounting	accounting	PROPN
ajfa-1478	264	8	issn	issn	PROPN
ajfa-1478	264	9	1946	1946	NUM
ajfa-1478	264	10	-	-	PUNCT
ajfa-1478	264	11	052x	052x	NOUN
ajfa-1478	264	12	2012	2012	NUM
ajfa-1478	264	13	,	,	PUNCT
ajfa-1478	264	14	vol	vol	NOUN
ajfa-1478	264	15	.	.	PROPN
ajfa-1478	264	16	4	4	NUM
ajfa-1478	264	17	,	,	PUNCT
ajfa-1478	264	18	no	no	INTJ
ajfa-1478	264	19	.	.	NOUN
ajfa-1478	264	20	1	1	NUM
ajfa-1478	264	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1478	264	22	204	204	NUM
ajfa-1478	264	23	grinblatt	grinblatt	NOUN
ajfa-1478	264	24	,	,	PUNCT
ajfa-1478	264	25	m.	m.	NOUN
ajfa-1478	264	26	,	,	PUNCT
ajfa-1478	264	27	titman	titman	NOUN
ajfa-1478	264	28	,	,	PUNCT
ajfa-1478	264	29	s.	s.	PROPN
ajfa-1478	264	30	,	,	PUNCT
ajfa-1478	264	31	&	&	CCONJ
ajfa-1478	264	32	wermers	wermer	NOUN
ajfa-1478	264	33	,	,	PUNCT
ajfa-1478	264	34	r.	r.	PROPN
ajfa-1478	264	35	(	(	PUNCT
ajfa-1478	264	36	1995	1995	NUM
ajfa-1478	264	37	)	)	PUNCT
ajfa-1478	264	38	.	.	PUNCT
ajfa-1478	265	1	momentum	momentum	NOUN
ajfa-1478	265	2	investment	investment	NOUN
ajfa-1478	265	3	strategies	strategy	NOUN
ajfa-1478	265	4	,	,	PUNCT
ajfa-1478	265	5	portfolio	portfolio	NOUN
ajfa-1478	265	6	performance	performance	NOUN
ajfa-1478	265	7	,	,	PUNCT
ajfa-1478	265	8	and	and	CCONJ
ajfa-1478	265	9	herding	herd	VERB
ajfa-1478	265	10	:	:	PUNCT
ajfa-1478	265	11	a	a	DET
ajfa-1478	265	12	study	study	NOUN
ajfa-1478	265	13	of	of	ADP
ajfa-1478	265	14	mutual	mutual	ADJ
ajfa-1478	265	15	fund	fund	NOUN
ajfa-1478	265	16	behavior	behavior	NOUN
ajfa-1478	265	17	.	.	PUNCT
ajfa-1478	266	1	american	american	PROPN
ajfa-1478	266	2	economic	economic	PROPN
ajfa-1478	266	3	review	review	PROPN
ajfa-1478	266	4	,	,	PUNCT
ajfa-1478	266	5	85	85	NUM
ajfa-1478	266	6	,	,	PUNCT
ajfa-1478	266	7	1088–105	1088–105	NOUN
ajfa-1478	266	8	greg	greg	PROPN
ajfa-1478	266	9	n.	n.	PROPN
ajfa-1478	266	10	gregoriou	gregoriou	PROPN
ajfa-1478	266	11	.	.	PUNCT
ajfa-1478	267	1	(	(	PUNCT
ajfa-1478	267	2	2007	2007	NUM
ajfa-1478	267	3	)	)	PUNCT
ajfa-1478	267	4	.	.	PUNCT
ajfa-1478	268	1	diversification	diversification	NOUN
ajfa-1478	268	2	and	and	CCONJ
ajfa-1478	268	3	portfolio	portfolio	NOUN
ajfa-1478	268	4	management	management	NOUN
ajfa-1478	268	5	of	of	ADP
ajfa-1478	268	6	mutual	mutual	ADJ
ajfa-1478	268	7	funds	fund	NOUN
ajfa-1478	268	8	,	,	PUNCT
ajfa-1478	268	9	ed	ed	NOUN
ajfa-1478	268	10	.	.	PROPN
ajfa-1478	268	11	,	,	PUNCT
ajfa-1478	268	12	pp	pp	ADP
ajfa-1478	268	13	167	167	NUM
ajfa-1478	268	14	-	-	SYM
ajfa-1478	268	15	197	197	NUM
ajfa-1478	268	16	,	,	PUNCT
ajfa-1478	268	17	palgrave	palgrave	PROPN
ajfa-1478	268	18	macmillan	macmillan	PROPN
ajfa-1478	268	19	,	,	PUNCT
ajfa-1478	268	20	new	new	PROPN
ajfa-1478	268	21	york	york	PROPN
ajfa-1478	268	22	2007	2007	NUM
ajfa-1478	268	23	,	,	PUNCT
ajfa-1478	268	24	ssrn	ssrn	NOUN
ajfa-1478	268	25	i	i	PROPN
ajfa-1478	268	26	d	d	PROPN
ajfa-1478	268	27	302937	302937	NUM
ajfa-1478	268	28	júlio	júlio	PROPN
ajfa-1478	268	29	lobão	lobão	PROPN
ajfa-1478	268	30	,	,	PUNCT
ajfa-1478	268	31	&	&	CCONJ
ajfa-1478	268	32	ana	ana	PROPN
ajfa-1478	268	33	paula	paula	PROPN
ajfa-1478	268	34	.	.	PUNCT
ajfa-1478	269	1	(	(	PUNCT
ajfa-1478	269	2	march	march	PROPN
ajfa-1478	269	3	11,2002	11,2002	NUM
ajfa-1478	269	4	)	)	PUNCT
ajfa-1478	269	5	.	.	PUNCT
ajfa-1478	270	1	herding	herd	VERB
ajfa-1478	270	2	behavior	behavior	NOUN
ajfa-1478	270	3	evidence	evidence	NOUN
ajfa-1478	270	4	from	from	ADP
ajfa-1478	270	5	portuguese	portuguese	ADJ
ajfa-1478	270	6	mutual	mutual	ADJ
ajfa-1478	270	7	funds	fund	NOUN
ajfa-1478	270	8	serra	serra	PROPN
ajfa-1478	270	9	thesis	thesis	PROPN
ajfa-1478	270	10	draft	draft	PROPN
ajfa-1478	270	11	kpmg	kpmg	PROPN
ajfa-1478	270	12	june	june	PROPN
ajfa-1478	270	13	.	.	PUNCT
ajfa-1478	271	1	(	(	PUNCT
ajfa-1478	271	2	2009	2009	NUM
ajfa-1478	271	3	)	)	PUNCT
ajfa-1478	271	4	.	.	PUNCT
ajfa-1478	272	1	indian	indian	PROPN
ajfa-1478	272	2	mutual	mutual	ADJ
ajfa-1478	272	3	fund	fund	NOUN
ajfa-1478	272	4	industry	industry	NOUN
ajfa-1478	272	5	:	:	PUNCT
ajfa-1478	272	6	the	the	DET
ajfa-1478	272	7	future	future	NOUN
ajfa-1478	272	8	in	in	ADP
ajfa-1478	272	9	a	a	DET
ajfa-1478	272	10	dynamic	dynamic	ADJ
ajfa-1478	272	11	environment	environment	NOUN
ajfa-1478	272	12	outlook	outlook	NOUN
ajfa-1478	272	13	for	for	ADP
ajfa-1478	272	14	2015	2015	NUM
ajfa-1478	272	15	une	une	PROPN
ajfa-1478	272	16	2009	2009	NUM
ajfa-1478	272	17	lakonishok	lakonishok	NOUN
ajfa-1478	272	18	,	,	PUNCT
ajfa-1478	272	19	j.	j.	PROPN
ajfa-1478	272	20	,	,	PUNCT
ajfa-1478	272	21	shleifer	shleifer	PROPN
ajfa-1478	272	22	,	,	PUNCT
ajfa-1478	272	23	a.	a.	PROPN
ajfa-1478	272	24	,	,	PUNCT
ajfa-1478	272	25	&	&	CCONJ
ajfa-1478	272	26	vishny	vishny	PROPN
ajfa-1478	272	27	,	,	PUNCT
ajfa-1478	272	28	r.	r.	PROPN
ajfa-1478	272	29	w.	w.	PROPN
ajfa-1478	272	30	(	(	PUNCT
ajfa-1478	272	31	1992	1992	NUM
ajfa-1478	272	32	)	)	PUNCT
ajfa-1478	272	33	.	.	PUNCT
ajfa-1478	273	1	the	the	DET
ajfa-1478	273	2	impact	impact	NOUN
ajfa-1478	273	3	of	of	ADP
ajfa-1478	273	4	institutional	institutional	ADJ
ajfa-1478	273	5	trading	trading	NOUN
ajfa-1478	273	6	on	on	ADP
ajfa-1478	273	7	stock	stock	NOUN
ajfa-1478	273	8	prices	price	NOUN
ajfa-1478	273	9	.	.	PUNCT
ajfa-1478	274	1	journal	journal	NOUN
ajfa-1478	274	2	of	of	ADP
ajfa-1478	274	3	financial	financial	ADJ
ajfa-1478	274	4	economics	economic	NOUN
ajfa-1478	274	5	,	,	PUNCT
ajfa-1478	274	6	32	32	NUM
ajfa-1478	274	7	,	,	PUNCT
ajfa-1478	274	8	23–43	23–43	NUM
ajfa-1478	274	9	.	.	PUNCT
ajfa-1478	275	1	http://dx.doi.org/10.1016/0304-405x(92)90023-q	http://dx.doi.org/10.1016/0304-405x(92)90023-q	NOUN
ajfa-1478	275	2	lobao	lobao	VERB
ajfa-1478	275	3	,	,	PUNCT
ajfa-1478	275	4	j.	j.	PROPN
ajfa-1478	275	5	,	,	PUNCT
ajfa-1478	275	6	&	&	CCONJ
ajfa-1478	275	7	serra	serra	PROPN
ajfa-1478	275	8	,	,	PUNCT
ajfa-1478	275	9	a.p	a.p	PROPN
ajfa-1478	275	10	.	.	PROPN
ajfa-1478	275	11	(	(	PUNCT
ajfa-1478	275	12	2002	2002	NUM
ajfa-1478	275	13	)	)	PUNCT
ajfa-1478	275	14	.	.	PUNCT
ajfa-1478	276	1	herding	herd	VERB
ajfa-1478	276	2	behavior	behavior	NOUN
ajfa-1478	276	3	evidence	evidence	NOUN
ajfa-1478	276	4	from	from	ADP
ajfa-1478	276	5	portuguese	portuguese	ADJ
ajfa-1478	276	6	mutual	mutual	ADJ
ajfa-1478	276	7	funds.(working	funds.(working	NOUN
ajfa-1478	276	8	paper	paper	NOUN
ajfa-1478	276	9	)	)	PUNCT
ajfa-1478	276	10	nofsinger	nofsinger	NOUN
ajfa-1478	276	11	,	,	PUNCT
ajfa-1478	276	12	j.	j.	PROPN
ajfa-1478	276	13	r.	r.	PROPN
ajfa-1478	276	14	,	,	PUNCT
ajfa-1478	276	15	&	&	CCONJ
ajfa-1478	276	16	sias	sias	PROPN
ajfa-1478	276	17	,	,	PUNCT
ajfa-1478	276	18	r.	r.	PROPN
ajfa-1478	276	19	w.	w.	PROPN
ajfa-1478	276	20	(	(	PUNCT
ajfa-1478	276	21	1999	1999	NUM
ajfa-1478	276	22	)	)	PUNCT
ajfa-1478	276	23	.	.	PUNCT
ajfa-1478	277	1	herding	herding	NOUN
ajfa-1478	277	2	and	and	CCONJ
ajfa-1478	277	3	feedback	feedback	NOUN
ajfa-1478	277	4	trading	trading	NOUN
ajfa-1478	277	5	by	by	ADP
ajfa-1478	277	6	institutional	institutional	ADJ
ajfa-1478	277	7	and	and	CCONJ
ajfa-1478	277	8	individual	individual	ADJ
ajfa-1478	277	9	investors	investor	NOUN
ajfa-1478	277	10	.	.	PUNCT
ajfa-1478	278	1	journal	journal	PROPN
ajfa-1478	278	2	of	of	ADP
ajfa-1478	278	3	finance	finance	NOUN
ajfa-1478	278	4	,	,	PUNCT
ajfa-1478	278	5	54(6	54(6	NOUN
ajfa-1478	278	6	)	)	PUNCT
ajfa-1478	278	7	,	,	PUNCT
ajfa-1478	278	8	2263	2263	NUM
ajfa-1478	278	9	2295	2295	NUM
ajfa-1478	278	10	.	.	PUNCT
ajfa-1478	279	1	oehler	oehler	NOUN
ajfa-1478	279	2	,	,	PUNCT
ajfa-1478	279	3	a.	a.	NOUN
ajfa-1478	279	4	(	(	PUNCT
ajfa-1478	279	5	1998	1998	NUM
ajfa-1478	279	6	)	)	PUNCT
ajfa-1478	279	7	.	.	PUNCT
ajfa-1478	280	1	do	do	VERB
ajfa-1478	280	2	mutual	mutual	ADJ
ajfa-1478	280	3	funds	fund	NOUN
ajfa-1478	280	4	specializing	specialize	VERB
ajfa-1478	280	5	in	in	ADP
ajfa-1478	280	6	german	german	ADJ
ajfa-1478	280	7	stocks	stock	NOUN
ajfa-1478	280	8	herd	herd	NOUN
ajfa-1478	280	9	?	?	PUNCT
ajfa-1478	280	10	,	,	PUNCT
ajfa-1478	280	11	financial	financial	ADJ
ajfa-1478	280	12	markets	market	NOUN
ajfa-1478	280	13	and	and	CCONJ
ajfa-1478	280	14	portfolio	portfolio	NOUN
ajfa-1478	280	15	management	management	NOUN
ajfa-1478	280	16	,	,	PUNCT
ajfa-1478	280	17	12(4	12(4	NUM
ajfa-1478	280	18	)	)	PUNCT
ajfa-1478	280	19	,	,	PUNCT
ajfa-1478	280	20	pp	pp	ADP
ajfa-1478	280	21	.	.	PUNCT
ajfa-1478	281	1	452	452	NUM
ajfa-1478	281	2	465	465	NUM
ajfa-1478	281	3	meng	meng	PROPN
ajfa-1478	281	4	-	-	PUNCT
ajfa-1478	281	5	fen	fen	PROPN
ajfa-1478	281	6	hsieh	hsieh	PROPN
ajfa-1478	281	7	(	(	PUNCT
ajfa-1478	281	8	2010	2010	NUM
ajfa-1478	281	9	)	)	PUNCT
ajfa-1478	281	10	positive	positive	ADJ
ajfa-1478	281	11	trading	trading	NOUN
ajfa-1478	281	12	effects	effect	NOUN
ajfa-1478	281	13	and	and	CCONJ
ajfa-1478	281	14	herding	herding	NOUN
ajfa-1478	281	15	behavior	behavior	NOUN
ajfa-1478	281	16	in	in	ADP
ajfa-1478	281	17	asian	asian	ADJ
ajfa-1478	281	18	markets	market	NOUN
ajfa-1478	281	19	:	:	PUNCT
ajfa-1478	281	20	evidence	evidence	NOUN
ajfa-1478	281	21	from	from	ADP
ajfa-1478	281	22	mutual	mutual	ADJ
ajfa-1478	281	23	funds	fund	NOUN
ajfa-1478	281	24	.	.	PUNCT
ajfa-1478	282	1	the	the	DET
ajfa-1478	282	2	international	international	ADJ
ajfa-1478	282	3	journal	journal	NOUN
ajfa-1478	282	4	of	of	ADP
ajfa-1478	282	5	business	business	NOUN
ajfa-1478	282	6	and	and	CCONJ
ajfa-1478	282	7	finance	finance	NOUN
ajfa-1478	282	8	research	research	NOUN
ajfa-1478	282	9	,	,	PUNCT
ajfa-1478	282	10	4(2	4(2	NUM
ajfa-1478	282	11	)	)	PUNCT
ajfa-1478	282	12	.	.	PUNCT
ajfa-1478	283	1	sharma	sharma	PROPN
ajfa-1478	283	2	,	,	PUNCT
ajfa-1478	283	3	v.	v.	PROPN
ajfa-1478	283	4	(	(	PUNCT
ajfa-1478	283	5	2004	2004	NUM
ajfa-1478	283	6	)	)	PUNCT
ajfa-1478	283	7	.	.	PUNCT
ajfa-1478	284	1	two	two	NUM
ajfa-1478	284	2	essays	essay	NOUN
ajfa-1478	284	3	on	on	ADP
ajfa-1478	284	4	herding	herd	VERB
ajfa-1478	284	5	in	in	ADP
ajfa-1478	284	6	financial	financial	ADJ
ajfa-1478	284	7	markets	market	NOUN
ajfa-1478	284	8	,	,	PUNCT
ajfa-1478	284	9	ph.d	ph.d	PROPN
ajfa-1478	284	10	.	.	PUNCT
ajfa-1478	284	11	dissertation	dissertation	PROPN
ajfa-1478	284	12	,	,	PUNCT
ajfa-1478	284	13	virginia	virginia	PROPN
ajfa-1478	284	14	polytechnic	polytechnic	PROPN
ajfa-1478	284	15	institute	institute	PROPN
ajfa-1478	284	16	&	&	CCONJ
ajfa-1478	284	17	state	state	PROPN
ajfa-1478	284	18	university	university	PROPN
ajfa-1478	284	19	.	.	PUNCT
ajfa-1478	285	1	sias	sias	PROPN
ajfa-1478	285	2	,	,	PUNCT
ajfa-1478	285	3	r.w	r.w	PROPN
ajfa-1478	285	4	.	.	PROPN
ajfa-1478	285	5	,	,	PUNCT
ajfa-1478	285	6	(	(	PUNCT
ajfa-1478	285	7	2004	2004	NUM
ajfa-1478	285	8	)	)	PUNCT
ajfa-1478	285	9	.	.	PUNCT
ajfa-1478	286	1	institutional	institutional	ADJ
ajfa-1478	286	2	herding	herding	NOUN
ajfa-1478	286	3	.	.	PUNCT
ajfa-1478	287	1	the	the	DET
ajfa-1478	287	2	review	review	NOUN
ajfa-1478	287	3	of	of	ADP
ajfa-1478	287	4	financial	financial	ADJ
ajfa-1478	287	5	studies	study	NOUN
ajfa-1478	287	6	,	,	PUNCT
ajfa-1478	287	7	17(1	17(1	NUM
ajfa-1478	287	8	)	)	PUNCT
ajfa-1478	287	9	,	,	PUNCT
ajfa-1478	287	10	165	165	NUM
ajfa-1478	287	11	-	-	SYM
ajfa-1478	287	12	206	206	NUM
ajfa-1478	287	13	.	.	PUNCT
ajfa-1478	288	1	http://dx.doi.org/10.1093/rfs/hhg035	http://dx.doi.org/10.1093/rfs/hhg035	PROPN
ajfa-1478	288	2	walter	walter	PROPN
ajfa-1478	288	3	,	,	PUNCT
ajfa-1478	288	4	a.	a.	PROPN
ajfa-1478	288	5	,	,	PUNCT
ajfa-1478	288	6	&	&	CCONJ
ajfa-1478	288	7	weber	weber	PROPN
ajfa-1478	288	8	,	,	PUNCT
ajfa-1478	288	9	f.	f.	PROPN
ajfa-1478	288	10	m.	m.	PROPN
ajfa-1478	288	11	(	(	PUNCT
ajfa-1478	288	12	2006	2006	NUM
ajfa-1478	288	13	)	)	PUNCT
ajfa-1478	288	14	,	,	PUNCT
ajfa-1478	288	15	herding	herd	VERB
ajfa-1478	288	16	in	in	ADP
ajfa-1478	288	17	the	the	DET
ajfa-1478	288	18	german	german	ADJ
ajfa-1478	288	19	mutual	mutual	ADJ
ajfa-1478	288	20	fund	fund	NOUN
ajfa-1478	288	21	industry	industry	NOUN
ajfa-1478	288	22	.	.	PUNCT
ajfa-1478	289	1	european	european	ADJ
ajfa-1478	289	2	financial	financial	ADJ
ajfa-1478	289	3	management	management	NOUN
ajfa-1478	289	4	,	,	PUNCT
ajfa-1478	289	5	12	12	NUM
ajfa-1478	289	6	,	,	PUNCT
ajfa-1478	289	7	375	375	NUM
ajfa-1478	289	8	-	-	SYM
ajfa-1478	289	9	406	406	NUM
ajfa-1478	289	10	.	.	PUNCT
ajfa-1478	290	1	http://dx.doi.org/10.1111/j.1354-7798.2006.00325.x	http://dx.doi.org/10.1111/j.1354-7798.2006.00325.x	VERB
ajfa-1478	290	2	w.	w.	PROPN
ajfa-1478	290	3	sias	sias	PROPN
ajfa-1478	290	4	spring	spring	PROPN
ajfa-1478	290	5	.	.	PUNCT
ajfa-1478	291	1	(	(	PUNCT
ajfa-1478	291	2	2004	2004	NUM
ajfa-1478	291	3	)	)	PUNCT
ajfa-1478	291	4	.	.	PUNCT
ajfa-1478	292	1	institutional	institutional	ADJ
ajfa-1478	292	2	herding	herding	PROPN
ajfa-1478	292	3	richard	richard	PROPN
ajfa-1478	292	4	.	.	PUNCT
ajfa-1478	293	1	the	the	DET
ajfa-1478	293	2	review	review	NOUN
ajfa-1478	293	3	of	of	ADP
ajfa-1478	293	4	financial	financial	ADJ
ajfa-1478	293	5	studies	study	NOUN
ajfa-1478	293	6	,	,	PUNCT
ajfa-1478	293	7	17(1	17(1	NUM
ajfa-1478	293	8	)	)	PUNCT
ajfa-1478	293	9	,	,	PUNCT
ajfa-1478	293	10	pp	pp	ADP
ajfa-1478	293	11	.	.	PUNCT
ajfa-1478	294	1	165±206	165±206	NUM
ajfa-1478	294	2	www.valueresearchonline.com	www.valueresearchonline.com	X
ajfa-1478	295	1	www.amfiindia.com	www.amfiindia.com	X
ajfa-1478	295	2	www.mutualfundsindia.com	www.mutualfundsindia.com	NOUN
ajfa-1478	295	3	    	    	SPACE