id	sid	tid	token	lemma	pos
ajfa-456	1	1	microsoft	microsoft	PROPN
ajfa-456	1	2	word	word	PROPN
ajfa-456	1	3	456	456	PROPN
ajfa-456	1	4	-	-	PUNCT
ajfa-456	1	5	3504	3504	NUM
ajfa-456	1	6	-	-	PUNCT
ajfa-456	1	7	1	1	NUM
ajfa-456	1	8	-	-	PUNCT
ajfa-456	1	9	pb	pb	ADP
ajfa-456	1	10	asian	asian	ADJ
ajfa-456	1	11	journal	journal	NOUN
ajfa-456	1	12	of	of	ADP
ajfa-456	1	13	finance	finance	PROPN
ajfa-456	1	14	&	&	CCONJ
ajfa-456	1	15	accounting	accounting	PROPN
ajfa-456	1	16	issn	issn	PROPN
ajfa-456	1	17	1946	1946	NUM
ajfa-456	1	18	-	-	PUNCT
ajfa-456	1	19	052x	052x	NOUN
ajfa-456	1	20	2010	2010	NUM
ajfa-456	1	21	,	,	PUNCT
ajfa-456	1	22	vol	vol	NOUN
ajfa-456	1	23	.	.	PROPN
ajfa-456	1	24	2	2	NUM
ajfa-456	1	25	,	,	PUNCT
ajfa-456	1	26	no	no	INTJ
ajfa-456	1	27	.	.	NOUN
ajfa-456	1	28	2	2	NUM
ajfa-456	1	29	:	:	PUNCT
ajfa-456	1	30	e1	e1	VERB
ajfa-456	1	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	1	32	1	1	NUM
ajfa-456	1	33	do	do	VERB
ajfa-456	1	34	institutional	institutional	ADJ
ajfa-456	1	35	investors	investor	NOUN
ajfa-456	1	36	herd	herd	VERB
ajfa-456	1	37	in	in	ADP
ajfa-456	1	38	emerging	emerge	VERB
ajfa-456	1	39	markets	market	NOUN
ajfa-456	1	40	?	?	PUNCT
ajfa-456	2	1	evidence	evidence	NOUN
ajfa-456	2	2	from	from	ADP
ajfa-456	2	3	the	the	DET
ajfa-456	2	4	taiwan	taiwan	PROPN
ajfa-456	2	5	stock	stock	NOUN
ajfa-456	2	6	market	market	PROPN
ajfa-456	2	7	jonchi	jonchi	PROPN
ajfa-456	2	8	shyu	shyu	NOUN
ajfa-456	2	9	(	(	PUNCT
ajfa-456	2	10	corresponding	corresponding	ADJ
ajfa-456	2	11	author	author	NOUN
ajfa-456	2	12	)	)	PUNCT
ajfa-456	2	13	department	department	PROPN
ajfa-456	2	14	of	of	ADP
ajfa-456	2	15	business	business	PROPN
ajfa-456	2	16	administration	administration	PROPN
ajfa-456	2	17	,	,	PUNCT
ajfa-456	2	18	national	national	PROPN
ajfa-456	2	19	taiwan	taiwan	PROPN
ajfa-456	2	20	university	university	PROPN
ajfa-456	2	21	of	of	ADP
ajfa-456	2	22	science	science	NOUN
ajfa-456	2	23	and	and	CCONJ
ajfa-456	2	24	technology	technology	NOUN
ajfa-456	2	25	no	no	INTJ
ajfa-456	2	26	.	.	PROPN
ajfa-456	2	27	43	43	NUM
ajfa-456	2	28	,	,	PUNCT
ajfa-456	2	29	keelung	keelung	ADJ
ajfa-456	2	30	road	road	NOUN
ajfa-456	2	31	,	,	PUNCT
ajfa-456	2	32	sec	sec	PROPN
ajfa-456	2	33	.	.	PROPN
ajfa-456	2	34	4	4	NUM
ajfa-456	2	35	,	,	PUNCT
ajfa-456	2	36	taipei	taipei	PROPN
ajfa-456	2	37	,	,	PUNCT
ajfa-456	2	38	taiwan	taiwan	PROPN
ajfa-456	2	39	,	,	PUNCT
ajfa-456	2	40	r.o.c	r.o.c	NOUN
ajfa-456	2	41	.	.	PUNCT
ajfa-456	3	1	tel	tel	NOUN
ajfa-456	3	2	:	:	PUNCT
ajfa-456	3	3	886	886	NUM
ajfa-456	3	4	2	2	NUM
ajfa-456	3	5	2730	2730	NUM
ajfa-456	3	6	1083	1083	NUM
ajfa-456	4	1	e	e	NOUN
ajfa-456	4	2	-	-	NOUN
ajfa-456	4	3	mail	mail	NOUN
ajfa-456	4	4	:	:	PUNCT
ajfa-456	4	5	jonchi.shyu@msa.hinet.net	jonchi.shyu@msa.hinet.net	PROPN
ajfa-456	4	6	hsin	hsin	PROPN
ajfa-456	4	7	-	-	PUNCT
ajfa-456	4	8	ming	ming	PROPN
ajfa-456	4	9	sun	sun	PROPN
ajfa-456	4	10	sinopac	sinopac	PROPN
ajfa-456	4	11	securities	security	NOUN
ajfa-456	4	12	9f	9f	NUM
ajfa-456	4	13	,	,	PUNCT
ajfa-456	4	14	306	306	NUM
ajfa-456	4	15	bade	bade	NOUN
ajfa-456	4	16	road	road	PROPN
ajfa-456	4	17	sec.2	sec.2	PROPN
ajfa-456	4	18	,	,	PUNCT
ajfa-456	4	19	taipei	taipei	PROPN
ajfa-456	4	20	,	,	PUNCT
ajfa-456	4	21	taiwan	taiwan	PROPN
ajfa-456	4	22	,	,	PUNCT
ajfa-456	4	23	r.o.c	r.o.c	NOUN
ajfa-456	4	24	.	.	PUNCT
ajfa-456	5	1	tel	tel	NOUN
ajfa-456	5	2	:	:	PUNCT
ajfa-456	5	3	886	886	NUM
ajfa-456	5	4	-	-	SYM
ajfa-456	5	5	2	2	NUM
ajfa-456	5	6	-	-	PUNCT
ajfa-456	5	7	81618090	81618090	NUM
ajfa-456	5	8	e	e	NOUN
ajfa-456	5	9	-	-	NOUN
ajfa-456	5	10	mail	mail	NOUN
ajfa-456	5	11	:	:	PUNCT
ajfa-456	5	12	planes.walker@msa.hinet.net	planes.walker@msa.hinet.net	PROPN
ajfa-456	5	13	received	receive	VERB
ajfa-456	5	14	:	:	PUNCT
ajfa-456	5	15	august	august	PROPN
ajfa-456	5	16	27	27	NUM
ajfa-456	5	17	,	,	PUNCT
ajfa-456	5	18	2010	2010	NUM
ajfa-456	5	19	accepted	accept	VERB
ajfa-456	5	20	:	:	PUNCT
ajfa-456	5	21	december	december	PROPN
ajfa-456	5	22	28	28	NUM
ajfa-456	5	23	,	,	PUNCT
ajfa-456	5	24	2010	2010	NUM
ajfa-456	5	25	doi:10.5296	doi:10.5296	NOUN
ajfa-456	5	26	/	/	SYM
ajfa-456	5	27	ajfa.v2i2.456	ajfa.v2i2.456	PROPN
ajfa-456	5	28	abstract	abstract	NOUN
ajfa-456	5	29	this	this	DET
ajfa-456	5	30	study	study	NOUN
ajfa-456	5	31	employs	employ	VERB
ajfa-456	5	32	daily	daily	ADJ
ajfa-456	5	33	trading	trading	NOUN
ajfa-456	5	34	data	datum	NOUN
ajfa-456	5	35	to	to	PART
ajfa-456	5	36	examine	examine	VERB
ajfa-456	5	37	the	the	DET
ajfa-456	5	38	herding	herd	VERB
ajfa-456	5	39	behavior	behavior	NOUN
ajfa-456	5	40	of	of	ADP
ajfa-456	5	41	institutional	institutional	ADJ
ajfa-456	5	42	investors	investor	NOUN
ajfa-456	5	43	in	in	ADP
ajfa-456	5	44	taiwan	taiwan	PROPN
ajfa-456	5	45	’s	’s	PART
ajfa-456	5	46	stock	stock	NOUN
ajfa-456	5	47	market	market	NOUN
ajfa-456	5	48	.	.	PUNCT
ajfa-456	6	1	our	our	PRON
ajfa-456	6	2	results	result	NOUN
ajfa-456	6	3	show	show	VERB
ajfa-456	6	4	evidence	evidence	NOUN
ajfa-456	6	5	of	of	ADP
ajfa-456	6	6	herding	herd	VERB
ajfa-456	6	7	for	for	ADP
ajfa-456	6	8	institutional	institutional	ADJ
ajfa-456	6	9	investors	investor	NOUN
ajfa-456	6	10	;	;	PUNCT
ajfa-456	6	11	indeed	indeed	ADV
ajfa-456	6	12	,	,	PUNCT
ajfa-456	6	13	they	they	PRON
ajfa-456	6	14	would	would	AUX
ajfa-456	6	15	follow	follow	VERB
ajfa-456	6	16	both	both	DET
ajfa-456	6	17	other	other	ADJ
ajfa-456	6	18	institutional	institutional	ADJ
ajfa-456	6	19	trades	trade	NOUN
ajfa-456	6	20	and	and	CCONJ
ajfa-456	6	21	their	their	PRON
ajfa-456	6	22	own	own	ADJ
ajfa-456	6	23	trades	trade	NOUN
ajfa-456	6	24	.	.	PUNCT
ajfa-456	7	1	we	we	PRON
ajfa-456	7	2	also	also	ADV
ajfa-456	7	3	find	find	VERB
ajfa-456	7	4	that	that	SCONJ
ajfa-456	7	5	institutional	institutional	ADJ
ajfa-456	7	6	investors	investor	NOUN
ajfa-456	7	7	are	be	AUX
ajfa-456	7	8	not	not	PART
ajfa-456	7	9	driven	drive	VERB
ajfa-456	7	10	principally	principally	ADV
ajfa-456	7	11	by	by	ADP
ajfa-456	7	12	impulse	impulse	ADJ
ajfa-456	7	13	or	or	CCONJ
ajfa-456	7	14	instinct	instinct	NOUN
ajfa-456	7	15	and	and	CCONJ
ajfa-456	7	16	that	that	SCONJ
ajfa-456	7	17	“	"	PUNCT
ajfa-456	7	18	herded	herd	VERB
ajfa-456	7	19	into	into	ADP
ajfa-456	7	20	”	"	PUNCT
ajfa-456	7	21	stocks	stock	NOUN
ajfa-456	7	22	do	do	AUX
ajfa-456	7	23	not	not	PART
ajfa-456	7	24	exhibit	exhibit	VERB
ajfa-456	7	25	unusual	unusual	ADJ
ajfa-456	7	26	return	return	NOUN
ajfa-456	7	27	reversals	reversal	NOUN
ajfa-456	7	28	.	.	PUNCT
ajfa-456	8	1	moreover	moreover	ADV
ajfa-456	8	2	,	,	PUNCT
ajfa-456	8	3	the	the	DET
ajfa-456	8	4	intensity	intensity	NOUN
ajfa-456	8	5	of	of	ADP
ajfa-456	8	6	herding	herding	NOUN
ajfa-456	8	7	is	be	AUX
ajfa-456	8	8	negatively	negatively	ADV
ajfa-456	8	9	related	relate	VERB
ajfa-456	8	10	to	to	ADP
ajfa-456	8	11	firm	firm	ADJ
ajfa-456	8	12	size	size	NOUN
ajfa-456	8	13	,	,	PUNCT
ajfa-456	8	14	which	which	PRON
ajfa-456	8	15	suggests	suggest	VERB
ajfa-456	8	16	that	that	SCONJ
ajfa-456	8	17	institutional	institutional	ADJ
ajfa-456	8	18	herding	herding	NOUN
ajfa-456	8	19	in	in	ADP
ajfa-456	8	20	taiwan	taiwan	PROPN
ajfa-456	8	21	’s	’s	PART
ajfa-456	8	22	stock	stock	NOUN
ajfa-456	8	23	market	market	NOUN
ajfa-456	8	24	is	be	AUX
ajfa-456	8	25	driven	drive	VERB
ajfa-456	8	26	primarily	primarily	ADV
ajfa-456	8	27	by	by	ADP
ajfa-456	8	28	information	information	NOUN
ajfa-456	8	29	cascades	cascade	NOUN
ajfa-456	8	30	.	.	PUNCT
ajfa-456	9	1	keywords	keyword	NOUN
ajfa-456	9	2	:	:	PUNCT
ajfa-456	9	3	institutional	institutional	ADJ
ajfa-456	9	4	investor	investor	NOUN
ajfa-456	9	5	,	,	PUNCT
ajfa-456	9	6	herding	herding	NOUN
ajfa-456	9	7	behavior	behavior	NOUN
ajfa-456	9	8	,	,	PUNCT
ajfa-456	9	9	information	information	NOUN
ajfa-456	9	10	cascade	cascade	NOUN
ajfa-456	9	11	,	,	PUNCT
ajfa-456	9	12	emerging	emerge	VERB
ajfa-456	9	13	markets	market	NOUN
ajfa-456	9	14	jel	jel	PROPN
ajfa-456	9	15	classifications	classification	NOUN
ajfa-456	9	16	:	:	PUNCT
ajfa-456	9	17	g11	g11	PROPN
ajfa-456	9	18	,	,	PUNCT
ajfa-456	9	19	g20	g20	PROPN
ajfa-456	9	20	,	,	PUNCT
ajfa-456	9	21	n25	n25	PROPN
ajfa-456	9	22	asian	asian	PROPN
ajfa-456	9	23	journal	journal	PROPN
ajfa-456	9	24	of	of	ADP
ajfa-456	9	25	finance	finance	PROPN
ajfa-456	9	26	&	&	CCONJ
ajfa-456	9	27	accounting	accounting	PROPN
ajfa-456	9	28	issn	issn	PROPN
ajfa-456	9	29	1946	1946	NUM
ajfa-456	9	30	-	-	PUNCT
ajfa-456	9	31	052x	052x	NOUN
ajfa-456	9	32	2010	2010	NUM
ajfa-456	9	33	,	,	PUNCT
ajfa-456	9	34	vol	vol	NOUN
ajfa-456	9	35	.	.	PROPN
ajfa-456	9	36	2	2	NUM
ajfa-456	9	37	,	,	PUNCT
ajfa-456	9	38	no	no	INTJ
ajfa-456	9	39	.	.	NOUN
ajfa-456	9	40	2	2	NUM
ajfa-456	9	41	:	:	PUNCT
ajfa-456	9	42	e1	e1	VERB
ajfa-456	9	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	9	44	2	2	NUM
ajfa-456	9	45	1.introduction	1.introduction	NUM
ajfa-456	9	46	participants	participant	NOUN
ajfa-456	9	47	in	in	ADP
ajfa-456	9	48	taiwan	taiwan	PROPN
ajfa-456	9	49	’s	’s	PART
ajfa-456	9	50	stock	stock	NOUN
ajfa-456	9	51	market	market	NOUN
ajfa-456	9	52	have	have	AUX
ajfa-456	9	53	long	long	ADV
ajfa-456	9	54	been	be	AUX
ajfa-456	9	55	dominated	dominate	VERB
ajfa-456	9	56	by	by	ADP
ajfa-456	9	57	individual	individual	ADJ
ajfa-456	9	58	investors	investor	NOUN
ajfa-456	9	59	,	,	PUNCT
ajfa-456	9	60	despite	despite	SCONJ
ajfa-456	9	61	the	the	DET
ajfa-456	9	62	rapidly	rapidly	ADV
ajfa-456	9	63	rising	rise	VERB
ajfa-456	9	64	weight	weight	NOUN
ajfa-456	9	65	of	of	ADP
ajfa-456	9	66	institutional	institutional	ADJ
ajfa-456	9	67	trading	trading	NOUN
ajfa-456	9	68	in	in	ADP
ajfa-456	9	69	recent	recent	ADJ
ajfa-456	9	70	years	year	NOUN
ajfa-456	9	71	.	.	PUNCT
ajfa-456	10	1	the	the	DET
ajfa-456	10	2	taiwanese	taiwanese	ADJ
ajfa-456	10	3	government	government	NOUN
ajfa-456	10	4	opened	open	VERB
ajfa-456	10	5	markets	market	NOUN
ajfa-456	10	6	for	for	ADP
ajfa-456	10	7	foreign	foreign	ADJ
ajfa-456	10	8	institutional	institutional	ADJ
ajfa-456	10	9	investors	investor	NOUN
ajfa-456	10	10	in	in	ADP
ajfa-456	10	11	1983	1983	NUM
ajfa-456	10	12	.	.	PUNCT
ajfa-456	11	1	thereafter	thereafter	ADV
ajfa-456	11	2	,	,	PUNCT
ajfa-456	11	3	it	it	PRON
ajfa-456	11	4	gradually	gradually	ADV
ajfa-456	11	5	removed	remove	VERB
ajfa-456	11	6	various	various	ADJ
ajfa-456	11	7	restrictions	restriction	NOUN
ajfa-456	11	8	.	.	PUNCT
ajfa-456	12	1	by	by	ADP
ajfa-456	12	2	2003	2003	NUM
ajfa-456	12	3	,	,	PUNCT
ajfa-456	12	4	all	all	DET
ajfa-456	12	5	restrictions	restriction	NOUN
ajfa-456	12	6	on	on	ADP
ajfa-456	12	7	investment	investment	NOUN
ajfa-456	12	8	positions	position	NOUN
ajfa-456	12	9	for	for	ADP
ajfa-456	12	10	foreign	foreign	ADJ
ajfa-456	12	11	institutional	institutional	ADJ
ajfa-456	12	12	investors	investor	NOUN
ajfa-456	12	13	had	have	AUX
ajfa-456	12	14	been	be	AUX
ajfa-456	12	15	removed	remove	VERB
ajfa-456	12	16	.	.	PUNCT
ajfa-456	13	1	during	during	ADP
ajfa-456	13	2	this	this	DET
ajfa-456	13	3	period	period	NOUN
ajfa-456	13	4	,	,	PUNCT
ajfa-456	13	5	the	the	DET
ajfa-456	13	6	government	government	NOUN
ajfa-456	13	7	likewise	likewise	ADV
ajfa-456	13	8	enforced	enforce	VERB
ajfa-456	13	9	the	the	DET
ajfa-456	13	10	protection	protection	NOUN
ajfa-456	13	11	of	of	ADP
ajfa-456	13	12	intellectual	intellectual	ADJ
ajfa-456	13	13	property	property	NOUN
ajfa-456	13	14	rights	right	NOUN
ajfa-456	13	15	and	and	CCONJ
ajfa-456	13	16	reformed	reform	VERB
ajfa-456	13	17	tax	tax	NOUN
ajfa-456	13	18	regulations	regulation	NOUN
ajfa-456	13	19	to	to	PART
ajfa-456	13	20	protect	protect	VERB
ajfa-456	13	21	and	and	CCONJ
ajfa-456	13	22	encourage	encourage	VERB
ajfa-456	13	23	foreign	foreign	ADJ
ajfa-456	13	24	investments	investment	NOUN
ajfa-456	13	25	.	.	PUNCT
ajfa-456	14	1	the	the	DET
ajfa-456	14	2	impact	impact	NOUN
ajfa-456	14	3	of	of	ADP
ajfa-456	14	4	foreign	foreign	ADJ
ajfa-456	14	5	institutional	institutional	ADJ
ajfa-456	14	6	investors	investor	NOUN
ajfa-456	14	7	on	on	ADP
ajfa-456	14	8	taiwan	taiwan	PROPN
ajfa-456	14	9	’s	’s	PART
ajfa-456	14	10	stock	stock	NOUN
ajfa-456	14	11	market	market	NOUN
ajfa-456	14	12	has	have	AUX
ajfa-456	14	13	grown	grow	VERB
ajfa-456	14	14	exponentially	exponentially	ADV
ajfa-456	14	15	since	since	SCONJ
ajfa-456	14	16	then	then	ADV
ajfa-456	14	17	.	.	PUNCT
ajfa-456	15	1	by	by	ADP
ajfa-456	15	2	the	the	DET
ajfa-456	15	3	end	end	NOUN
ajfa-456	15	4	of	of	ADP
ajfa-456	15	5	2004	2004	NUM
ajfa-456	15	6	,	,	PUNCT
ajfa-456	15	7	the	the	DET
ajfa-456	15	8	market	market	NOUN
ajfa-456	15	9	shares	share	NOUN
ajfa-456	15	10	of	of	ADP
ajfa-456	15	11	foreign	foreign	ADJ
ajfa-456	15	12	institutional	institutional	ADJ
ajfa-456	15	13	investors	investor	NOUN
ajfa-456	15	14	have	have	AUX
ajfa-456	15	15	risen	rise	VERB
ajfa-456	15	16	significantly	significantly	ADV
ajfa-456	15	17	to	to	ADP
ajfa-456	15	18	10.87	10.87	NUM
ajfa-456	15	19	%	%	NOUN
ajfa-456	15	20	from	from	ADP
ajfa-456	15	21	only	only	ADV
ajfa-456	15	22	2.40	2.40	NUM
ajfa-456	15	23	%	%	NOUN
ajfa-456	15	24	in	in	ADP
ajfa-456	15	25	1999	1999	NUM
ajfa-456	15	26	.	.	PUNCT
ajfa-456	16	1	the	the	DET
ajfa-456	16	2	shares	share	NOUN
ajfa-456	16	3	further	far	ADV
ajfa-456	16	4	grew	grow	VERB
ajfa-456	16	5	to	to	ADP
ajfa-456	16	6	22.12	22.12	NUM
ajfa-456	16	7	%	%	NOUN
ajfa-456	16	8	in	in	ADP
ajfa-456	16	9	2008	2008	NUM
ajfa-456	16	10	and	and	CCONJ
ajfa-456	16	11	stood	stand	VERB
ajfa-456	16	12	at	at	ADP
ajfa-456	16	13	16.32	16.32	NUM
ajfa-456	16	14	%	%	NOUN
ajfa-456	16	15	in	in	ADP
ajfa-456	16	16	2009	2009	NUM
ajfa-456	16	17	.	.	PUNCT
ajfa-456	17	1	in	in	ADP
ajfa-456	17	2	contrast	contrast	NOUN
ajfa-456	17	3	,	,	PUNCT
ajfa-456	17	4	the	the	DET
ajfa-456	17	5	market	market	NOUN
ajfa-456	17	6	shareholdings	shareholding	NOUN
ajfa-456	17	7	of	of	ADP
ajfa-456	17	8	domestic	domestic	ADJ
ajfa-456	17	9	institutional	institutional	ADJ
ajfa-456	17	10	investors	investor	NOUN
ajfa-456	17	11	only	only	ADV
ajfa-456	17	12	slightly	slightly	ADV
ajfa-456	17	13	increased	increase	VERB
ajfa-456	17	14	from	from	ADP
ajfa-456	17	15	9.36	9.36	NUM
ajfa-456	17	16	%	%	NOUN
ajfa-456	17	17	in	in	ADP
ajfa-456	17	18	1999	1999	NUM
ajfa-456	17	19	to	to	ADP
ajfa-456	17	20	11.56	11.56	NUM
ajfa-456	17	21	%	%	NOUN
ajfa-456	17	22	in	in	ADP
ajfa-456	17	23	2004	2004	NUM
ajfa-456	17	24	,	,	PUNCT
ajfa-456	17	25	to	to	ADP
ajfa-456	17	26	13.97	13.97	NUM
ajfa-456	17	27	%	%	NOUN
ajfa-456	17	28	in	in	ADP
ajfa-456	17	29	2008	2008	NUM
ajfa-456	17	30	and	and	CCONJ
ajfa-456	17	31	11.59	11.59	NUM
ajfa-456	17	32	%	%	NOUN
ajfa-456	17	33	in	in	ADP
ajfa-456	17	34	2009	2009	NUM
ajfa-456	17	35	.	.	PUNCT
ajfa-456	18	1	as	as	ADP
ajfa-456	18	2	institutional	institutional	ADJ
ajfa-456	18	3	investors	investor	NOUN
ajfa-456	18	4	,	,	PUNCT
ajfa-456	18	5	foreign	foreign	ADJ
ajfa-456	18	6	institutional	institutional	ADJ
ajfa-456	18	7	investors	investor	NOUN
ajfa-456	18	8	have	have	AUX
ajfa-456	18	9	played	play	VERB
ajfa-456	18	10	an	an	DET
ajfa-456	18	11	increasingly	increasingly	ADV
ajfa-456	18	12	prominent	prominent	ADJ
ajfa-456	18	13	role	role	NOUN
ajfa-456	18	14	in	in	ADP
ajfa-456	18	15	taiwan	taiwan	PROPN
ajfa-456	18	16	and	and	CCONJ
ajfa-456	18	17	in	in	ADP
ajfa-456	18	18	other	other	ADJ
ajfa-456	18	19	emerging	emerge	VERB
ajfa-456	18	20	markets	market	NOUN
ajfa-456	18	21	.	.	PUNCT
ajfa-456	19	1	their	their	PRON
ajfa-456	19	2	trading	trading	NOUN
ajfa-456	19	3	behaviors	behavior	NOUN
ajfa-456	19	4	have	have	AUX
ajfa-456	19	5	had	have	VERB
ajfa-456	19	6	a	a	DET
ajfa-456	19	7	greater	great	ADJ
ajfa-456	19	8	effect	effect	NOUN
ajfa-456	19	9	on	on	ADP
ajfa-456	19	10	—	—	PUNCT
ajfa-456	19	11	and	and	CCONJ
ajfa-456	19	12	have	have	AUX
ajfa-456	19	13	attracted	attract	VERB
ajfa-456	19	14	more	more	ADJ
ajfa-456	19	15	attention	attention	NOUN
ajfa-456	19	16	to	to	ADP
ajfa-456	19	17	—	—	PUNCT
ajfa-456	19	18	the	the	DET
ajfa-456	19	19	marketplace	marketplace	NOUN
ajfa-456	19	20	.	.	PUNCT
ajfa-456	20	1	in	in	ADP
ajfa-456	20	2	contrast	contrast	NOUN
ajfa-456	20	3	to	to	ADP
ajfa-456	20	4	individual	individual	ADJ
ajfa-456	20	5	investors	investor	NOUN
ajfa-456	20	6	,	,	PUNCT
ajfa-456	20	7	institutional	institutional	ADJ
ajfa-456	20	8	investors	investor	NOUN
ajfa-456	20	9	have	have	VERB
ajfa-456	20	10	immense	immense	ADJ
ajfa-456	20	11	resources	resource	NOUN
ajfa-456	20	12	and	and	CCONJ
ajfa-456	20	13	professional	professional	ADJ
ajfa-456	20	14	teams	team	NOUN
ajfa-456	20	15	to	to	PART
ajfa-456	20	16	gather	gather	VERB
ajfa-456	20	17	and	and	CCONJ
ajfa-456	20	18	analyze	analyze	VERB
ajfa-456	20	19	information	information	NOUN
ajfa-456	20	20	and	and	CCONJ
ajfa-456	20	21	make	make	VERB
ajfa-456	20	22	trading	trading	NOUN
ajfa-456	20	23	decisions	decision	NOUN
ajfa-456	20	24	based	base	VERB
ajfa-456	20	25	on	on	ADP
ajfa-456	20	26	specialized	specialized	ADJ
ajfa-456	20	27	knowledge	knowledge	NOUN
ajfa-456	20	28	.	.	PUNCT
ajfa-456	21	1	since	since	SCONJ
ajfa-456	21	2	institutional	institutional	ADJ
ajfa-456	21	3	investors	investor	NOUN
ajfa-456	21	4	are	be	AUX
ajfa-456	21	5	equipped	equip	VERB
ajfa-456	21	6	with	with	ADP
ajfa-456	21	7	sufficient	sufficient	ADJ
ajfa-456	21	8	information	information	NOUN
ajfa-456	21	9	and	and	CCONJ
ajfa-456	21	10	specialized	specialized	ADJ
ajfa-456	21	11	knowledge	knowledge	NOUN
ajfa-456	21	12	,	,	PUNCT
ajfa-456	21	13	they	they	PRON
ajfa-456	21	14	should	should	AUX
ajfa-456	21	15	be	be	AUX
ajfa-456	21	16	able	able	ADJ
ajfa-456	21	17	to	to	PART
ajfa-456	21	18	make	make	VERB
ajfa-456	21	19	independent	independent	ADJ
ajfa-456	21	20	and	and	CCONJ
ajfa-456	21	21	rational	rational	ADJ
ajfa-456	21	22	investment	investment	NOUN
ajfa-456	21	23	decisions	decision	NOUN
ajfa-456	21	24	to	to	PART
ajfa-456	21	25	generate	generate	VERB
ajfa-456	21	26	a	a	DET
ajfa-456	21	27	reasonable	reasonable	ADJ
ajfa-456	21	28	profit	profit	NOUN
ajfa-456	21	29	(	(	PUNCT
ajfa-456	21	30	grinblatt	grinblatt	NOUN
ajfa-456	21	31	and	and	CCONJ
ajfa-456	21	32	keloharju	keloharju	NOUN
ajfa-456	21	33	,	,	PUNCT
ajfa-456	21	34	2000	2000	NUM
ajfa-456	21	35	;	;	PUNCT
ajfa-456	22	1	goodfellow	goodfellow	PROPN
ajfa-456	22	2	et	et	PROPN
ajfa-456	22	3	al	al	PROPN
ajfa-456	22	4	.	.	PROPN
ajfa-456	22	5	,	,	PUNCT
ajfa-456	22	6	2009	2009	NUM
ajfa-456	22	7	)	)	PUNCT
ajfa-456	22	8	.	.	PUNCT
ajfa-456	23	1	however	however	ADV
ajfa-456	23	2	,	,	PUNCT
ajfa-456	23	3	some	some	DET
ajfa-456	23	4	empirical	empirical	ADJ
ajfa-456	23	5	studies	study	NOUN
ajfa-456	23	6	indicate	indicate	VERB
ajfa-456	23	7	that	that	SCONJ
ajfa-456	23	8	institutional	institutional	ADJ
ajfa-456	23	9	investors	investor	NOUN
ajfa-456	23	10	often	often	ADV
ajfa-456	23	11	follow	follow	VERB
ajfa-456	23	12	other	other	ADJ
ajfa-456	23	13	institutional	institutional	ADJ
ajfa-456	23	14	investors	investor	NOUN
ajfa-456	23	15	to	to	PART
ajfa-456	23	16	engage	engage	VERB
ajfa-456	23	17	in	in	ADP
ajfa-456	23	18	herding	herding	NOUN
ajfa-456	23	19	,	,	PUNCT
ajfa-456	23	20	that	that	ADV
ajfa-456	23	21	is	is	ADV
ajfa-456	23	22	,	,	PUNCT
ajfa-456	23	23	in	in	ADP
ajfa-456	23	24	buying	buy	VERB
ajfa-456	23	25	or	or	CCONJ
ajfa-456	23	26	selling	sell	VERB
ajfa-456	23	27	the	the	DET
ajfa-456	23	28	same	same	ADJ
ajfa-456	23	29	stocks	stock	NOUN
ajfa-456	23	30	over	over	ADP
ajfa-456	23	31	a	a	DET
ajfa-456	23	32	period	period	NOUN
ajfa-456	23	33	of	of	ADP
ajfa-456	23	34	time	time	NOUN
ajfa-456	23	35	(	(	PUNCT
ajfa-456	23	36	grinblatt	grinblatt	NOUN
ajfa-456	23	37	et	et	PROPN
ajfa-456	23	38	al	al	PROPN
ajfa-456	23	39	.	.	PROPN
ajfa-456	23	40	,	,	PUNCT
ajfa-456	23	41	1995	1995	NUM
ajfa-456	23	42	;	;	PUNCT
ajfa-456	23	43	nofsinger	nofsinger	NOUN
ajfa-456	23	44	and	and	CCONJ
ajfa-456	23	45	sias	sia	NOUN
ajfa-456	23	46	,	,	PUNCT
ajfa-456	23	47	1999	1999	NUM
ajfa-456	23	48	;	;	PUNCT
ajfa-456	23	49	wermers	wermer	NOUN
ajfa-456	23	50	,	,	PUNCT
ajfa-456	23	51	1999	1999	NUM
ajfa-456	23	52	;	;	PUNCT
ajfa-456	23	53	wylie	wylie	PROPN
ajfa-456	23	54	,	,	PUNCT
ajfa-456	23	55	2005	2005	NUM
ajfa-456	23	56	;	;	PUNCT
ajfa-456	23	57	walter	walter	PROPN
ajfa-456	23	58	and	and	CCONJ
ajfa-456	23	59	weber	weber	PROPN
ajfa-456	23	60	,	,	PUNCT
ajfa-456	23	61	2006	2006	NUM
ajfa-456	23	62	;	;	PUNCT
ajfa-456	23	63	agudo	agudo	NOUN
ajfa-456	23	64	et	et	PROPN
ajfa-456	23	65	al	al	PROPN
ajfa-456	23	66	.	.	PROPN
ajfa-456	23	67	,	,	PUNCT
ajfa-456	23	68	2008	2008	NUM
ajfa-456	23	69	;	;	PUNCT
ajfa-456	23	70	andreu	andreu	PROPN
ajfa-456	23	71	et	et	PROPN
ajfa-456	23	72	al	al	PROPN
ajfa-456	23	73	.	.	PROPN
ajfa-456	23	74	,	,	PUNCT
ajfa-456	23	75	2009	2009	NUM
ajfa-456	23	76	)	)	PUNCT
ajfa-456	23	77	.	.	PUNCT
ajfa-456	24	1	moreover	moreover	ADV
ajfa-456	24	2	,	,	PUNCT
ajfa-456	24	3	such	such	DET
ajfa-456	24	4	a	a	DET
ajfa-456	24	5	phenomenon	phenomenon	NOUN
ajfa-456	24	6	is	be	AUX
ajfa-456	24	7	particularly	particularly	ADV
ajfa-456	24	8	apparent	apparent	ADJ
ajfa-456	24	9	in	in	ADP
ajfa-456	24	10	emerging	emerge	VERB
ajfa-456	24	11	markets	market	NOUN
ajfa-456	24	12	(	(	PUNCT
ajfa-456	24	13	lobao	lobao	ADJ
ajfa-456	24	14	and	and	CCONJ
ajfa-456	24	15	serra	serra	PROPN
ajfa-456	24	16	,	,	PUNCT
ajfa-456	24	17	2002	2002	NUM
ajfa-456	24	18	;	;	PUNCT
ajfa-456	24	19	voronkova	voronkova	X
ajfa-456	24	20	and	and	CCONJ
ajfa-456	24	21	bohl	bohl	PROPN
ajfa-456	24	22	,	,	PUNCT
ajfa-456	24	23	2005	2005	NUM
ajfa-456	24	24	;	;	PUNCT
ajfa-456	24	25	tan	tan	PROPN
ajfa-456	24	26	et	et	PROPN
ajfa-456	24	27	al	al	PROPN
ajfa-456	24	28	.	.	PROPN
ajfa-456	24	29	,	,	PUNCT
ajfa-456	24	30	2008	2008	NUM
ajfa-456	24	31	)	)	PUNCT
ajfa-456	24	32	.	.	PUNCT
ajfa-456	25	1	does	do	AUX
ajfa-456	25	2	institutional	institutional	ADJ
ajfa-456	25	3	herding	herding	NOUN
ajfa-456	25	4	exist	exist	VERB
ajfa-456	25	5	in	in	ADP
ajfa-456	25	6	taiwan	taiwan	PROPN
ajfa-456	25	7	’s	’s	PART
ajfa-456	25	8	stock	stock	NOUN
ajfa-456	25	9	market	market	NOUN
ajfa-456	25	10	?	?	PUNCT
ajfa-456	26	1	would	would	AUX
ajfa-456	26	2	foreign	foreign	VERB
ajfa-456	26	3	institutional	institutional	ADJ
ajfa-456	26	4	investors	investor	NOUN
ajfa-456	26	5	who	who	PRON
ajfa-456	26	6	play	play	VERB
ajfa-456	26	7	a	a	DET
ajfa-456	26	8	decisive	decisive	ADJ
ajfa-456	26	9	role	role	NOUN
ajfa-456	26	10	therein	therein	ADV
ajfa-456	26	11	but	but	CCONJ
ajfa-456	26	12	who	who	PRON
ajfa-456	26	13	do	do	AUX
ajfa-456	26	14	not	not	PART
ajfa-456	26	15	understand	understand	VERB
ajfa-456	26	16	the	the	DET
ajfa-456	26	17	local	local	ADJ
ajfa-456	26	18	markets	market	NOUN
ajfa-456	26	19	follow	follow	VERB
ajfa-456	26	20	the	the	DET
ajfa-456	26	21	activities	activity	NOUN
ajfa-456	26	22	of	of	ADP
ajfa-456	26	23	domestic	domestic	ADJ
ajfa-456	26	24	institutional	institutional	ADJ
ajfa-456	26	25	investors	investor	NOUN
ajfa-456	26	26	?	?	PUNCT
ajfa-456	27	1	if	if	SCONJ
ajfa-456	27	2	institutional	institutional	ADJ
ajfa-456	27	3	herding	herding	NOUN
ajfa-456	27	4	exists	exist	VERB
ajfa-456	27	5	,	,	PUNCT
ajfa-456	27	6	what	what	PRON
ajfa-456	27	7	are	be	AUX
ajfa-456	27	8	the	the	DET
ajfa-456	27	9	reasons	reason	NOUN
ajfa-456	27	10	for	for	ADP
ajfa-456	27	11	such	such	ADJ
ajfa-456	27	12	behavior	behavior	NOUN
ajfa-456	27	13	?	?	PUNCT
ajfa-456	28	1	the	the	DET
ajfa-456	28	2	tendency	tendency	NOUN
ajfa-456	28	3	of	of	ADP
ajfa-456	28	4	institutional	institutional	ADJ
ajfa-456	28	5	investors	investor	NOUN
ajfa-456	28	6	to	to	PART
ajfa-456	28	7	herd	herd	VERB
ajfa-456	28	8	has	have	VERB
ajfa-456	28	9	important	important	ADJ
ajfa-456	28	10	implications	implication	NOUN
ajfa-456	28	11	for	for	ADP
ajfa-456	28	12	capital	capital	NOUN
ajfa-456	28	13	markets	market	NOUN
ajfa-456	28	14	because	because	SCONJ
ajfa-456	28	15	herding	herding	NOUN
ajfa-456	28	16	implies	imply	VERB
ajfa-456	28	17	that	that	SCONJ
ajfa-456	28	18	institutional	institutional	ADJ
ajfa-456	28	19	investors	investor	NOUN
ajfa-456	28	20	herd	herd	VERB
ajfa-456	28	21	in	in	ADP
ajfa-456	28	22	and	and	CCONJ
ajfa-456	28	23	out	out	ADP
ajfa-456	28	24	of	of	ADP
ajfa-456	28	25	stocks	stock	NOUN
ajfa-456	28	26	without	without	ADP
ajfa-456	28	27	fundamental	fundamental	ADJ
ajfa-456	28	28	justification	justification	NOUN
ajfa-456	28	29	.	.	PUNCT
ajfa-456	29	1	due	due	ADP
ajfa-456	29	2	to	to	ADP
ajfa-456	29	3	its	its	PRON
ajfa-456	29	4	high	high	ADJ
ajfa-456	29	5	trading	trading	NOUN
ajfa-456	29	6	volume	volume	NOUN
ajfa-456	29	7	,	,	PUNCT
ajfa-456	29	8	this	this	DET
ajfa-456	29	9	kind	kind	NOUN
ajfa-456	29	10	of	of	ADP
ajfa-456	29	11	institutional	institutional	ADJ
ajfa-456	29	12	herding	herding	NOUN
ajfa-456	29	13	is	be	AUX
ajfa-456	29	14	suspected	suspect	VERB
ajfa-456	29	15	of	of	ADP
ajfa-456	29	16	diluting	dilute	VERB
ajfa-456	29	17	stock	stock	NOUN
ajfa-456	29	18	-	-	PUNCT
ajfa-456	29	19	price	price	NOUN
ajfa-456	29	20	information	information	NOUN
ajfa-456	29	21	,	,	PUNCT
ajfa-456	29	22	exacerbating	exacerbate	VERB
ajfa-456	29	23	stock	stock	NOUN
ajfa-456	29	24	-	-	PUNCT
ajfa-456	29	25	price	price	NOUN
ajfa-456	29	26	volatility	volatility	NOUN
ajfa-456	29	27	,	,	PUNCT
ajfa-456	29	28	and	and	CCONJ
ajfa-456	29	29	destabilizing	destabilizing	ADJ
ajfa-456	29	30	capital	capital	NOUN
ajfa-456	29	31	markets	market	NOUN
ajfa-456	29	32	by	by	ADP
ajfa-456	29	33	driving	drive	VERB
ajfa-456	29	34	prices	price	NOUN
ajfa-456	29	35	away	away	ADV
ajfa-456	29	36	from	from	ADP
ajfa-456	29	37	fundamentals	fundamental	NOUN
ajfa-456	29	38	(	(	PUNCT
ajfa-456	29	39	scharfstein	scharfstein	NOUN
ajfa-456	29	40	and	and	CCONJ
ajfa-456	29	41	stein	stein	PROPN
ajfa-456	29	42	,	,	PUNCT
ajfa-456	29	43	1990	1990	NUM
ajfa-456	29	44	)	)	PUNCT
ajfa-456	29	45	.	.	PUNCT
ajfa-456	30	1	this	this	DET
ajfa-456	30	2	irrational	irrational	ADJ
ajfa-456	30	3	herding	herding	NOUN
ajfa-456	30	4	behavior	behavior	NOUN
ajfa-456	30	5	may	may	AUX
ajfa-456	30	6	also	also	ADV
ajfa-456	30	7	cause	cause	VERB
ajfa-456	30	8	the	the	DET
ajfa-456	30	9	formation	formation	NOUN
ajfa-456	30	10	of	of	ADP
ajfa-456	30	11	bubbles	bubble	NOUN
ajfa-456	30	12	(	(	PUNCT
ajfa-456	30	13	gleason	gleason	PROPN
ajfa-456	30	14	et	et	PROPN
ajfa-456	30	15	al	al	PROPN
ajfa-456	30	16	.	.	PROPN
ajfa-456	30	17	,	,	PUNCT
ajfa-456	30	18	2004	2004	NUM
ajfa-456	30	19	)	)	PUNCT
ajfa-456	30	20	.	.	PUNCT
ajfa-456	31	1	in	in	ADP
ajfa-456	31	2	addition	addition	NOUN
ajfa-456	31	3	to	to	ADP
ajfa-456	31	4	investigating	investigate	VERB
ajfa-456	31	5	herding	herd	VERB
ajfa-456	31	6	behavior	behavior	NOUN
ajfa-456	31	7	in	in	ADP
ajfa-456	31	8	different	different	ADJ
ajfa-456	31	9	markets	market	NOUN
ajfa-456	31	10	or	or	CCONJ
ajfa-456	31	11	regions	region	NOUN
ajfa-456	31	12	,	,	PUNCT
ajfa-456	31	13	researchers	researcher	NOUN
ajfa-456	31	14	are	be	AUX
ajfa-456	31	15	also	also	ADV
ajfa-456	31	16	interested	interested	ADJ
ajfa-456	31	17	in	in	ADP
ajfa-456	31	18	knowing	know	VERB
ajfa-456	31	19	whether	whether	SCONJ
ajfa-456	31	20	herding	herding	NOUN
ajfa-456	31	21	behavior	behavior	NOUN
ajfa-456	31	22	will	will	AUX
ajfa-456	31	23	change	change	VERB
ajfa-456	31	24	from	from	ADP
ajfa-456	31	25	one	one	NUM
ajfa-456	31	26	economic	economic	ADJ
ajfa-456	31	27	environment	environment	NOUN
ajfa-456	31	28	to	to	ADP
ajfa-456	31	29	another	another	PRON
ajfa-456	31	30	,	,	PUNCT
ajfa-456	31	31	such	such	ADJ
ajfa-456	31	32	as	as	ADP
ajfa-456	31	33	during	during	ADP
ajfa-456	31	34	extreme	extreme	ADJ
ajfa-456	31	35	market	market	NOUN
ajfa-456	31	36	volatility	volatility	NOUN
ajfa-456	31	37	or	or	CCONJ
ajfa-456	31	38	a	a	DET
ajfa-456	31	39	financial	financial	ADJ
ajfa-456	31	40	crisis	crisis	NOUN
ajfa-456	31	41	.	.	PUNCT
ajfa-456	32	1	the	the	DET
ajfa-456	32	2	tendency	tendency	NOUN
ajfa-456	32	3	to	to	PART
ajfa-456	32	4	herd	herd	VERB
ajfa-456	32	5	may	may	AUX
ajfa-456	32	6	be	be	AUX
ajfa-456	32	7	the	the	DET
ajfa-456	32	8	strongest	strong	ADJ
ajfa-456	32	9	during	during	ADP
ajfa-456	32	10	periods	period	NOUN
ajfa-456	32	11	of	of	ADP
ajfa-456	32	12	high	high	ADJ
ajfa-456	32	13	market	market	NOUN
ajfa-456	32	14	stress	stress	NOUN
ajfa-456	32	15	,	,	PUNCT
ajfa-456	32	16	when	when	SCONJ
ajfa-456	32	17	investors	investor	NOUN
ajfa-456	32	18	seek	seek	VERB
ajfa-456	32	19	the	the	DET
ajfa-456	32	20	comfort	comfort	NOUN
ajfa-456	32	21	of	of	ADP
ajfa-456	32	22	consensus	consensus	NOUN
ajfa-456	32	23	opinion	opinion	NOUN
ajfa-456	32	24	.	.	PUNCT
ajfa-456	33	1	obtaining	obtain	VERB
ajfa-456	33	2	additional	additional	ADJ
ajfa-456	33	3	reliable	reliable	ADJ
ajfa-456	33	4	information	information	NOUN
ajfa-456	33	5	during	during	ADP
ajfa-456	33	6	periods	period	NOUN
ajfa-456	33	7	of	of	ADP
ajfa-456	33	8	market	market	NOUN
ajfa-456	33	9	stress	stress	NOUN
ajfa-456	33	10	may	may	AUX
ajfa-456	33	11	also	also	ADV
ajfa-456	33	12	be	be	AUX
ajfa-456	33	13	viewed	view	VERB
ajfa-456	33	14	as	as	ADP
ajfa-456	33	15	a	a	DET
ajfa-456	33	16	better	well	ADJ
ajfa-456	33	17	solution	solution	NOUN
ajfa-456	33	18	for	for	ADP
ajfa-456	33	19	reducing	reduce	VERB
ajfa-456	33	20	the	the	DET
ajfa-456	33	21	costs	cost	NOUN
ajfa-456	33	22	of	of	ADP
ajfa-456	33	23	limited	limited	ADJ
ajfa-456	33	24	information	information	NOUN
ajfa-456	33	25	.	.	PUNCT
ajfa-456	34	1	in	in	ADP
ajfa-456	34	2	a	a	DET
ajfa-456	34	3	study	study	NOUN
ajfa-456	34	4	of	of	ADP
ajfa-456	34	5	herding	herd	VERB
ajfa-456	34	6	behavior	behavior	NOUN
ajfa-456	34	7	in	in	ADP
ajfa-456	34	8	us	us	PROPN
ajfa-456	34	9	equity	equity	NOUN
ajfa-456	34	10	markets	market	NOUN
ajfa-456	34	11	,	,	PUNCT
ajfa-456	34	12	christie	christie	PROPN
ajfa-456	34	13	and	and	CCONJ
ajfa-456	34	14	huang	huang	PROPN
ajfa-456	34	15	(	(	PUNCT
ajfa-456	34	16	1995	1995	NUM
ajfa-456	34	17	)	)	PUNCT
ajfa-456	34	18	report	report	NOUN
ajfa-456	34	19	that	that	SCONJ
ajfa-456	34	20	herding	herding	NOUN
ajfa-456	34	21	does	do	AUX
ajfa-456	34	22	not	not	PART
ajfa-456	34	23	take	take	VERB
ajfa-456	34	24	place	place	NOUN
ajfa-456	34	25	in	in	ADP
ajfa-456	34	26	periods	period	NOUN
ajfa-456	34	27	of	of	ADP
ajfa-456	34	28	market	market	NOUN
ajfa-456	34	29	stress	stress	NOUN
ajfa-456	34	30	.	.	PUNCT
ajfa-456	35	1	gleason	gleason	PROPN
ajfa-456	35	2	et	et	PROPN
ajfa-456	35	3	al	al	PROPN
ajfa-456	35	4	.	.	PROPN
ajfa-456	35	5	asian	asian	PROPN
ajfa-456	35	6	journal	journal	PROPN
ajfa-456	35	7	of	of	ADP
ajfa-456	35	8	finance	finance	PROPN
ajfa-456	35	9	&	&	CCONJ
ajfa-456	35	10	accounting	accounting	PROPN
ajfa-456	35	11	issn	issn	PROPN
ajfa-456	35	12	1946	1946	NUM
ajfa-456	35	13	-	-	PUNCT
ajfa-456	35	14	052x	052x	NOUN
ajfa-456	35	15	2010	2010	NUM
ajfa-456	35	16	,	,	PUNCT
ajfa-456	35	17	vol	vol	NOUN
ajfa-456	35	18	.	.	PROPN
ajfa-456	35	19	2	2	NUM
ajfa-456	35	20	,	,	PUNCT
ajfa-456	35	21	no	no	INTJ
ajfa-456	35	22	.	.	NOUN
ajfa-456	35	23	2	2	NUM
ajfa-456	35	24	:	:	PUNCT
ajfa-456	35	25	e1	e1	VERB
ajfa-456	35	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	35	27	3	3	NUM
ajfa-456	35	28	(	(	PUNCT
ajfa-456	35	29	2004	2004	NUM
ajfa-456	35	30	)	)	PUNCT
ajfa-456	35	31	,	,	PUNCT
ajfa-456	35	32	using	use	VERB
ajfa-456	35	33	sector	sector	NOUN
ajfa-456	35	34	-	-	PUNCT
ajfa-456	35	35	based	base	VERB
ajfa-456	35	36	exchange	exchange	NOUN
ajfa-456	35	37	-	-	PUNCT
ajfa-456	35	38	traded	trade	VERB
ajfa-456	35	39	funds	fund	NOUN
ajfa-456	35	40	(	(	PUNCT
ajfa-456	35	41	etfs	etfs	PROPN
ajfa-456	35	42	)	)	PUNCT
ajfa-456	35	43	,	,	PUNCT
ajfa-456	35	44	analyze	analyze	VERB
ajfa-456	35	45	intraday	intraday	NOUN
ajfa-456	35	46	data	datum	NOUN
ajfa-456	35	47	to	to	PART
ajfa-456	35	48	determine	determine	VERB
ajfa-456	35	49	whether	whether	SCONJ
ajfa-456	35	50	traders	trader	NOUN
ajfa-456	35	51	herd	herd	VERB
ajfa-456	35	52	during	during	ADP
ajfa-456	35	53	periods	period	NOUN
ajfa-456	35	54	of	of	ADP
ajfa-456	35	55	market	market	NOUN
ajfa-456	35	56	volatility	volatility	NOUN
ajfa-456	35	57	.	.	PUNCT
ajfa-456	36	1	the	the	DET
ajfa-456	36	2	aforementioned	aforementione	VERB
ajfa-456	36	3	authors	author	NOUN
ajfa-456	36	4	find	find	VERB
ajfa-456	36	5	that	that	SCONJ
ajfa-456	36	6	investors	investor	NOUN
ajfa-456	36	7	do	do	AUX
ajfa-456	36	8	not	not	PART
ajfa-456	36	9	herd	herd	VERB
ajfa-456	36	10	during	during	ADP
ajfa-456	36	11	periods	period	NOUN
ajfa-456	36	12	of	of	ADP
ajfa-456	36	13	extreme	extreme	ADJ
ajfa-456	36	14	market	market	NOUN
ajfa-456	36	15	movements	movement	NOUN
ajfa-456	36	16	.	.	PUNCT
ajfa-456	37	1	in	in	ADP
ajfa-456	37	2	addition	addition	NOUN
ajfa-456	37	3	,	,	PUNCT
ajfa-456	37	4	market	market	NOUN
ajfa-456	37	5	reaction	reaction	NOUN
ajfa-456	37	6	to	to	ADP
ajfa-456	37	7	news	news	NOUN
ajfa-456	37	8	is	be	AUX
ajfa-456	37	9	not	not	PART
ajfa-456	37	10	symmetrical	symmetrical	ADJ
ajfa-456	37	11	between	between	ADP
ajfa-456	37	12	up	up	ADP
ajfa-456	37	13	markets	market	NOUN
ajfa-456	37	14	and	and	CCONJ
ajfa-456	37	15	down	down	ADP
ajfa-456	37	16	markets	market	NOUN
ajfa-456	37	17	.	.	PUNCT
ajfa-456	38	1	hwang	hwang	PROPN
ajfa-456	38	2	and	and	CCONJ
ajfa-456	38	3	salmon	salmon	NOUN
ajfa-456	38	4	(	(	PUNCT
ajfa-456	38	5	2004	2004	NUM
ajfa-456	38	6	)	)	PUNCT
ajfa-456	38	7	find	find	VERB
ajfa-456	38	8	evidence	evidence	NOUN
ajfa-456	38	9	of	of	ADP
ajfa-456	38	10	herding	herd	VERB
ajfa-456	38	11	in	in	ADP
ajfa-456	38	12	the	the	DET
ajfa-456	38	13	us	us	PROPN
ajfa-456	38	14	and	and	CCONJ
ajfa-456	38	15	south	south	ADJ
ajfa-456	38	16	korean	korean	ADJ
ajfa-456	38	17	stock	stock	NOUN
ajfa-456	38	18	markets	market	NOUN
ajfa-456	38	19	and	and	CCONJ
ajfa-456	38	20	these	these	DET
ajfa-456	38	21	herding	herding	NOUN
ajfa-456	38	22	behaviors	behavior	NOUN
ajfa-456	38	23	exist	exist	VERB
ajfa-456	38	24	in	in	ADP
ajfa-456	38	25	both	both	CCONJ
ajfa-456	38	26	up	up	ADP
ajfa-456	38	27	and	and	CCONJ
ajfa-456	38	28	down	down	ADP
ajfa-456	38	29	markets	market	NOUN
ajfa-456	38	30	.	.	PUNCT
ajfa-456	39	1	choe	choe	PROPN
ajfa-456	39	2	et	et	PROPN
ajfa-456	39	3	al	al	PROPN
ajfa-456	39	4	.	.	PROPN
ajfa-456	39	5	(	(	PUNCT
ajfa-456	39	6	1999	1999	NUM
ajfa-456	39	7	)	)	PUNCT
ajfa-456	39	8	find	find	VERB
ajfa-456	39	9	strong	strong	ADJ
ajfa-456	39	10	evidence	evidence	NOUN
ajfa-456	39	11	of	of	ADP
ajfa-456	39	12	positive	positive	ADJ
ajfa-456	39	13	feedback	feedback	NOUN
ajfa-456	39	14	trading	trading	NOUN
ajfa-456	39	15	and	and	CCONJ
ajfa-456	39	16	herding	herd	VERB
ajfa-456	39	17	by	by	ADP
ajfa-456	39	18	foreign	foreign	ADJ
ajfa-456	39	19	investors	investor	NOUN
ajfa-456	39	20	before	before	ADP
ajfa-456	39	21	the	the	DET
ajfa-456	39	22	period	period	NOUN
ajfa-456	39	23	of	of	ADP
ajfa-456	39	24	korea	korea	PROPN
ajfa-456	39	25	’s	’s	PART
ajfa-456	39	26	economic	economic	ADJ
ajfa-456	39	27	crisis	crisis	NOUN
ajfa-456	39	28	,	,	PUNCT
ajfa-456	39	29	but	but	CCONJ
ajfa-456	39	30	no	no	DET
ajfa-456	39	31	such	such	ADJ
ajfa-456	39	32	evidence	evidence	NOUN
ajfa-456	39	33	during	during	ADP
ajfa-456	39	34	the	the	DET
ajfa-456	39	35	crisis	crisis	NOUN
ajfa-456	39	36	period	period	NOUN
ajfa-456	39	37	.	.	PUNCT
ajfa-456	40	1	kim	kim	PROPN
ajfa-456	40	2	and	and	CCONJ
ajfa-456	40	3	wei	wei	PROPN
ajfa-456	40	4	(	(	PUNCT
ajfa-456	40	5	2002	2002	NUM
ajfa-456	40	6	)	)	PUNCT
ajfa-456	40	7	examine	examine	VERB
ajfa-456	40	8	the	the	DET
ajfa-456	40	9	behavior	behavior	NOUN
ajfa-456	40	10	of	of	ADP
ajfa-456	40	11	resident	resident	NOUN
ajfa-456	40	12	and	and	CCONJ
ajfa-456	40	13	non	non	ADJ
ajfa-456	40	14	-	-	ADJ
ajfa-456	40	15	resident	resident	ADJ
ajfa-456	40	16	investors	investor	NOUN
ajfa-456	40	17	in	in	ADP
ajfa-456	40	18	the	the	DET
ajfa-456	40	19	south	south	ADJ
ajfa-456	40	20	korean	korean	ADJ
ajfa-456	40	21	market	market	NOUN
ajfa-456	40	22	,	,	PUNCT
ajfa-456	40	23	and	and	CCONJ
ajfa-456	40	24	find	find	VERB
ajfa-456	40	25	that	that	SCONJ
ajfa-456	40	26	non	non	ADJ
ajfa-456	40	27	-	-	ADJ
ajfa-456	40	28	resident	resident	ADJ
ajfa-456	40	29	investors	investor	NOUN
ajfa-456	40	30	tend	tend	VERB
ajfa-456	40	31	to	to	PART
ajfa-456	40	32	herd	herd	VERB
ajfa-456	40	33	more	more	ADJ
ajfa-456	40	34	than	than	ADP
ajfa-456	40	35	resident	resident	ADJ
ajfa-456	40	36	investors	investor	NOUN
ajfa-456	40	37	.	.	PUNCT
ajfa-456	41	1	the	the	DET
ajfa-456	41	2	above	above	ADJ
ajfa-456	41	3	findings	finding	NOUN
ajfa-456	41	4	substantiate	substantiate	VERB
ajfa-456	41	5	the	the	DET
ajfa-456	41	6	idea	idea	NOUN
ajfa-456	41	7	that	that	SCONJ
ajfa-456	41	8	herding	herding	NOUN
ajfa-456	41	9	may	may	AUX
ajfa-456	41	10	be	be	AUX
ajfa-456	41	11	related	relate	VERB
ajfa-456	41	12	to	to	ADP
ajfa-456	41	13	limited	limit	VERB
ajfa-456	41	14	information	information	NOUN
ajfa-456	41	15	.	.	PUNCT
ajfa-456	42	1	because	because	SCONJ
ajfa-456	42	2	the	the	DET
ajfa-456	42	3	information	information	NOUN
ajfa-456	42	4	structure	structure	NOUN
ajfa-456	42	5	,	,	PUNCT
ajfa-456	42	6	trading	trading	NOUN
ajfa-456	42	7	strategies	strategy	NOUN
ajfa-456	42	8	,	,	PUNCT
ajfa-456	42	9	investments	investment	NOUN
ajfa-456	42	10	rules	rule	NOUN
ajfa-456	42	11	,	,	PUNCT
ajfa-456	42	12	and	and	CCONJ
ajfa-456	42	13	sociocultural	sociocultural	ADJ
ajfa-456	42	14	background	background	NOUN
ajfa-456	42	15	of	of	ADP
ajfa-456	42	16	foreign	foreign	ADJ
ajfa-456	42	17	institutional	institutional	ADJ
ajfa-456	42	18	investors	investor	NOUN
ajfa-456	42	19	are	be	AUX
ajfa-456	42	20	different	different	ADJ
ajfa-456	42	21	from	from	ADP
ajfa-456	42	22	those	those	PRON
ajfa-456	42	23	of	of	ADP
ajfa-456	42	24	domestic	domestic	ADJ
ajfa-456	42	25	investors	investor	NOUN
ajfa-456	42	26	,	,	PUNCT
ajfa-456	42	27	the	the	DET
ajfa-456	42	28	herding	herd	VERB
ajfa-456	42	29	behavior	behavior	NOUN
ajfa-456	42	30	of	of	ADP
ajfa-456	42	31	the	the	DET
ajfa-456	42	32	former	former	ADJ
ajfa-456	42	33	type	type	NOUN
ajfa-456	42	34	of	of	ADP
ajfa-456	42	35	investor	investor	NOUN
ajfa-456	42	36	may	may	AUX
ajfa-456	42	37	differ	differ	VERB
ajfa-456	42	38	from	from	ADP
ajfa-456	42	39	that	that	PRON
ajfa-456	42	40	of	of	ADP
ajfa-456	42	41	the	the	DET
ajfa-456	42	42	latter	latter	ADJ
ajfa-456	42	43	.	.	PUNCT
ajfa-456	43	1	shiller	shiller	PROPN
ajfa-456	43	2	et	et	PROPN
ajfa-456	43	3	al	al	PROPN
ajfa-456	43	4	.	.	PROPN
ajfa-456	43	5	(	(	PUNCT
ajfa-456	43	6	1996	1996	NUM
ajfa-456	43	7	)	)	PUNCT
ajfa-456	43	8	provide	provide	VERB
ajfa-456	43	9	additional	additional	ADJ
ajfa-456	43	10	evidence	evidence	NOUN
ajfa-456	43	11	that	that	SCONJ
ajfa-456	43	12	expectations	expectation	NOUN
ajfa-456	43	13	about	about	ADP
ajfa-456	43	14	market	market	NOUN
ajfa-456	43	15	returns	return	NOUN
ajfa-456	43	16	differ	differ	VERB
ajfa-456	43	17	vary	vary	VERB
ajfa-456	43	18	significantly	significantly	ADV
ajfa-456	43	19	between	between	ADP
ajfa-456	43	20	the	the	DET
ajfa-456	43	21	united	united	PROPN
ajfa-456	43	22	states	states	PROPN
ajfa-456	43	23	and	and	CCONJ
ajfa-456	43	24	japan	japan	PROPN
ajfa-456	43	25	.	.	PUNCT
ajfa-456	44	1	they	they	PRON
ajfa-456	44	2	find	find	VERB
ajfa-456	44	3	that	that	SCONJ
ajfa-456	44	4	the	the	DET
ajfa-456	44	5	japanese	japanese	PROPN
ajfa-456	44	6	were	be	AUX
ajfa-456	44	7	uniformly	uniformly	ADV
ajfa-456	44	8	more	more	ADV
ajfa-456	44	9	optimistic	optimistic	ADJ
ajfa-456	44	10	in	in	ADP
ajfa-456	44	11	their	their	PRON
ajfa-456	44	12	short	short	ADJ
ajfa-456	44	13	-	-	PUNCT
ajfa-456	44	14	turn	turn	NOUN
ajfa-456	44	15	expectations	expectation	NOUN
ajfa-456	44	16	for	for	ADP
ajfa-456	44	17	the	the	DET
ajfa-456	44	18	stock	stock	NOUN
ajfa-456	44	19	market	market	NOUN
ajfa-456	44	20	than	than	SCONJ
ajfa-456	44	21	were	be	AUX
ajfa-456	44	22	the	the	DET
ajfa-456	44	23	americans	americans	PROPN
ajfa-456	44	24	.	.	PUNCT
ajfa-456	45	1	this	this	PRON
ajfa-456	45	2	suggests	suggest	VERB
ajfa-456	45	3	that	that	SCONJ
ajfa-456	45	4	geographic	geographic	ADJ
ajfa-456	45	5	location	location	NOUN
ajfa-456	45	6	or	or	CCONJ
ajfa-456	45	7	country	country	NOUN
ajfa-456	45	8	of	of	ADP
ajfa-456	45	9	origin	origin	NOUN
ajfa-456	45	10	may	may	AUX
ajfa-456	45	11	play	play	VERB
ajfa-456	45	12	some	some	DET
ajfa-456	45	13	role	role	NOUN
ajfa-456	45	14	in	in	ADP
ajfa-456	45	15	information	information	NOUN
ajfa-456	45	16	acquisition	acquisition	NOUN
ajfa-456	45	17	and	and	CCONJ
ajfa-456	45	18	in	in	ADP
ajfa-456	45	19	beliefs	belief	NOUN
ajfa-456	45	20	about	about	ADP
ajfa-456	45	21	different	different	ADJ
ajfa-456	45	22	countries	country	NOUN
ajfa-456	45	23	’	'	PUNCT
ajfa-456	45	24	returns	return	NOUN
ajfa-456	45	25	.	.	PUNCT
ajfa-456	46	1	dahlquist	dahlquist	VERB
ajfa-456	46	2	and	and	CCONJ
ajfa-456	46	3	robertson	robertson	PROPN
ajfa-456	46	4	(	(	PUNCT
ajfa-456	46	5	2001	2001	NUM
ajfa-456	46	6	)	)	PUNCT
ajfa-456	46	7	posit	posit	VERB
ajfa-456	46	8	that	that	SCONJ
ajfa-456	46	9	because	because	SCONJ
ajfa-456	46	10	foreign	foreign	ADJ
ajfa-456	46	11	institutional	institutional	ADJ
ajfa-456	46	12	investors	investor	NOUN
ajfa-456	46	13	do	do	AUX
ajfa-456	46	14	not	not	PART
ajfa-456	46	15	understand	understand	VERB
ajfa-456	46	16	local	local	ADJ
ajfa-456	46	17	stock	stock	NOUN
ajfa-456	46	18	markets	market	NOUN
ajfa-456	46	19	as	as	ADV
ajfa-456	46	20	well	well	ADV
ajfa-456	46	21	as	as	ADP
ajfa-456	46	22	local	local	ADJ
ajfa-456	46	23	investors	investor	NOUN
ajfa-456	46	24	do	do	VERB
ajfa-456	46	25	,	,	PUNCT
ajfa-456	46	26	the	the	DET
ajfa-456	46	27	former	former	ADJ
ajfa-456	46	28	tend	tend	VERB
ajfa-456	46	29	to	to	PART
ajfa-456	46	30	mirror	mirror	VERB
ajfa-456	46	31	one	one	NUM
ajfa-456	46	32	another	another	DET
ajfa-456	46	33	regarding	regard	VERB
ajfa-456	46	34	which	which	DET
ajfa-456	46	35	stocks	stock	NOUN
ajfa-456	46	36	they	they	PRON
ajfa-456	46	37	trade	trade	VERB
ajfa-456	46	38	or	or	CCONJ
ajfa-456	46	39	hold	hold	VERB
ajfa-456	46	40	.	.	PUNCT
ajfa-456	47	1	similarly	similarly	ADV
ajfa-456	47	2	,	,	PUNCT
ajfa-456	47	3	scharfstein	scharfstein	PROPN
ajfa-456	47	4	and	and	CCONJ
ajfa-456	47	5	stein	stein	PROPN
ajfa-456	47	6	(	(	PUNCT
ajfa-456	47	7	1990	1990	NUM
ajfa-456	47	8	)	)	PUNCT
ajfa-456	47	9	argue	argue	VERB
ajfa-456	47	10	that	that	SCONJ
ajfa-456	47	11	investors	investor	NOUN
ajfa-456	47	12	may	may	AUX
ajfa-456	47	13	herd	herd	VERB
ajfa-456	47	14	if	if	SCONJ
ajfa-456	47	15	they	they	PRON
ajfa-456	47	16	have	have	VERB
ajfa-456	47	17	access	access	NOUN
ajfa-456	47	18	only	only	ADV
ajfa-456	47	19	to	to	ADP
ajfa-456	47	20	limited	limited	ADJ
ajfa-456	47	21	information	information	NOUN
ajfa-456	47	22	resources	resource	NOUN
ajfa-456	47	23	.	.	PUNCT
ajfa-456	48	1	hence	hence	ADV
ajfa-456	48	2	,	,	PUNCT
ajfa-456	48	3	the	the	DET
ajfa-456	48	4	findings	finding	NOUN
ajfa-456	48	5	of	of	ADP
ajfa-456	48	6	institutional	institutional	ADJ
ajfa-456	48	7	investors	investor	NOUN
ajfa-456	48	8	’	'	PUNCT
ajfa-456	48	9	stronger	strong	ADJ
ajfa-456	48	10	herding	herding	NOUN
ajfa-456	48	11	behavior	behavior	NOUN
ajfa-456	48	12	in	in	ADP
ajfa-456	48	13	emerging	emerge	VERB
ajfa-456	48	14	markets	market	NOUN
ajfa-456	48	15	than	than	ADP
ajfa-456	48	16	in	in	ADP
ajfa-456	48	17	mature	mature	ADJ
ajfa-456	48	18	markets	market	NOUN
ajfa-456	48	19	(	(	PUNCT
ajfa-456	48	20	lobao	lobao	ADJ
ajfa-456	48	21	and	and	CCONJ
ajfa-456	48	22	serra	serra	PROPN
ajfa-456	48	23	,	,	PUNCT
ajfa-456	48	24	2002	2002	NUM
ajfa-456	48	25	;	;	PUNCT
ajfa-456	48	26	voronkova	voronkova	X
ajfa-456	48	27	and	and	CCONJ
ajfa-456	48	28	bohl	bohl	PROPN
ajfa-456	48	29	,	,	PUNCT
ajfa-456	48	30	2005	2005	NUM
ajfa-456	48	31	;	;	PUNCT
ajfa-456	48	32	tan	tan	PROPN
ajfa-456	48	33	et	et	PROPN
ajfa-456	48	34	al	al	PROPN
ajfa-456	48	35	.	.	PROPN
ajfa-456	48	36	,	,	PUNCT
ajfa-456	48	37	2008	2008	NUM
ajfa-456	48	38	)	)	PUNCT
ajfa-456	48	39	,	,	PUNCT
ajfa-456	48	40	implies	imply	VERB
ajfa-456	48	41	that	that	SCONJ
ajfa-456	48	42	the	the	DET
ajfa-456	48	43	soundness	soundness	NOUN
ajfa-456	48	44	of	of	ADP
ajfa-456	48	45	markets	market	NOUN
ajfa-456	48	46	may	may	AUX
ajfa-456	48	47	also	also	ADV
ajfa-456	48	48	influence	influence	VERB
ajfa-456	48	49	institutional	institutional	ADJ
ajfa-456	48	50	investors	investor	NOUN
ajfa-456	48	51	’	’	PART
ajfa-456	48	52	herding	herding	NOUN
ajfa-456	48	53	behavior	behavior	NOUN
ajfa-456	48	54	.	.	PUNCT
ajfa-456	49	1	most	most	ADJ
ajfa-456	49	2	of	of	ADP
ajfa-456	49	3	the	the	DET
ajfa-456	49	4	earlier	early	ADJ
ajfa-456	49	5	herding	herding	NOUN
ajfa-456	49	6	studies	study	NOUN
ajfa-456	49	7	have	have	AUX
ajfa-456	49	8	focused	focus	VERB
ajfa-456	49	9	only	only	ADV
ajfa-456	49	10	on	on	ADP
ajfa-456	49	11	the	the	DET
ajfa-456	49	12	existence	existence	NOUN
ajfa-456	49	13	and	and	CCONJ
ajfa-456	49	14	the	the	DET
ajfa-456	49	15	extent	extent	NOUN
ajfa-456	49	16	of	of	ADP
ajfa-456	49	17	investors	investor	NOUN
ajfa-456	49	18	’	’	PART
ajfa-456	49	19	herding	herding	NOUN
ajfa-456	49	20	behavior	behavior	NOUN
ajfa-456	49	21	and	and	CCONJ
ajfa-456	49	22	,	,	PUNCT
ajfa-456	49	23	to	to	ADP
ajfa-456	49	24	date	date	NOUN
ajfa-456	49	25	,	,	PUNCT
ajfa-456	49	26	have	have	AUX
ajfa-456	49	27	revealed	reveal	VERB
ajfa-456	49	28	very	very	ADV
ajfa-456	49	29	little	little	ADJ
ajfa-456	49	30	empirical	empirical	ADJ
ajfa-456	49	31	evidence	evidence	NOUN
ajfa-456	49	32	regarding	regard	VERB
ajfa-456	49	33	the	the	DET
ajfa-456	49	34	determinants	determinant	NOUN
ajfa-456	49	35	of	of	ADP
ajfa-456	49	36	institutional	institutional	ADJ
ajfa-456	49	37	herding	herding	NOUN
ajfa-456	49	38	behavior	behavior	NOUN
ajfa-456	49	39	in	in	ADP
ajfa-456	49	40	emerging	emerge	VERB
ajfa-456	49	41	markets	market	NOUN
ajfa-456	49	42	.	.	PUNCT
ajfa-456	50	1	understanding	understand	VERB
ajfa-456	50	2	the	the	DET
ajfa-456	50	3	determinants	determinant	NOUN
ajfa-456	50	4	of	of	ADP
ajfa-456	50	5	institutional	institutional	ADJ
ajfa-456	50	6	herding	herding	NOUN
ajfa-456	50	7	behaviors	behavior	NOUN
ajfa-456	50	8	may	may	AUX
ajfa-456	50	9	provide	provide	VERB
ajfa-456	50	10	better	well	ADJ
ajfa-456	50	11	solutions	solution	NOUN
ajfa-456	50	12	for	for	ADP
ajfa-456	50	13	reducing	reduce	VERB
ajfa-456	50	14	market	market	NOUN
ajfa-456	50	15	instability	instability	NOUN
ajfa-456	50	16	that	that	PRON
ajfa-456	50	17	stems	stem	VERB
ajfa-456	50	18	from	from	ADP
ajfa-456	50	19	irrational	irrational	ADJ
ajfa-456	50	20	herding	herding	NOUN
ajfa-456	50	21	behavior	behavior	NOUN
ajfa-456	50	22	,	,	PUNCT
ajfa-456	50	23	particularly	particularly	ADV
ajfa-456	50	24	in	in	ADP
ajfa-456	50	25	an	an	DET
ajfa-456	50	26	emerging	emerge	VERB
ajfa-456	50	27	market	market	NOUN
ajfa-456	50	28	.	.	PUNCT
ajfa-456	51	1	also	also	ADV
ajfa-456	51	2	,	,	PUNCT
ajfa-456	51	3	earlier	early	ADJ
ajfa-456	51	4	studies	study	NOUN
ajfa-456	51	5	of	of	ADP
ajfa-456	51	6	herding	herding	NOUN
ajfa-456	51	7	relied	rely	VERB
ajfa-456	51	8	mainly	mainly	ADV
ajfa-456	51	9	on	on	ADP
ajfa-456	51	10	monthly	monthly	ADJ
ajfa-456	51	11	or	or	CCONJ
ajfa-456	51	12	quarterly	quarterly	ADJ
ajfa-456	51	13	data	datum	NOUN
ajfa-456	51	14	to	to	PART
ajfa-456	51	15	investigate	investigate	VERB
ajfa-456	51	16	herding	herd	VERB
ajfa-456	51	17	behavior	behavior	NOUN
ajfa-456	51	18	among	among	ADP
ajfa-456	51	19	institutional	institutional	ADJ
ajfa-456	51	20	investors	investor	NOUN
ajfa-456	51	21	.	.	PUNCT
ajfa-456	52	1	however	however	ADV
ajfa-456	52	2	,	,	PUNCT
ajfa-456	52	3	taiwan	taiwan	PROPN
ajfa-456	52	4	’s	’s	PART
ajfa-456	52	5	stock	stock	NOUN
ajfa-456	52	6	market	market	NOUN
ajfa-456	52	7	turnover	turnover	NOUN
ajfa-456	52	8	ranks	rank	VERB
ajfa-456	52	9	among	among	ADP
ajfa-456	52	10	the	the	DET
ajfa-456	52	11	highest	high	ADJ
ajfa-456	52	12	worldwide	worldwide	NOUN
ajfa-456	52	13	,	,	PUNCT
ajfa-456	52	14	and	and	CCONJ
ajfa-456	52	15	short	short	ADJ
ajfa-456	52	16	-	-	PUNCT
ajfa-456	52	17	term	term	NOUN
ajfa-456	52	18	speculation	speculation	NOUN
ajfa-456	52	19	often	often	ADV
ajfa-456	52	20	exists	exist	VERB
ajfa-456	52	21	in	in	ADP
ajfa-456	52	22	the	the	DET
ajfa-456	52	23	market.1	market.1	NOUN
ajfa-456	52	24	in	in	ADP
ajfa-456	52	25	this	this	DET
ajfa-456	52	26	case	case	NOUN
ajfa-456	52	27	,	,	PUNCT
ajfa-456	52	28	daily	daily	ADJ
ajfa-456	52	29	data	datum	NOUN
ajfa-456	52	30	instead	instead	ADV
ajfa-456	52	31	of	of	ADP
ajfa-456	52	32	monthly	monthly	ADJ
ajfa-456	52	33	or	or	CCONJ
ajfa-456	52	34	quarterly	quarterly	ADJ
ajfa-456	52	35	data	datum	NOUN
ajfa-456	52	36	allow	allow	VERB
ajfa-456	52	37	a	a	DET
ajfa-456	52	38	better	well	ADJ
ajfa-456	52	39	observation	observation	NOUN
ajfa-456	52	40	of	of	ADP
ajfa-456	52	41	short	short	ADJ
ajfa-456	52	42	-	-	PUNCT
ajfa-456	52	43	term	term	NOUN
ajfa-456	52	44	herding	herding	NOUN
ajfa-456	52	45	behavior.2	behavior.2	NOUN
ajfa-456	52	46	thus	thus	ADV
ajfa-456	52	47	,	,	PUNCT
ajfa-456	52	48	our	our	PRON
ajfa-456	52	49	current	current	ADJ
ajfa-456	52	50	study	study	NOUN
ajfa-456	52	51	uses	use	VERB
ajfa-456	52	52	daily	daily	ADJ
ajfa-456	52	53	data	datum	NOUN
ajfa-456	52	54	and	and	CCONJ
ajfa-456	52	55	a	a	DET
ajfa-456	52	56	large	large	ADJ
ajfa-456	52	57	sample	sample	NOUN
ajfa-456	52	58	of	of	ADP
ajfa-456	52	59	trading	trading	NOUN
ajfa-456	52	60	information	information	NOUN
ajfa-456	52	61	to	to	PART
ajfa-456	52	62	investigate	investigate	VERB
ajfa-456	52	63	the	the	DET
ajfa-456	52	64	herding	herd	VERB
ajfa-456	52	65	behavior	behavior	NOUN
ajfa-456	52	66	and	and	CCONJ
ajfa-456	52	67	the	the	DET
ajfa-456	52	68	causes	cause	NOUN
ajfa-456	52	69	of	of	ADP
ajfa-456	52	70	herding	herd	VERB
ajfa-456	52	71	for	for	ADP
ajfa-456	52	72	institutional	institutional	ADJ
ajfa-456	52	73	investors	investor	NOUN
ajfa-456	52	74	in	in	ADP
ajfa-456	52	75	taiwan	taiwan	PROPN
ajfa-456	52	76	’s	’s	PART
ajfa-456	52	77	stock	stock	NOUN
ajfa-456	52	78	market	market	NOUN
ajfa-456	52	79	.	.	PUNCT
ajfa-456	53	1	we	we	PRON
ajfa-456	53	2	first	first	ADV
ajfa-456	53	3	examine	examine	VERB
ajfa-456	53	4	whether	whether	SCONJ
ajfa-456	53	5	the	the	DET
ajfa-456	53	6	three	three	NUM
ajfa-456	53	7	types	type	NOUN
ajfa-456	53	8	of	of	ADP
ajfa-456	53	9	institutional	institutional	ADJ
ajfa-456	53	10	investors	investor	NOUN
ajfa-456	53	11	in	in	ADP
ajfa-456	53	12	taiwan	taiwan	PROPN
ajfa-456	53	13	’s	’s	PART
ajfa-456	53	14	stock	stock	NOUN
ajfa-456	53	15	market	market	NOUN
ajfa-456	53	16	herd	herd	NOUN
ajfa-456	53	17	,	,	PUNCT
ajfa-456	53	18	and	and	CCONJ
ajfa-456	53	19	whether	whether	SCONJ
ajfa-456	53	20	there	there	PRON
ajfa-456	53	21	is	be	VERB
ajfa-456	53	22	a	a	DET
ajfa-456	53	23	significant	significant	ADJ
ajfa-456	53	24	difference	difference	NOUN
ajfa-456	53	25	in	in	ADP
ajfa-456	53	26	the	the	DET
ajfa-456	53	27	level	level	NOUN
ajfa-456	53	28	of	of	ADP
ajfa-456	53	29	herding	herd	VERB
ajfa-456	53	30	among	among	ADP
ajfa-456	53	31	them	they	PRON
ajfa-456	53	32	.	.	PUNCT
ajfa-456	54	1	the	the	DET
ajfa-456	54	2	empirical	empirical	ADJ
ajfa-456	54	3	results	result	NOUN
ajfa-456	54	4	show	show	VERB
ajfa-456	54	5	that	that	SCONJ
ajfa-456	54	6	in	in	ADP
ajfa-456	54	7	taiwan	taiwan	PROPN
ajfa-456	54	8	’s	’s	PART
ajfa-456	54	9	stock	stock	NOUN
ajfa-456	54	10	market	market	NOUN
ajfa-456	54	11	,	,	PUNCT
ajfa-456	54	12	herding	herding	NOUN
ajfa-456	54	13	is	be	AUX
ajfa-456	54	14	most	most	ADV
ajfa-456	54	15	apparent	apparent	ADJ
ajfa-456	54	16	among	among	ADP
ajfa-456	54	17	domestic	domestic	ADJ
ajfa-456	54	18	mutual	mutual	ADJ
ajfa-456	54	19	–	–	PUNCT
ajfa-456	54	20	funds	fund	NOUN
ajfa-456	54	21	investors	investor	NOUN
ajfa-456	54	22	,	,	PUNCT
ajfa-456	54	23	is	be	AUX
ajfa-456	54	24	somewhat	somewhat	ADV
ajfa-456	54	25	apparent	apparent	ADJ
ajfa-456	54	26	among	among	ADP
ajfa-456	54	27	foreign	foreign	ADJ
ajfa-456	54	28	institutional	institutional	ADJ
ajfa-456	54	29	investors	investor	NOUN
ajfa-456	54	30	,	,	PUNCT
ajfa-456	54	31	1	1	NUM
ajfa-456	54	32	according	accord	VERB
ajfa-456	54	33	to	to	ADP
ajfa-456	54	34	the	the	DET
ajfa-456	54	35	statistics	statistic	NOUN
ajfa-456	54	36	published	publish	VERB
ajfa-456	54	37	by	by	ADP
ajfa-456	54	38	the	the	DET
ajfa-456	54	39	taiwan	taiwan	PROPN
ajfa-456	54	40	stock	stock	PROPN
ajfa-456	54	41	exchange	exchange	PROPN
ajfa-456	54	42	,	,	PUNCT
ajfa-456	54	43	taiwan	taiwan	PROPN
ajfa-456	54	44	’s	’s	PART
ajfa-456	54	45	stock	stock	NOUN
ajfa-456	54	46	market	market	NOUN
ajfa-456	54	47	turnover	turnover	NOUN
ajfa-456	54	48	rate	rate	NOUN
ajfa-456	54	49	was	be	AUX
ajfa-456	54	50	288	288	NUM
ajfa-456	54	51	%	%	NOUN
ajfa-456	54	52	in	in	ADP
ajfa-456	54	53	1999	1999	NUM
ajfa-456	54	54	and	and	CCONJ
ajfa-456	54	55	177	177	NUM
ajfa-456	54	56	%	%	NOUN
ajfa-456	54	57	in	in	ADP
ajfa-456	54	58	2004	2004	NUM
ajfa-456	54	59	,	,	PUNCT
ajfa-456	54	60	ranking	rank	VERB
ajfa-456	54	61	number	number	NOUN
ajfa-456	54	62	3	3	NUM
ajfa-456	54	63	and	and	CCONJ
ajfa-456	54	64	number	number	NOUN
ajfa-456	54	65	2	2	NUM
ajfa-456	54	66	around	around	ADP
ajfa-456	54	67	the	the	DET
ajfa-456	54	68	world	world	NOUN
ajfa-456	54	69	,	,	PUNCT
ajfa-456	54	70	respectively	respectively	ADV
ajfa-456	54	71	.	.	PUNCT
ajfa-456	55	1	2	2	NUM
ajfa-456	55	2	more	more	ADJ
ajfa-456	55	3	recent	recent	ADJ
ajfa-456	55	4	studies	study	NOUN
ajfa-456	55	5	on	on	ADP
ajfa-456	55	6	herding	herd	VERB
ajfa-456	55	7	behavior	behavior	NOUN
ajfa-456	55	8	have	have	AUX
ajfa-456	55	9	integrated	integrate	VERB
ajfa-456	55	10	daily	daily	ADJ
ajfa-456	55	11	data	datum	NOUN
ajfa-456	55	12	into	into	ADP
ajfa-456	55	13	empirical	empirical	ADJ
ajfa-456	55	14	investigations	investigation	NOUN
ajfa-456	55	15	;	;	PUNCT
ajfa-456	55	16	see	see	VERB
ajfa-456	55	17	demirer	demirer	NOUN
ajfa-456	55	18	and	and	CCONJ
ajfa-456	55	19	kutan	kutan	PROPN
ajfa-456	55	20	(	(	PUNCT
ajfa-456	55	21	2006	2006	NUM
ajfa-456	55	22	)	)	PUNCT
ajfa-456	55	23	,	,	PUNCT
ajfa-456	55	24	agudo	agudo	NOUN
ajfa-456	55	25	,	,	PUNCT
ajfa-456	55	26	et	et	PROPN
ajfa-456	55	27	al	al	PROPN
ajfa-456	55	28	.	.	PUNCT
ajfa-456	56	1	(	(	PUNCT
ajfa-456	56	2	2008	2008	NUM
ajfa-456	56	3	)	)	PUNCT
ajfa-456	56	4	,	,	PUNCT
ajfa-456	56	5	zhou	zhou	PROPN
ajfa-456	56	6	and	and	CCONJ
ajfa-456	56	7	lai	lai	PROPN
ajfa-456	56	8	(	(	PUNCT
ajfa-456	56	9	2008	2008	NUM
ajfa-456	56	10	)	)	PUNCT
ajfa-456	56	11	,	,	PUNCT
ajfa-456	56	12	and	and	CCONJ
ajfa-456	56	13	goodfellow	goodfellow	PROPN
ajfa-456	56	14	,	,	PUNCT
ajfa-456	56	15	et	et	PROPN
ajfa-456	56	16	al	al	PROPN
ajfa-456	56	17	.	.	PUNCT
ajfa-456	57	1	(	(	PUNCT
ajfa-456	57	2	2009	2009	NUM
ajfa-456	57	3	)	)	PUNCT
ajfa-456	57	4	.	.	PUNCT
ajfa-456	58	1	asian	asian	ADJ
ajfa-456	58	2	journal	journal	PROPN
ajfa-456	58	3	of	of	ADP
ajfa-456	58	4	finance	finance	PROPN
ajfa-456	58	5	&	&	CCONJ
ajfa-456	58	6	accounting	accounting	PROPN
ajfa-456	58	7	issn	issn	PROPN
ajfa-456	58	8	1946	1946	NUM
ajfa-456	58	9	-	-	PUNCT
ajfa-456	58	10	052x	052x	NOUN
ajfa-456	58	11	2010	2010	NUM
ajfa-456	58	12	,	,	PUNCT
ajfa-456	58	13	vol	vol	NOUN
ajfa-456	58	14	.	.	PROPN
ajfa-456	58	15	2	2	NUM
ajfa-456	58	16	,	,	PUNCT
ajfa-456	58	17	no	no	INTJ
ajfa-456	58	18	.	.	NOUN
ajfa-456	58	19	2	2	NUM
ajfa-456	58	20	:	:	PUNCT
ajfa-456	58	21	e1	e1	VERB
ajfa-456	58	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	58	23	4	4	NUM
ajfa-456	58	24	and	and	CCONJ
ajfa-456	58	25	is	be	AUX
ajfa-456	58	26	relatively	relatively	ADV
ajfa-456	58	27	insignificant	insignificant	ADJ
ajfa-456	58	28	among	among	ADP
ajfa-456	58	29	domestic	domestic	ADJ
ajfa-456	58	30	securities	security	NOUN
ajfa-456	58	31	dealers	dealer	NOUN
ajfa-456	58	32	.	.	PUNCT
ajfa-456	59	1	interestingly	interestingly	ADV
ajfa-456	59	2	,	,	PUNCT
ajfa-456	59	3	institutional	institutional	ADJ
ajfa-456	59	4	investors	investor	NOUN
ajfa-456	59	5	tend	tend	VERB
ajfa-456	59	6	to	to	PART
ajfa-456	59	7	follow	follow	VERB
ajfa-456	59	8	both	both	PRON
ajfa-456	59	9	their	their	PRON
ajfa-456	59	10	own	own	ADJ
ajfa-456	59	11	previous	previous	ADJ
ajfa-456	59	12	trades	trade	NOUN
ajfa-456	59	13	and	and	CCONJ
ajfa-456	59	14	the	the	DET
ajfa-456	59	15	trades	trade	NOUN
ajfa-456	59	16	of	of	ADP
ajfa-456	59	17	other	other	ADJ
ajfa-456	59	18	institutions	institution	NOUN
ajfa-456	59	19	.	.	PUNCT
ajfa-456	60	1	domestic	domestic	ADJ
ajfa-456	60	2	securities	security	NOUN
ajfa-456	60	3	dealers	dealer	NOUN
ajfa-456	60	4	behave	behave	VERB
ajfa-456	60	5	in	in	ADP
ajfa-456	60	6	a	a	DET
ajfa-456	60	7	strikingly	strikingly	ADV
ajfa-456	60	8	different	different	ADJ
ajfa-456	60	9	manner	manner	NOUN
ajfa-456	60	10	in	in	ADP
ajfa-456	60	11	that	that	SCONJ
ajfa-456	60	12	they	they	PRON
ajfa-456	60	13	lack	lack	VERB
ajfa-456	60	14	the	the	DET
ajfa-456	60	15	propensity	propensity	NOUN
ajfa-456	60	16	to	to	PART
ajfa-456	60	17	follow	follow	VERB
ajfa-456	60	18	either	either	CCONJ
ajfa-456	60	19	their	their	PRON
ajfa-456	60	20	peers	peer	NOUN
ajfa-456	60	21	or	or	CCONJ
ajfa-456	60	22	foreign	foreign	ADJ
ajfa-456	60	23	institutional	institutional	ADJ
ajfa-456	60	24	investors	investor	NOUN
ajfa-456	60	25	.	.	PUNCT
ajfa-456	61	1	they	they	PRON
ajfa-456	61	2	exhibit	exhibit	VERB
ajfa-456	61	3	only	only	ADV
ajfa-456	61	4	a	a	DET
ajfa-456	61	5	relatively	relatively	ADV
ajfa-456	61	6	weak	weak	ADJ
ajfa-456	61	7	follower	follower	NOUN
ajfa-456	61	8	relationship	relationship	NOUN
ajfa-456	61	9	with	with	ADP
ajfa-456	61	10	domestic	domestic	ADJ
ajfa-456	61	11	mutual	mutual	ADJ
ajfa-456	61	12	-	-	PUNCT
ajfa-456	61	13	funds	fund	NOUN
ajfa-456	61	14	investors	investor	NOUN
ajfa-456	61	15	.	.	PUNCT
ajfa-456	62	1	in	in	ADP
ajfa-456	62	2	examining	examine	VERB
ajfa-456	62	3	the	the	DET
ajfa-456	62	4	impact	impact	NOUN
ajfa-456	62	5	of	of	ADP
ajfa-456	62	6	extraordinary	extraordinary	ADJ
ajfa-456	62	7	events	event	NOUN
ajfa-456	62	8	on	on	ADP
ajfa-456	62	9	herding	herding	NOUN
ajfa-456	62	10	behavior	behavior	NOUN
ajfa-456	62	11	,	,	PUNCT
ajfa-456	62	12	we	we	PRON
ajfa-456	62	13	find	find	VERB
ajfa-456	62	14	that	that	SCONJ
ajfa-456	62	15	neither	neither	CCONJ
ajfa-456	62	16	the	the	DET
ajfa-456	62	17	severe	severe	ADJ
ajfa-456	62	18	acute	acute	ADJ
ajfa-456	62	19	respiratory	respiratory	ADJ
ajfa-456	62	20	syndrome	syndrome	NOUN
ajfa-456	62	21	(	(	PUNCT
ajfa-456	62	22	sars	sars	PROPN
ajfa-456	62	23	)	)	PUNCT
ajfa-456	62	24	outbreak	outbreak	NOUN
ajfa-456	62	25	nor	nor	CCONJ
ajfa-456	62	26	taiwan	taiwan	PROPN
ajfa-456	62	27	’s	’s	PART
ajfa-456	62	28	2004	2004	NUM
ajfa-456	62	29	presidential	presidential	ADJ
ajfa-456	62	30	-	-	PUNCT
ajfa-456	62	31	election	election	NOUN
ajfa-456	62	32	debacle	debacle	NOUN
ajfa-456	62	33	have	have	AUX
ajfa-456	62	34	significantly	significantly	ADV
ajfa-456	62	35	affected	affect	VERB
ajfa-456	62	36	the	the	DET
ajfa-456	62	37	herding	herd	VERB
ajfa-456	62	38	behavior	behavior	NOUN
ajfa-456	62	39	of	of	ADP
ajfa-456	62	40	institutional	institutional	ADJ
ajfa-456	62	41	investors	investor	NOUN
ajfa-456	62	42	.	.	PUNCT
ajfa-456	63	1	the	the	DET
ajfa-456	63	2	above	above	ADJ
ajfa-456	63	3	findings	finding	NOUN
ajfa-456	63	4	show	show	VERB
ajfa-456	63	5	that	that	SCONJ
ajfa-456	63	6	market	market	NOUN
ajfa-456	63	7	pressure	pressure	NOUN
ajfa-456	63	8	has	have	VERB
ajfa-456	63	9	little	little	ADJ
ajfa-456	63	10	influence	influence	NOUN
ajfa-456	63	11	on	on	ADP
ajfa-456	63	12	institutional	institutional	ADJ
ajfa-456	63	13	herding	herding	NOUN
ajfa-456	63	14	,	,	PUNCT
ajfa-456	63	15	and	and	CCONJ
ajfa-456	63	16	suggest	suggest	VERB
ajfa-456	63	17	both	both	PRON
ajfa-456	63	18	that	that	SCONJ
ajfa-456	63	19	the	the	DET
ajfa-456	63	20	majority	majority	NOUN
ajfa-456	63	21	of	of	ADP
ajfa-456	63	22	institutional	institutional	ADJ
ajfa-456	63	23	investors	investor	NOUN
ajfa-456	63	24	would	would	AUX
ajfa-456	63	25	not	not	PART
ajfa-456	63	26	panic	panic	VERB
ajfa-456	63	27	in	in	ADP
ajfa-456	63	28	the	the	DET
ajfa-456	63	29	face	face	NOUN
ajfa-456	63	30	of	of	ADP
ajfa-456	63	31	a	a	DET
ajfa-456	63	32	market	market	NOUN
ajfa-456	63	33	crisis	crisis	NOUN
ajfa-456	63	34	and	and	CCONJ
ajfa-456	63	35	that	that	SCONJ
ajfa-456	63	36	their	their	PRON
ajfa-456	63	37	herding	herd	VERB
ajfa-456	63	38	behavior	behavior	NOUN
ajfa-456	63	39	is	be	AUX
ajfa-456	63	40	not	not	PART
ajfa-456	63	41	driven	drive	VERB
ajfa-456	63	42	principally	principally	ADV
ajfa-456	63	43	by	by	ADP
ajfa-456	63	44	emotion	emotion	NOUN
ajfa-456	63	45	or	or	CCONJ
ajfa-456	63	46	impulse	impulse	ADJ
ajfa-456	63	47	.	.	PUNCT
ajfa-456	64	1	we	we	PRON
ajfa-456	64	2	have	have	AUX
ajfa-456	64	3	also	also	ADV
ajfa-456	64	4	found	find	VERB
ajfa-456	64	5	that	that	SCONJ
ajfa-456	64	6	return	return	NOUN
ajfa-456	64	7	reversal	reversal	NOUN
ajfa-456	64	8	does	do	AUX
ajfa-456	64	9	not	not	PART
ajfa-456	64	10	exist	exist	VERB
ajfa-456	64	11	in	in	ADP
ajfa-456	64	12	stocks	stock	NOUN
ajfa-456	64	13	where	where	SCONJ
ajfa-456	64	14	institutional	institutional	ADJ
ajfa-456	64	15	investors	investor	NOUN
ajfa-456	64	16	herd	herd	VERB
ajfa-456	64	17	.	.	PUNCT
ajfa-456	65	1	in	in	ADP
ajfa-456	65	2	addition	addition	NOUN
ajfa-456	65	3	,	,	PUNCT
ajfa-456	65	4	momentum	momentum	NOUN
ajfa-456	65	5	trading	trading	NOUN
ajfa-456	65	6	is	be	AUX
ajfa-456	65	7	not	not	PART
ajfa-456	65	8	the	the	DET
ajfa-456	65	9	primary	primary	ADJ
ajfa-456	65	10	reason	reason	NOUN
ajfa-456	65	11	for	for	ADP
ajfa-456	65	12	the	the	DET
ajfa-456	65	13	herding	herd	VERB
ajfa-456	65	14	behavior	behavior	NOUN
ajfa-456	65	15	of	of	ADP
ajfa-456	65	16	institutional	institutional	ADJ
ajfa-456	65	17	investors	investor	NOUN
ajfa-456	65	18	.	.	PUNCT
ajfa-456	66	1	these	these	DET
ajfa-456	66	2	preliminary	preliminary	ADJ
ajfa-456	66	3	findings	finding	NOUN
ajfa-456	66	4	have	have	AUX
ajfa-456	66	5	prompted	prompt	VERB
ajfa-456	66	6	us	we	PRON
ajfa-456	66	7	to	to	PART
ajfa-456	66	8	further	far	ADV
ajfa-456	66	9	investigate	investigate	VERB
ajfa-456	66	10	whether	whether	SCONJ
ajfa-456	66	11	institutional	institutional	ADJ
ajfa-456	66	12	herding	herding	NOUN
ajfa-456	66	13	is	be	AUX
ajfa-456	66	14	driven	drive	VERB
ajfa-456	66	15	by	by	ADP
ajfa-456	66	16	informational	informational	ADJ
ajfa-456	66	17	cascades	cascade	NOUN
ajfa-456	66	18	or	or	CCONJ
ajfa-456	66	19	investigative	investigative	ADJ
ajfa-456	66	20	herding	herding	NOUN
ajfa-456	66	21	.	.	PUNCT
ajfa-456	67	1	when	when	SCONJ
ajfa-456	67	2	comparing	compare	VERB
ajfa-456	67	3	herding	herd	VERB
ajfa-456	67	4	in	in	ADP
ajfa-456	67	5	firms	firm	NOUN
ajfa-456	67	6	of	of	ADP
ajfa-456	67	7	varying	vary	VERB
ajfa-456	67	8	size	size	NOUN
ajfa-456	67	9	,	,	PUNCT
ajfa-456	67	10	we	we	PRON
ajfa-456	67	11	find	find	VERB
ajfa-456	67	12	evidence	evidence	NOUN
ajfa-456	67	13	that	that	SCONJ
ajfa-456	67	14	although	although	SCONJ
ajfa-456	67	15	herding	herding	NOUN
ajfa-456	67	16	exists	exist	VERB
ajfa-456	67	17	in	in	ADP
ajfa-456	67	18	firms	firm	NOUN
ajfa-456	67	19	of	of	ADP
ajfa-456	67	20	all	all	DET
ajfa-456	67	21	sizes	size	NOUN
ajfa-456	67	22	,	,	PUNCT
ajfa-456	67	23	the	the	PRON
ajfa-456	67	24	smaller	small	ADJ
ajfa-456	67	25	the	the	DET
ajfa-456	67	26	firm	firm	NOUN
ajfa-456	67	27	,	,	PUNCT
ajfa-456	67	28	the	the	PRON
ajfa-456	67	29	stronger	strong	ADJ
ajfa-456	67	30	the	the	DET
ajfa-456	67	31	level	level	NOUN
ajfa-456	67	32	of	of	ADP
ajfa-456	67	33	herding	herding	NOUN
ajfa-456	67	34	.	.	PUNCT
ajfa-456	68	1	we	we	PRON
ajfa-456	68	2	therefore	therefore	ADV
ajfa-456	68	3	conclude	conclude	VERB
ajfa-456	68	4	that	that	SCONJ
ajfa-456	68	5	informational	informational	ADJ
ajfa-456	68	6	cascades	cascade	NOUN
ajfa-456	68	7	are	be	AUX
ajfa-456	68	8	the	the	DET
ajfa-456	68	9	main	main	ADJ
ajfa-456	68	10	reason	reason	NOUN
ajfa-456	68	11	for	for	ADP
ajfa-456	68	12	institutional	institutional	ADJ
ajfa-456	68	13	herding	herding	NOUN
ajfa-456	68	14	in	in	ADP
ajfa-456	68	15	taiwan	taiwan	PROPN
ajfa-456	68	16	’s	’s	PART
ajfa-456	68	17	stock	stock	NOUN
ajfa-456	68	18	market	market	NOUN
ajfa-456	68	19	,	,	PUNCT
ajfa-456	68	20	in	in	ADP
ajfa-456	68	21	line	line	NOUN
ajfa-456	68	22	with	with	ADP
ajfa-456	68	23	research	research	NOUN
ajfa-456	68	24	by	by	ADP
ajfa-456	68	25	sias	sias	PROPN
ajfa-456	68	26	(	(	PUNCT
ajfa-456	68	27	2004	2004	NUM
ajfa-456	68	28	)	)	PUNCT
ajfa-456	68	29	on	on	ADP
ajfa-456	68	30	the	the	DET
ajfa-456	68	31	u.s	u.s	PROPN
ajfa-456	68	32	.	.	PROPN
ajfa-456	68	33	stock	stock	NOUN
ajfa-456	68	34	market	market	NOUN
ajfa-456	68	35	.	.	PUNCT
ajfa-456	69	1	2	2	X
ajfa-456	69	2	.	.	X
ajfa-456	69	3	data	datum	NOUN
ajfa-456	69	4	this	this	DET
ajfa-456	69	5	study	study	NOUN
ajfa-456	69	6	sampled	sample	VERB
ajfa-456	69	7	trading	trading	NOUN
ajfa-456	69	8	data	datum	NOUN
ajfa-456	69	9	over	over	ADP
ajfa-456	69	10	a	a	DET
ajfa-456	69	11	period	period	NOUN
ajfa-456	69	12	of	of	ADP
ajfa-456	69	13	six	six	NUM
ajfa-456	69	14	years	year	NOUN
ajfa-456	69	15	(	(	PUNCT
ajfa-456	69	16	from	from	ADP
ajfa-456	69	17	january	january	PROPN
ajfa-456	69	18	1999december	1999december	NUM
ajfa-456	69	19	2004	2004	NUM
ajfa-456	69	20	)	)	PUNCT
ajfa-456	69	21	,	,	PUNCT
ajfa-456	69	22	covering	cover	VERB
ajfa-456	69	23	1,613	1,613	NUM
ajfa-456	69	24	trading	trading	NOUN
ajfa-456	69	25	days	day	NOUN
ajfa-456	69	26	.	.	PUNCT
ajfa-456	70	1	this	this	DET
ajfa-456	70	2	period	period	NOUN
ajfa-456	70	3	encompassed	encompass	VERB
ajfa-456	70	4	both	both	CCONJ
ajfa-456	70	5	a	a	DET
ajfa-456	70	6	bull	bull	NOUN
ajfa-456	70	7	and	and	CCONJ
ajfa-456	70	8	a	a	DET
ajfa-456	70	9	bear	bear	NOUN
ajfa-456	70	10	market	market	NOUN
ajfa-456	70	11	and	and	CCONJ
ajfa-456	70	12	underwent	undergo	VERB
ajfa-456	70	13	many	many	ADJ
ajfa-456	70	14	significant	significant	ADJ
ajfa-456	70	15	transformations	transformation	NOUN
ajfa-456	70	16	.	.	PUNCT
ajfa-456	71	1	for	for	ADP
ajfa-456	71	2	example	example	NOUN
ajfa-456	71	3	,	,	PUNCT
ajfa-456	71	4	in	in	ADP
ajfa-456	71	5	2003	2003	NUM
ajfa-456	71	6	,	,	PUNCT
ajfa-456	71	7	taiwan	taiwan	PROPN
ajfa-456	71	8	’s	’s	PART
ajfa-456	71	9	government	government	NOUN
ajfa-456	71	10	removed	remove	VERB
ajfa-456	71	11	all	all	DET
ajfa-456	71	12	the	the	DET
ajfa-456	71	13	restrictions	restriction	NOUN
ajfa-456	71	14	on	on	ADP
ajfa-456	71	15	the	the	DET
ajfa-456	71	16	investment	investment	NOUN
ajfa-456	71	17	position	position	NOUN
ajfa-456	71	18	limits	limit	NOUN
ajfa-456	71	19	for	for	ADP
ajfa-456	71	20	foreign	foreign	ADJ
ajfa-456	71	21	institutional	institutional	ADJ
ajfa-456	71	22	investors	investor	NOUN
ajfa-456	71	23	.	.	PUNCT
ajfa-456	72	1	during	during	ADP
ajfa-456	72	2	this	this	DET
ajfa-456	72	3	transformation	transformation	NOUN
ajfa-456	72	4	period	period	NOUN
ajfa-456	72	5	,	,	PUNCT
ajfa-456	72	6	there	there	PRON
ajfa-456	72	7	was	be	VERB
ajfa-456	72	8	not	not	PART
ajfa-456	72	9	only	only	ADV
ajfa-456	72	10	a	a	DET
ajfa-456	72	11	significant	significant	ADJ
ajfa-456	72	12	increase	increase	NOUN
ajfa-456	72	13	in	in	ADP
ajfa-456	72	14	the	the	DET
ajfa-456	72	15	number	number	NOUN
ajfa-456	72	16	of	of	ADP
ajfa-456	72	17	listed	list	VERB
ajfa-456	72	18	companies	company	NOUN
ajfa-456	72	19	traded	trade	VERB
ajfa-456	72	20	by	by	ADP
ajfa-456	72	21	institutional	institutional	ADJ
ajfa-456	72	22	investors	investor	NOUN
ajfa-456	72	23	,	,	PUNCT
ajfa-456	72	24	but	but	CCONJ
ajfa-456	72	25	also	also	ADV
ajfa-456	72	26	a	a	DET
ajfa-456	72	27	significant	significant	ADJ
ajfa-456	72	28	tightening	tightening	NOUN
ajfa-456	72	29	of	of	ADP
ajfa-456	72	30	regulator	regulator	NOUN
ajfa-456	72	31	’s	’s	PART
ajfa-456	72	32	requirements	requirement	NOUN
ajfa-456	72	33	governing	govern	VERB
ajfa-456	72	34	listed	list	VERB
ajfa-456	72	35	companies	company	NOUN
ajfa-456	72	36	’	’	PART
ajfa-456	72	37	disclosure	disclosure	NOUN
ajfa-456	72	38	of	of	ADP
ajfa-456	72	39	related	related	ADJ
ajfa-456	72	40	information	information	NOUN
ajfa-456	72	41	.	.	PUNCT
ajfa-456	73	1	those	those	DET
ajfa-456	73	2	transformations	transformation	NOUN
ajfa-456	73	3	helped	help	VERB
ajfa-456	73	4	foreign	foreign	ADJ
ajfa-456	73	5	institutional	institutional	ADJ
ajfa-456	73	6	investors	investor	NOUN
ajfa-456	73	7	boost	boost	VERB
ajfa-456	73	8	their	their	PRON
ajfa-456	73	9	market	market	NOUN
ajfa-456	73	10	shareholdings	shareholding	NOUN
ajfa-456	73	11	from	from	ADP
ajfa-456	73	12	2.4	2.4	NUM
ajfa-456	73	13	%	%	NOUN
ajfa-456	73	14	in	in	ADP
ajfa-456	73	15	1999	1999	NUM
ajfa-456	73	16	to	to	ADP
ajfa-456	73	17	10.9	10.9	NUM
ajfa-456	73	18	%	%	NOUN
ajfa-456	73	19	in	in	ADP
ajfa-456	73	20	2004	2004	NUM
ajfa-456	73	21	.	.	PUNCT
ajfa-456	74	1	additionally	additionally	ADV
ajfa-456	74	2	,	,	PUNCT
ajfa-456	74	3	the	the	DET
ajfa-456	74	4	inclusion	inclusion	NOUN
ajfa-456	74	5	of	of	ADP
ajfa-456	74	6	both	both	PRON
ajfa-456	74	7	up	up	ADP
ajfa-456	74	8	and	and	CCONJ
ajfa-456	74	9	down	down	ADP
ajfa-456	74	10	markets	market	NOUN
ajfa-456	74	11	during	during	ADP
ajfa-456	74	12	the	the	DET
ajfa-456	74	13	period	period	NOUN
ajfa-456	74	14	of	of	ADP
ajfa-456	74	15	1999	1999	NUM
ajfa-456	74	16	-	-	SYM
ajfa-456	74	17	2004	2004	NUM
ajfa-456	74	18	also	also	ADV
ajfa-456	74	19	aviod	aviod	VERB
ajfa-456	74	20	sample	sample	NOUN
ajfa-456	74	21	bias	bias	NOUN
ajfa-456	74	22	problem	problem	NOUN
ajfa-456	74	23	,	,	PUNCT
ajfa-456	74	24	since	since	SCONJ
ajfa-456	74	25	different	different	ADJ
ajfa-456	74	26	market	market	NOUN
ajfa-456	74	27	situations	situation	NOUN
ajfa-456	74	28	may	may	AUX
ajfa-456	74	29	cause	cause	VERB
ajfa-456	74	30	different	different	ADJ
ajfa-456	74	31	herding	herding	NOUN
ajfa-456	74	32	behavior	behavior	NOUN
ajfa-456	74	33	(	(	PUNCT
ajfa-456	74	34	gleason	gleason	PROPN
ajfa-456	74	35	et	et	PROPN
ajfa-456	74	36	al	al	PROPN
ajfa-456	74	37	.	.	PROPN
ajfa-456	74	38	,	,	PUNCT
ajfa-456	74	39	2004	2004	NUM
ajfa-456	74	40	)	)	PUNCT
ajfa-456	74	41	.	.	PUNCT
ajfa-456	75	1	for	for	ADP
ajfa-456	75	2	the	the	DET
ajfa-456	75	3	current	current	ADJ
ajfa-456	75	4	study	study	NOUN
ajfa-456	75	5	,	,	PUNCT
ajfa-456	75	6	we	we	PRON
ajfa-456	75	7	used	use	VERB
ajfa-456	75	8	the	the	DET
ajfa-456	75	9	taiwan	taiwan	PROPN
ajfa-456	75	10	stock	stock	PROPN
ajfa-456	75	11	exchange	exchange	PROPN
ajfa-456	75	12	(	(	PUNCT
ajfa-456	75	13	tse	tse	PROPN
ajfa-456	75	14	)	)	PUNCT
ajfa-456	75	15	database	database	NOUN
ajfa-456	75	16	for	for	ADP
ajfa-456	75	17	calculating	calculate	VERB
ajfa-456	75	18	herding	herding	NOUN
ajfa-456	75	19	measures	measure	NOUN
ajfa-456	75	20	,	,	PUNCT
ajfa-456	75	21	including	include	VERB
ajfa-456	75	22	data	datum	NOUN
ajfa-456	75	23	on	on	ADP
ajfa-456	75	24	daily	daily	ADJ
ajfa-456	75	25	purchases	purchase	NOUN
ajfa-456	75	26	and	and	CCONJ
ajfa-456	75	27	sales	sale	NOUN
ajfa-456	75	28	of	of	ADP
ajfa-456	75	29	individual	individual	ADJ
ajfa-456	75	30	stocks	stock	NOUN
ajfa-456	75	31	by	by	ADP
ajfa-456	75	32	institutional	institutional	ADJ
ajfa-456	75	33	investors	investor	NOUN
ajfa-456	75	34	.	.	PUNCT
ajfa-456	76	1	these	these	DET
ajfa-456	76	2	data	datum	NOUN
ajfa-456	76	3	sources	source	NOUN
ajfa-456	76	4	constituted	constitute	VERB
ajfa-456	76	5	3,606,146	3,606,146	NUM
ajfa-456	76	6	pieces	piece	NOUN
ajfa-456	76	7	of	of	ADP
ajfa-456	76	8	daily	daily	ADJ
ajfa-456	76	9	-	-	PUNCT
ajfa-456	76	10	trading	trading	NOUN
ajfa-456	76	11	information	information	NOUN
ajfa-456	76	12	.	.	PUNCT
ajfa-456	77	1	the	the	DET
ajfa-456	77	2	data	datum	NOUN
ajfa-456	77	3	for	for	ADP
ajfa-456	77	4	individual	individual	ADJ
ajfa-456	77	5	stock	stock	NOUN
ajfa-456	77	6	returns	return	NOUN
ajfa-456	77	7	,	,	PUNCT
ajfa-456	77	8	market	market	NOUN
ajfa-456	77	9	indexes	index	NOUN
ajfa-456	77	10	,	,	PUNCT
ajfa-456	77	11	bull	bull	NOUN
ajfa-456	77	12	-	-	PUNCT
ajfa-456	77	13	or	or	CCONJ
ajfa-456	77	14	-	-	PUNCT
ajfa-456	77	15	bear	bear	NOUN
ajfa-456	77	16	market	market	NOUN
ajfa-456	77	17	conditions	condition	NOUN
ajfa-456	77	18	,	,	PUNCT
ajfa-456	77	19	and	and	CCONJ
ajfa-456	77	20	the	the	DET
ajfa-456	77	21	size	size	NOUN
ajfa-456	77	22	of	of	ADP
ajfa-456	77	23	individual	individual	ADJ
ajfa-456	77	24	stocks	stock	NOUN
ajfa-456	77	25	derive	derive	ADJ
ajfa-456	77	26	from	from	ADP
ajfa-456	77	27	the	the	DET
ajfa-456	77	28	database	database	NOUN
ajfa-456	77	29	of	of	ADP
ajfa-456	77	30	the	the	DET
ajfa-456	77	31	taiwan	taiwan	PROPN
ajfa-456	77	32	economic	economic	PROPN
ajfa-456	77	33	journal	journal	PROPN
ajfa-456	77	34	(	(	PUNCT
ajfa-456	77	35	tej	tej	PROPN
ajfa-456	77	36	)	)	PUNCT
ajfa-456	77	37	.	.	PUNCT
ajfa-456	78	1	since	since	SCONJ
ajfa-456	78	2	the	the	DET
ajfa-456	78	3	current	current	ADJ
ajfa-456	78	4	study	study	NOUN
ajfa-456	78	5	targets	target	VERB
ajfa-456	78	6	the	the	DET
ajfa-456	78	7	herding	herding	NOUN
ajfa-456	78	8	of	of	ADP
ajfa-456	78	9	institutional	institutional	ADJ
ajfa-456	78	10	investors	investor	NOUN
ajfa-456	78	11	,	,	PUNCT
ajfa-456	78	12	stocks	stock	NOUN
ajfa-456	78	13	that	that	PRON
ajfa-456	78	14	institutional	institutional	ADJ
ajfa-456	78	15	investors	investor	NOUN
ajfa-456	78	16	seldom	seldom	ADV
ajfa-456	78	17	traded	trade	VERB
ajfa-456	78	18	in	in	ADP
ajfa-456	78	19	were	be	AUX
ajfa-456	78	20	not	not	PART
ajfa-456	78	21	suitable	suitable	ADJ
ajfa-456	78	22	for	for	ADP
ajfa-456	78	23	the	the	DET
ajfa-456	78	24	sample	sample	NOUN
ajfa-456	78	25	.	.	PUNCT
ajfa-456	79	1	thus	thus	ADV
ajfa-456	79	2	,	,	PUNCT
ajfa-456	79	3	in	in	ADP
ajfa-456	79	4	our	our	PRON
ajfa-456	79	5	measure	measure	NOUN
ajfa-456	79	6	of	of	ADP
ajfa-456	79	7	overall	overall	ADJ
ajfa-456	79	8	institutional	institutional	ADJ
ajfa-456	79	9	herding	herding	NOUN
ajfa-456	79	10	,	,	PUNCT
ajfa-456	79	11	we	we	PRON
ajfa-456	79	12	excluded	exclude	VERB
ajfa-456	79	13	from	from	ADP
ajfa-456	79	14	our	our	PRON
ajfa-456	79	15	monthly	monthly	ADJ
ajfa-456	79	16	samples	sample	NOUN
ajfa-456	79	17	any	any	DET
ajfa-456	79	18	stock	stock	NOUN
ajfa-456	79	19	that	that	PRON
ajfa-456	79	20	was	be	AUX
ajfa-456	79	21	not	not	PART
ajfa-456	79	22	bought	buy	VERB
ajfa-456	79	23	or	or	CCONJ
ajfa-456	79	24	sold	sell	VERB
ajfa-456	79	25	by	by	ADP
ajfa-456	79	26	an	an	DET
ajfa-456	79	27	institutional	institutional	ADJ
ajfa-456	79	28	investor	investor	NOUN
ajfa-456	79	29	during	during	ADP
ajfa-456	79	30	one	one	NUM
ajfa-456	79	31	or	or	CCONJ
ajfa-456	79	32	more	more	ADJ
ajfa-456	79	33	trading	trading	NOUN
ajfa-456	79	34	days	day	NOUN
ajfa-456	79	35	in	in	ADP
ajfa-456	79	36	a	a	DET
ajfa-456	79	37	month	month	NOUN
ajfa-456	79	38	.	.	PUNCT
ajfa-456	80	1	when	when	SCONJ
ajfa-456	80	2	measuring	measure	VERB
ajfa-456	80	3	the	the	DET
ajfa-456	80	4	herding	herd	VERB
ajfa-456	80	5	behavior	behavior	NOUN
ajfa-456	80	6	for	for	ADP
ajfa-456	80	7	the	the	DET
ajfa-456	80	8	three	three	NUM
ajfa-456	80	9	types	type	NOUN
ajfa-456	80	10	of	of	ADP
ajfa-456	80	11	institutional	institutional	ADJ
ajfa-456	80	12	investors	investor	NOUN
ajfa-456	80	13	,	,	PUNCT
ajfa-456	80	14	we	we	PRON
ajfa-456	80	15	excluded	exclude	VERB
ajfa-456	80	16	from	from	ADP
ajfa-456	80	17	monthly	monthly	ADJ
ajfa-456	80	18	samples	sample	NOUN
ajfa-456	80	19	any	any	DET
ajfa-456	80	20	stock	stock	NOUN
ajfa-456	80	21	that	that	PRON
ajfa-456	80	22	was	be	AUX
ajfa-456	80	23	not	not	PART
ajfa-456	80	24	bought	buy	VERB
ajfa-456	80	25	or	or	CCONJ
ajfa-456	80	26	sold	sell	VERB
ajfa-456	80	27	by	by	ADP
ajfa-456	80	28	a	a	DET
ajfa-456	80	29	foreign	foreign	ADJ
ajfa-456	80	30	institutional	institutional	ADJ
ajfa-456	80	31	investor	investor	NOUN
ajfa-456	80	32	,	,	PUNCT
ajfa-456	80	33	by	by	ADP
ajfa-456	80	34	a	a	DET
ajfa-456	80	35	domestic	domestic	ADJ
ajfa-456	80	36	mutual	mutual	ADJ
ajfa-456	80	37	-	-	PUNCT
ajfa-456	80	38	fund	fund	NOUN
ajfa-456	80	39	investor	investor	NOUN
ajfa-456	80	40	,	,	PUNCT
ajfa-456	80	41	or	or	CCONJ
ajfa-456	80	42	by	by	ADP
ajfa-456	80	43	a	a	DET
ajfa-456	80	44	domestic	domestic	ADJ
ajfa-456	80	45	securities	security	NOUN
ajfa-456	80	46	dealer	dealer	NOUN
ajfa-456	80	47	during	during	ADP
ajfa-456	80	48	one	one	NUM
ajfa-456	80	49	or	or	CCONJ
ajfa-456	80	50	more	more	ADJ
ajfa-456	80	51	trading	trading	NOUN
ajfa-456	80	52	days	day	NOUN
ajfa-456	80	53	in	in	ADP
ajfa-456	80	54	a	a	DET
ajfa-456	80	55	given	give	VERB
ajfa-456	80	56	month	month	NOUN
ajfa-456	80	57	.	.	PUNCT
ajfa-456	81	1	in	in	ADP
ajfa-456	81	2	addition	addition	NOUN
ajfa-456	81	3	,	,	PUNCT
ajfa-456	81	4	we	we	PRON
ajfa-456	81	5	excluded	exclude	VERB
ajfa-456	81	6	stocks	stock	NOUN
ajfa-456	81	7	with	with	ADP
ajfa-456	81	8	unusual	unusual	ADJ
ajfa-456	81	9	characteristics	characteristic	NOUN
ajfa-456	81	10	(	(	PUNCT
ajfa-456	81	11	e.g.	e.g.	ADV
ajfa-456	81	12	,	,	PUNCT
ajfa-456	81	13	stocks	stock	NOUN
ajfa-456	81	14	requiring	require	VERB
ajfa-456	81	15	full	full	ADJ
ajfa-456	81	16	delivery	delivery	NOUN
ajfa-456	81	17	and	and	CCONJ
ajfa-456	81	18	newly	newly	ADV
ajfa-456	81	19	listed	list	VERB
ajfa-456	81	20	stocks	stock	NOUN
ajfa-456	81	21	)	)	PUNCT
ajfa-456	81	22	.	.	PUNCT
ajfa-456	82	1	asian	asian	ADJ
ajfa-456	82	2	journal	journal	PROPN
ajfa-456	82	3	of	of	ADP
ajfa-456	82	4	finance	finance	PROPN
ajfa-456	82	5	&	&	CCONJ
ajfa-456	82	6	accounting	accounting	PROPN
ajfa-456	82	7	issn	issn	PROPN
ajfa-456	82	8	1946	1946	NUM
ajfa-456	82	9	-	-	PUNCT
ajfa-456	82	10	052x	052x	NOUN
ajfa-456	82	11	2010	2010	NUM
ajfa-456	82	12	,	,	PUNCT
ajfa-456	82	13	vol	vol	NOUN
ajfa-456	82	14	.	.	PROPN
ajfa-456	82	15	2	2	NUM
ajfa-456	82	16	,	,	PUNCT
ajfa-456	82	17	no	no	INTJ
ajfa-456	82	18	.	.	NOUN
ajfa-456	82	19	2	2	NUM
ajfa-456	82	20	:	:	PUNCT
ajfa-456	82	21	e1	e1	VERB
ajfa-456	82	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	82	23	5	5	NUM
ajfa-456	82	24	table	table	NOUN
ajfa-456	82	25	1	1	NUM
ajfa-456	82	26	shows	show	VERB
ajfa-456	82	27	the	the	DET
ajfa-456	82	28	average	average	ADJ
ajfa-456	82	29	daily	daily	ADJ
ajfa-456	82	30	trades	trade	NOUN
ajfa-456	82	31	conducted	conduct	VERB
ajfa-456	82	32	by	by	ADP
ajfa-456	82	33	institutional	institutional	ADJ
ajfa-456	82	34	investors	investor	NOUN
ajfa-456	82	35	in	in	ADP
ajfa-456	82	36	the	the	DET
ajfa-456	82	37	sample	sample	NOUN
ajfa-456	82	38	.	.	PUNCT
ajfa-456	83	1	the	the	DET
ajfa-456	83	2	average	average	ADJ
ajfa-456	83	3	daily	daily	ADJ
ajfa-456	83	4	trades	trade	NOUN
ajfa-456	83	5	by	by	ADP
ajfa-456	83	6	the	the	DET
ajfa-456	83	7	three	three	NUM
ajfa-456	83	8	types	type	NOUN
ajfa-456	83	9	of	of	ADP
ajfa-456	83	10	institutional	institutional	ADJ
ajfa-456	83	11	investors	investor	NOUN
ajfa-456	83	12	grew	grow	VERB
ajfa-456	83	13	from	from	ADP
ajfa-456	83	14	1,113	1,113	NUM
ajfa-456	83	15	in	in	ADP
ajfa-456	83	16	1999	1999	NUM
ajfa-456	83	17	to	to	ADP
ajfa-456	83	18	3,147	3,147	NUM
ajfa-456	83	19	in	in	ADP
ajfa-456	83	20	2004	2004	NUM
ajfa-456	83	21	,	,	PUNCT
ajfa-456	83	22	rising	rise	VERB
ajfa-456	83	23	by	by	ADP
ajfa-456	83	24	as	as	ADV
ajfa-456	83	25	much	much	ADJ
ajfa-456	83	26	as	as	ADP
ajfa-456	83	27	183	183	NUM
ajfa-456	83	28	%	%	NOUN
ajfa-456	83	29	.	.	PUNCT
ajfa-456	84	1	average	average	ADJ
ajfa-456	84	2	daily	daily	ADJ
ajfa-456	84	3	trades	trade	NOUN
ajfa-456	84	4	by	by	ADP
ajfa-456	84	5	foreign	foreign	ADJ
ajfa-456	84	6	institutional	institutional	ADJ
ajfa-456	84	7	investors	investor	NOUN
ajfa-456	84	8	underwent	undergo	VERB
ajfa-456	84	9	a	a	DET
ajfa-456	84	10	nearly	nearly	ADV
ajfa-456	84	11	threefold	threefold	ADJ
ajfa-456	84	12	jump	jump	NOUN
ajfa-456	84	13	over	over	ADP
ajfa-456	84	14	the	the	DET
ajfa-456	84	15	same	same	ADJ
ajfa-456	84	16	period	period	NOUN
ajfa-456	84	17	,	,	PUNCT
ajfa-456	84	18	from	from	ADP
ajfa-456	84	19	522	522	NUM
ajfa-456	84	20	to	to	ADP
ajfa-456	84	21	1,921	1,921	NUM
ajfa-456	84	22	.	.	PUNCT
ajfa-456	85	1	the	the	DET
ajfa-456	85	2	number	number	NOUN
ajfa-456	85	3	of	of	ADP
ajfa-456	85	4	trades	trade	NOUN
ajfa-456	85	5	by	by	ADP
ajfa-456	85	6	domestic	domestic	ADJ
ajfa-456	85	7	mutual	mutual	ADJ
ajfa-456	85	8	-	-	PUNCT
ajfa-456	85	9	funds	fund	NOUN
ajfa-456	85	10	investors	investor	NOUN
ajfa-456	85	11	and	and	CCONJ
ajfa-456	85	12	domestic	domestic	ADJ
ajfa-456	85	13	securities	security	NOUN
ajfa-456	85	14	dealers	dealer	NOUN
ajfa-456	85	15	did	do	AUX
ajfa-456	85	16	not	not	PART
ajfa-456	85	17	rise	rise	VERB
ajfa-456	85	18	as	as	ADV
ajfa-456	85	19	significantly	significantly	ADV
ajfa-456	85	20	as	as	ADP
ajfa-456	85	21	the	the	DET
ajfa-456	85	22	corresponding	corresponding	ADJ
ajfa-456	85	23	number	number	NOUN
ajfa-456	85	24	of	of	ADP
ajfa-456	85	25	trades	trade	NOUN
ajfa-456	85	26	by	by	ADP
ajfa-456	85	27	foreign	foreign	ADJ
ajfa-456	85	28	institutional	institutional	ADJ
ajfa-456	85	29	investors	investor	NOUN
ajfa-456	85	30	,	,	PUNCT
ajfa-456	85	31	but	but	CCONJ
ajfa-456	85	32	showed	show	VERB
ajfa-456	85	33	steady	steady	ADJ
ajfa-456	85	34	growth	growth	NOUN
ajfa-456	85	35	,	,	PUNCT
ajfa-456	85	36	suggesting	suggest	VERB
ajfa-456	85	37	an	an	DET
ajfa-456	85	38	increasingly	increasingly	ADV
ajfa-456	85	39	active	active	ADJ
ajfa-456	85	40	role	role	NOUN
ajfa-456	85	41	by	by	ADP
ajfa-456	85	42	institutional	institutional	ADJ
ajfa-456	85	43	investors	investor	NOUN
ajfa-456	85	44	in	in	ADP
ajfa-456	85	45	taiwan	taiwan	PROPN
ajfa-456	85	46	’s	’s	PART
ajfa-456	85	47	stock	stock	NOUN
ajfa-456	85	48	market	market	NOUN
ajfa-456	85	49	.	.	PUNCT
ajfa-456	86	1	3	3	X
ajfa-456	86	2	.	.	X
ajfa-456	86	3	do	do	VERB
ajfa-456	86	4	institutional	institutional	ADJ
ajfa-456	86	5	investors	investor	NOUN
ajfa-456	86	6	herd	herd	VERB
ajfa-456	86	7	?	?	PUNCT
ajfa-456	87	1	lakonishok	lakonishok	NOUN
ajfa-456	87	2	-	-	PUNCT
ajfa-456	87	3	shleifer	shleifer	NOUN
ajfa-456	87	4	-	-	PUNCT
ajfa-456	87	5	vishny	vishny	PROPN
ajfa-456	87	6	(	(	PUNCT
ajfa-456	87	7	lsv	lsv	PROPN
ajfa-456	87	8	)	)	PUNCT
ajfa-456	87	9	herding	herding	NOUN
ajfa-456	87	10	model	model	NOUN
ajfa-456	87	11	is	be	AUX
ajfa-456	87	12	most	most	ADV
ajfa-456	87	13	commonly	commonly	ADV
ajfa-456	87	14	employed	employ	VERB
ajfa-456	87	15	to	to	PART
ajfa-456	87	16	measure	measure	VERB
ajfa-456	87	17	herding	herding	NOUN
ajfa-456	87	18	,	,	PUNCT
ajfa-456	87	19	very	very	ADV
ajfa-456	87	20	few	few	ADJ
ajfa-456	87	21	empirical	empirical	ADJ
ajfa-456	87	22	studies	study	NOUN
ajfa-456	87	23	that	that	PRON
ajfa-456	87	24	concern	concern	VERB
ajfa-456	87	25	us	us	PROPN
ajfa-456	87	26	markets	market	NOUN
ajfa-456	87	27	and	and	CCONJ
ajfa-456	87	28	that	that	PRON
ajfa-456	87	29	use	use	VERB
ajfa-456	87	30	lsv	lsv	NOUN
ajfa-456	87	31	measurements	measurement	NOUN
ajfa-456	87	32	have	have	AUX
ajfa-456	87	33	found	find	VERB
ajfa-456	87	34	significant	significant	ADJ
ajfa-456	87	35	herding	herding	NOUN
ajfa-456	87	36	in	in	ADP
ajfa-456	87	37	the	the	DET
ajfa-456	87	38	markets	market	NOUN
ajfa-456	87	39	(	(	PUNCT
ajfa-456	87	40	lakonishok	lakonishok	VERB
ajfa-456	87	41	et	et	PROPN
ajfa-456	87	42	al	al	PROPN
ajfa-456	87	43	.	.	PROPN
ajfa-456	87	44	,	,	PUNCT
ajfa-456	87	45	1992	1992	NUM
ajfa-456	87	46	;	;	PUNCT
ajfa-456	87	47	grinblatt	grinblatt	PROPN
ajfa-456	87	48	et	et	PROPN
ajfa-456	87	49	al	al	PROPN
ajfa-456	87	50	.	.	PROPN
ajfa-456	87	51	,	,	PUNCT
ajfa-456	87	52	1995	1995	NUM
ajfa-456	87	53	;	;	PUNCT
ajfa-456	87	54	wermers	wermer	NOUN
ajfa-456	87	55	,	,	PUNCT
ajfa-456	87	56	1999	1999	NUM
ajfa-456	87	57	)	)	PUNCT
ajfa-456	87	58	.	.	PUNCT
ajfa-456	88	1	the	the	DET
ajfa-456	88	2	reason	reason	NOUN
ajfa-456	88	3	for	for	ADP
ajfa-456	88	4	such	such	ADJ
ajfa-456	88	5	findings	finding	NOUN
ajfa-456	88	6	,	,	PUNCT
ajfa-456	88	7	as	as	SCONJ
ajfa-456	88	8	explained	explain	VERB
ajfa-456	88	9	by	by	ADP
ajfa-456	88	10	sias	sias	PROPN
ajfa-456	88	11	(	(	PUNCT
ajfa-456	88	12	2004	2004	NUM
ajfa-456	88	13	)	)	PUNCT
ajfa-456	88	14	,	,	PUNCT
ajfa-456	88	15	is	be	AUX
ajfa-456	88	16	that	that	SCONJ
ajfa-456	88	17	the	the	DET
ajfa-456	88	18	lsv	lsv	PROPN
ajfa-456	88	19	herding	herding	NOUN
ajfa-456	88	20	model	model	NOUN
ajfa-456	88	21	measures	measure	VERB
ajfa-456	88	22	the	the	DET
ajfa-456	88	23	propensity	propensity	NOUN
ajfa-456	88	24	of	of	ADP
ajfa-456	88	25	investors	investor	NOUN
ajfa-456	88	26	to	to	PART
ajfa-456	88	27	trade	trade	VERB
ajfa-456	88	28	in	in	ADP
ajfa-456	88	29	the	the	DET
ajfa-456	88	30	same	same	ADJ
ajfa-456	88	31	direction	direction	NOUN
ajfa-456	88	32	over	over	ADP
ajfa-456	88	33	a	a	DET
ajfa-456	88	34	period	period	NOUN
ajfa-456	88	35	of	of	ADP
ajfa-456	88	36	time	time	NOUN
ajfa-456	88	37	,	,	PUNCT
ajfa-456	88	38	where	where	SCONJ
ajfa-456	88	39	part	part	NOUN
ajfa-456	88	40	of	of	ADP
ajfa-456	88	41	the	the	DET
ajfa-456	88	42	propensity	propensity	NOUN
ajfa-456	88	43	is	be	AUX
ajfa-456	88	44	a	a	DET
ajfa-456	88	45	random	random	ADJ
ajfa-456	88	46	or	or	CCONJ
ajfa-456	88	47	a	a	DET
ajfa-456	88	48	fortuitous	fortuitous	ADJ
ajfa-456	88	49	event	event	NOUN
ajfa-456	88	50	,	,	PUNCT
ajfa-456	88	51	and	and	CCONJ
ajfa-456	88	52	trades	trade	NOUN
ajfa-456	88	53	occur	occur	VERB
ajfa-456	88	54	sequentially	sequentially	ADV
ajfa-456	88	55	because	because	SCONJ
ajfa-456	88	56	not	not	PART
ajfa-456	88	57	all	all	DET
ajfa-456	88	58	trades	trade	NOUN
ajfa-456	88	59	by	by	ADP
ajfa-456	88	60	different	different	ADJ
ajfa-456	88	61	investors	investor	NOUN
ajfa-456	88	62	take	take	VERB
ajfa-456	88	63	place	place	NOUN
ajfa-456	88	64	at	at	ADP
ajfa-456	88	65	the	the	DET
ajfa-456	88	66	same	same	ADJ
ajfa-456	88	67	time	time	NOUN
ajfa-456	88	68	.	.	PUNCT
ajfa-456	89	1	therefore	therefore	ADV
ajfa-456	89	2	,	,	PUNCT
ajfa-456	89	3	sias	sias	PROPN
ajfa-456	89	4	(	(	PUNCT
ajfa-456	89	5	2004	2004	NUM
ajfa-456	89	6	)	)	PUNCT
ajfa-456	89	7	redesign	redesign	VERB
ajfa-456	89	8	a	a	DET
ajfa-456	89	9	measurement	measurement	NOUN
ajfa-456	89	10	that	that	PRON
ajfa-456	89	11	allows	allow	VERB
ajfa-456	89	12	for	for	ADP
ajfa-456	89	13	direct	direct	ADJ
ajfa-456	89	14	observation	observation	NOUN
ajfa-456	89	15	of	of	ADP
ajfa-456	89	16	the	the	DET
ajfa-456	89	17	extent	extent	NOUN
ajfa-456	89	18	to	to	PART
ajfa-456	89	19	which	which	PRON
ajfa-456	89	20	market	market	NOUN
ajfa-456	89	21	investors	investor	NOUN
ajfa-456	89	22	follow	follow	VERB
ajfa-456	89	23	each	each	DET
ajfa-456	89	24	other	other	ADJ
ajfa-456	89	25	in	in	ADP
ajfa-456	89	26	buying	buy	VERB
ajfa-456	89	27	or	or	CCONJ
ajfa-456	89	28	selling	sell	VERB
ajfa-456	89	29	the	the	DET
ajfa-456	89	30	same	same	ADJ
ajfa-456	89	31	stock	stock	NOUN
ajfa-456	89	32	.	.	PUNCT
ajfa-456	90	1	our	our	PRON
ajfa-456	90	2	study	study	NOUN
ajfa-456	90	3	has	have	AUX
ajfa-456	90	4	modified	modify	VERB
ajfa-456	90	5	sias	sia	NOUN
ajfa-456	90	6	’	'	PUNCT
ajfa-456	90	7	(	(	PUNCT
ajfa-456	90	8	2004	2004	NUM
ajfa-456	90	9	)	)	PUNCT
ajfa-456	90	10	model	model	NOUN
ajfa-456	90	11	to	to	PART
ajfa-456	90	12	measure	measure	VERB
ajfa-456	90	13	the	the	DET
ajfa-456	90	14	herding	herd	VERB
ajfa-456	90	15	behavior	behavior	NOUN
ajfa-456	90	16	attributable	attributable	ADJ
ajfa-456	90	17	to	to	ADP
ajfa-456	90	18	three	three	NUM
ajfa-456	90	19	types	type	NOUN
ajfa-456	90	20	of	of	ADP
ajfa-456	90	21	institutional	institutional	ADJ
ajfa-456	90	22	investors	investor	NOUN
ajfa-456	90	23	in	in	ADP
ajfa-456	90	24	taiwan	taiwan	PROPN
ajfa-456	90	25	’s	’s	PART
ajfa-456	90	26	stock	stock	NOUN
ajfa-456	90	27	market	market	NOUN
ajfa-456	90	28	.	.	PUNCT
ajfa-456	91	1	because	because	SCONJ
ajfa-456	91	2	the	the	DET
ajfa-456	91	3	information	information	NOUN
ajfa-456	91	4	structure	structure	NOUN
ajfa-456	91	5	,	,	PUNCT
ajfa-456	91	6	trading	trading	NOUN
ajfa-456	91	7	strategies	strategy	NOUN
ajfa-456	91	8	and	and	CCONJ
ajfa-456	91	9	sociocultural	sociocultural	ADJ
ajfa-456	91	10	backgrounds	background	NOUN
ajfa-456	91	11	of	of	ADP
ajfa-456	91	12	foreign	foreign	ADJ
ajfa-456	91	13	institutional	institutional	ADJ
ajfa-456	91	14	investors	investor	NOUN
ajfa-456	91	15	,	,	PUNCT
ajfa-456	91	16	domestic	domestic	ADJ
ajfa-456	91	17	mutual	mutual	ADJ
ajfa-456	91	18	–	–	PUNCT
ajfa-456	91	19	funds	fund	NOUN
ajfa-456	91	20	investors	investor	NOUN
ajfa-456	91	21	,	,	PUNCT
ajfa-456	91	22	and	and	CCONJ
ajfa-456	91	23	domestic	domestic	ADJ
ajfa-456	91	24	securities	security	NOUN
ajfa-456	91	25	dealers	dealer	NOUN
ajfa-456	91	26	differ	differ	VERB
ajfa-456	91	27	from	from	ADP
ajfa-456	91	28	one	one	NUM
ajfa-456	91	29	group	group	NOUN
ajfa-456	91	30	to	to	ADP
ajfa-456	91	31	the	the	DET
ajfa-456	91	32	other	other	ADJ
ajfa-456	91	33	,	,	PUNCT
ajfa-456	91	34	their	their	PRON
ajfa-456	91	35	herding	herd	VERB
ajfa-456	91	36	behavior	behavior	NOUN
ajfa-456	91	37	could	could	AUX
ajfa-456	91	38	vary	vary	VERB
ajfa-456	91	39	.	.	PUNCT
ajfa-456	92	1	for	for	ADP
ajfa-456	92	2	instance	instance	NOUN
ajfa-456	92	3	,	,	PUNCT
ajfa-456	92	4	grinblatt	grinblatt	NOUN
ajfa-456	92	5	and	and	CCONJ
ajfa-456	92	6	keloharju	keloharju	NOUN
ajfa-456	92	7	(	(	PUNCT
ajfa-456	92	8	2000	2000	NUM
ajfa-456	92	9	)	)	PUNCT
ajfa-456	92	10	suggest	suggest	VERB
ajfa-456	92	11	that	that	SCONJ
ajfa-456	92	12	foreign	foreign	ADJ
ajfa-456	92	13	institutional	institutional	ADJ
ajfa-456	92	14	investors	investor	NOUN
ajfa-456	92	15	have	have	VERB
ajfa-456	92	16	an	an	DET
ajfa-456	92	17	information	information	NOUN
ajfa-456	92	18	advantage	advantage	NOUN
ajfa-456	92	19	over	over	ADP
ajfa-456	92	20	domestic	domestic	ADJ
ajfa-456	92	21	investors	investor	NOUN
ajfa-456	92	22	insofar	insofar	ADV
ajfa-456	92	23	as	as	SCONJ
ajfa-456	92	24	the	the	DET
ajfa-456	92	25	former	former	ADJ
ajfa-456	92	26	type	type	NOUN
ajfa-456	92	27	of	of	ADP
ajfa-456	92	28	investor	investor	NOUN
ajfa-456	92	29	can	can	AUX
ajfa-456	92	30	more	more	ADV
ajfa-456	92	31	accurately	accurately	ADV
ajfa-456	92	32	assess	assess	VERB
ajfa-456	92	33	the	the	DET
ajfa-456	92	34	intrinsic	intrinsic	ADJ
ajfa-456	92	35	value	value	NOUN
ajfa-456	92	36	of	of	ADP
ajfa-456	92	37	local	local	ADJ
ajfa-456	92	38	stocks	stock	NOUN
ajfa-456	92	39	.	.	PUNCT
ajfa-456	93	1	alternately	alternately	ADV
ajfa-456	93	2	,	,	PUNCT
ajfa-456	93	3	choe	choe	PROPN
ajfa-456	93	4	et	et	PROPN
ajfa-456	93	5	al	al	PROPN
ajfa-456	93	6	.	.	PROPN
ajfa-456	93	7	(	(	PUNCT
ajfa-456	93	8	2001	2001	NUM
ajfa-456	93	9	)	)	PUNCT
ajfa-456	93	10	and	and	CCONJ
ajfa-456	93	11	dahlquist	dahlquist	VERB
ajfa-456	93	12	and	and	CCONJ
ajfa-456	93	13	robertson	robertson	PROPN
ajfa-456	93	14	(	(	PUNCT
ajfa-456	93	15	2001	2001	NUM
ajfa-456	93	16	)	)	PUNCT
ajfa-456	93	17	posit	posit	VERB
ajfa-456	93	18	that	that	SCONJ
ajfa-456	93	19	because	because	SCONJ
ajfa-456	93	20	foreign	foreign	ADJ
ajfa-456	93	21	institutional	institutional	ADJ
ajfa-456	93	22	investors	investor	NOUN
ajfa-456	93	23	do	do	AUX
ajfa-456	93	24	not	not	PART
ajfa-456	93	25	understand	understand	VERB
ajfa-456	93	26	the	the	DET
ajfa-456	93	27	local	local	ADJ
ajfa-456	93	28	stock	stock	NOUN
ajfa-456	93	29	market	market	NOUN
ajfa-456	93	30	as	as	ADV
ajfa-456	93	31	well	well	ADV
ajfa-456	93	32	as	as	ADP
ajfa-456	93	33	local	local	ADJ
ajfa-456	93	34	investors	investor	NOUN
ajfa-456	93	35	,	,	PUNCT
ajfa-456	93	36	the	the	DET
ajfa-456	93	37	former	former	ADJ
ajfa-456	93	38	tend	tend	VERB
ajfa-456	93	39	to	to	PART
ajfa-456	93	40	trade	trade	VERB
ajfa-456	93	41	or	or	CCONJ
ajfa-456	93	42	hold	hold	VERB
ajfa-456	93	43	similar	similar	ADJ
ajfa-456	93	44	stocks	stock	NOUN
ajfa-456	93	45	.	.	PUNCT
ajfa-456	94	1	thus	thus	ADV
ajfa-456	94	2	,	,	PUNCT
ajfa-456	94	3	we	we	PRON
ajfa-456	94	4	have	have	AUX
ajfa-456	94	5	classified	classify	VERB
ajfa-456	94	6	institutional	institutional	ADJ
ajfa-456	94	7	investors	investor	NOUN
ajfa-456	94	8	into	into	ADP
ajfa-456	94	9	foreign	foreign	ADJ
ajfa-456	94	10	institutional	institutional	ADJ
ajfa-456	94	11	investors	investor	NOUN
ajfa-456	94	12	,	,	PUNCT
ajfa-456	94	13	domestic	domestic	ADJ
ajfa-456	94	14	mutual	mutual	ADJ
ajfa-456	94	15	-	-	PUNCT
ajfa-456	94	16	funds	fund	NOUN
ajfa-456	94	17	investors	investor	NOUN
ajfa-456	94	18	,	,	PUNCT
ajfa-456	94	19	and	and	CCONJ
ajfa-456	94	20	domestic	domestic	ADJ
ajfa-456	94	21	securities	security	NOUN
ajfa-456	94	22	dealers	dealer	NOUN
ajfa-456	94	23	to	to	PART
ajfa-456	94	24	compare	compare	VERB
ajfa-456	94	25	the	the	DET
ajfa-456	94	26	extent	extent	NOUN
ajfa-456	94	27	of	of	ADP
ajfa-456	94	28	the	the	DET
ajfa-456	94	29	herding	herding	NOUN
ajfa-456	94	30	propensity	propensity	NOUN
ajfa-456	94	31	of	of	ADP
ajfa-456	94	32	respective	respective	ADJ
ajfa-456	94	33	institution	institution	NOUN
ajfa-456	94	34	types	type	NOUN
ajfa-456	94	35	and	and	CCONJ
ajfa-456	94	36	to	to	PART
ajfa-456	94	37	explore	explore	VERB
ajfa-456	94	38	the	the	DET
ajfa-456	94	39	situations	situation	NOUN
ajfa-456	94	40	attributable	attributable	ADJ
ajfa-456	94	41	to	to	ADP
ajfa-456	94	42	different	different	ADJ
ajfa-456	94	43	types	type	NOUN
ajfa-456	94	44	of	of	ADP
ajfa-456	94	45	institutions	institution	NOUN
ajfa-456	94	46	that	that	PRON
ajfa-456	94	47	follow	follow	VERB
ajfa-456	94	48	each	each	DET
ajfa-456	94	49	other	other	ADJ
ajfa-456	94	50	’s	’s	PART
ajfa-456	94	51	buying	buying	NOUN
ajfa-456	94	52	or	or	CCONJ
ajfa-456	94	53	selling	sell	VERB
ajfa-456	94	54	patterns	pattern	NOUN
ajfa-456	94	55	.	.	PUNCT
ajfa-456	95	1	in	in	ADP
ajfa-456	95	2	the	the	DET
ajfa-456	95	3	following	follow	VERB
ajfa-456	95	4	equations	equation	NOUN
ajfa-456	95	5	,	,	PUNCT
ajfa-456	95	6	we	we	PRON
ajfa-456	95	7	denote	denote	VERB
ajfa-456	95	8	foreign	foreign	ADJ
ajfa-456	95	9	institutional	institutional	ADJ
ajfa-456	95	10	investors	investor	NOUN
ajfa-456	95	11	,	,	PUNCT
ajfa-456	95	12	domestic	domestic	ADJ
ajfa-456	95	13	mutual	mutual	ADJ
ajfa-456	95	14	-	-	PUNCT
ajfa-456	95	15	funds	fund	NOUN
ajfa-456	95	16	investors	investor	NOUN
ajfa-456	95	17	,	,	PUNCT
ajfa-456	95	18	and	and	CCONJ
ajfa-456	95	19	domestic	domestic	ADJ
ajfa-456	95	20	securities	security	NOUN
ajfa-456	95	21	dealers	dealer	NOUN
ajfa-456	95	22	respectively	respectively	ADV
ajfa-456	95	23	as	as	ADP
ajfa-456	95	24	f	f	PROPN
ajfa-456	95	25	,	,	PUNCT
ajfa-456	95	26	i	i	PRON
ajfa-456	95	27	,	,	PUNCT
ajfa-456	95	28	and	and	CCONJ
ajfa-456	95	29	s.	s.	PROPN
ajfa-456	95	30	the	the	DET
ajfa-456	95	31	respective	respective	ADJ
ajfa-456	95	32	number	number	NOUN
ajfa-456	95	33	of	of	ADP
ajfa-456	95	34	foreign	foreign	ADJ
ajfa-456	95	35	institutional	institutional	ADJ
ajfa-456	95	36	investors	investor	NOUN
ajfa-456	95	37	,	,	PUNCT
ajfa-456	95	38	domestic	domestic	ADJ
ajfa-456	95	39	mutual	mutual	ADJ
ajfa-456	95	40	-	-	PUNCT
ajfa-456	95	41	funds	fund	NOUN
ajfa-456	95	42	investors	investor	NOUN
ajfa-456	95	43	,	,	PUNCT
ajfa-456	95	44	and	and	CCONJ
ajfa-456	95	45	domestic	domestic	ADJ
ajfa-456	95	46	securities	security	NOUN
ajfa-456	95	47	dealers	dealer	NOUN
ajfa-456	95	48	that	that	PRON
ajfa-456	95	49	trade	trade	VERB
ajfa-456	95	50	security	security	NOUN
ajfa-456	95	51	k	k	PROPN
ajfa-456	95	52	on	on	ADP
ajfa-456	95	53	day	day	NOUN
ajfa-456	95	54	t	t	PROPN
ajfa-456	95	55	are	be	AUX
ajfa-456	95	56	tkf	tkf	ADJ
ajfa-456	95	57	,	,	PUNCT
ajfa-456	95	58	,	,	PUNCT
ajfa-456	95	59	tki	tki	NOUN
ajfa-456	95	60	,	,	PUNCT
ajfa-456	95	61	,	,	PUNCT
ajfa-456	95	62	and	and	CCONJ
ajfa-456	95	63	tks	tks	INTJ
ajfa-456	95	64	,	,	PUNCT
ajfa-456	95	65	;	;	PUNCT
ajfa-456	95	66	1	1	NUM
ajfa-456	95	67	,	,	PUNCT
ajfa-456	95	68	tkf	tkf	NOUN
ajfa-456	95	69	,	,	PUNCT
ajfa-456	95	70	1	1	NUM
ajfa-456	95	71	,	,	PUNCT
ajfa-456	95	72	tki	tki	NOUN
ajfa-456	95	73	,	,	PUNCT
ajfa-456	95	74	and	and	CCONJ
ajfa-456	95	75	1	1	NUM
ajfa-456	95	76	,	,	PUNCT
ajfa-456	95	77	tks	tks	PROPN
ajfa-456	95	78	are	be	AUX
ajfa-456	95	79	the	the	DET
ajfa-456	95	80	table	table	NOUN
ajfa-456	95	81	1	1	NUM
ajfa-456	95	82	.	.	PUNCT
ajfa-456	96	1	daily	daily	ADJ
ajfa-456	96	2	average	average	NOUN
ajfa-456	96	3	of	of	ADP
ajfa-456	96	4	trades	trade	NOUN
ajfa-456	96	5	by	by	ADP
ajfa-456	96	6	institutional	institutional	ADJ
ajfa-456	96	7	investors	investor	NOUN
ajfa-456	96	8	1999	1999	NUM
ajfa-456	96	9	2000	2000	NUM
ajfa-456	96	10	2001	2001	NUM
ajfa-456	96	11	2002	2002	NUM
ajfa-456	96	12	2003	2003	NUM
ajfa-456	96	13	2004	2004	NUM
ajfa-456	96	14	total	total	ADJ
ajfa-456	96	15	1113	1113	NUM
ajfa-456	96	16	1325	1325	NUM
ajfa-456	96	17	1732	1732	NUM
ajfa-456	96	18	2069	2069	NUM
ajfa-456	96	19	2606	2606	NUM
ajfa-456	96	20	3147	3147	NUM
ajfa-456	96	21	foreign	foreign	ADJ
ajfa-456	96	22	institutional	institutional	ADJ
ajfa-456	96	23	investor	investor	NOUN
ajfa-456	96	24	522	522	NUM
ajfa-456	96	25	758	758	NUM
ajfa-456	96	26	1033	1033	NUM
ajfa-456	96	27	1238	1238	NUM
ajfa-456	96	28	1546	1546	NUM
ajfa-456	96	29	1921	1921	NUM
ajfa-456	96	30	domestic	domestic	ADJ
ajfa-456	96	31	mutual	mutual	ADJ
ajfa-456	96	32	-	-	PUNCT
ajfa-456	96	33	fund	fund	NOUN
ajfa-456	96	34	investor	investor	NOUN
ajfa-456	96	35	326	326	NUM
ajfa-456	96	36	324	324	NUM
ajfa-456	96	37	430	430	NUM
ajfa-456	96	38	497	497	NUM
ajfa-456	96	39	558	558	NUM
ajfa-456	96	40	564	564	NUM
ajfa-456	96	41	domestic	domestic	ADJ
ajfa-456	96	42	securities	security	NOUN
ajfa-456	96	43	dealers	dealer	NOUN
ajfa-456	96	44	265	265	NUM
ajfa-456	96	45	243	243	NUM
ajfa-456	96	46	269	269	NUM
ajfa-456	96	47	334	334	NUM
ajfa-456	96	48	502	502	NUM
ajfa-456	96	49	662	662	NUM
ajfa-456	96	50	asian	asian	ADJ
ajfa-456	96	51	journal	journal	NOUN
ajfa-456	96	52	of	of	ADP
ajfa-456	96	53	finance	finance	PROPN
ajfa-456	96	54	&	&	CCONJ
ajfa-456	96	55	accounting	accounting	PROPN
ajfa-456	96	56	issn	issn	PROPN
ajfa-456	96	57	1946	1946	NUM
ajfa-456	96	58	-	-	PUNCT
ajfa-456	96	59	052x	052x	NOUN
ajfa-456	96	60	2010	2010	NUM
ajfa-456	96	61	,	,	PUNCT
ajfa-456	96	62	vol	vol	NOUN
ajfa-456	96	63	.	.	PROPN
ajfa-456	96	64	2	2	NUM
ajfa-456	96	65	,	,	PUNCT
ajfa-456	96	66	no	no	INTJ
ajfa-456	96	67	.	.	NOUN
ajfa-456	96	68	2	2	NUM
ajfa-456	96	69	:	:	PUNCT
ajfa-456	96	70	e1	e1	VERB
ajfa-456	96	71	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	96	72	6	6	NUM
ajfa-456	96	73	number	number	NOUN
ajfa-456	96	74	of	of	ADP
ajfa-456	96	75	foreign	foreign	ADJ
ajfa-456	96	76	institutional	institutional	ADJ
ajfa-456	96	77	investors	investor	NOUN
ajfa-456	96	78	,	,	PUNCT
ajfa-456	96	79	domestic	domestic	ADJ
ajfa-456	96	80	mutual	mutual	ADJ
ajfa-456	96	81	–	–	PUNCT
ajfa-456	96	82	funds	fund	NOUN
ajfa-456	96	83	investors	investor	NOUN
ajfa-456	96	84	,	,	PUNCT
ajfa-456	96	85	and	and	CCONJ
ajfa-456	96	86	domestic	domestic	ADJ
ajfa-456	96	87	securities	security	NOUN
ajfa-456	96	88	dealers	dealer	NOUN
ajfa-456	96	89	that	that	PRON
ajfa-456	96	90	trade	trade	VERB
ajfa-456	96	91	security	security	NOUN
ajfa-456	96	92	k	k	NOUN
ajfa-456	96	93	on	on	ADP
ajfa-456	96	94	day	day	NOUN
ajfa-456	96	95	t−1	t−1	PROPN
ajfa-456	96	96	respectively	respectively	ADV
ajfa-456	96	97	.	.	PUNCT
ajfa-456	97	1	also	also	ADV
ajfa-456	97	2	,	,	PUNCT
ajfa-456	97	3	*	*	PUNCT
ajfa-456	97	4	,	,	PUNCT
ajfa-456	97	5	tkf	tkf	INTJ
ajfa-456	97	6	,	,	PUNCT
ajfa-456	97	7	*	*	PUNCT
ajfa-456	97	8	,	,	PUNCT
ajfa-456	97	9	tki	tki	NOUN
ajfa-456	97	10	,	,	PUNCT
ajfa-456	97	11	and	and	CCONJ
ajfa-456	97	12	*	*	PUNCT
ajfa-456	97	13	,	,	PUNCT
ajfa-456	97	14	tks	tks	PROPN
ajfa-456	97	15	represent	represent	VERB
ajfa-456	97	16	the	the	DET
ajfa-456	97	17	number	number	NOUN
ajfa-456	97	18	of	of	ADP
ajfa-456	97	19	foreign	foreign	ADJ
ajfa-456	97	20	institutional	institutional	ADJ
ajfa-456	97	21	investors	investor	NOUN
ajfa-456	97	22	,	,	PUNCT
ajfa-456	97	23	domestic	domestic	ADJ
ajfa-456	97	24	mutual	mutual	ADJ
ajfa-456	97	25	-	-	PUNCT
ajfa-456	97	26	funds	fund	NOUN
ajfa-456	97	27	investors	investor	NOUN
ajfa-456	97	28	,	,	PUNCT
ajfa-456	97	29	and	and	CCONJ
ajfa-456	97	30	domestic	domestic	ADJ
ajfa-456	97	31	securities	security	NOUN
ajfa-456	97	32	dealers	dealer	NOUN
ajfa-456	97	33	that	that	PRON
ajfa-456	97	34	trade	trade	VERB
ajfa-456	97	35	stock	stock	NOUN
ajfa-456	97	36	k	k	PROPN
ajfa-456	97	37	on	on	ADP
ajfa-456	97	38	both	both	DET
ajfa-456	97	39	day	day	NOUN
ajfa-456	97	40	t	t	PROPN
ajfa-456	97	41	and	and	CCONJ
ajfa-456	97	42	t−1	t−1	PROPN
ajfa-456	97	43	.	.	PUNCT
ajfa-456	98	1	taking	take	VERB
ajfa-456	98	2	foreign	foreign	ADJ
ajfa-456	98	3	institutional	institutional	ADJ
ajfa-456	98	4	investors	investor	NOUN
ajfa-456	98	5	as	as	ADP
ajfa-456	98	6	an	an	DET
ajfa-456	98	7	example	example	NOUN
ajfa-456	98	8	,	,	PUNCT
ajfa-456	98	9	first	first	ADV
ajfa-456	98	10	,	,	PUNCT
ajfa-456	98	11	we	we	PRON
ajfa-456	98	12	calculate	calculate	VERB
ajfa-456	98	13	the	the	DET
ajfa-456	98	14	raw	raw	ADJ
ajfa-456	98	15	fraction	fraction	NOUN
ajfa-456	98	16	of	of	ADP
ajfa-456	98	17	foreign	foreign	ADJ
ajfa-456	98	18	institutional	institutional	ADJ
ajfa-456	98	19	investors	investor	NOUN
ajfa-456	98	20	’	'	PUNCT
ajfa-456	98	21	buying	buying	NOUN
ajfa-456	98	22	as	as	SCONJ
ajfa-456	98	23	follows	follow	VERB
ajfa-456	98	24	:	:	PUNCT
ajfa-456	98	25	raw	raw	ADJ
ajfa-456	98	26	f	f	PROPN
ajfa-456	98	27	tk	tk	PROPN
ajfa-456	98	28	,	,	PUNCT
ajfa-456	98	29			PUNCT
ajfa-456	98	30	＝	＝	X
ajfa-456	99	1	f	f	X
ajfa-456	99	2	tk	tk	PROPN
ajfa-456	99	3	f	f	PROPN
ajfa-456	99	4	tk	tk	PROPN
ajfa-456	99	5	f	f	PROPN
ajfa-456	99	6	tk	tk	PROPN
ajfa-456	99	7	sb	sb	PROPN
ajfa-456	99	8	b	b	PROPN
ajfa-456	99	9	,	,	PUNCT
ajfa-456	99	10	,	,	PUNCT
ajfa-456	99	11	,	,	PUNCT
ajfa-456	99	12			X
ajfa-456	99	13	(	(	PUNCT
ajfa-456	99	14	1	1	X
ajfa-456	99	15	)	)	PUNCT
ajfa-456	99	16	where	where	SCONJ
ajfa-456	99	17	f	f	PROPN
ajfa-456	99	18	tkb	tkb	PROPN
ajfa-456	99	19	,	,	PUNCT
ajfa-456	99	20	is	be	AUX
ajfa-456	99	21	the	the	DET
ajfa-456	99	22	number	number	NOUN
ajfa-456	99	23	of	of	ADP
ajfa-456	99	24	foreign	foreign	ADJ
ajfa-456	99	25	institutional	institutional	ADJ
ajfa-456	99	26	investors	investor	NOUN
ajfa-456	99	27	buying	buy	VERB
ajfa-456	99	28	stock	stock	NOUN
ajfa-456	99	29	k	k	PROPN
ajfa-456	99	30	on	on	ADP
ajfa-456	99	31	day	day	NOUN
ajfa-456	99	32	t	t	PROPN
ajfa-456	99	33	and	and	CCONJ
ajfa-456	99	34	f	f	PROPN
ajfa-456	99	35	tks	tks	PROPN
ajfa-456	99	36	,	,	PUNCT
ajfa-456	99	37	is	be	AUX
ajfa-456	99	38	the	the	DET
ajfa-456	99	39	number	number	NOUN
ajfa-456	99	40	of	of	ADP
ajfa-456	99	41	foreign	foreign	ADJ
ajfa-456	99	42	institutional	institutional	ADJ
ajfa-456	99	43	investors	investor	NOUN
ajfa-456	99	44	selling	sell	VERB
ajfa-456	99	45	stock	stock	NOUN
ajfa-456	99	46	k	k	PROPN
ajfa-456	99	47	on	on	ADP
ajfa-456	99	48	day	day	NOUN
ajfa-456	99	49	t.	t.	PROPN
ajfa-456	100	1	if	if	SCONJ
ajfa-456	100	2	foreign	foreign	ADJ
ajfa-456	100	3	institutional	institutional	ADJ
ajfa-456	100	4	investors	investor	NOUN
ajfa-456	100	5	herd	herd	VERB
ajfa-456	100	6	or	or	CCONJ
ajfa-456	100	7	if	if	SCONJ
ajfa-456	100	8	they	they	PRON
ajfa-456	100	9	follow	follow	VERB
ajfa-456	100	10	their	their	PRON
ajfa-456	100	11	own	own	ADJ
ajfa-456	100	12	lag	lag	NOUN
ajfa-456	100	13	trades	trade	NOUN
ajfa-456	100	14	,	,	PUNCT
ajfa-456	100	15	the	the	DET
ajfa-456	100	16	fraction	fraction	NOUN
ajfa-456	100	17	of	of	ADP
ajfa-456	100	18	foreign	foreign	ADJ
ajfa-456	100	19	institutional	institutional	ADJ
ajfa-456	100	20	investors	investor	NOUN
ajfa-456	100	21	buying	buy	VERB
ajfa-456	100	22	on	on	ADP
ajfa-456	100	23	the	the	DET
ajfa-456	100	24	current	current	ADJ
ajfa-456	100	25	day	day	NOUN
ajfa-456	100	26	will	will	AUX
ajfa-456	100	27	be	be	AUX
ajfa-456	100	28	positively	positively	ADV
ajfa-456	100	29	correlated	correlate	VERB
ajfa-456	100	30	with	with	ADP
ajfa-456	100	31	the	the	DET
ajfa-456	100	32	fraction	fraction	NOUN
ajfa-456	100	33	of	of	ADP
ajfa-456	100	34	foreign	foreign	ADJ
ajfa-456	100	35	institutional	institutional	ADJ
ajfa-456	100	36	investors	investor	NOUN
ajfa-456	100	37	buying	buy	VERB
ajfa-456	100	38	on	on	ADP
ajfa-456	100	39	the	the	DET
ajfa-456	100	40	previous	previous	ADJ
ajfa-456	100	41	day	day	NOUN
ajfa-456	100	42	.	.	PUNCT
ajfa-456	101	1	to	to	PART
ajfa-456	101	2	allow	allow	VERB
ajfa-456	101	3	for	for	ADP
ajfa-456	101	4	aggregation	aggregation	NOUN
ajfa-456	101	5	over	over	ADP
ajfa-456	101	6	time	time	NOUN
ajfa-456	101	7	and	and	CCONJ
ajfa-456	101	8	the	the	DET
ajfa-456	101	9	comparison	comparison	NOUN
ajfa-456	101	10	of	of	ADP
ajfa-456	101	11	coefficients	coefficient	NOUN
ajfa-456	101	12	in	in	ADP
ajfa-456	101	13	our	our	PRON
ajfa-456	101	14	regression	regression	NOUN
ajfa-456	101	15	model	model	NOUN
ajfa-456	101	16	,	,	PUNCT
ajfa-456	101	17	we	we	PRON
ajfa-456	101	18	have	have	VERB
ajfa-456	101	19	to	to	PART
ajfa-456	101	20	standardize	standardize	VERB
ajfa-456	101	21	the	the	DET
ajfa-456	101	22	dependent	dependent	ADJ
ajfa-456	101	23	and	and	CCONJ
ajfa-456	101	24	independent	independent	ADJ
ajfa-456	101	25	variables	variable	NOUN
ajfa-456	101	26	such	such	ADJ
ajfa-456	101	27	that	that	SCONJ
ajfa-456	101	28	both	both	DET
ajfa-456	101	29	variables	variable	NOUN
ajfa-456	101	30	have	have	VERB
ajfa-456	101	31	zero	zero	NUM
ajfa-456	101	32	mean	mean	NOUN
ajfa-456	101	33	and	and	CCONJ
ajfa-456	101	34	unit	unit	NOUN
ajfa-456	101	35	variance	variance	NOUN
ajfa-456	101	36	.	.	PUNCT
ajfa-456	102	1	the	the	DET
ajfa-456	102	2	standardized	standardized	ADJ
ajfa-456	102	3	fraction	fraction	NOUN
ajfa-456	102	4	of	of	ADP
ajfa-456	102	5	foreign	foreign	ADJ
ajfa-456	102	6	institutional	institutional	ADJ
ajfa-456	102	7	investors	investor	NOUN
ajfa-456	102	8	buying	buy	VERB
ajfa-456	102	9	stock	stock	NOUN
ajfa-456	102	10	k	k	PROPN
ajfa-456	102	11	on	on	ADP
ajfa-456	102	12	day	day	NOUN
ajfa-456	102	13	t	t	PROPN
ajfa-456	102	14	is	be	AUX
ajfa-456	102	15	defined	define	VERB
ajfa-456	102	16	as	as	SCONJ
ajfa-456	102	17	follows	follow	VERB
ajfa-456	102	18	:	:	PUNCT
ajfa-456	102	19	f	f	PROPN
ajfa-456	102	20	tk	tk	PROPN
ajfa-456	102	21	,	,	PUNCT
ajfa-456	102	22			X
ajfa-456	102	23	=	=	SYM
ajfa-456	103	1			PROPN
ajfa-456	103	2	f	f	X
ajfa-456	104	1	tk	tk	PROPN
ajfa-456	104	2	f	f	PROPN
ajfa-456	104	3	t	t	PROPN
ajfa-456	104	4	f	f	PROPN
ajfa-456	104	5	tk	tk	PROPN
ajfa-456	104	6	raw	raw	PROPN
ajfa-456	104	7	rawraw	rawraw	PROPN
ajfa-456	104	8	,	,	PUNCT
ajfa-456	104	9	,	,	PUNCT
ajfa-456	104	10			PUNCT
ajfa-456	104	11			X
ajfa-456	104	12			X
ajfa-456	104	13	(	(	PUNCT
ajfa-456	104	14	2	2	NUM
ajfa-456	104	15	)	)	PUNCT
ajfa-456	104	16	where	where	SCONJ
ajfa-456	104	17	f	f	PROPN
ajfa-456	104	18	traw	traw	PROPN
ajfa-456	104	19	is	be	AUX
ajfa-456	104	20	the	the	DET
ajfa-456	104	21	cross	cross	ADJ
ajfa-456	104	22	-	-	ADJ
ajfa-456	104	23	sectional	sectional	ADJ
ajfa-456	104	24	average	average	NOUN
ajfa-456	104	25	(	(	PUNCT
ajfa-456	104	26	across	across	ADP
ajfa-456	104	27	k	k	PROPN
ajfa-456	104	28	securities	security	NOUN
ajfa-456	104	29	)	)	PUNCT
ajfa-456	104	30	of	of	ADP
ajfa-456	104	31	the	the	DET
ajfa-456	104	32	raw	raw	ADJ
ajfa-456	104	33	fraction	fraction	NOUN
ajfa-456	104	34	of	of	ADP
ajfa-456	104	35	foreign	foreign	ADJ
ajfa-456	104	36	institutional	institutional	ADJ
ajfa-456	104	37	investors	investor	NOUN
ajfa-456	104	38	buying	buy	VERB
ajfa-456	104	39	on	on	ADP
ajfa-456	104	40	day	day	NOUN
ajfa-456	104	41	t	t	PROPN
ajfa-456	104	42	and	and	CCONJ
ajfa-456	104	43			PROPN
ajfa-456	105	1	f	f	PROPN
ajfa-456	105	2	tkraw	tkraw	NOUN
ajfa-456	105	3	,	,	PUNCT
ajfa-456	105	4			NOUN
ajfa-456	105	5	is	be	AUX
ajfa-456	105	6	the	the	DET
ajfa-456	105	7	cross	cross	ADJ
ajfa-456	105	8	-	-	ADJ
ajfa-456	105	9	sectional	sectional	ADJ
ajfa-456	105	10	standard	standard	ADJ
ajfa-456	105	11	deviation	deviation	NOUN
ajfa-456	105	12	(	(	PUNCT
ajfa-456	105	13	across	across	ADP
ajfa-456	105	14	k	k	PROPN
ajfa-456	105	15	securities	security	NOUN
ajfa-456	105	16	)	)	PUNCT
ajfa-456	105	17	of	of	ADP
ajfa-456	105	18	the	the	DET
ajfa-456	105	19	raw	raw	ADJ
ajfa-456	105	20	fraction	fraction	NOUN
ajfa-456	105	21	of	of	ADP
ajfa-456	105	22	foreign	foreign	ADJ
ajfa-456	105	23	institutional	institutional	ADJ
ajfa-456	105	24	investors	investor	NOUN
ajfa-456	105	25	buying	buy	VERB
ajfa-456	105	26	on	on	ADP
ajfa-456	105	27	day	day	NOUN
ajfa-456	105	28	t.	t.	NOUN
ajfa-456	105	29	because	because	SCONJ
ajfa-456	105	30	standardization	standardization	NOUN
ajfa-456	105	31	is	be	AUX
ajfa-456	105	32	simply	simply	ADV
ajfa-456	105	33	a	a	DET
ajfa-456	105	34	linear	linear	ADJ
ajfa-456	105	35	rescaling	rescaling	NOUN
ajfa-456	105	36	,	,	PUNCT
ajfa-456	105	37	correlations	correlation	NOUN
ajfa-456	105	38	between	between	ADP
ajfa-456	105	39	the	the	DET
ajfa-456	105	40	variables	variable	NOUN
ajfa-456	105	41	and	and	CCONJ
ajfa-456	105	42	the	the	DET
ajfa-456	105	43	r2s	r2s	NOUN
ajfa-456	105	44	associated	associate	VERB
ajfa-456	105	45	with	with	ADP
ajfa-456	105	46	the	the	DET
ajfa-456	105	47	regressions	regression	NOUN
ajfa-456	105	48	are	be	AUX
ajfa-456	105	49	not	not	PART
ajfa-456	105	50	affected	affect	VERB
ajfa-456	105	51	.	.	PUNCT
ajfa-456	106	1	we	we	PRON
ajfa-456	106	2	continue	continue	VERB
ajfa-456	106	3	by	by	ADP
ajfa-456	106	4	estimating	estimate	VERB
ajfa-456	106	5	,	,	PUNCT
ajfa-456	106	6	for	for	ADP
ajfa-456	106	7	each	each	DET
ajfa-456	106	8	day	day	NOUN
ajfa-456	106	9	,	,	PUNCT
ajfa-456	106	10	a	a	DET
ajfa-456	106	11	cross	cross	ADJ
ajfa-456	106	12	-	-	ADJ
ajfa-456	106	13	sectional	sectional	ADJ
ajfa-456	106	14	regression	regression	NOUN
ajfa-456	106	15	of	of	ADP
ajfa-456	106	16	the	the	DET
ajfa-456	106	17	standardized	standardized	ADJ
ajfa-456	106	18	fraction	fraction	NOUN
ajfa-456	106	19	of	of	ADP
ajfa-456	106	20	foreign	foreign	ADJ
ajfa-456	106	21	institutional	institutional	ADJ
ajfa-456	106	22	investors	investor	NOUN
ajfa-456	106	23	buying	buy	VERB
ajfa-456	106	24	of	of	ADP
ajfa-456	106	25	stock	stock	NOUN
ajfa-456	106	26	k	k	PROPN
ajfa-456	107	1	(	(	PUNCT
ajfa-456	107	2	f	f	PROPN
ajfa-456	107	3	tk	tk	PROPN
ajfa-456	107	4	,	,	PUNCT
ajfa-456	107	5			PUNCT
ajfa-456	107	6	)	)	PUNCT
ajfa-456	107	7	on	on	ADP
ajfa-456	107	8	the	the	DET
ajfa-456	107	9	current	current	ADJ
ajfa-456	107	10	day	day	NOUN
ajfa-456	107	11	in	in	ADP
ajfa-456	107	12	relation	relation	NOUN
ajfa-456	107	13	to	to	ADP
ajfa-456	107	14	the	the	DET
ajfa-456	107	15	standardized	standardized	ADJ
ajfa-456	107	16	fraction	fraction	NOUN
ajfa-456	107	17	of	of	ADP
ajfa-456	107	18	foreign	foreign	ADJ
ajfa-456	107	19	institutional	institutional	ADJ
ajfa-456	107	20	investors	investor	NOUN
ajfa-456	107	21	buying	buy	VERB
ajfa-456	107	22	of	of	ADP
ajfa-456	107	23	stock	stock	NOUN
ajfa-456	107	24	k	k	PROPN
ajfa-456	107	25	(	(	PUNCT
ajfa-456	107	26	f	f	PROPN
ajfa-456	107	27	tk	tk	PROPN
ajfa-456	107	28	1	1	NUM
ajfa-456	107	29	,	,	PUNCT
ajfa-456	107	30			PROPN
ajfa-456	107	31	)	)	PUNCT
ajfa-456	107	32	on	on	ADP
ajfa-456	107	33	the	the	DET
ajfa-456	107	34	previous	previous	ADJ
ajfa-456	107	35	day	day	NOUN
ajfa-456	107	36	:	:	PUNCT
ajfa-456	107	37	f	f	PROPN
ajfa-456	107	38	tk	tk	PROPN
ajfa-456	107	39	,	,	PUNCT
ajfa-456	107	40			PUNCT
ajfa-456	107	41	＝	＝	X
ajfa-456	108	1	tktk	tktk	PROPN
ajfa-456	108	2	f	f	PROPN
ajfa-456	108	3	t	t	PROPN
ajfa-456	108	4	,	,	PUNCT
ajfa-456	108	5	1	1	NUM
ajfa-456	108	6	,	,	PUNCT
ajfa-456	108	7			PROPN
ajfa-456	108	8			PROPN
ajfa-456	108	9			PROPN
ajfa-456	108	10	(	(	PUNCT
ajfa-456	108	11	3	3	NUM
ajfa-456	108	12	)	)	PUNCT
ajfa-456	108	13	the	the	DET
ajfa-456	108	14	coefficient	coefficient	NOUN
ajfa-456	109	1	f	f	X
ajfa-456	109	2	t	t	INTJ
ajfa-456	109	3	is	be	AUX
ajfa-456	109	4	equal	equal	ADJ
ajfa-456	109	5	to	to	ADP
ajfa-456	109	6	the	the	DET
ajfa-456	109	7	correlation	correlation	NOUN
ajfa-456	109	8	between	between	ADP
ajfa-456	109	9	f	f	PROPN
ajfa-456	109	10	tk	tk	PROPN
ajfa-456	109	11	,	,	PUNCT
ajfa-456	109	12			PUNCT
ajfa-456	109	13	and	and	CCONJ
ajfa-456	109	14	f	f	PROPN
ajfa-456	109	15	tk	tk	PROPN
ajfa-456	109	16	1	1	NUM
ajfa-456	109	17	,	,	PUNCT
ajfa-456	109	18			PROPN
ajfa-456	109	19	,	,	PUNCT
ajfa-456	109	20	because	because	SCONJ
ajfa-456	109	21	there	there	PRON
ajfa-456	109	22	is	be	VERB
ajfa-456	109	23	only	only	ADV
ajfa-456	109	24	a	a	DET
ajfa-456	109	25	single	single	ADJ
ajfa-456	109	26	independent	independent	ADJ
ajfa-456	109	27	variable	variable	NOUN
ajfa-456	109	28	and	and	CCONJ
ajfa-456	109	29	because	because	SCONJ
ajfa-456	109	30	both	both	PRON
ajfa-456	109	31	of	of	ADP
ajfa-456	109	32	the	the	DET
ajfa-456	109	33	standard	standard	ADJ
ajfa-456	109	34	deviations	deviation	NOUN
ajfa-456	109	35	of	of	ADP
ajfa-456	109	36	the	the	DET
ajfa-456	109	37	variables	variable	NOUN
ajfa-456	109	38	are	be	AUX
ajfa-456	109	39	1	1	NUM
ajfa-456	109	40	.	.	PUNCT
ajfa-456	110	1	the	the	DET
ajfa-456	110	2	fraction	fraction	NOUN
ajfa-456	110	3	of	of	ADP
ajfa-456	110	4	foreign	foreign	ADJ
ajfa-456	110	5	institutional	institutional	ADJ
ajfa-456	110	6	investors	investor	NOUN
ajfa-456	110	7	buying	buy	VERB
ajfa-456	110	8	can	can	AUX
ajfa-456	110	9	be	be	AUX
ajfa-456	110	10	replaced	replace	VERB
ajfa-456	110	11	by	by	ADP
ajfa-456	110	12	the	the	DET
ajfa-456	110	13	sum	sum	NOUN
ajfa-456	110	14	of	of	ADP
ajfa-456	110	15	a	a	DET
ajfa-456	110	16	series	series	NOUN
ajfa-456	110	17	of	of	ADP
ajfa-456	110	18	dummy	dummy	ADJ
ajfa-456	110	19	variables	variable	NOUN
ajfa-456	110	20	for	for	ADP
ajfa-456	110	21	each	each	DET
ajfa-456	110	22	trader	trader	NOUN
ajfa-456	110	23	(	(	PUNCT
ajfa-456	110	24	that	that	PRON
ajfa-456	110	25	equals	equal	VERB
ajfa-456	110	26	‘	'	PUNCT
ajfa-456	110	27	1	1	NUM
ajfa-456	110	28	’	'	PUNCT
ajfa-456	110	29	if	if	SCONJ
ajfa-456	110	30	the	the	DET
ajfa-456	110	31	trader	trader	NOUN
ajfa-456	110	32	is	be	AUX
ajfa-456	110	33	a	a	DET
ajfa-456	110	34	buyer	buyer	NOUN
ajfa-456	110	35	and	and	CCONJ
ajfa-456	110	36	equals	equal	VERB
ajfa-456	110	37	‘	'	PUNCT
ajfa-456	110	38	0	0	NUM
ajfa-456	110	39	’	'	PUNCT
ajfa-456	110	40	if	if	SCONJ
ajfa-456	110	41	the	the	DET
ajfa-456	110	42	trader	trader	NOUN
ajfa-456	110	43	is	be	AUX
ajfa-456	110	44	a	a	DET
ajfa-456	110	45	seller	seller	NOUN
ajfa-456	110	46	)	)	PUNCT
ajfa-456	110	47	divided	divide	VERB
ajfa-456	110	48	by	by	ADP
ajfa-456	110	49	the	the	DET
ajfa-456	110	50	number	number	NOUN
ajfa-456	110	51	of	of	ADP
ajfa-456	110	52	traders	trader	NOUN
ajfa-456	110	53	.	.	PUNCT
ajfa-456	111	1	then	then	ADV
ajfa-456	111	2	,	,	PUNCT
ajfa-456	111	3	f	f	PROPN
ajfa-456	111	4	t	t	INTJ
ajfa-456	111	5	can	can	AUX
ajfa-456	111	6	be	be	AUX
ajfa-456	111	7	divided	divide	VERB
ajfa-456	111	8	into	into	ADP
ajfa-456	111	9	two	two	NUM
ajfa-456	111	10	components	component	NOUN
ajfa-456	111	11	:	:	PUNCT
ajfa-456	111	12	the	the	DET
ajfa-456	111	13	portion	portion	NOUN
ajfa-456	111	14	of	of	ADP
ajfa-456	111	15	foreign	foreign	ADJ
ajfa-456	111	16	institutional	institutional	ADJ
ajfa-456	111	17	investors	investor	NOUN
ajfa-456	111	18	following	follow	VERB
ajfa-456	111	19	themselves	themselves	PRON
ajfa-456	111	20	into	into	ADP
ajfa-456	111	21	and	and	CCONJ
ajfa-456	111	22	out	out	ADV
ajfa-456	111	23	asian	asian	ADJ
ajfa-456	111	24	journal	journal	NOUN
ajfa-456	111	25	of	of	ADP
ajfa-456	111	26	finance	finance	PROPN
ajfa-456	111	27	&	&	CCONJ
ajfa-456	111	28	accounting	accounting	PROPN
ajfa-456	111	29	issn	issn	PROPN
ajfa-456	111	30	1946	1946	NUM
ajfa-456	111	31	-	-	PUNCT
ajfa-456	111	32	052x	052x	NOUN
ajfa-456	111	33	2010	2010	NUM
ajfa-456	111	34	,	,	PUNCT
ajfa-456	111	35	vol	vol	NOUN
ajfa-456	111	36	.	.	PROPN
ajfa-456	111	37	2	2	NUM
ajfa-456	111	38	,	,	PUNCT
ajfa-456	111	39	no	no	INTJ
ajfa-456	111	40	.	.	NOUN
ajfa-456	111	41	2	2	NUM
ajfa-456	111	42	:	:	PUNCT
ajfa-456	111	43	e1	e1	VERB
ajfa-456	111	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	111	45	7	7	NUM
ajfa-456	111	46	of	of	ADP
ajfa-456	111	47	the	the	DET
ajfa-456	111	48	same	same	ADJ
ajfa-456	111	49	securities	security	NOUN
ajfa-456	111	50	over	over	ADP
ajfa-456	111	51	adjacent	adjacent	ADJ
ajfa-456	111	52	days	day	NOUN
ajfa-456	111	53	,	,	PUNCT
ajfa-456	111	54	and	and	CCONJ
ajfa-456	111	55	the	the	DET
ajfa-456	111	56	portion	portion	NOUN
ajfa-456	111	57	of	of	ADP
ajfa-456	111	58	foreign	foreign	ADJ
ajfa-456	111	59	institutional	institutional	ADJ
ajfa-456	111	60	investors	investor	NOUN
ajfa-456	111	61	following	follow	VERB
ajfa-456	111	62	other	other	ADJ
ajfa-456	111	63	institutions	institution	NOUN
ajfa-456	111	64	(	(	PUNCT
ajfa-456	111	65	i.e.	i.e.	X
ajfa-456	111	66	,	,	PUNCT
ajfa-456	111	67	herding	herding	NOUN
ajfa-456	111	68	)	)	PUNCT
ajfa-456	111	69	over	over	ADP
ajfa-456	111	70	adjacent	adjacent	ADJ
ajfa-456	111	71	days.3	days.3	PROPN
ajfa-456	111	72			NOUN
ajfa-456	112	1			SYM
ajfa-456	112	2			NOUN
ajfa-456	112	3			SYM
ajfa-456	112	4			NOUN
ajfa-456	112	5			SYM
ajfa-456	112	6			NOUN
ajfa-456	112	7			PUNCT
ajfa-456	112	8			NOUN
ajfa-456	112	9			X
ajfa-456	112	10			PROPN
ajfa-456	112	11			X
ajfa-456	112	12			X
ajfa-456	112	13			NUM
ajfa-456	112	14			PROPN
ajfa-456	112	15			PROPN
ajfa-456	112	16			PUNCT
ajfa-456	112	17			VERB
ajfa-456	112	18			NOUN
ajfa-456	112	19			NOUN
ajfa-456	112	20			PROPN
ajfa-456	112	21			PROPN
ajfa-456	112	22			X
ajfa-456	112	23			NOUN
ajfa-456	112	24			NOUN
ajfa-456	112	25			VERB
ajfa-456	112	26			PROPN
ajfa-456	112	27			PROPN
ajfa-456	112	28			NOUN
ajfa-456	112	29			PROPN
ajfa-456	112	30			PROPN
ajfa-456	112	31			PROPN
ajfa-456	112	32			X
ajfa-456	112	33			NOUN
ajfa-456	112	34			SYM
ajfa-456	112	35			NOUN
ajfa-456	113	1			PROPN
ajfa-456	113	2			NOUN
ajfa-456	113	3			PROPN
ajfa-456	113	4	k	k	PROPN
ajfa-456	114	1	k	k	PROPN
ajfa-456	114	2	f	f	PROPN
ajfa-456	114	3	f	f	PROPN
ajfa-456	114	4	tktk	tktk	PROPN
ajfa-456	114	5	ttkf	ttkf	PROPN
ajfa-456	114	6	f	f	PROPN
ajfa-456	114	7	ttkf	ttkf	NOUN
ajfa-456	115	1	tk	tk	PROPN
ajfa-456	115	2	f	f	PROPN
ajfa-456	115	3	tk	tk	PROPN
ajfa-456	116	1	tk	tk	PROPN
ajfa-456	117	1	f	f	PROPN
ajfa-456	117	2	tk	tk	PROPN
ajfa-456	117	3	f	f	PROPN
ajfa-456	117	4	t	t	PROPN
ajfa-456	117	5	tk	tk	PROPN
ajfa-456	117	6	nf	nf	X
ajfa-456	117	7	rawdrawd	rawdrawd	ADJ
ajfa-456	117	8	rawrawk	rawrawk	NOUN
ajfa-456	117	9	1	1	NUM
ajfa-456	117	10	1	1	NUM
ajfa-456	117	11	1	1	NUM
ajfa-456	117	12	,	,	PUNCT
ajfa-456	117	13	,	,	PUNCT
ajfa-456	117	14	11	11	NUM
ajfa-456	117	15	,	,	PUNCT
ajfa-456	117	16	,	,	PUNCT
ajfa-456	117	17	,	,	PUNCT
ajfa-456	117	18	,	,	PUNCT
ajfa-456	117	19	1	1	NUM
ajfa-456	117	20	,	,	PUNCT
ajfa-456	117	21	,	,	PUNCT
ajfa-456	117	22	1	1	NUM
ajfa-456	117	23	,	,	PUNCT
ajfa-456	117	24	,	,	PUNCT
ajfa-456	117	25	*	*	PUNCT
ajfa-456	117	26	,	,	PUNCT
ajfa-456	117	27	1	1	NUM
ajfa-456	117	28	1	1	NUM
ajfa-456	117	29	,	,	PUNCT
ajfa-456	117	30			NOUN
ajfa-456	117	31			X
ajfa-456	117	32	＋	＋	X
ajfa-456	117	33			NOUN
ajfa-456	117	34			SYM
ajfa-456	117	35			NOUN
ajfa-456	117	36			SYM
ajfa-456	117	37			NOUN
ajfa-456	117	38			NOUN
ajfa-456	117	39			PRON
ajfa-456	117	40			NOUN
ajfa-456	117	41			NOUN
ajfa-456	117	42			PROPN
ajfa-456	117	43			NOUN
ajfa-456	117	44	1,,1	1,,1	NOUN
ajfa-456	117	45	1	1	NUM
ajfa-456	117	46	tk	tk	NOUN
ajfa-456	117	47	f	f	PROPN
ajfa-456	117	48	tk	tk	PROPN
ajfa-456	117	49	rawrawk	rawrawk	VERB
ajfa-456	117	50			NOUN
ajfa-456	117	51	×	×	NUM
ajfa-456	117	52			PROPN
ajfa-456	117	53	k	k	NOUN
ajfa-456	117	54	k	k	PROPN
ajfa-456	117	55	1	1	NUM
ajfa-456	117	56			NOUN
ajfa-456	117	57			NOUN
ajfa-456	117	58			PROPN
ajfa-456	117	59			NOUN
ajfa-456	117	60			PROPN
ajfa-456	117	61			PROPN
ajfa-456	117	62			X
ajfa-456	117	63			NOUN
ajfa-456	117	64			NOUN
ajfa-456	117	65			VERB
ajfa-456	117	66			PROPN
ajfa-456	117	67			PROPN
ajfa-456	117	68			X
ajfa-456	117	69			X
ajfa-456	118	1			NUM
ajfa-456	118	2			NOUN
ajfa-456	118	3			ADP
ajfa-456	118	4			NOUN
ajfa-456	118	5	tk	tk	SYM
ajfa-456	118	6	tkf	tkf	VERB
ajfa-456	118	7	f	f	PROPN
ajfa-456	118	8	tktk	tktk	PROPN
ajfa-456	118	9	ttkm	ttkm	PROPN
ajfa-456	118	10	f	f	PROPN
ajfa-456	118	11	ttkf	ttkf	PROPN
ajfa-456	118	12	n	n	VERB
ajfa-456	118	13	fmm	fmm	PROPN
ajfa-456	118	14	nf	nf	X
ajfa-456	118	15	rawdrawd	rawdrawd	ADJ
ajfa-456	118	16	,	,	PUNCT
ajfa-456	118	17	1	1	NUM
ajfa-456	118	18	,	,	PUNCT
ajfa-456	118	19	1	1	NUM
ajfa-456	118	20	1	1	NUM
ajfa-456	118	21	,	,	PUNCT
ajfa-456	118	22	,	,	PUNCT
ajfa-456	118	23	11	11	NUM
ajfa-456	118	24	,	,	PUNCT
ajfa-456	118	25	,	,	PUNCT
ajfa-456	118	26	,	,	PUNCT
ajfa-456	118	27	,	,	PUNCT
ajfa-456	118	28	,	,	PUNCT
ajfa-456	118	29	1	1	NUM
ajfa-456	118	30	(	(	PUNCT
ajfa-456	118	31	4	4	NUM
ajfa-456	118	32	)	)	PUNCT
ajfa-456	118	33	where	where	SCONJ
ajfa-456	118	34	1	1	NUM
ajfa-456	118	35	,	,	PUNCT
ajfa-456	118	36	tkn	tkn	NOUN
ajfa-456	118	37	is	be	AUX
ajfa-456	118	38	the	the	DET
ajfa-456	118	39	number	number	NOUN
ajfa-456	118	40	of	of	ADP
ajfa-456	118	41	institutional	institutional	ADJ
ajfa-456	118	42	investors	investor	NOUN
ajfa-456	118	43	trading	trade	VERB
ajfa-456	118	44	security	security	NOUN
ajfa-456	118	45	k	k	PROPN
ajfa-456	118	46	on	on	ADP
ajfa-456	118	47	day	day	PROPN
ajfa-456	118	48	t−1	t−1	PROPN
ajfa-456	118	49	,	,	PUNCT
ajfa-456	118	50	tkfd	tkfd	ADJ
ajfa-456	118	51	,	,	PUNCT
ajfa-456	118	52	,	,	PUNCT
ajfa-456	118	53	is	be	AUX
ajfa-456	118	54	a	a	DET
ajfa-456	118	55	dummy	dummy	ADJ
ajfa-456	118	56	variable	variable	NOUN
ajfa-456	118	57	that	that	PRON
ajfa-456	118	58	equals	equal	VERB
ajfa-456	118	59	1	1	NUM
ajfa-456	118	60	(	(	PUNCT
ajfa-456	118	61	0	0	NUM
ajfa-456	118	62	)	)	PUNCT
ajfa-456	118	63	when	when	SCONJ
ajfa-456	118	64	foreign	foreign	ADJ
ajfa-456	118	65	institutional	institutional	ADJ
ajfa-456	118	66	investor	investor	NOUN
ajfa-456	118	67	f	f	PROPN
ajfa-456	118	68	is	be	AUX
ajfa-456	118	69	a	a	DET
ajfa-456	118	70	buyer	buyer	NOUN
ajfa-456	118	71	(	(	PUNCT
ajfa-456	118	72	seller	seller	NOUN
ajfa-456	118	73	)	)	PUNCT
ajfa-456	118	74	of	of	ADP
ajfa-456	118	75	stock	stock	NOUN
ajfa-456	118	76	k	k	PROPN
ajfa-456	118	77	on	on	ADP
ajfa-456	118	78	day	day	PROPN
ajfa-456	118	79	t	t	PROPN
ajfa-456	118	80	,	,	PUNCT
ajfa-456	118	81	and	and	CCONJ
ajfa-456	118	82	1	1	NUM
ajfa-456	118	83	,	,	PUNCT
ajfa-456	118	84	,	,	PUNCT
ajfa-456	118	85	tkfd	tkfd	X
ajfa-456	118	86	is	be	AUX
ajfa-456	118	87	a	a	DET
ajfa-456	118	88	dummy	dummy	ADJ
ajfa-456	118	89	variable	variable	NOUN
ajfa-456	118	90	that	that	PRON
ajfa-456	118	91	equals	equal	VERB
ajfa-456	118	92	1	1	NUM
ajfa-456	118	93	(	(	PUNCT
ajfa-456	118	94	0	0	NUM
ajfa-456	118	95	)	)	PUNCT
ajfa-456	118	96	when	when	SCONJ
ajfa-456	118	97	foreign	foreign	ADJ
ajfa-456	118	98	institutional	institutional	ADJ
ajfa-456	118	99	investor	investor	NOUN
ajfa-456	118	100	f	f	PROPN
ajfa-456	118	101	is	be	AUX
ajfa-456	118	102	a	a	DET
ajfa-456	118	103	buyer	buyer	NOUN
ajfa-456	118	104	(	(	PUNCT
ajfa-456	118	105	seller	seller	NOUN
ajfa-456	118	106	)	)	PUNCT
ajfa-456	118	107	of	of	ADP
ajfa-456	118	108	stock	stock	NOUN
ajfa-456	118	109	k	k	PROPN
ajfa-456	118	110	on	on	ADP
ajfa-456	118	111	day	day	PROPN
ajfa-456	118	112	t−1	t−1	PROPN
ajfa-456	118	113	.	.	PUNCT
ajfa-456	119	1	the	the	DET
ajfa-456	119	2	first	first	ADJ
ajfa-456	119	3	term	term	NOUN
ajfa-456	119	4	on	on	ADP
ajfa-456	119	5	the	the	DET
ajfa-456	119	6	right	right	ADJ
ajfa-456	119	7	side	side	NOUN
ajfa-456	119	8	of	of	ADP
ajfa-456	119	9	equation	equation	NOUN
ajfa-456	119	10	(	(	PUNCT
ajfa-456	119	11	4	4	NUM
ajfa-456	119	12	)	)	PUNCT
ajfa-456	119	13	is	be	AUX
ajfa-456	119	14	the	the	DET
ajfa-456	119	15	portion	portion	NOUN
ajfa-456	119	16	of	of	ADP
ajfa-456	119	17	the	the	DET
ajfa-456	119	18	correlation	correlation	NOUN
ajfa-456	119	19	that	that	PRON
ajfa-456	119	20	results	result	VERB
ajfa-456	119	21	from	from	ADP
ajfa-456	119	22	foreign	foreign	ADJ
ajfa-456	119	23	institutional	institutional	ADJ
ajfa-456	119	24	investors	investor	NOUN
ajfa-456	119	25	’	'	PUNCT
ajfa-456	119	26	following	follow	VERB
ajfa-456	119	27	their	their	PRON
ajfa-456	119	28	own	own	ADJ
ajfa-456	119	29	trades	trade	NOUN
ajfa-456	119	30	over	over	ADP
ajfa-456	119	31	adjacent	adjacent	ADJ
ajfa-456	119	32	days	day	NOUN
ajfa-456	119	33	.	.	PUNCT
ajfa-456	120	1	if	if	SCONJ
ajfa-456	120	2	foreign	foreign	ADJ
ajfa-456	120	3	institutional	institutional	ADJ
ajfa-456	120	4	investors	investor	NOUN
ajfa-456	120	5	tend	tend	VERB
ajfa-456	120	6	to	to	PART
ajfa-456	120	7	follow	follow	VERB
ajfa-456	120	8	their	their	PRON
ajfa-456	120	9	own	own	ADJ
ajfa-456	120	10	trades	trade	NOUN
ajfa-456	120	11	over	over	ADP
ajfa-456	120	12	adjacent	adjacent	ADJ
ajfa-456	120	13	days	day	NOUN
ajfa-456	120	14	,	,	PUNCT
ajfa-456	120	15	the	the	DET
ajfa-456	120	16	first	first	ADJ
ajfa-456	120	17	term	term	NOUN
ajfa-456	120	18	will	will	AUX
ajfa-456	120	19	be	be	AUX
ajfa-456	120	20	positive	positive	ADJ
ajfa-456	120	21	.	.	PUNCT
ajfa-456	121	1	alternatively	alternatively	ADV
ajfa-456	121	2	,	,	PUNCT
ajfa-456	121	3	if	if	SCONJ
ajfa-456	121	4	foreign	foreign	ADJ
ajfa-456	121	5	institutional	institutional	ADJ
ajfa-456	121	6	investors	investor	NOUN
ajfa-456	121	7	tend	tend	VERB
ajfa-456	121	8	to	to	PART
ajfa-456	121	9	reverse	reverse	VERB
ajfa-456	121	10	their	their	PRON
ajfa-456	121	11	own	own	ADJ
ajfa-456	121	12	trades	trade	NOUN
ajfa-456	121	13	on	on	ADP
ajfa-456	121	14	adjacent	adjacent	ADJ
ajfa-456	121	15	days	day	NOUN
ajfa-456	121	16	,	,	PUNCT
ajfa-456	121	17	the	the	DET
ajfa-456	121	18	first	first	ADJ
ajfa-456	121	19	term	term	NOUN
ajfa-456	121	20	will	will	AUX
ajfa-456	121	21	be	be	AUX
ajfa-456	121	22	negative	negative	ADJ
ajfa-456	121	23	.	.	PUNCT
ajfa-456	122	1	if	if	SCONJ
ajfa-456	122	2	the	the	DET
ajfa-456	122	3	trades	trade	NOUN
ajfa-456	122	4	of	of	ADP
ajfa-456	122	5	foreign	foreign	ADJ
ajfa-456	122	6	institutional	institutional	ADJ
ajfa-456	122	7	investors	investor	NOUN
ajfa-456	122	8	on	on	ADP
ajfa-456	122	9	a	a	DET
ajfa-456	122	10	current	current	ADJ
ajfa-456	122	11	day	day	NOUN
ajfa-456	122	12	are	be	AUX
ajfa-456	122	13	independent	independent	ADJ
ajfa-456	122	14	of	of	ADP
ajfa-456	122	15	their	their	PRON
ajfa-456	122	16	own	own	ADJ
ajfa-456	122	17	trades	trade	NOUN
ajfa-456	122	18	on	on	ADP
ajfa-456	122	19	the	the	DET
ajfa-456	122	20	previous	previous	ADJ
ajfa-456	122	21	day	day	NOUN
ajfa-456	122	22	,	,	PUNCT
ajfa-456	122	23	the	the	DET
ajfa-456	122	24	first	first	ADJ
ajfa-456	122	25	term	term	NOUN
ajfa-456	122	26	will	will	AUX
ajfa-456	122	27	be	be	AUX
ajfa-456	122	28	0	0	NUM
ajfa-456	122	29	.	.	PUNCT
ajfa-456	123	1	the	the	DET
ajfa-456	123	2	second	second	ADJ
ajfa-456	123	3	term	term	NOUN
ajfa-456	123	4	on	on	ADP
ajfa-456	123	5	the	the	DET
ajfa-456	123	6	right	right	ADJ
ajfa-456	123	7	side	side	NOUN
ajfa-456	123	8	of	of	ADP
ajfa-456	123	9	equation	equation	NOUN
ajfa-456	123	10	(	(	PUNCT
ajfa-456	123	11	4	4	NUM
ajfa-456	123	12	)	)	PUNCT
ajfa-456	123	13	is	be	AUX
ajfa-456	123	14	the	the	DET
ajfa-456	123	15	portion	portion	NOUN
ajfa-456	123	16	of	of	ADP
ajfa-456	123	17	the	the	DET
ajfa-456	123	18	correlation	correlation	NOUN
ajfa-456	123	19	that	that	PRON
ajfa-456	123	20	results	result	VERB
ajfa-456	123	21	from	from	ADP
ajfa-456	123	22	foreign	foreign	ADJ
ajfa-456	123	23	institutional	institutional	ADJ
ajfa-456	123	24	investors	investor	NOUN
ajfa-456	123	25	’	'	PUNCT
ajfa-456	123	26	following	follow	VERB
ajfa-456	123	27	other	other	ADJ
ajfa-456	123	28	institutional	institutional	ADJ
ajfa-456	123	29	investors	investor	NOUN
ajfa-456	123	30	.	.	PUNCT
ajfa-456	124	1	similarly	similarly	ADV
ajfa-456	124	2	,	,	PUNCT
ajfa-456	124	3	if	if	SCONJ
ajfa-456	124	4	foreign	foreign	ADJ
ajfa-456	124	5	institutional	institutional	ADJ
ajfa-456	124	6	investors	investor	NOUN
ajfa-456	124	7	tend	tend	VERB
ajfa-456	124	8	to	to	PART
ajfa-456	124	9	follow	follow	VERB
ajfa-456	124	10	others	other	NOUN
ajfa-456	124	11	’	'	PUNCT
ajfa-456	124	12	trades	trade	NOUN
ajfa-456	124	13	over	over	ADP
ajfa-456	124	14	adjacent	adjacent	ADJ
ajfa-456	124	15	days	day	NOUN
ajfa-456	124	16	,	,	PUNCT
ajfa-456	124	17	the	the	DET
ajfa-456	124	18	second	second	ADJ
ajfa-456	124	19	term	term	NOUN
ajfa-456	124	20	will	will	AUX
ajfa-456	124	21	be	be	AUX
ajfa-456	124	22	positive	positive	ADJ
ajfa-456	124	23	;	;	PUNCT
ajfa-456	124	24	if	if	SCONJ
ajfa-456	124	25	the	the	DET
ajfa-456	124	26	direction	direction	NOUN
ajfa-456	124	27	of	of	ADP
ajfa-456	124	28	foreign	foreign	ADJ
ajfa-456	124	29	institutional	institutional	ADJ
ajfa-456	124	30	investors	investor	NOUN
ajfa-456	124	31	’	'	PUNCT
ajfa-456	124	32	trades	trade	NOUN
ajfa-456	124	33	tends	tend	VERB
ajfa-456	124	34	to	to	PART
ajfa-456	124	35	be	be	AUX
ajfa-456	124	36	the	the	DET
ajfa-456	124	37	reverse	reverse	NOUN
ajfa-456	124	38	of	of	ADP
ajfa-456	124	39	the	the	DET
ajfa-456	124	40	direction	direction	NOUN
ajfa-456	124	41	of	of	ADP
ajfa-456	124	42	other	other	ADJ
ajfa-456	124	43	’s	’s	PART
ajfa-456	124	44	trades	trade	NOUN
ajfa-456	124	45	over	over	ADP
ajfa-456	124	46	adjacent	adjacent	ADJ
ajfa-456	124	47	days	day	NOUN
ajfa-456	124	48	,	,	PUNCT
ajfa-456	124	49	the	the	DET
ajfa-456	124	50	second	second	ADJ
ajfa-456	124	51	term	term	NOUN
ajfa-456	124	52	will	will	AUX
ajfa-456	124	53	be	be	AUX
ajfa-456	124	54	negative	negative	ADJ
ajfa-456	124	55	;	;	PUNCT
ajfa-456	124	56	if	if	SCONJ
ajfa-456	124	57	the	the	DET
ajfa-456	124	58	trades	trade	NOUN
ajfa-456	124	59	of	of	ADP
ajfa-456	124	60	foreign	foreign	ADJ
ajfa-456	124	61	institutional	institutional	ADJ
ajfa-456	124	62	investors	investor	NOUN
ajfa-456	124	63	on	on	ADP
ajfa-456	124	64	a	a	DET
ajfa-456	124	65	current	current	ADJ
ajfa-456	124	66	day	day	NOUN
ajfa-456	124	67	are	be	AUX
ajfa-456	124	68	independent	independent	ADJ
ajfa-456	124	69	of	of	ADP
ajfa-456	124	70	the	the	DET
ajfa-456	124	71	activities	activity	NOUN
ajfa-456	124	72	of	of	ADP
ajfa-456	124	73	others	other	NOUN
ajfa-456	124	74	on	on	ADP
ajfa-456	124	75	the	the	DET
ajfa-456	124	76	previous	previous	ADJ
ajfa-456	124	77	day	day	NOUN
ajfa-456	124	78	,	,	PUNCT
ajfa-456	124	79	the	the	DET
ajfa-456	124	80	second	second	ADJ
ajfa-456	124	81	term	term	NOUN
ajfa-456	124	82	will	will	AUX
ajfa-456	124	83	be	be	AUX
ajfa-456	124	84	0	0	NUM
ajfa-456	124	85	.	.	PUNCT
ajfa-456	125	1	the	the	DET
ajfa-456	125	2	portion	portion	NOUN
ajfa-456	125	3	of	of	ADP
ajfa-456	125	4	the	the	DET
ajfa-456	125	5	correlation	correlation	NOUN
ajfa-456	125	6	that	that	PRON
ajfa-456	125	7	results	result	VERB
ajfa-456	125	8	from	from	ADP
ajfa-456	125	9	foreign	foreign	ADJ
ajfa-456	125	10	institutional	institutional	ADJ
ajfa-456	125	11	investors	investor	NOUN
ajfa-456	125	12	’	'	PUNCT
ajfa-456	125	13	following	follow	VERB
ajfa-456	125	14	other	other	ADJ
ajfa-456	125	15	institutional	institutional	ADJ
ajfa-456	125	16	investors	investor	NOUN
ajfa-456	125	17	can	can	AUX
ajfa-456	125	18	be	be	AUX
ajfa-456	125	19	further	far	ADV
ajfa-456	125	20	decomposed	decompose	VERB
ajfa-456	125	21	into	into	ADP
ajfa-456	125	22	three	three	NUM
ajfa-456	125	23	components	component	NOUN
ajfa-456	125	24	:	:	PUNCT
ajfa-456	125	25	foreign	foreign	ADJ
ajfa-456	125	26	institutional	institutional	ADJ
ajfa-456	125	27	investors	investor	NOUN
ajfa-456	125	28	who	who	PRON
ajfa-456	125	29	are	be	AUX
ajfa-456	125	30	following	follow	VERB
ajfa-456	125	31	other	other	ADJ
ajfa-456	125	32	foreign	foreign	ADJ
ajfa-456	125	33	institutional	institutional	ADJ
ajfa-456	125	34	investors	investor	NOUN
ajfa-456	125	35	,	,	PUNCT
ajfa-456	125	36	foreign	foreign	ADJ
ajfa-456	125	37	institutional	institutional	ADJ
ajfa-456	125	38	investors	investor	NOUN
ajfa-456	125	39	who	who	PRON
ajfa-456	125	40	are	be	AUX
ajfa-456	125	41	following	follow	VERB
ajfa-456	125	42	domestic	domestic	ADJ
ajfa-456	125	43	mutual	mutual	ADJ
ajfa-456	125	44	–	–	PUNCT
ajfa-456	125	45	funds	fund	NOUN
ajfa-456	125	46	investors	investor	NOUN
ajfa-456	125	47	,	,	PUNCT
ajfa-456	125	48	and	and	CCONJ
ajfa-456	125	49	foreign	foreign	ADJ
ajfa-456	125	50	institutional	institutional	ADJ
ajfa-456	125	51	investors	investor	NOUN
ajfa-456	125	52	who	who	PRON
ajfa-456	125	53	are	be	AUX
ajfa-456	125	54	following	follow	VERB
ajfa-456	125	55	domestic	domestic	ADJ
ajfa-456	125	56	securities	security	NOUN
ajfa-456	125	57	dealers	dealer	NOUN
ajfa-456	125	58	—	—	PUNCT
ajfa-456	125	59	as	as	ADP
ajfa-456	125	60	in	in	ADP
ajfa-456	125	61	equation	equation	NOUN
ajfa-456	125	62	(	(	PUNCT
ajfa-456	125	63	5	5	NUM
ajfa-456	125	64	)	)	PUNCT
ajfa-456	125	65	.	.	PUNCT
ajfa-456	126	1			NOUN
ajfa-456	127	1			PUNCT
ajfa-456	127	2			NOUN
ajfa-456	127	3			SYM
ajfa-456	127	4			NOUN
ajfa-456	127	5			NOUN
ajfa-456	127	6			NOUN
ajfa-456	127	7			NOUN
ajfa-456	127	8			SYM
ajfa-456	127	9			NOUN
ajfa-456	127	10			PROPN
ajfa-456	127	11			NOUN
ajfa-456	127	12	1,,1	1,,1	NOUN
ajfa-456	127	13	1	1	NUM
ajfa-456	127	14	tk	tk	NOUN
ajfa-456	127	15	f	f	PROPN
ajfa-456	127	16	tk	tk	PROPN
ajfa-456	127	17	rawrawk	rawrawk	VERB
ajfa-456	127	18			NOUN
ajfa-456	127	19	×	×	NUM
ajfa-456	127	20			PROPN
ajfa-456	127	21	k	k	NOUN
ajfa-456	127	22	k	k	PROPN
ajfa-456	127	23	1	1	NUM
ajfa-456	127	24			NOUN
ajfa-456	127	25			NOUN
ajfa-456	127	26			PROPN
ajfa-456	127	27			NOUN
ajfa-456	127	28			PROPN
ajfa-456	127	29			PROPN
ajfa-456	127	30			X
ajfa-456	127	31			NOUN
ajfa-456	127	32			NOUN
ajfa-456	127	33			VERB
ajfa-456	127	34			PROPN
ajfa-456	127	35			PROPN
ajfa-456	127	36			X
ajfa-456	127	37			X
ajfa-456	128	1			NUM
ajfa-456	128	2			NOUN
ajfa-456	128	3			ADP
ajfa-456	128	4			NOUN
ajfa-456	128	5	tk	tk	SYM
ajfa-456	128	6	tkf	tkf	VERB
ajfa-456	128	7	f	f	PROPN
ajfa-456	128	8	tktk	tktk	PROPN
ajfa-456	128	9	ttkm	ttkm	PROPN
ajfa-456	128	10	f	f	PROPN
ajfa-456	128	11	ttkf	ttkf	PROPN
ajfa-456	128	12	n	n	VERB
ajfa-456	128	13	fmm	fmm	PROPN
ajfa-456	128	14	nf	nf	X
ajfa-456	128	15	rawdrawd	rawdrawd	ADJ
ajfa-456	128	16	,	,	PUNCT
ajfa-456	128	17	1	1	NUM
ajfa-456	128	18	,	,	PUNCT
ajfa-456	128	19	1	1	NUM
ajfa-456	128	20	1	1	NUM
ajfa-456	128	21	,	,	PUNCT
ajfa-456	128	22	,	,	PUNCT
ajfa-456	128	23	11	11	NUM
ajfa-456	128	24	,	,	PUNCT
ajfa-456	128	25	,	,	PUNCT
ajfa-456	128	26	,	,	PUNCT
ajfa-456	128	27	,	,	PUNCT
ajfa-456	128	28	,	,	PUNCT
ajfa-456	128	29	1	1	NUM
ajfa-456	128	30	=	=	SYM
ajfa-456	128	31			NOUN
ajfa-456	128	32			SYM
ajfa-456	128	33			NOUN
ajfa-456	128	34			SYM
ajfa-456	128	35			NOUN
ajfa-456	128	36			PUNCT
ajfa-456	128	37			NOUN
ajfa-456	128	38			X
ajfa-456	128	39			PROPN
ajfa-456	128	40			X
ajfa-456	128	41			X
ajfa-456	128	42			X
ajfa-456	129	1			NUM
ajfa-456	130	1			PRON
ajfa-456	130	2			PRON
ajfa-456	130	3			PROPN
ajfa-456	130	4			PUNCT
ajfa-456	130	5			NOUN
ajfa-456	130	6			NOUN
ajfa-456	130	7			PROPN
ajfa-456	130	8			PROPN
ajfa-456	130	9			X
ajfa-456	130	10			NOUN
ajfa-456	130	11			NOUN
ajfa-456	130	12			VERB
ajfa-456	130	13			PROPN
ajfa-456	130	14			PROPN
ajfa-456	130	15			NOUN
ajfa-456	130	16			PROPN
ajfa-456	130	17			PROPN
ajfa-456	130	18			PROPN
ajfa-456	130	19			X
ajfa-456	130	20			NOUN
ajfa-456	130	21			SYM
ajfa-456	130	22			NOUN
ajfa-456	130	23			PROPN
ajfa-456	130	24			NOUN
ajfa-456	130	25	k	k	PROPN
ajfa-456	131	1	k	k	PROPN
ajfa-456	131	2	f	f	PROPN
ajfa-456	132	1	f	f	PROPN
ajfa-456	132	2	f	f	PROPN
ajfa-456	132	3	fmm	fmm	PROPN
ajfa-456	132	4	tktk	tktk	PROPN
ajfa-456	132	5	ttkm	ttkm	PROPN
ajfa-456	132	6	f	f	PROPN
ajfa-456	132	7	ttkf	ttkf	NOUN
ajfa-456	133	1	tk	tk	PROPN
ajfa-456	133	2	f	f	PROPN
ajfa-456	133	3	tk	tk	PROPN
ajfa-456	133	4	tk	tk	PROPN
ajfa-456	133	5	tk	tk	PROPN
ajfa-456	133	6	nf	nf	PROPN
ajfa-456	133	7	rawdrawd	rawdrawd	ADJ
ajfa-456	133	8	rawrawk	rawrawk	NOUN
ajfa-456	133	9	1	1	NUM
ajfa-456	133	10	1	1	NUM
ajfa-456	133	11	,	,	PUNCT
ajfa-456	133	12	1	1	NUM
ajfa-456	133	13	1	1	NUM
ajfa-456	133	14	,	,	PUNCT
ajfa-456	133	15	,	,	PUNCT
ajfa-456	133	16	11	11	NUM
ajfa-456	133	17	,	,	PUNCT
ajfa-456	133	18	,	,	PUNCT
ajfa-456	133	19	,	,	PUNCT
ajfa-456	133	20	,	,	PUNCT
ajfa-456	133	21	1	1	NUM
ajfa-456	133	22	,	,	PUNCT
ajfa-456	133	23	,	,	PUNCT
ajfa-456	133	24	,	,	PUNCT
ajfa-456	133	25	1	1	X
ajfa-456	133	26	,	,	PUNCT
ajfa-456	133	27	1	1	NUM
ajfa-456	133	28	1	1	NUM
ajfa-456	133	29			NOUN
ajfa-456	133	30	3	3	NUM
ajfa-456	133	31	the	the	DET
ajfa-456	133	32	decomposition	decomposition	NOUN
ajfa-456	133	33	of	of	ADP
ajfa-456	133	34	the	the	DET
ajfa-456	133	35	regression	regression	NOUN
ajfa-456	133	36	coefficient	coefficient	NOUN
ajfa-456	133	37	into	into	ADP
ajfa-456	133	38	two	two	NUM
ajfa-456	133	39	parts	part	NOUN
ajfa-456	133	40	serves	serve	VERB
ajfa-456	133	41	to	to	PART
ajfa-456	133	42	avoid	avoid	VERB
ajfa-456	133	43	a	a	DET
ajfa-456	133	44	situation	situation	NOUN
ajfa-456	133	45	where	where	SCONJ
ajfa-456	133	46	a	a	DET
ajfa-456	133	47	part	part	NOUN
ajfa-456	133	48	of	of	ADP
ajfa-456	133	49	the	the	DET
ajfa-456	133	50	observed	observed	ADJ
ajfa-456	133	51	herding	herding	NOUN
ajfa-456	133	52	measurement	measurement	NOUN
ajfa-456	133	53	might	might	AUX
ajfa-456	133	54	have	have	AUX
ajfa-456	133	55	resulted	result	VERB
ajfa-456	133	56	from	from	ADP
ajfa-456	133	57	traders	trader	NOUN
ajfa-456	133	58	following	follow	VERB
ajfa-456	133	59	their	their	PRON
ajfa-456	133	60	own	own	ADJ
ajfa-456	133	61	activities	activity	NOUN
ajfa-456	133	62	on	on	ADP
ajfa-456	133	63	the	the	DET
ajfa-456	133	64	previous	previous	ADJ
ajfa-456	133	65	day	day	NOUN
ajfa-456	133	66	.	.	PUNCT
ajfa-456	134	1	as	as	SCONJ
ajfa-456	134	2	pointed	point	VERB
ajfa-456	134	3	out	out	ADP
ajfa-456	134	4	by	by	ADP
ajfa-456	134	5	kyle	kyle	NOUN
ajfa-456	134	6	(	(	PUNCT
ajfa-456	134	7	1985	1985	NUM
ajfa-456	134	8	)	)	PUNCT
ajfa-456	134	9	and	and	CCONJ
ajfa-456	134	10	grossman	grossman	PROPN
ajfa-456	134	11	and	and	CCONJ
ajfa-456	134	12	miller	miller	PROPN
ajfa-456	134	13	(	(	PUNCT
ajfa-456	134	14	1988	1988	NUM
ajfa-456	134	15	)	)	PUNCT
ajfa-456	134	16	,	,	PUNCT
ajfa-456	134	17	to	to	PART
ajfa-456	134	18	reduce	reduce	VERB
ajfa-456	134	19	liquidity	liquidity	NOUN
ajfa-456	134	20	risks	risk	NOUN
ajfa-456	134	21	or	or	CCONJ
ajfa-456	134	22	to	to	PART
ajfa-456	134	23	keep	keep	VERB
ajfa-456	134	24	their	their	PRON
ajfa-456	134	25	own	own	ADJ
ajfa-456	134	26	trading	trading	NOUN
ajfa-456	134	27	activities	activity	NOUN
ajfa-456	134	28	unknown	unknown	ADJ
ajfa-456	134	29	to	to	ADP
ajfa-456	134	30	other	other	ADJ
ajfa-456	134	31	traders	trader	NOUN
ajfa-456	134	32	,	,	PUNCT
ajfa-456	134	33	many	many	ADJ
ajfa-456	134	34	institutional	institutional	ADJ
ajfa-456	134	35	investors	investor	NOUN
ajfa-456	134	36	realize	realize	VERB
ajfa-456	134	37	their	their	PRON
ajfa-456	134	38	intentions	intention	NOUN
ajfa-456	134	39	to	to	PART
ajfa-456	134	40	buy	buy	VERB
ajfa-456	134	41	or	or	CCONJ
ajfa-456	134	42	sell	sell	VERB
ajfa-456	134	43	certain	certain	ADJ
ajfa-456	134	44	stock	stock	NOUN
ajfa-456	134	45	by	by	ADP
ajfa-456	134	46	strategically	strategically	ADV
ajfa-456	134	47	placing	place	VERB
ajfa-456	134	48	separate	separate	ADJ
ajfa-456	134	49	orders	order	NOUN
ajfa-456	134	50	over	over	ADP
ajfa-456	134	51	a	a	DET
ajfa-456	134	52	period	period	NOUN
ajfa-456	134	53	of	of	ADP
ajfa-456	134	54	time	time	NOUN
ajfa-456	134	55	.	.	PUNCT
ajfa-456	135	1	such	such	ADJ
ajfa-456	135	2	investment	investment	NOUN
ajfa-456	135	3	behavior	behavior	NOUN
ajfa-456	135	4	,	,	PUNCT
ajfa-456	135	5	however	however	ADV
ajfa-456	135	6	,	,	PUNCT
ajfa-456	135	7	does	do	AUX
ajfa-456	135	8	not	not	PART
ajfa-456	135	9	meet	meet	VERB
ajfa-456	135	10	the	the	DET
ajfa-456	135	11	definition	definition	NOUN
ajfa-456	135	12	of	of	ADP
ajfa-456	135	13	‘	'	PUNCT
ajfa-456	135	14	herding	herding	NOUN
ajfa-456	135	15	’	'	PUNCT
ajfa-456	135	16	.	.	PUNCT
ajfa-456	136	1	asian	asian	ADJ
ajfa-456	136	2	journal	journal	PROPN
ajfa-456	136	3	of	of	ADP
ajfa-456	136	4	finance	finance	PROPN
ajfa-456	136	5	&	&	CCONJ
ajfa-456	136	6	accounting	accounting	PROPN
ajfa-456	136	7	issn	issn	PROPN
ajfa-456	136	8	1946	1946	NUM
ajfa-456	136	9	-	-	PUNCT
ajfa-456	136	10	052x	052x	NOUN
ajfa-456	136	11	2010	2010	NUM
ajfa-456	136	12	,	,	PUNCT
ajfa-456	136	13	vol	vol	NOUN
ajfa-456	136	14	.	.	PROPN
ajfa-456	136	15	2	2	NUM
ajfa-456	136	16	,	,	PUNCT
ajfa-456	136	17	no	no	INTJ
ajfa-456	136	18	.	.	NOUN
ajfa-456	136	19	2	2	NUM
ajfa-456	136	20	:	:	PUNCT
ajfa-456	136	21	e1	e1	VERB
ajfa-456	136	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	136	23	8	8	NUM
ajfa-456	136	24	＋	＋	PUNCT
ajfa-456	136	25			NOUN
ajfa-456	136	26			PROPN
ajfa-456	136	27			NOUN
ajfa-456	136	28			SYM
ajfa-456	136	29			NOUN
ajfa-456	136	30			NOUN
ajfa-456	136	31			PRON
ajfa-456	136	32			NOUN
ajfa-456	136	33			NOUN
ajfa-456	136	34			PROPN
ajfa-456	136	35			NOUN
ajfa-456	136	36	1,,1	1,,1	NOUN
ajfa-456	136	37	1	1	NUM
ajfa-456	136	38	tk	tk	NOUN
ajfa-456	136	39	f	f	PROPN
ajfa-456	136	40	tk	tk	PROPN
ajfa-456	136	41	rawrawk	rawrawk	VERB
ajfa-456	136	42			NOUN
ajfa-456	136	43	×	×	NUM
ajfa-456	136	44			PROPN
ajfa-456	136	45	k	k	NOUN
ajfa-456	136	46	k	k	PROPN
ajfa-456	136	47	1	1	NUM
ajfa-456	136	48			NOUN
ajfa-456	136	49			NOUN
ajfa-456	136	50			PROPN
ajfa-456	136	51			NOUN
ajfa-456	136	52			PROPN
ajfa-456	136	53			PROPN
ajfa-456	136	54			X
ajfa-456	136	55			NOUN
ajfa-456	136	56			NOUN
ajfa-456	136	57			VERB
ajfa-456	136	58			PROPN
ajfa-456	136	59			PROPN
ajfa-456	136	60			X
ajfa-456	136	61			X
ajfa-456	137	1			NUM
ajfa-456	137	2			PROPN
ajfa-456	137	3			NUM
ajfa-456	137	4			PRON
ajfa-456	137	5	tk	tk	AUX
ajfa-456	137	6	tkf	tkf	VERB
ajfa-456	137	7	f	f	PROPN
ajfa-456	137	8	tktk	tktk	PROPN
ajfa-456	137	9	ttkm	ttkm	PROPN
ajfa-456	137	10	f	f	PROPN
ajfa-456	137	11	ttkf	ttkf	NOUN
ajfa-456	137	12	i	i	PRON
ajfa-456	137	13	imm	imm	VERB
ajfa-456	137	14	nf	nf	NUM
ajfa-456	137	15	rawdrawd	rawdrawd	ADJ
ajfa-456	137	16	,	,	PUNCT
ajfa-456	137	17	1	1	NUM
ajfa-456	137	18	,	,	PUNCT
ajfa-456	137	19	1	1	NUM
ajfa-456	137	20	1	1	NUM
ajfa-456	137	21	,	,	PUNCT
ajfa-456	137	22	,	,	PUNCT
ajfa-456	137	23	11	11	NUM
ajfa-456	137	24	,	,	PUNCT
ajfa-456	137	25	,	,	PUNCT
ajfa-456	137	26	,	,	PUNCT
ajfa-456	137	27	,	,	PUNCT
ajfa-456	137	28	,	,	PUNCT
ajfa-456	137	29	1	1	NUM
ajfa-456	137	30	＋	＋	NUM
ajfa-456	137	31			NOUN
ajfa-456	137	32			SYM
ajfa-456	137	33			NOUN
ajfa-456	137	34			SYM
ajfa-456	137	35			NOUN
ajfa-456	137	36			NOUN
ajfa-456	137	37			PRON
ajfa-456	137	38			NOUN
ajfa-456	137	39			NOUN
ajfa-456	137	40			PROPN
ajfa-456	137	41			NOUN
ajfa-456	137	42	1,,1	1,,1	NOUN
ajfa-456	137	43	1	1	NUM
ajfa-456	137	44	tk	tk	NOUN
ajfa-456	137	45	f	f	PROPN
ajfa-456	137	46	tk	tk	PROPN
ajfa-456	137	47	rawrawk	rawrawk	VERB
ajfa-456	137	48			NOUN
ajfa-456	137	49	×	×	NUM
ajfa-456	137	50			PROPN
ajfa-456	137	51	k	k	NOUN
ajfa-456	137	52	k	k	PROPN
ajfa-456	137	53	1	1	NUM
ajfa-456	137	54			NOUN
ajfa-456	137	55			NOUN
ajfa-456	137	56			PROPN
ajfa-456	137	57			NOUN
ajfa-456	137	58			PROPN
ajfa-456	137	59			PROPN
ajfa-456	137	60			X
ajfa-456	137	61			NOUN
ajfa-456	137	62			NOUN
ajfa-456	137	63			VERB
ajfa-456	137	64			PROPN
ajfa-456	137	65			PROPN
ajfa-456	137	66			X
ajfa-456	137	67			X
ajfa-456	137	68			NUM
ajfa-456	137	69			PROPN
ajfa-456	137	70			NUM
ajfa-456	137	71			PRON
ajfa-456	137	72	tk	tk	AUX
ajfa-456	137	73	tkf	tkf	VERB
ajfa-456	137	74	f	f	PROPN
ajfa-456	137	75	tktk	tktk	PROPN
ajfa-456	137	76	ttkm	ttkm	PROPN
ajfa-456	137	77	f	f	PROPN
ajfa-456	137	78	ttkf	ttkf	PROPN
ajfa-456	137	79	s	s	X
ajfa-456	137	80	smm	smm	X
ajfa-456	137	81	nf	nf	NOUN
ajfa-456	137	82	rawdrawd	rawdrawd	ADJ
ajfa-456	137	83	,	,	PUNCT
ajfa-456	137	84	1	1	NUM
ajfa-456	137	85	,	,	PUNCT
ajfa-456	137	86	1	1	NUM
ajfa-456	137	87	1	1	NUM
ajfa-456	137	88	,	,	PUNCT
ajfa-456	137	89	,	,	PUNCT
ajfa-456	137	90	11	11	NUM
ajfa-456	137	91	,	,	PUNCT
ajfa-456	137	92	,	,	PUNCT
ajfa-456	137	93	,	,	PUNCT
ajfa-456	137	94	,	,	PUNCT
ajfa-456	137	95	,	,	PUNCT
ajfa-456	137	96	1	1	NUM
ajfa-456	137	97	(	(	PUNCT
ajfa-456	137	98	5	5	NUM
ajfa-456	137	99	)	)	PUNCT
ajfa-456	137	100	sias	sia	NOUN
ajfa-456	137	101	(	(	PUNCT
ajfa-456	137	102	2004	2004	NUM
ajfa-456	137	103	)	)	PUNCT
ajfa-456	137	104	has	have	AUX
ajfa-456	137	105	proposed	propose	VERB
ajfa-456	137	106	that	that	SCONJ
ajfa-456	137	107	the	the	DET
ajfa-456	137	108	differences	difference	NOUN
ajfa-456	137	109	in	in	ADP
ajfa-456	137	110	the	the	DET
ajfa-456	137	111	number	number	NOUN
ajfa-456	137	112	of	of	ADP
ajfa-456	137	113	traders	trader	NOUN
ajfa-456	137	114	within	within	ADP
ajfa-456	137	115	each	each	DET
ajfa-456	137	116	classification	classification	NOUN
ajfa-456	137	117	render	render	VERB
ajfa-456	137	118	the	the	DET
ajfa-456	137	119	computation	computation	NOUN
ajfa-456	137	120	of	of	ADP
ajfa-456	137	121	herding	herding	NOUN
ajfa-456	137	122	measure	measure	NOUN
ajfa-456	137	123	,	,	PUNCT
ajfa-456	137	124	it	it	PRON
ajfa-456	137	125	is	be	AUX
ajfa-456	137	126	unfeasible	unfeasible	ADJ
ajfa-456	137	127	to	to	PART
ajfa-456	137	128	use	use	VERB
ajfa-456	137	129	the	the	DET
ajfa-456	137	130	aforementioned	aforementioned	ADJ
ajfa-456	137	131	measures	measure	NOUN
ajfa-456	137	132	(	(	PUNCT
ajfa-456	137	133	correlations	correlation	NOUN
ajfa-456	137	134	across	across	ADP
ajfa-456	137	135	investor	investor	NOUN
ajfa-456	137	136	types	type	NOUN
ajfa-456	137	137	)	)	PUNCT
ajfa-456	137	138	to	to	PART
ajfa-456	137	139	directly	directly	ADV
ajfa-456	137	140	compare	compare	VERB
ajfa-456	137	141	levels	level	NOUN
ajfa-456	137	142	of	of	ADP
ajfa-456	137	143	herding	herd	VERB
ajfa-456	137	144	across	across	ADP
ajfa-456	137	145	investor	investor	NOUN
ajfa-456	137	146	types	type	NOUN
ajfa-456	137	147	.	.	PUNCT
ajfa-456	138	1	when	when	SCONJ
ajfa-456	138	2	the	the	DET
ajfa-456	138	3	number	number	NOUN
ajfa-456	138	4	of	of	ADP
ajfa-456	138	5	institutions	institution	NOUN
ajfa-456	138	6	making	make	VERB
ajfa-456	138	7	the	the	DET
ajfa-456	138	8	trade	trade	NOUN
ajfa-456	138	9	increases	increase	NOUN
ajfa-456	138	10	,	,	PUNCT
ajfa-456	138	11	the	the	DET
ajfa-456	138	12	weight	weight	NOUN
ajfa-456	138	13	of	of	ADP
ajfa-456	138	14	herding	herd	VERB
ajfa-456	138	15	in	in	ADP
ajfa-456	138	16	f	f	PROPN
ajfa-456	138	17	t	t	PRON
ajfa-456	138	18	tends	tend	VERB
ajfa-456	138	19	to	to	PART
ajfa-456	138	20	increase	increase	VERB
ajfa-456	138	21	,	,	PUNCT
ajfa-456	138	22	while	while	SCONJ
ajfa-456	138	23	the	the	DET
ajfa-456	138	24	weight	weight	NOUN
ajfa-456	138	25	of	of	ADP
ajfa-456	138	26	following	follow	VERB
ajfa-456	138	27	one	one	NUM
ajfa-456	138	28	’s	’s	PART
ajfa-456	138	29	own	own	ADJ
ajfa-456	138	30	trades	trade	NOUN
ajfa-456	138	31	over	over	ADP
ajfa-456	138	32	adjacent	adjacent	ADJ
ajfa-456	138	33	periods	period	NOUN
ajfa-456	138	34	tends	tend	VERB
ajfa-456	138	35	to	to	PART
ajfa-456	138	36	decrease	decrease	VERB
ajfa-456	138	37	.	.	PUNCT
ajfa-456	139	1	in	in	ADP
ajfa-456	139	2	addition	addition	NOUN
ajfa-456	139	3	,	,	PUNCT
ajfa-456	139	4	when	when	SCONJ
ajfa-456	139	5	the	the	DET
ajfa-456	139	6	trades	trade	NOUN
ajfa-456	139	7	of	of	ADP
ajfa-456	139	8	many	many	ADJ
ajfa-456	139	9	institutions	institution	NOUN
ajfa-456	139	10	involve	involve	VERB
ajfa-456	139	11	a	a	DET
ajfa-456	139	12	certain	certain	ADJ
ajfa-456	139	13	stock	stock	NOUN
ajfa-456	139	14	,	,	PUNCT
ajfa-456	139	15	the	the	DET
ajfa-456	139	16	standard	standard	ADJ
ajfa-456	139	17	deviation	deviation	NOUN
ajfa-456	139	18	of	of	ADP
ajfa-456	139	19	the	the	DET
ajfa-456	139	20	fraction	fraction	NOUN
ajfa-456	139	21	of	of	ADP
ajfa-456	139	22	buying	buying	NOUN
ajfa-456	139	23	institutions	institution	NOUN
ajfa-456	139	24	usually	usually	ADV
ajfa-456	139	25	drops	drop	VERB
ajfa-456	139	26	,	,	PUNCT
ajfa-456	139	27	which	which	PRON
ajfa-456	139	28	will	will	AUX
ajfa-456	139	29	affect	affect	VERB
ajfa-456	139	30	the	the	DET
ajfa-456	139	31	standardized	standardized	ADJ
ajfa-456	139	32	regression	regression	NOUN
ajfa-456	139	33	coefficient	coefficient	NOUN
ajfa-456	139	34	of	of	ADP
ajfa-456	139	35	the	the	DET
ajfa-456	139	36	fraction	fraction	NOUN
ajfa-456	139	37	of	of	ADP
ajfa-456	139	38	buying	buying	NOUN
ajfa-456	139	39	institutions	institution	NOUN
ajfa-456	139	40	.	.	PUNCT
ajfa-456	140	1	given	give	VERB
ajfa-456	140	2	the	the	DET
ajfa-456	140	3	important	important	ADJ
ajfa-456	140	4	influence	influence	NOUN
ajfa-456	140	5	of	of	ADP
ajfa-456	140	6	the	the	DET
ajfa-456	140	7	aforementioned	aforementioned	ADJ
ajfa-456	140	8	factors	factor	NOUN
ajfa-456	140	9	,	,	PUNCT
ajfa-456	140	10	we	we	PRON
ajfa-456	140	11	need	need	VERB
ajfa-456	140	12	a	a	DET
ajfa-456	140	13	measure	measure	NOUN
ajfa-456	140	14	not	not	PART
ajfa-456	140	15	subject	subject	ADJ
ajfa-456	140	16	to	to	ADP
ajfa-456	140	17	the	the	DET
ajfa-456	140	18	influence	influence	NOUN
ajfa-456	140	19	of	of	ADP
ajfa-456	140	20	the	the	DET
ajfa-456	140	21	number	number	NOUN
ajfa-456	140	22	of	of	ADP
ajfa-456	140	23	trading	trading	NOUN
ajfa-456	140	24	institutions	institution	NOUN
ajfa-456	140	25	so	so	SCONJ
ajfa-456	140	26	that	that	SCONJ
ajfa-456	140	27	we	we	PRON
ajfa-456	140	28	can	can	AUX
ajfa-456	140	29	directly	directly	ADV
ajfa-456	140	30	compare	compare	VERB
ajfa-456	140	31	the	the	DET
ajfa-456	140	32	levels	level	NOUN
ajfa-456	140	33	of	of	ADP
ajfa-456	140	34	herding	herd	VERB
ajfa-456	140	35	across	across	ADP
ajfa-456	140	36	investor	investor	NOUN
ajfa-456	140	37	types	type	NOUN
ajfa-456	140	38	.	.	PUNCT
ajfa-456	141	1	thus	thus	ADV
ajfa-456	141	2	,	,	PUNCT
ajfa-456	141	3	the	the	DET
ajfa-456	141	4	contribution	contribution	NOUN
ajfa-456	141	5	of	of	ADP
ajfa-456	141	6	herding	herd	VERB
ajfa-456	141	7	in	in	ADP
ajfa-456	141	8	f	f	PROPN
ajfa-456	141	9	t	t	INTJ
ajfa-456	141	10	and	and	CCONJ
ajfa-456	141	11	the	the	DET
ajfa-456	141	12	contribution	contribution	NOUN
ajfa-456	141	13	of	of	ADP
ajfa-456	141	14	following	follow	VERB
ajfa-456	141	15	one	one	NUM
ajfa-456	141	16	’s	’s	PART
ajfa-456	141	17	own	own	ADJ
ajfa-456	141	18	trades	trade	NOUN
ajfa-456	141	19	over	over	ADP
ajfa-456	141	20	adjacent	adjacent	ADJ
ajfa-456	141	21	periods	period	NOUN
ajfa-456	141	22	in	in	ADP
ajfa-456	141	23	f	f	PROPN
ajfa-456	141	24	t	t	INTJ
ajfa-456	141	25	must	must	AUX
ajfa-456	141	26	be	be	AUX
ajfa-456	141	27	averaged	average	VERB
ajfa-456	141	28	as	as	ADP
ajfa-456	141	29	a	a	DET
ajfa-456	141	30	new	new	ADJ
ajfa-456	141	31	measure	measure	NOUN
ajfa-456	141	32	,	,	PUNCT
ajfa-456	141	33	if	if	SCONJ
ajfa-456	141	34	there	there	PRON
ajfa-456	141	35	is	be	VERB
ajfa-456	141	36	to	to	PART
ajfa-456	141	37	be	be	AUX
ajfa-456	141	38	a	a	DET
ajfa-456	141	39	rigorous	rigorous	ADJ
ajfa-456	141	40	comparison	comparison	NOUN
ajfa-456	141	41	regarding	regard	VERB
ajfa-456	141	42	the	the	DET
ajfa-456	141	43	levels	level	NOUN
ajfa-456	141	44	of	of	ADP
ajfa-456	141	45	herding	herd	VERB
ajfa-456	141	46	across	across	ADP
ajfa-456	141	47	investor	investor	NOUN
ajfa-456	141	48	types4	types4	PROPN
ajfa-456	141	49	.	.	PUNCT
ajfa-456	142	1	the	the	DET
ajfa-456	142	2	resulting	result	VERB
ajfa-456	142	3	average	average	ADJ
ajfa-456	142	4	contributions	contribution	NOUN
ajfa-456	142	5	are	be	AUX
ajfa-456	142	6	not	not	PART
ajfa-456	142	7	affected	affect	VERB
ajfa-456	142	8	by	by	ADP
ajfa-456	142	9	either	either	CCONJ
ajfa-456	142	10	the	the	DET
ajfa-456	142	11	number	number	NOUN
ajfa-456	142	12	of	of	ADP
ajfa-456	142	13	institutional	institutional	ADJ
ajfa-456	142	14	traders	trader	NOUN
ajfa-456	142	15	or	or	CCONJ
ajfa-456	142	16	the	the	DET
ajfa-456	142	17	cross	cross	ADJ
ajfa-456	142	18	-	-	ADJ
ajfa-456	142	19	sectional	sectional	ADJ
ajfa-456	142	20	standard	standard	ADJ
ajfa-456	142	21	deviation	deviation	NOUN
ajfa-456	142	22	of	of	ADP
ajfa-456	142	23	institutions	institution	NOUN
ajfa-456	142	24	buying	buy	VERB
ajfa-456	142	25	.	.	PUNCT
ajfa-456	143	1	this	this	DET
ajfa-456	143	2	average	average	ADJ
ajfa-456	143	3	contribution	contribution	NOUN
ajfa-456	143	4	can	can	AUX
ajfa-456	143	5	serve	serve	VERB
ajfa-456	143	6	as	as	ADP
ajfa-456	143	7	new	new	ADJ
ajfa-456	143	8	measures	measure	NOUN
ajfa-456	143	9	regarding	regard	VERB
ajfa-456	143	10	foreign	foreign	ADJ
ajfa-456	143	11	institutional	institutional	ADJ
ajfa-456	143	12	investors	investor	NOUN
ajfa-456	143	13	who	who	PRON
ajfa-456	143	14	follow	follow	VERB
ajfa-456	143	15	their	their	PRON
ajfa-456	143	16	own	own	ADJ
ajfa-456	143	17	trades	trade	NOUN
ajfa-456	143	18	,	,	PUNCT
ajfa-456	143	19	who	who	PRON
ajfa-456	143	20	follow	follow	VERB
ajfa-456	143	21	other	other	ADJ
ajfa-456	143	22	foreign	foreign	ADJ
ajfa-456	143	23	institutional	institutional	ADJ
ajfa-456	143	24	investors	investor	NOUN
ajfa-456	143	25	’	'	PUNCT
ajfa-456	143	26	trades	trade	NOUN
ajfa-456	143	27	,	,	PUNCT
ajfa-456	143	28	who	who	PRON
ajfa-456	143	29	follow	follow	VERB
ajfa-456	143	30	domestic	domestic	ADJ
ajfa-456	143	31	mutual	mutual	ADJ
ajfa-456	143	32	-	-	PUNCT
ajfa-456	143	33	funds	fund	NOUN
ajfa-456	143	34	investors	investor	NOUN
ajfa-456	143	35	’	'	PUNCT
ajfa-456	143	36	trades	trade	NOUN
ajfa-456	143	37	,	,	PUNCT
ajfa-456	143	38	and	and	CCONJ
ajfa-456	143	39	who	who	PRON
ajfa-456	143	40	follow	follow	VERB
ajfa-456	143	41	domestic	domestic	ADJ
ajfa-456	143	42	securities	security	NOUN
ajfa-456	143	43	dealers	dealer	NOUN
ajfa-456	143	44	’	’	PART
ajfa-456	143	45	trades	trade	NOUN
ajfa-456	143	46	.	.	PUNCT
ajfa-456	144	1	then	then	ADV
ajfa-456	144	2	,	,	PUNCT
ajfa-456	144	3	this	this	DET
ajfa-456	144	4	result	result	NOUN
ajfa-456	144	5	can	can	AUX
ajfa-456	144	6	compare	compare	VERB
ajfa-456	144	7	directly	directly	ADV
ajfa-456	144	8	with	with	ADP
ajfa-456	144	9	the	the	DET
ajfa-456	144	10	measures	measure	NOUN
ajfa-456	144	11	of	of	ADP
ajfa-456	144	12	domestic	domestic	ADJ
ajfa-456	144	13	mutual	mutual	ADJ
ajfa-456	144	14	-	-	PUNCT
ajfa-456	144	15	funds	fund	NOUN
ajfa-456	144	16	investors	investor	NOUN
ajfa-456	144	17	and	and	CCONJ
ajfa-456	144	18	domestic	domestic	ADJ
ajfa-456	144	19	securities	security	NOUN
ajfa-456	144	20	dealers	dealer	NOUN
ajfa-456	144	21	.	.	PUNCT
ajfa-456	145	1	table	table	NOUN
ajfa-456	145	2	2	2	NUM
ajfa-456	145	3	illustrates	illustrate	VERB
ajfa-456	145	4	the	the	DET
ajfa-456	145	5	resulting	result	VERB
ajfa-456	145	6	time	time	NOUN
ajfa-456	145	7	-	-	PUNCT
ajfa-456	145	8	series	series	NOUN
ajfa-456	145	9	average	average	ADJ
ajfa-456	145	10	contributions	contribution	NOUN
ajfa-456	145	11	from	from	ADP
ajfa-456	145	12	following	follow	VERB
ajfa-456	145	13	one	one	NUM
ajfa-456	145	14	’s	’s	PART
ajfa-456	145	15	own	own	ADJ
ajfa-456	145	16	trades	trade	NOUN
ajfa-456	145	17	and	and	CCONJ
ajfa-456	145	18	from	from	ADP
ajfa-456	145	19	following	follow	VERB
ajfa-456	145	20	other	other	ADJ
ajfa-456	145	21	trades	trade	NOUN
ajfa-456	145	22	for	for	ADP
ajfa-456	145	23	foreign	foreign	ADJ
ajfa-456	145	24	institutional	institutional	ADJ
ajfa-456	145	25	investors	investor	NOUN
ajfa-456	145	26	,	,	PUNCT
ajfa-456	145	27	domestic	domestic	ADJ
ajfa-456	145	28	mutual	mutual	ADJ
ajfa-456	145	29	-	-	PUNCT
ajfa-456	145	30	funds	fund	NOUN
ajfa-456	145	31	investors	investor	NOUN
ajfa-456	145	32	and	and	CCONJ
ajfa-456	145	33	domestic	domestic	ADJ
ajfa-456	145	34	securities	security	NOUN
ajfa-456	145	35	dealers	dealer	NOUN
ajfa-456	145	36	,	,	PUNCT
ajfa-456	145	37	as	as	ADV
ajfa-456	145	38	well	well	ADV
ajfa-456	145	39	as	as	ADP
ajfa-456	145	40	t	t	PROPN
ajfa-456	145	41	statistics	statistic	NOUN
ajfa-456	145	42	.	.	PUNCT
ajfa-456	146	1	4	4	NUM
ajfa-456	147	1	for	for	ADP
ajfa-456	147	2	more	more	ADJ
ajfa-456	147	3	details	detail	NOUN
ajfa-456	147	4	,	,	PUNCT
ajfa-456	147	5	please	please	INTJ
ajfa-456	147	6	see	see	VERB
ajfa-456	147	7	sias	sias	PROPN
ajfa-456	147	8	(	(	PUNCT
ajfa-456	147	9	2004	2004	NUM
ajfa-456	147	10	)	)	PUNCT
ajfa-456	147	11	.	.	PUNCT
ajfa-456	148	1	institutional	institutional	ADJ
ajfa-456	148	2	herding	herding	NOUN
ajfa-456	148	3	.	.	PUNCT
ajfa-456	149	1	the	the	DET
ajfa-456	149	2	review	review	NOUN
ajfa-456	149	3	of	of	ADP
ajfa-456	149	4	financial	financial	ADJ
ajfa-456	149	5	studies	study	NOUN
ajfa-456	149	6	17	17	NUM
ajfa-456	149	7	,	,	PUNCT
ajfa-456	149	8	165	165	NUM
ajfa-456	149	9	-	-	SYM
ajfa-456	149	10	206	206	NUM
ajfa-456	149	11	.	.	PUNCT
ajfa-456	150	1	asian	asian	ADJ
ajfa-456	150	2	journal	journal	PROPN
ajfa-456	150	3	of	of	ADP
ajfa-456	150	4	finance	finance	PROPN
ajfa-456	150	5	&	&	CCONJ
ajfa-456	150	6	accounting	accounting	PROPN
ajfa-456	150	7	issn	issn	PROPN
ajfa-456	150	8	1946	1946	NUM
ajfa-456	150	9	-	-	PUNCT
ajfa-456	150	10	052x	052x	NOUN
ajfa-456	150	11	2010	2010	NUM
ajfa-456	150	12	,	,	PUNCT
ajfa-456	150	13	vol	vol	NOUN
ajfa-456	150	14	.	.	PROPN
ajfa-456	150	15	2	2	NUM
ajfa-456	150	16	,	,	PUNCT
ajfa-456	150	17	no	no	INTJ
ajfa-456	150	18	.	.	NOUN
ajfa-456	150	19	2	2	NUM
ajfa-456	150	20	:	:	PUNCT
ajfa-456	150	21	e1	e1	VERB
ajfa-456	150	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	150	23	9	9	NUM
ajfa-456	150	24	table	table	NOUN
ajfa-456	150	25	2	2	NUM
ajfa-456	150	26	.	.	PUNCT
ajfa-456	150	27	herding	herd	VERB
ajfa-456	150	28	measures	measure	NOUN
ajfa-456	150	29	of	of	ADP
ajfa-456	150	30	three	three	NUM
ajfa-456	150	31	major	major	ADJ
ajfa-456	150	32	institutional	institutional	ADJ
ajfa-456	150	33	investors	investor	NOUN
ajfa-456	150	34	following	follow	VERB
ajfa-456	150	35	one	one	NUM
ajfa-456	150	36	’s	’s	PART
ajfa-456	150	37	own	own	ADJ
ajfa-456	150	38	previous	previous	ADJ
ajfa-456	150	39	-	-	PUNCT
ajfa-456	150	40	day	day	NOUN
ajfa-456	150	41	trades	trade	NOUN
ajfa-456	150	42	following	follow	VERB
ajfa-456	150	43	others	other	NOUN
ajfa-456	150	44	’	'	PUNCT
ajfa-456	150	45	previous	previous	ADJ
ajfa-456	150	46	-	-	PUNCT
ajfa-456	150	47	day	day	NOUN
ajfa-456	150	48	trades	trade	VERB
ajfa-456	150	49	foreign	foreign	ADJ
ajfa-456	150	50	institutional	institutional	ADJ
ajfa-456	150	51	investors	investor	NOUN
ajfa-456	150	52	domestic	domestic	ADJ
ajfa-456	150	53	mutual	mutual	ADJ
ajfa-456	150	54	-	-	PUNCT
ajfa-456	150	55	fund	fund	NOUN
ajfa-456	150	56	investors	investor	NOUN
ajfa-456	150	57	domestic	domestic	ADJ
ajfa-456	150	58	securities	security	NOUN
ajfa-456	150	59	dealers	dealer	NOUN
ajfa-456	150	60	foreign	foreign	ADJ
ajfa-456	150	61	institutional	institutional	ADJ
ajfa-456	150	62	investors	investor	NOUN
ajfa-456	150	63	0.092407	0.092407	NUM
ajfa-456	150	64	0.009193	0.009193	NUM
ajfa-456	150	65	0.004722	0.004722	NUM
ajfa-456	150	66	0.000677	0.000677	NUM
ajfa-456	150	67	(	(	PUNCT
ajfa-456	150	68	62.606	62.606	NUM
ajfa-456	150	69	)	)	PUNCT
ajfa-456	150	70	*	*	PUNCT
ajfa-456	151	1	*	*	PUNCT
ajfa-456	151	2	*	*	PUNCT
ajfa-456	151	3	(	(	PUNCT
ajfa-456	151	4	24.165	24.165	NUM
ajfa-456	151	5	)	)	PUNCT
ajfa-456	151	6	*	*	PUNCT
ajfa-456	152	1	*	*	PUNCT
ajfa-456	152	2	*	*	PUNCT
ajfa-456	152	3	(	(	PUNCT
ajfa-456	152	4	11.045	11.045	NUM
ajfa-456	152	5	)	)	PUNCT
ajfa-456	152	6	*	*	PUNCT
ajfa-456	153	1	*	*	PUNCT
ajfa-456	153	2	*	*	PUNCT
ajfa-456	153	3	(	(	PUNCT
ajfa-456	153	4	1.866	1.866	NUM
ajfa-456	153	5	)	)	PUNCT
ajfa-456	153	6	domestic	domestic	ADJ
ajfa-456	153	7	mutual	mutual	ADJ
ajfa-456	153	8	fund	fund	NOUN
ajfa-456	153	9	investors	investor	VERB
ajfa-456	153	10	0.133418	0.133418	NUM
ajfa-456	153	11	0.003614	0.003614	NUM
ajfa-456	153	12	0.026915	0.026915	NUM
ajfa-456	153	13	0.003532	0.003532	NUM
ajfa-456	153	14	(	(	PUNCT
ajfa-456	153	15	96.453	96.453	NUM
ajfa-456	153	16	)	)	PUNCT
ajfa-456	153	17	*	*	PUNCT
ajfa-456	154	1	*	*	PUNCT
ajfa-456	154	2	*	*	PUNCT
ajfa-456	154	3	(	(	PUNCT
ajfa-456	154	4	8.593	8.593	NUM
ajfa-456	154	5	)	)	PUNCT
ajfa-456	154	6	*	*	PUNCT
ajfa-456	155	1	*	*	PUNCT
ajfa-456	155	2	*	*	PUNCT
ajfa-456	155	3	(	(	PUNCT
ajfa-456	155	4	42.325	42.325	NUM
ajfa-456	155	5	)	)	PUNCT
ajfa-456	155	6	*	*	PUNCT
ajfa-456	156	1	*	*	PUNCT
ajfa-456	156	2	*	*	PUNCT
ajfa-456	156	3	(	(	PUNCT
ajfa-456	156	4	7.069	7.069	NUM
ajfa-456	156	5	)	)	PUNCT
ajfa-456	156	6	*	*	PUNCT
ajfa-456	157	1	*	*	PUNCT
ajfa-456	157	2	*	*	PUNCT
ajfa-456	157	3	domestic	domestic	ADJ
ajfa-456	157	4	securities	security	NOUN
ajfa-456	157	5	dealers	dealer	NOUN
ajfa-456	157	6	0.054869	0.054869	NUM
ajfa-456	157	7	-0.000450	-0.000450	NOUN
ajfa-456	157	8	0.002078	0.002078	NUM
ajfa-456	157	9	0.000467	0.000467	NUM
ajfa-456	157	10	(	(	PUNCT
ajfa-456	157	11	37.007	37.007	NUM
ajfa-456	157	12	)	)	PUNCT
ajfa-456	158	1	*	*	PUNCT
ajfa-456	159	1	*	*	PUNCT
ajfa-456	159	2	*	*	PUNCT
ajfa-456	159	3	(	(	PUNCT
ajfa-456	159	4	-1.282	-1.282	NUM
ajfa-456	159	5	)	)	PUNCT
ajfa-456	159	6	(	(	PUNCT
ajfa-456	159	7	4.015	4.015	NUM
ajfa-456	159	8	)	)	PUNCT
ajfa-456	159	9	*	*	PUNCT
ajfa-456	160	1	*	*	PUNCT
ajfa-456	160	2	*	*	PUNCT
ajfa-456	160	3	(	(	PUNCT
ajfa-456	160	4	0.932	0.932	NUM
ajfa-456	160	5	)	)	PUNCT
ajfa-456	160	6	note	note	NOUN
ajfa-456	160	7	:	:	PUNCT
ajfa-456	161	1	*	*	PUNCT
ajfa-456	161	2	*	*	PUNCT
ajfa-456	161	3	and	and	CCONJ
ajfa-456	161	4	*	*	PUNCT
ajfa-456	161	5	*	*	PUNCT
ajfa-456	161	6	*	*	PUNCT
ajfa-456	161	7	indicate	indicate	VERB
ajfa-456	161	8	significance	significance	NOUN
ajfa-456	161	9	at	at	ADP
ajfa-456	161	10	5	5	NUM
ajfa-456	161	11	%	%	NOUN
ajfa-456	161	12	and	and	CCONJ
ajfa-456	161	13	1	1	NUM
ajfa-456	161	14	%	%	NOUN
ajfa-456	161	15	level	level	NOUN
ajfa-456	161	16	,	,	PUNCT
ajfa-456	161	17	respectively	respectively	ADV
ajfa-456	161	18	.	.	PUNCT
ajfa-456	162	1	figures	figure	NOUN
ajfa-456	162	2	in	in	ADP
ajfa-456	162	3	parentheses	parenthesis	NOUN
ajfa-456	162	4	are	be	AUX
ajfa-456	162	5	t	t	NOUN
ajfa-456	162	6	-	-	PUNCT
ajfa-456	162	7	statistics	statistic	NOUN
ajfa-456	162	8	.	.	PUNCT
ajfa-456	163	1	as	as	SCONJ
ajfa-456	163	2	shown	show	VERB
ajfa-456	163	3	in	in	ADP
ajfa-456	163	4	table	table	NOUN
ajfa-456	163	5	2	2	NUM
ajfa-456	163	6	,	,	PUNCT
ajfa-456	163	7	the	the	DET
ajfa-456	163	8	measures	measure	NOUN
ajfa-456	163	9	attributable	attributable	ADJ
ajfa-456	163	10	to	to	ADP
ajfa-456	163	11	foreign	foreign	ADJ
ajfa-456	163	12	institutional	institutional	ADJ
ajfa-456	163	13	investors	investor	NOUN
ajfa-456	163	14	who	who	PRON
ajfa-456	163	15	follow	follow	VERB
ajfa-456	163	16	their	their	PRON
ajfa-456	163	17	own	own	ADJ
ajfa-456	163	18	trades	trade	NOUN
ajfa-456	163	19	,	,	PUNCT
ajfa-456	163	20	who	who	PRON
ajfa-456	163	21	follow	follow	VERB
ajfa-456	163	22	other	other	ADJ
ajfa-456	163	23	foreign	foreign	ADJ
ajfa-456	163	24	institutional	institutional	ADJ
ajfa-456	163	25	investors	investor	NOUN
ajfa-456	163	26	’	'	PUNCT
ajfa-456	163	27	trades	trade	VERB
ajfa-456	163	28	or	or	CCONJ
ajfa-456	163	29	who	who	PRON
ajfa-456	163	30	follow	follow	VERB
ajfa-456	163	31	domestic	domestic	ADJ
ajfa-456	163	32	mutual	mutual	ADJ
ajfa-456	163	33	-	-	PUNCT
ajfa-456	163	34	funds	fund	NOUN
ajfa-456	163	35	investors	investor	NOUN
ajfa-456	163	36	’	'	PUNCT
ajfa-456	163	37	trades	trade	NOUN
ajfa-456	163	38	are	be	AUX
ajfa-456	163	39	all	all	PRON
ajfa-456	163	40	statistically	statistically	ADV
ajfa-456	163	41	significant	significant	ADJ
ajfa-456	163	42	at	at	ADP
ajfa-456	163	43	the	the	DET
ajfa-456	163	44	1	1	NUM
ajfa-456	163	45	%	%	NOUN
ajfa-456	163	46	level	level	NOUN
ajfa-456	163	47	.	.	PUNCT
ajfa-456	164	1	only	only	ADV
ajfa-456	164	2	the	the	DET
ajfa-456	164	3	herding	herd	VERB
ajfa-456	164	4	measure	measure	NOUN
ajfa-456	164	5	attributable	attributable	ADJ
ajfa-456	164	6	to	to	ADP
ajfa-456	164	7	foreign	foreign	ADJ
ajfa-456	164	8	institutional	institutional	ADJ
ajfa-456	164	9	investors	investor	NOUN
ajfa-456	164	10	who	who	PRON
ajfa-456	164	11	follow	follow	VERB
ajfa-456	164	12	domestic	domestic	ADJ
ajfa-456	164	13	securities	security	NOUN
ajfa-456	164	14	dealers	dealer	NOUN
ajfa-456	164	15	is	be	AUX
ajfa-456	164	16	not	not	PART
ajfa-456	164	17	significantly	significantly	ADV
ajfa-456	164	18	different	different	ADJ
ajfa-456	164	19	from	from	ADP
ajfa-456	164	20	0	0	NUM
ajfa-456	164	21	.	.	PUNCT
ajfa-456	165	1	for	for	ADP
ajfa-456	165	2	domestic	domestic	ADJ
ajfa-456	165	3	mutual	mutual	ADJ
ajfa-456	165	4	-	-	PUNCT
ajfa-456	165	5	funds	fund	NOUN
ajfa-456	165	6	investors	investor	NOUN
ajfa-456	165	7	,	,	PUNCT
ajfa-456	165	8	all	all	DET
ajfa-456	165	9	measures	measure	NOUN
ajfa-456	165	10	are	be	AUX
ajfa-456	165	11	statistically	statistically	ADV
ajfa-456	165	12	significant	significant	ADJ
ajfa-456	165	13	at	at	ADP
ajfa-456	165	14	the	the	DET
ajfa-456	165	15	1	1	NUM
ajfa-456	165	16	%	%	NOUN
ajfa-456	165	17	level	level	NOUN
ajfa-456	165	18	.	.	PUNCT
ajfa-456	166	1	as	as	ADP
ajfa-456	166	2	for	for	ADP
ajfa-456	166	3	domestic	domestic	ADJ
ajfa-456	166	4	securities	security	NOUN
ajfa-456	166	5	dealers	dealer	NOUN
ajfa-456	166	6	,	,	PUNCT
ajfa-456	166	7	only	only	ADV
ajfa-456	166	8	the	the	DET
ajfa-456	166	9	measures	measure	NOUN
ajfa-456	166	10	of	of	ADP
ajfa-456	166	11	following	follow	VERB
ajfa-456	166	12	one	one	NUM
ajfa-456	166	13	’s	’s	PART
ajfa-456	166	14	own	own	ADJ
ajfa-456	166	15	trades	trade	NOUN
ajfa-456	166	16	and	and	CCONJ
ajfa-456	166	17	following	follow	VERB
ajfa-456	166	18	domestic	domestic	ADJ
ajfa-456	166	19	mutual	mutual	ADJ
ajfa-456	166	20	–	–	PUNCT
ajfa-456	166	21	funds	fund	NOUN
ajfa-456	166	22	investors	investor	NOUN
ajfa-456	166	23	’	'	PUNCT
ajfa-456	166	24	trades	trade	VERB
ajfa-456	166	25	over	over	ADP
ajfa-456	166	26	adjacent	adjacent	ADJ
ajfa-456	166	27	days	day	NOUN
ajfa-456	166	28	are	be	AUX
ajfa-456	166	29	statistically	statistically	ADV
ajfa-456	166	30	significant	significant	ADJ
ajfa-456	166	31	,	,	PUNCT
ajfa-456	166	32	the	the	DET
ajfa-456	166	33	measures	measure	NOUN
ajfa-456	166	34	of	of	ADP
ajfa-456	166	35	following	follow	VERB
ajfa-456	166	36	other	other	ADJ
ajfa-456	166	37	domestic	domestic	ADJ
ajfa-456	166	38	mutual	mutual	ADJ
ajfa-456	166	39	-	-	PUNCT
ajfa-456	166	40	funds	fund	NOUN
ajfa-456	166	41	investors	investor	NOUN
ajfa-456	166	42	’	'	PUNCT
ajfa-456	166	43	trades	trade	NOUN
ajfa-456	166	44	are	be	AUX
ajfa-456	166	45	not	not	PART
ajfa-456	166	46	.	.	PUNCT
ajfa-456	167	1	the	the	DET
ajfa-456	167	2	results	result	NOUN
ajfa-456	167	3	in	in	ADP
ajfa-456	167	4	table	table	NOUN
ajfa-456	167	5	2	2	NUM
ajfa-456	167	6	indicate	indicate	VERB
ajfa-456	167	7	that	that	SCONJ
ajfa-456	167	8	in	in	ADP
ajfa-456	167	9	taiwan	taiwan	PROPN
ajfa-456	167	10	’s	’s	PART
ajfa-456	167	11	stock	stock	NOUN
ajfa-456	167	12	market	market	NOUN
ajfa-456	167	13	,	,	PUNCT
ajfa-456	167	14	foreign	foreign	ADJ
ajfa-456	167	15	institutional	institutional	ADJ
ajfa-456	167	16	investors	investor	NOUN
ajfa-456	167	17	and	and	CCONJ
ajfa-456	167	18	domestic	domestic	ADJ
ajfa-456	167	19	mutual	mutual	ADJ
ajfa-456	167	20	-	-	PUNCT
ajfa-456	167	21	funds	fund	NOUN
ajfa-456	167	22	investors	investor	NOUN
ajfa-456	167	23	tend	tend	VERB
ajfa-456	167	24	to	to	PART
ajfa-456	167	25	herd	herd	VERB
ajfa-456	167	26	,	,	PUNCT
ajfa-456	167	27	while	while	SCONJ
ajfa-456	167	28	domestic	domestic	ADJ
ajfa-456	167	29	securities	security	NOUN
ajfa-456	167	30	dealers	dealer	NOUN
ajfa-456	167	31	exhibit	exhibit	VERB
ajfa-456	167	32	no	no	DET
ajfa-456	167	33	marked	marked	ADJ
ajfa-456	167	34	herding	herding	NOUN
ajfa-456	167	35	behavior	behavior	NOUN
ajfa-456	167	36	.	.	PUNCT
ajfa-456	168	1	in	in	ADP
ajfa-456	168	2	addition	addition	NOUN
ajfa-456	168	3	,	,	PUNCT
ajfa-456	168	4	except	except	SCONJ
ajfa-456	168	5	for	for	ADP
ajfa-456	168	6	domestic	domestic	ADJ
ajfa-456	168	7	securities	security	NOUN
ajfa-456	168	8	dealers	dealer	NOUN
ajfa-456	168	9	,	,	PUNCT
ajfa-456	168	10	the	the	DET
ajfa-456	168	11	average	average	ADJ
ajfa-456	168	12	herding	herding	NOUN
ajfa-456	168	13	measures	measure	NOUN
ajfa-456	168	14	of	of	ADP
ajfa-456	168	15	foreign	foreign	ADJ
ajfa-456	168	16	institution	institution	NOUN
ajfa-456	168	17	investors	investor	NOUN
ajfa-456	168	18	and	and	CCONJ
ajfa-456	168	19	domestic	domestic	ADJ
ajfa-456	168	20	mutual	mutual	ADJ
ajfa-456	168	21	-	-	PUNCT
ajfa-456	168	22	funds	fund	NOUN
ajfa-456	168	23	investors	investor	NOUN
ajfa-456	168	24	are	be	AUX
ajfa-456	168	25	all	all	ADV
ajfa-456	168	26	greater	great	ADJ
ajfa-456	168	27	than	than	ADP
ajfa-456	168	28	the	the	DET
ajfa-456	168	29	values	value	NOUN
ajfa-456	168	30	obtained	obtain	VERB
ajfa-456	168	31	by	by	ADP
ajfa-456	168	32	sias	sias	PROPN
ajfa-456	168	33	(	(	PUNCT
ajfa-456	168	34	2004	2004	NUM
ajfa-456	168	35	)	)	PUNCT
ajfa-456	168	36	,	,	PUNCT
ajfa-456	168	37	who	who	PRON
ajfa-456	168	38	studied	study	VERB
ajfa-456	168	39	the	the	DET
ajfa-456	168	40	herding	herd	VERB
ajfa-456	168	41	behavior	behavior	NOUN
ajfa-456	168	42	of	of	ADP
ajfa-456	168	43	different	different	ADJ
ajfa-456	168	44	types	type	NOUN
ajfa-456	168	45	of	of	ADP
ajfa-456	168	46	investors	investor	NOUN
ajfa-456	168	47	in	in	ADP
ajfa-456	168	48	the	the	DET
ajfa-456	168	49	u.s	u.s	PROPN
ajfa-456	168	50	.	.	PROPN
ajfa-456	168	51	stock	stock	NOUN
ajfa-456	168	52	markets	market	NOUN
ajfa-456	168	53	.	.	PUNCT
ajfa-456	169	1	we	we	PRON
ajfa-456	169	2	surmise	surmise	VERB
ajfa-456	169	3	that	that	SCONJ
ajfa-456	169	4	foreign	foreign	ADJ
ajfa-456	169	5	institutional	institutional	ADJ
ajfa-456	169	6	investors	investor	NOUN
ajfa-456	169	7	and	and	CCONJ
ajfa-456	169	8	domestic	domestic	ADJ
ajfa-456	169	9	mutual	mutual	ADJ
ajfa-456	169	10	-	-	PUNCT
ajfa-456	169	11	funds	fund	NOUN
ajfa-456	169	12	investors	investor	NOUN
ajfa-456	169	13	in	in	ADP
ajfa-456	169	14	taiwan	taiwan	PROPN
ajfa-456	169	15	engage	engage	VERB
ajfa-456	169	16	in	in	ADP
ajfa-456	169	17	similar	similar	ADJ
ajfa-456	169	18	herding	herding	NOUN
ajfa-456	169	19	behaviors	behavior	NOUN
ajfa-456	169	20	.	.	PUNCT
ajfa-456	170	1	this	this	DET
ajfa-456	170	2	similarity	similarity	NOUN
ajfa-456	170	3	might	might	AUX
ajfa-456	170	4	reflect	reflect	VERB
ajfa-456	170	5	the	the	DET
ajfa-456	170	6	tendency	tendency	NOUN
ajfa-456	170	7	of	of	ADP
ajfa-456	170	8	both	both	CCONJ
ajfa-456	170	9	foreign	foreign	ADJ
ajfa-456	170	10	institutional	institutional	ADJ
ajfa-456	170	11	investors	investor	NOUN
ajfa-456	170	12	and	and	CCONJ
ajfa-456	170	13	domestic	domestic	ADJ
ajfa-456	170	14	mutual	mutual	ADJ
ajfa-456	170	15	-	-	PUNCT
ajfa-456	170	16	funds	fund	NOUN
ajfa-456	170	17	investors	investor	NOUN
ajfa-456	170	18	to	to	PART
ajfa-456	170	19	search	search	VERB
ajfa-456	170	20	for	for	ADP
ajfa-456	170	21	similar	similar	ADJ
ajfa-456	170	22	information	information	NOUN
ajfa-456	170	23	or	or	CCONJ
ajfa-456	170	24	to	to	PART
ajfa-456	170	25	adopt	adopt	VERB
ajfa-456	170	26	similar	similar	ADJ
ajfa-456	170	27	operational	operational	ADJ
ajfa-456	170	28	strategies	strategy	NOUN
ajfa-456	170	29	.	.	PUNCT
ajfa-456	171	1	the	the	DET
ajfa-456	171	2	findings	finding	NOUN
ajfa-456	171	3	in	in	ADP
ajfa-456	171	4	this	this	DET
ajfa-456	171	5	study	study	NOUN
ajfa-456	171	6	concerning	concern	VERB
ajfa-456	171	7	domestic	domestic	ADJ
ajfa-456	171	8	securities	security	NOUN
ajfa-456	171	9	dealers	dealer	NOUN
ajfa-456	171	10	coincide	coincide	VERB
ajfa-456	171	11	with	with	ADP
ajfa-456	171	12	the	the	DET
ajfa-456	171	13	assertion	assertion	NOUN
ajfa-456	171	14	of	of	ADP
ajfa-456	171	15	li	li	PROPN
ajfa-456	171	16	and	and	CCONJ
ajfa-456	171	17	laih	laih	PROPN
ajfa-456	171	18	(	(	PUNCT
ajfa-456	171	19	2005	2005	NUM
ajfa-456	171	20	)	)	PUNCT
ajfa-456	171	21	that	that	SCONJ
ajfa-456	171	22	the	the	DET
ajfa-456	171	23	herding	herd	VERB
ajfa-456	171	24	behavior	behavior	NOUN
ajfa-456	171	25	of	of	ADP
ajfa-456	171	26	domestic	domestic	ADJ
ajfa-456	171	27	securities	security	NOUN
ajfa-456	171	28	dealers	dealer	NOUN
ajfa-456	171	29	is	be	AUX
ajfa-456	171	30	relatively	relatively	ADV
ajfa-456	171	31	inconspicuous	inconspicuous	ADJ
ajfa-456	171	32	and	and	CCONJ
ajfa-456	171	33	independent	independent	ADJ
ajfa-456	171	34	.	.	PUNCT
ajfa-456	172	1	it	it	PRON
ajfa-456	172	2	might	might	AUX
ajfa-456	172	3	have	have	VERB
ajfa-456	172	4	to	to	PART
ajfa-456	172	5	do	do	VERB
ajfa-456	172	6	with	with	ADP
ajfa-456	172	7	the	the	DET
ajfa-456	172	8	characteristics	characteristic	NOUN
ajfa-456	172	9	of	of	ADP
ajfa-456	172	10	domestic	domestic	ADJ
ajfa-456	172	11	securities	security	NOUN
ajfa-456	172	12	dealers	dealer	NOUN
ajfa-456	172	13	that	that	PRON
ajfa-456	172	14	are	be	AUX
ajfa-456	172	15	starkly	starkly	ADV
ajfa-456	172	16	different	different	ADJ
ajfa-456	172	17	from	from	ADP
ajfa-456	172	18	those	those	PRON
ajfa-456	172	19	of	of	ADP
ajfa-456	172	20	foreign	foreign	ADJ
ajfa-456	172	21	institutional	institutional	ADJ
ajfa-456	172	22	investors	investor	NOUN
ajfa-456	172	23	and	and	CCONJ
ajfa-456	172	24	domestic	domestic	ADJ
ajfa-456	172	25	mutual	mutual	ADJ
ajfa-456	172	26	funds	fund	NOUN
ajfa-456	172	27	,	,	PUNCT
ajfa-456	172	28	and	and	CCONJ
ajfa-456	172	29	that	that	PRON
ajfa-456	172	30	bring	bring	VERB
ajfa-456	172	31	about	about	ADP
ajfa-456	172	32	dissimilar	dissimilar	ADJ
ajfa-456	172	33	operating	operating	NOUN
ajfa-456	172	34	directions	direction	NOUN
ajfa-456	172	35	and	and	CCONJ
ajfa-456	172	36	strategies	strategy	NOUN
ajfa-456	172	37	.	.	PUNCT
ajfa-456	173	1	in	in	ADP
ajfa-456	173	2	taiwan	taiwan	PROPN
ajfa-456	173	3	,	,	PUNCT
ajfa-456	173	4	domestic	domestic	ADJ
ajfa-456	173	5	securities	security	NOUN
ajfa-456	173	6	dealers	dealer	NOUN
ajfa-456	173	7	are	be	AUX
ajfa-456	173	8	typically	typically	ADV
ajfa-456	173	9	a	a	DET
ajfa-456	173	10	division	division	NOUN
ajfa-456	173	11	of	of	ADP
ajfa-456	173	12	domestic	domestic	ADJ
ajfa-456	173	13	brokerage	brokerage	NOUN
ajfa-456	173	14	houses	house	NOUN
ajfa-456	173	15	.	.	PUNCT
ajfa-456	174	1	therefore	therefore	ADV
ajfa-456	174	2	,	,	PUNCT
ajfa-456	174	3	some	some	DET
ajfa-456	174	4	dealing	deal	VERB
ajfa-456	174	5	departments	department	NOUN
ajfa-456	174	6	need	need	AUX
ajfa-456	174	7	carry	carry	VERB
ajfa-456	174	8	out	out	ADP
ajfa-456	174	9	trades	trade	NOUN
ajfa-456	174	10	to	to	PART
ajfa-456	174	11	hedge	hedge	VERB
ajfa-456	174	12	the	the	DET
ajfa-456	174	13	warrants	warrant	NOUN
ajfa-456	174	14	that	that	PRON
ajfa-456	174	15	issue	issue	NOUN
ajfa-456	174	16	by	by	ADP
ajfa-456	174	17	brokerage	brokerage	NOUN
ajfa-456	174	18	houses	house	NOUN
ajfa-456	174	19	which	which	PRON
ajfa-456	174	20	might	might	AUX
ajfa-456	174	21	offset	offset	VERB
ajfa-456	174	22	some	some	DET
ajfa-456	174	23	ordinary	ordinary	ADJ
ajfa-456	174	24	trades	trade	NOUN
ajfa-456	174	25	of	of	ADP
ajfa-456	174	26	the	the	DET
ajfa-456	174	27	dealing	deal	VERB
ajfa-456	174	28	departments	department	NOUN
ajfa-456	174	29	.	.	PUNCT
ajfa-456	175	1	also	also	ADV
ajfa-456	175	2	,	,	PUNCT
ajfa-456	175	3	domestic	domestic	ADJ
ajfa-456	175	4	securities	security	NOUN
ajfa-456	175	5	dealers	dealer	NOUN
ajfa-456	175	6	,	,	PUNCT
ajfa-456	175	7	unlike	unlike	ADP
ajfa-456	175	8	domestic	domestic	ADJ
ajfa-456	175	9	mutual	mutual	ADJ
ajfa-456	175	10	-	-	PUNCT
ajfa-456	175	11	funds	fund	NOUN
ajfa-456	175	12	investors	investor	NOUN
ajfa-456	175	13	,	,	PUNCT
ajfa-456	175	14	are	be	AUX
ajfa-456	175	15	not	not	PART
ajfa-456	175	16	subject	subject	ADJ
ajfa-456	175	17	to	to	ADP
ajfa-456	175	18	the	the	DET
ajfa-456	175	19	pressure	pressure	NOUN
ajfa-456	175	20	of	of	ADP
ajfa-456	175	21	performance	performance	NOUN
ajfa-456	175	22	comparison	comparison	NOUN
ajfa-456	175	23	,	,	PUNCT
ajfa-456	175	24	and	and	CCONJ
ajfa-456	175	25	this	this	DET
ajfa-456	175	26	difference	difference	NOUN
ajfa-456	175	27	could	could	AUX
ajfa-456	175	28	be	be	AUX
ajfa-456	175	29	another	another	DET
ajfa-456	175	30	factor	factor	NOUN
ajfa-456	175	31	explaining	explain	VERB
ajfa-456	175	32	why	why	SCONJ
ajfa-456	175	33	the	the	DET
ajfa-456	175	34	herding	herd	VERB
ajfa-456	175	35	behavior	behavior	NOUN
ajfa-456	175	36	of	of	ADP
ajfa-456	175	37	domestic	domestic	ADJ
ajfa-456	175	38	asian	asian	ADJ
ajfa-456	175	39	journal	journal	NOUN
ajfa-456	175	40	of	of	ADP
ajfa-456	175	41	finance	finance	PROPN
ajfa-456	175	42	&	&	CCONJ
ajfa-456	175	43	accounting	accounting	PROPN
ajfa-456	175	44	issn	issn	PROPN
ajfa-456	175	45	1946	1946	NUM
ajfa-456	175	46	-	-	PUNCT
ajfa-456	175	47	052x	052x	NOUN
ajfa-456	175	48	2010	2010	NUM
ajfa-456	175	49	,	,	PUNCT
ajfa-456	175	50	vol	vol	NOUN
ajfa-456	175	51	.	.	PROPN
ajfa-456	175	52	2	2	NUM
ajfa-456	175	53	,	,	PUNCT
ajfa-456	175	54	no	no	INTJ
ajfa-456	175	55	.	.	NOUN
ajfa-456	175	56	2	2	NUM
ajfa-456	175	57	:	:	PUNCT
ajfa-456	175	58	e1	e1	VERB
ajfa-456	175	59	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	175	60	10	10	NUM
ajfa-456	175	61	securities	security	NOUN
ajfa-456	175	62	dealers	dealer	NOUN
ajfa-456	175	63	is	be	AUX
ajfa-456	175	64	not	not	PART
ajfa-456	175	65	as	as	ADV
ajfa-456	175	66	conspicuous	conspicuous	ADJ
ajfa-456	175	67	as	as	ADP
ajfa-456	175	68	that	that	PRON
ajfa-456	175	69	of	of	ADP
ajfa-456	175	70	domestic	domestic	ADJ
ajfa-456	175	71	mutual	mutual	ADJ
ajfa-456	175	72	-	-	PUNCT
ajfa-456	175	73	funds	fund	NOUN
ajfa-456	175	74	investors	investor	NOUN
ajfa-456	175	75	.	.	PUNCT
ajfa-456	176	1	regardless	regardless	ADV
ajfa-456	176	2	of	of	ADP
ajfa-456	176	3	whether	whether	SCONJ
ajfa-456	176	4	it	it	PRON
ajfa-456	176	5	is	be	AUX
ajfa-456	176	6	foreign	foreign	ADJ
ajfa-456	176	7	institutional	institutional	ADJ
ajfa-456	176	8	investors	investor	NOUN
ajfa-456	176	9	,	,	PUNCT
ajfa-456	176	10	domestic	domestic	ADJ
ajfa-456	176	11	mutual	mutual	ADJ
ajfa-456	176	12	-	-	PUNCT
ajfa-456	176	13	funds	fund	NOUN
ajfa-456	176	14	investors	investor	NOUN
ajfa-456	176	15	,	,	PUNCT
ajfa-456	176	16	or	or	CCONJ
ajfa-456	176	17	domestic	domestic	ADJ
ajfa-456	176	18	securities	security	NOUN
ajfa-456	176	19	dealers	dealer	NOUN
ajfa-456	176	20	,	,	PUNCT
ajfa-456	176	21	the	the	DET
ajfa-456	176	22	measure	measure	NOUN
ajfa-456	176	23	of	of	ADP
ajfa-456	176	24	following	follow	VERB
ajfa-456	176	25	one	one	NUM
ajfa-456	176	26	’s	’s	PART
ajfa-456	176	27	own	own	ADJ
ajfa-456	176	28	trade	trade	NOUN
ajfa-456	176	29	from	from	ADP
ajfa-456	176	30	the	the	DET
ajfa-456	176	31	previous	previous	ADJ
ajfa-456	176	32	day	day	NOUN
ajfa-456	176	33	is	be	AUX
ajfa-456	176	34	much	much	ADV
ajfa-456	176	35	greater	great	ADJ
ajfa-456	176	36	than	than	ADP
ajfa-456	176	37	the	the	DET
ajfa-456	176	38	measure	measure	NOUN
ajfa-456	176	39	of	of	ADP
ajfa-456	176	40	following	follow	VERB
ajfa-456	176	41	other	other	ADJ
ajfa-456	176	42	investors	investor	NOUN
ajfa-456	176	43	’	'	PUNCT
ajfa-456	176	44	trades	trade	NOUN
ajfa-456	176	45	from	from	ADP
ajfa-456	176	46	the	the	DET
ajfa-456	176	47	previous	previous	ADJ
ajfa-456	176	48	day	day	NOUN
ajfa-456	176	49	.	.	PUNCT
ajfa-456	177	1	the	the	DET
ajfa-456	177	2	gap	gap	NOUN
ajfa-456	177	3	between	between	ADP
ajfa-456	177	4	the	the	DET
ajfa-456	177	5	two	two	NUM
ajfa-456	177	6	measures	measure	NOUN
ajfa-456	177	7	,	,	PUNCT
ajfa-456	177	8	following	follow	VERB
ajfa-456	177	9	a	a	DET
ajfa-456	177	10	paired	pair	VERB
ajfa-456	177	11	t	t	NOUN
ajfa-456	177	12	-	-	PUNCT
ajfa-456	177	13	test	test	NOUN
ajfa-456	177	14	,	,	PUNCT
ajfa-456	177	15	is	be	AUX
ajfa-456	177	16	significantly	significantly	ADV
ajfa-456	177	17	different	different	ADJ
ajfa-456	177	18	at	at	ADP
ajfa-456	177	19	the	the	DET
ajfa-456	177	20	1	1	NUM
ajfa-456	177	21	%	%	NOUN
ajfa-456	177	22	level	level	NOUN
ajfa-456	177	23	for	for	ADP
ajfa-456	177	24	all	all	DET
ajfa-456	177	25	three	three	NUM
ajfa-456	177	26	types	type	NOUN
ajfa-456	177	27	of	of	ADP
ajfa-456	177	28	institutional	institutional	ADJ
ajfa-456	177	29	investors	investor	NOUN
ajfa-456	177	30	.	.	PUNCT
ajfa-456	178	1	this	this	DET
ajfa-456	178	2	finding	finding	NOUN
ajfa-456	178	3	suggest	suggest	VERB
ajfa-456	178	4	that	that	SCONJ
ajfa-456	178	5	(	(	PUNCT
ajfa-456	178	6	1	1	X
ajfa-456	178	7	)	)	PUNCT
ajfa-456	178	8	foreign	foreign	ADJ
ajfa-456	178	9	institutional	institutional	ADJ
ajfa-456	178	10	investors	investor	NOUN
ajfa-456	178	11	’	'	PUNCT
ajfa-456	178	12	tendency	tendency	NOUN
ajfa-456	178	13	to	to	PART
ajfa-456	178	14	follow	follow	VERB
ajfa-456	178	15	their	their	PRON
ajfa-456	178	16	own	own	ADJ
ajfa-456	178	17	trades	trade	NOUN
ajfa-456	178	18	from	from	ADP
ajfa-456	178	19	the	the	DET
ajfa-456	178	20	previous	previous	ADJ
ajfa-456	178	21	day	day	NOUN
ajfa-456	178	22	is	be	AUX
ajfa-456	178	23	greater	great	ADJ
ajfa-456	178	24	than	than	ADP
ajfa-456	178	25	the	the	DET
ajfa-456	178	26	same	same	ADJ
ajfa-456	178	27	investors	investor	NOUN
ajfa-456	178	28	’	'	PUNCT
ajfa-456	178	29	tendency	tendency	NOUN
ajfa-456	178	30	to	to	PART
ajfa-456	178	31	herd	herd	VERB
ajfa-456	178	32	,	,	PUNCT
ajfa-456	178	33	and	and	CCONJ
ajfa-456	178	34	(	(	PUNCT
ajfa-456	178	35	2	2	X
ajfa-456	178	36	)	)	PUNCT
ajfa-456	178	37	institutional	institutional	ADJ
ajfa-456	178	38	investors	investor	NOUN
ajfa-456	178	39	practice	practice	VERB
ajfa-456	178	40	a	a	DET
ajfa-456	178	41	trading	trading	NOUN
ajfa-456	178	42	strategy	strategy	NOUN
ajfa-456	178	43	of	of	ADP
ajfa-456	178	44	spreading	spread	VERB
ajfa-456	178	45	the	the	DET
ajfa-456	178	46	buy	buy	NOUN
ajfa-456	178	47	or	or	CCONJ
ajfa-456	178	48	sell	sell	VERB
ajfa-456	178	49	tickets	ticket	NOUN
ajfa-456	178	50	for	for	ADP
ajfa-456	178	51	the	the	DET
ajfa-456	178	52	same	same	ADJ
ajfa-456	178	53	stock	stock	NOUN
ajfa-456	178	54	over	over	ADP
ajfa-456	178	55	a	a	DET
ajfa-456	178	56	period	period	NOUN
ajfa-456	178	57	of	of	ADP
ajfa-456	178	58	time	time	NOUN
ajfa-456	178	59	.	.	PUNCT
ajfa-456	179	1	4	4	X
ajfa-456	179	2	.	.	X
ajfa-456	180	1	what	what	PRON
ajfa-456	180	2	drives	drive	VERB
ajfa-456	180	3	herding	herd	VERB
ajfa-456	180	4	?	?	PUNCT
ajfa-456	181	1	since	since	SCONJ
ajfa-456	181	2	scharfstein	scharfstein	PROPN
ajfa-456	181	3	and	and	CCONJ
ajfa-456	181	4	stein	stein	PROPN
ajfa-456	181	5	(	(	PUNCT
ajfa-456	181	6	1990	1990	NUM
ajfa-456	181	7	)	)	PUNCT
ajfa-456	181	8	first	first	ADV
ajfa-456	181	9	propose	propose	VERB
ajfa-456	181	10	a	a	DET
ajfa-456	181	11	theoretical	theoretical	ADJ
ajfa-456	181	12	interpretation	interpretation	NOUN
ajfa-456	181	13	of	of	ADP
ajfa-456	181	14	herding	herding	NOUN
ajfa-456	181	15	behavior	behavior	NOUN
ajfa-456	181	16	,	,	PUNCT
ajfa-456	181	17	many	many	ADJ
ajfa-456	181	18	scholars	scholar	NOUN
ajfa-456	181	19	have	have	AUX
ajfa-456	181	20	followed	follow	VERB
ajfa-456	181	21	suit	suit	NOUN
ajfa-456	181	22	in	in	ADP
ajfa-456	181	23	an	an	DET
ajfa-456	181	24	attempt	attempt	NOUN
ajfa-456	181	25	to	to	PART
ajfa-456	181	26	find	find	VERB
ajfa-456	181	27	reasonable	reasonable	ADJ
ajfa-456	181	28	explanations	explanation	NOUN
ajfa-456	181	29	for	for	ADP
ajfa-456	181	30	the	the	DET
ajfa-456	181	31	same	same	ADJ
ajfa-456	181	32	phenomenon	phenomenon	NOUN
ajfa-456	181	33	.	.	PUNCT
ajfa-456	182	1	according	accord	VERB
ajfa-456	182	2	to	to	ADP
ajfa-456	182	3	the	the	DET
ajfa-456	182	4	wealth	wealth	NOUN
ajfa-456	182	5	of	of	ADP
ajfa-456	182	6	explanatory	explanatory	ADJ
ajfa-456	182	7	models	model	NOUN
ajfa-456	182	8	proposed	propose	VERB
ajfa-456	182	9	so	so	ADV
ajfa-456	182	10	far	far	ADV
ajfa-456	182	11	,	,	PUNCT
ajfa-456	182	12	institutional	institutional	ADJ
ajfa-456	182	13	herding	herding	NOUN
ajfa-456	182	14	can	can	AUX
ajfa-456	182	15	be	be	AUX
ajfa-456	182	16	classified	classify	VERB
ajfa-456	182	17	into	into	ADP
ajfa-456	182	18	five	five	NUM
ajfa-456	182	19	types	type	NOUN
ajfa-456	182	20	—	—	PUNCT
ajfa-456	182	21	impulsive	impulsive	ADJ
ajfa-456	182	22	or	or	CCONJ
ajfa-456	182	23	emotional	emotional	ADJ
ajfa-456	182	24	herding	herding	NOUN
ajfa-456	182	25	(	(	PUNCT
ajfa-456	182	26	montgomery	montgomery	PROPN
ajfa-456	182	27	,	,	PUNCT
ajfa-456	182	28	1991	1991	NUM
ajfa-456	182	29	;	;	PUNCT
ajfa-456	182	30	sornette	sornette	NOUN
ajfa-456	182	31	and	and	CCONJ
ajfa-456	182	32	johansen	johansen	PROPN
ajfa-456	182	33	,	,	PUNCT
ajfa-456	182	34	1997	1997	NUM
ajfa-456	182	35	;	;	PUNCT
ajfa-456	182	36	pretcher	pretcher	NUM
ajfa-456	182	37	,	,	PUNCT
ajfa-456	182	38	2001	2001	NUM
ajfa-456	182	39	)	)	PUNCT
ajfa-456	182	40	,	,	PUNCT
ajfa-456	182	41	herding	herd	VERB
ajfa-456	182	42	related	relate	VERB
ajfa-456	182	43	to	to	ADP
ajfa-456	182	44	reputation	reputation	NOUN
ajfa-456	182	45	and	and	CCONJ
ajfa-456	182	46	salary	salary	NOUN
ajfa-456	182	47	concerns5	concerns5	PROPN
ajfa-456	182	48	(	(	PUNCT
ajfa-456	182	49	scharfstein	scharfstein	PROPN
ajfa-456	182	50	and	and	CCONJ
ajfa-456	182	51	stein	stein	PROPN
ajfa-456	182	52	,	,	PUNCT
ajfa-456	182	53	1990	1990	NUM
ajfa-456	182	54	;	;	PUNCT
ajfa-456	182	55	lakonishok	lakonishok	NOUN
ajfa-456	182	56	et	et	PROPN
ajfa-456	182	57	al	al	PROPN
ajfa-456	182	58	.	.	PROPN
ajfa-456	182	59	,	,	PUNCT
ajfa-456	182	60	1992	1992	NUM
ajfa-456	182	61	;	;	PUNCT
ajfa-456	182	62	wermers	wermer	NOUN
ajfa-456	182	63	,	,	PUNCT
ajfa-456	182	64	1999	1999	NUM
ajfa-456	182	65	)	)	PUNCT
ajfa-456	182	66	,	,	PUNCT
ajfa-456	182	67	herding	herd	VERB
ajfa-456	182	68	stemming	stem	VERB
ajfa-456	182	69	from	from	ADP
ajfa-456	182	70	informational	informational	ADJ
ajfa-456	182	71	cascades	cascade	NOUN
ajfa-456	182	72	(	(	PUNCT
ajfa-456	182	73	banerjee	banerjee	PROPN
ajfa-456	182	74	,	,	PUNCT
ajfa-456	182	75	1992	1992	NUM
ajfa-456	182	76	;	;	PUNCT
ajfa-456	182	77	bikhchandani	bikhchandani	PROPN
ajfa-456	182	78	et	et	PROPN
ajfa-456	182	79	al	al	PROPN
ajfa-456	182	80	.	.	PROPN
ajfa-456	182	81	,	,	PUNCT
ajfa-456	182	82	1992	1992	NUM
ajfa-456	182	83	;	;	PUNCT
ajfa-456	182	84	welch	welch	PROPN
ajfa-456	182	85	,	,	PUNCT
ajfa-456	182	86	1992	1992	NUM
ajfa-456	182	87	)	)	PUNCT
ajfa-456	182	88	,	,	PUNCT
ajfa-456	182	89	investigative	investigative	ADJ
ajfa-456	182	90	herding	herding	NOUN
ajfa-456	182	91	(	(	PUNCT
ajfa-456	182	92	froot	froot	INTJ
ajfa-456	182	93	et	et	PROPN
ajfa-456	182	94	al	al	PROPN
ajfa-456	182	95	.	.	PROPN
ajfa-456	182	96	,	,	PUNCT
ajfa-456	182	97	1992	1992	NUM
ajfa-456	182	98	;	;	PUNCT
ajfa-456	182	99	hirshleifer	hirshleifer	NOUN
ajfa-456	182	100	et	et	PROPN
ajfa-456	182	101	al	al	PROPN
ajfa-456	182	102	.	.	PROPN
ajfa-456	182	103	,	,	PUNCT
ajfa-456	182	104	1994	1994	NUM
ajfa-456	182	105	)	)	PUNCT
ajfa-456	182	106	,	,	PUNCT
ajfa-456	182	107	and	and	CCONJ
ajfa-456	182	108	characteristic	characteristic	ADJ
ajfa-456	182	109	herding	herding	NOUN
ajfa-456	182	110	(	(	PUNCT
ajfa-456	182	111	falkenstein	falkenstein	VERB
ajfa-456	182	112	,	,	PUNCT
ajfa-456	182	113	1996	1996	NUM
ajfa-456	182	114	;	;	PUNCT
ajfa-456	182	115	gompers	gomper	NOUN
ajfa-456	182	116	and	and	CCONJ
ajfa-456	182	117	metrick	metrick	ADJ
ajfa-456	182	118	,	,	PUNCT
ajfa-456	182	119	2001	2001	NUM
ajfa-456	182	120	;	;	PUNCT
ajfa-456	182	121	jegadeesh	jegadeesh	NOUN
ajfa-456	182	122	and	and	CCONJ
ajfa-456	182	123	titman	titman	NOUN
ajfa-456	182	124	,	,	PUNCT
ajfa-456	182	125	1993	1993	NUM
ajfa-456	182	126	)	)	PUNCT
ajfa-456	182	127	.	.	PUNCT
ajfa-456	183	1	the	the	DET
ajfa-456	183	2	present	present	ADJ
ajfa-456	183	3	study	study	NOUN
ajfa-456	183	4	reflects	reflect	VERB
ajfa-456	183	5	our	our	PRON
ajfa-456	183	6	attempt	attempt	NOUN
ajfa-456	183	7	to	to	PART
ajfa-456	183	8	identify	identify	VERB
ajfa-456	183	9	and	and	CCONJ
ajfa-456	183	10	to	to	PART
ajfa-456	183	11	analyze	analyze	VERB
ajfa-456	183	12	the	the	DET
ajfa-456	183	13	main	main	ADJ
ajfa-456	183	14	reasons	reason	NOUN
ajfa-456	183	15	for	for	ADP
ajfa-456	183	16	institutional	institutional	ADJ
ajfa-456	183	17	herding	herding	NOUN
ajfa-456	183	18	in	in	ADP
ajfa-456	183	19	taiwan	taiwan	PROPN
ajfa-456	183	20	’s	’s	PART
ajfa-456	183	21	stock	stock	NOUN
ajfa-456	183	22	market	market	NOUN
ajfa-456	183	23	by	by	ADP
ajfa-456	183	24	examining	examine	VERB
ajfa-456	183	25	market	market	NOUN
ajfa-456	183	26	stress	stress	NOUN
ajfa-456	183	27	,	,	PUNCT
ajfa-456	183	28	momentum	momentum	NOUN
ajfa-456	183	29	trading	trading	NOUN
ajfa-456	183	30	,	,	PUNCT
ajfa-456	183	31	return	return	VERB
ajfa-456	183	32	reversal	reversal	NOUN
ajfa-456	183	33	,	,	PUNCT
ajfa-456	183	34	and	and	CCONJ
ajfa-456	183	35	firm	firm	ADJ
ajfa-456	183	36	size	size	NOUN
ajfa-456	183	37	.	.	PUNCT
ajfa-456	184	1	in	in	ADP
ajfa-456	184	2	the	the	DET
ajfa-456	184	3	following	following	ADJ
ajfa-456	184	4	section	section	NOUN
ajfa-456	184	5	,	,	PUNCT
ajfa-456	184	6	section	section	NOUN
ajfa-456	184	7	4.1	4.1	NUM
ajfa-456	184	8	deals	deal	NOUN
ajfa-456	184	9	with	with	ADP
ajfa-456	184	10	impulsive	impulsive	ADJ
ajfa-456	184	11	or	or	CCONJ
ajfa-456	184	12	emotional	emotional	ADJ
ajfa-456	184	13	herding	herding	NOUN
ajfa-456	184	14	,	,	PUNCT
ajfa-456	184	15	section	section	NOUN
ajfa-456	184	16	4.2	4.2	NUM
ajfa-456	184	17	examines	examine	VERB
ajfa-456	184	18	the	the	DET
ajfa-456	184	19	characteristic	characteristic	NOUN
ajfa-456	184	20	of	of	ADP
ajfa-456	184	21	herding	herding	NOUN
ajfa-456	184	22	,	,	PUNCT
ajfa-456	184	23	section	section	NOUN
ajfa-456	184	24	4.3	4.3	NUM
ajfa-456	184	25	investigates	investigate	VERB
ajfa-456	184	26	herding	herd	VERB
ajfa-456	184	27	as	as	ADV
ajfa-456	184	28	related	relate	VERB
ajfa-456	184	29	to	to	ADP
ajfa-456	184	30	reputation	reputation	NOUN
ajfa-456	184	31	and	and	CCONJ
ajfa-456	184	32	salary	salary	NOUN
ajfa-456	184	33	concerns	concern	NOUN
ajfa-456	184	34	,	,	PUNCT
ajfa-456	184	35	and	and	CCONJ
ajfa-456	184	36	section	section	NOUN
ajfa-456	184	37	4.4	4.4	NUM
ajfa-456	184	38	discusses	discuss	VERB
ajfa-456	184	39	herding	herd	VERB
ajfa-456	184	40	from	from	ADP
ajfa-456	184	41	informational	informational	ADJ
ajfa-456	184	42	cascades	cascade	NOUN
ajfa-456	184	43	or	or	CCONJ
ajfa-456	184	44	investigative	investigative	ADJ
ajfa-456	184	45	herding	herding	NOUN
ajfa-456	184	46	.	.	PUNCT
ajfa-456	185	1	4.1	4.1	NUM
ajfa-456	185	2	market	market	NOUN
ajfa-456	185	3	stress	stress	NOUN
ajfa-456	185	4	and	and	CCONJ
ajfa-456	185	5	herding	herd	VERB
ajfa-456	185	6	sornette	sornette	NOUN
ajfa-456	185	7	and	and	CCONJ
ajfa-456	185	8	johansen	johansen	PROPN
ajfa-456	185	9	(	(	PUNCT
ajfa-456	185	10	1997	1997	NUM
ajfa-456	185	11	)	)	PUNCT
ajfa-456	185	12	and	and	CCONJ
ajfa-456	185	13	pretcher	pretcher	NOUN
ajfa-456	185	14	(	(	PUNCT
ajfa-456	185	15	2001	2001	NUM
ajfa-456	185	16	)	)	PUNCT
ajfa-456	185	17	argue	argue	VERB
ajfa-456	185	18	that	that	SCONJ
ajfa-456	185	19	impulsive	impulsive	ADJ
ajfa-456	185	20	or	or	CCONJ
ajfa-456	185	21	emotional	emotional	ADJ
ajfa-456	185	22	herding	herding	NOUN
ajfa-456	185	23	is	be	AUX
ajfa-456	185	24	a	a	DET
ajfa-456	185	25	human	human	ADJ
ajfa-456	185	26	biological	biological	ADJ
ajfa-456	185	27	instinct	instinct	NOUN
ajfa-456	185	28	inherited	inherit	VERB
ajfa-456	185	29	from	from	ADP
ajfa-456	185	30	ancestors	ancestor	NOUN
ajfa-456	185	31	.	.	PUNCT
ajfa-456	186	1	it	it	PRON
ajfa-456	186	2	is	be	AUX
ajfa-456	186	3	a	a	DET
ajfa-456	186	4	response	response	NOUN
ajfa-456	186	5	similar	similar	ADJ
ajfa-456	186	6	to	to	ADP
ajfa-456	186	7	the	the	DET
ajfa-456	186	8	way	way	NOUN
ajfa-456	186	9	animals	animal	NOUN
ajfa-456	186	10	in	in	ADP
ajfa-456	186	11	a	a	DET
ajfa-456	186	12	herd	herd	NOUN
ajfa-456	186	13	flee	flee	NOUN
ajfa-456	186	14	when	when	SCONJ
ajfa-456	186	15	they	they	PRON
ajfa-456	186	16	see	see	VERB
ajfa-456	186	17	others	other	NOUN
ajfa-456	186	18	in	in	ADP
ajfa-456	186	19	the	the	DET
ajfa-456	186	20	herd	herd	NOUN
ajfa-456	186	21	starting	start	VERB
ajfa-456	186	22	to	to	PART
ajfa-456	186	23	stampede	stampede	VERB
ajfa-456	186	24	,	,	PUNCT
ajfa-456	186	25	even	even	ADV
ajfa-456	186	26	though	though	SCONJ
ajfa-456	186	27	they	they	PRON
ajfa-456	186	28	do	do	AUX
ajfa-456	186	29	not	not	PART
ajfa-456	186	30	sense	sense	VERB
ajfa-456	186	31	the	the	DET
ajfa-456	186	32	presence	presence	NOUN
ajfa-456	186	33	of	of	ADP
ajfa-456	186	34	a	a	DET
ajfa-456	186	35	predator	predator	NOUN
ajfa-456	186	36	or	or	CCONJ
ajfa-456	186	37	an	an	DET
ajfa-456	186	38	enemy	enemy	NOUN
ajfa-456	186	39	.	.	PUNCT
ajfa-456	187	1	montgomery	montgomery	PROPN
ajfa-456	187	2	(	(	PUNCT
ajfa-456	187	3	1991	1991	NUM
ajfa-456	187	4	)	)	PUNCT
ajfa-456	187	5	proposes	propose	VERB
ajfa-456	187	6	that	that	SCONJ
ajfa-456	187	7	when	when	SCONJ
ajfa-456	187	8	uncertainty	uncertainty	NOUN
ajfa-456	187	9	or	or	CCONJ
ajfa-456	187	10	market	market	NOUN
ajfa-456	187	11	volatility	volatility	NOUN
ajfa-456	187	12	increases	increase	NOUN
ajfa-456	187	13	,	,	PUNCT
ajfa-456	187	14	investors	investor	NOUN
ajfa-456	187	15	are	be	AUX
ajfa-456	187	16	prone	prone	ADJ
ajfa-456	187	17	to	to	ADP
ajfa-456	187	18	err	err	VERB
ajfa-456	187	19	under	under	ADP
ajfa-456	187	20	strong	strong	ADJ
ajfa-456	187	21	pressure	pressure	NOUN
ajfa-456	187	22	,	,	PUNCT
ajfa-456	187	23	and	and	CCONJ
ajfa-456	187	24	the	the	DET
ajfa-456	187	25	impulse	impulse	NOUN
ajfa-456	187	26	to	to	PART
ajfa-456	187	27	herd	herd	VERB
ajfa-456	187	28	becomes	become	VERB
ajfa-456	187	29	particularly	particularly	ADV
ajfa-456	187	30	strong	strong	ADJ
ajfa-456	187	31	.	.	PUNCT
ajfa-456	188	1	at	at	ADP
ajfa-456	188	2	that	that	DET
ajfa-456	188	3	time	time	NOUN
ajfa-456	188	4	,	,	PUNCT
ajfa-456	188	5	investors	investor	NOUN
ajfa-456	188	6	are	be	AUX
ajfa-456	188	7	no	no	ADV
ajfa-456	188	8	longer	long	ADV
ajfa-456	188	9	concerned	concerned	ADJ
ajfa-456	188	10	about	about	ADP
ajfa-456	188	11	a	a	DET
ajfa-456	188	12	reasonable	reasonable	ADJ
ajfa-456	188	13	price	price	NOUN
ajfa-456	188	14	from	from	ADP
ajfa-456	188	15	discounted	discount	VERB
ajfa-456	188	16	future	future	ADJ
ajfa-456	188	17	cash	cash	NOUN
ajfa-456	188	18	flow	flow	NOUN
ajfa-456	188	19	;	;	PUNCT
ajfa-456	188	20	they	they	PRON
ajfa-456	188	21	hope	hope	VERB
ajfa-456	188	22	only	only	ADV
ajfa-456	188	23	to	to	PART
ajfa-456	188	24	be	be	AUX
ajfa-456	188	25	relieved	relieve	VERB
ajfa-456	188	26	of	of	ADP
ajfa-456	188	27	strong	strong	ADJ
ajfa-456	188	28	pressure	pressure	NOUN
ajfa-456	188	29	.	.	PUNCT
ajfa-456	189	1	if	if	SCONJ
ajfa-456	189	2	investors	investor	NOUN
ajfa-456	189	3	herd	herd	VERB
ajfa-456	189	4	out	out	ADP
ajfa-456	189	5	of	of	ADP
ajfa-456	189	6	impulse	impulse	ADJ
ajfa-456	189	7	or	or	CCONJ
ajfa-456	189	8	emotion	emotion	NOUN
ajfa-456	189	9	,	,	PUNCT
ajfa-456	189	10	herding	herding	NOUN
ajfa-456	189	11	behavior	behavior	NOUN
ajfa-456	189	12	would	would	AUX
ajfa-456	189	13	markedly	markedly	ADV
ajfa-456	189	14	intensify	intensify	VERB
ajfa-456	189	15	during	during	ADP
ajfa-456	189	16	periods	period	NOUN
ajfa-456	189	17	of	of	ADP
ajfa-456	189	18	great	great	ADJ
ajfa-456	189	19	market	market	NOUN
ajfa-456	189	20	pressure	pressure	NOUN
ajfa-456	189	21	.	.	PUNCT
ajfa-456	190	1	demirer	demirer	NOUN
ajfa-456	190	2	and	and	CCONJ
ajfa-456	190	3	kutan	kutan	PROPN
ajfa-456	190	4	(	(	PUNCT
ajfa-456	190	5	2006	2006	NUM
ajfa-456	190	6	)	)	PUNCT
ajfa-456	190	7	study	study	VERB
ajfa-456	190	8	the	the	DET
ajfa-456	190	9	impact	impact	NOUN
ajfa-456	190	10	of	of	ADP
ajfa-456	190	11	the	the	DET
ajfa-456	190	12	asian	asian	ADJ
ajfa-456	190	13	financial	financial	ADJ
ajfa-456	190	14	crisis	crisis	NOUN
ajfa-456	190	15	on	on	ADP
ajfa-456	190	16	herd	herd	NOUN
ajfa-456	190	17	behavior	behavior	NOUN
ajfa-456	190	18	in	in	ADP
ajfa-456	190	19	the	the	DET
ajfa-456	190	20	chinese	chinese	ADJ
ajfa-456	190	21	stock	stock	NOUN
ajfa-456	190	22	market	market	NOUN
ajfa-456	190	23	.	.	PUNCT
ajfa-456	191	1	their	their	PRON
ajfa-456	191	2	results	result	NOUN
ajfa-456	191	3	indicate	indicate	VERB
ajfa-456	191	4	that	that	SCONJ
ajfa-456	191	5	the	the	DET
ajfa-456	191	6	crisis	crisis	NOUN
ajfa-456	191	7	did	do	AUX
ajfa-456	191	8	not	not	PART
ajfa-456	191	9	affect	affect	VERB
ajfa-456	191	10	herd	herd	ADJ
ajfa-456	191	11	formation	formation	NOUN
ajfa-456	191	12	in	in	ADP
ajfa-456	191	13	the	the	DET
ajfa-456	191	14	chinese	chinese	ADJ
ajfa-456	191	15	stock	stock	NOUN
ajfa-456	191	16	market	market	NOUN
ajfa-456	191	17	.	.	PUNCT
ajfa-456	192	1	similar	similar	ADJ
ajfa-456	192	2	results	result	NOUN
ajfa-456	192	3	are	be	AUX
ajfa-456	192	4	also	also	ADV
ajfa-456	192	5	found	find	VERB
ajfa-456	192	6	in	in	ADP
ajfa-456	192	7	a	a	DET
ajfa-456	192	8	study	study	NOUN
ajfa-456	192	9	by	by	ADP
ajfa-456	192	10	hatemi	hatemi	NOUN
ajfa-456	192	11	-	-	PUNCT
ajfa-456	192	12	j	j	PROPN
ajfa-456	192	13	and	and	CCONJ
ajfa-456	192	14	roca	roca	PROPN
ajfa-456	192	15	(	(	PUNCT
ajfa-456	192	16	2004	2004	NUM
ajfa-456	192	17	)	)	PUNCT
ajfa-456	192	18	.	.	PUNCT
ajfa-456	193	1	on	on	ADP
ajfa-456	193	2	the	the	DET
ajfa-456	193	3	other	other	ADJ
ajfa-456	193	4	hand	hand	NOUN
ajfa-456	193	5	,	,	PUNCT
ajfa-456	193	6	song	song	NOUN
ajfa-456	193	7	et	et	PROPN
ajfa-456	193	8	al	al	PROPN
ajfa-456	193	9	.	.	PROPN
ajfa-456	194	1	(	(	PUNCT
ajfa-456	194	2	2009	2009	NUM
ajfa-456	194	3	)	)	PUNCT
ajfa-456	194	4	find	find	VERB
ajfa-456	194	5	that	that	SCONJ
ajfa-456	194	6	analysts	analyst	NOUN
ajfa-456	194	7	are	be	AUX
ajfa-456	194	8	more	more	ADV
ajfa-456	194	9	likely	likely	ADJ
ajfa-456	194	10	to	to	PART
ajfa-456	194	11	herd	herd	VERB
ajfa-456	194	12	to	to	ADP
ajfa-456	194	13	a	a	DET
ajfa-456	194	14	consensus	consensus	NOUN
ajfa-456	194	15	forecast	forecast	NOUN
ajfa-456	194	16	when	when	SCONJ
ajfa-456	194	17	there	there	PRON
ajfa-456	194	18	is	be	VERB
ajfa-456	194	19	little	little	ADJ
ajfa-456	194	20	uncertainty	uncertainty	NOUN
ajfa-456	194	21	in	in	ADP
ajfa-456	194	22	earnings	earning	NOUN
ajfa-456	194	23	.	.	PUNCT
ajfa-456	195	1	5	5	NUM
ajfa-456	195	2	institutional	institutional	ADJ
ajfa-456	195	3	herding	herding	NOUN
ajfa-456	195	4	out	out	ADP
ajfa-456	195	5	of	of	ADP
ajfa-456	195	6	reputation	reputation	NOUN
ajfa-456	195	7	and	and	CCONJ
ajfa-456	195	8	salary	salary	NOUN
ajfa-456	195	9	concern	concern	NOUN
ajfa-456	195	10	is	be	AUX
ajfa-456	195	11	a	a	DET
ajfa-456	195	12	consequence	consequence	NOUN
ajfa-456	195	13	of	of	ADP
ajfa-456	195	14	fund	fund	NOUN
ajfa-456	195	15	managers	manager	NOUN
ajfa-456	195	16	’	'	PUNCT
ajfa-456	195	17	willingness	willingness	NOUN
ajfa-456	195	18	to	to	PART
ajfa-456	195	19	forgo	forgo	VERB
ajfa-456	195	20	their	their	PRON
ajfa-456	195	21	private	private	ADJ
ajfa-456	195	22	information	information	NOUN
ajfa-456	195	23	,	,	PUNCT
ajfa-456	195	24	and	and	CCONJ
ajfa-456	195	25	emulate	emulate	VERB
ajfa-456	195	26	the	the	DET
ajfa-456	195	27	trading	trading	NOUN
ajfa-456	195	28	decisions	decision	NOUN
ajfa-456	195	29	of	of	ADP
ajfa-456	195	30	others	other	NOUN
ajfa-456	195	31	in	in	ADP
ajfa-456	195	32	order	order	NOUN
ajfa-456	195	33	to	to	PART
ajfa-456	195	34	avoid	avoid	VERB
ajfa-456	195	35	the	the	DET
ajfa-456	195	36	predicament	predicament	NOUN
ajfa-456	195	37	of	of	ADP
ajfa-456	195	38	lagging	lag	VERB
ajfa-456	195	39	performance	performance	NOUN
ajfa-456	195	40	attributable	attributable	ADJ
ajfa-456	195	41	to	to	ADP
ajfa-456	195	42	the	the	DET
ajfa-456	195	43	fund	fund	NOUN
ajfa-456	195	44	managers	manager	NOUN
ajfa-456	195	45	’	’	PART
ajfa-456	195	46	trading	trading	NOUN
ajfa-456	195	47	decisions	decision	NOUN
ajfa-456	195	48	.	.	PUNCT
ajfa-456	196	1	as	as	ADP
ajfa-456	196	2	such	such	ADJ
ajfa-456	196	3	,	,	PUNCT
ajfa-456	196	4	even	even	ADV
ajfa-456	196	5	if	if	SCONJ
ajfa-456	196	6	the	the	DET
ajfa-456	196	7	trading	trading	NOUN
ajfa-456	196	8	decisions	decision	NOUN
ajfa-456	196	9	of	of	ADP
ajfa-456	196	10	others	other	NOUN
ajfa-456	196	11	are	be	AUX
ajfa-456	196	12	wrong	wrong	ADJ
ajfa-456	196	13	,	,	PUNCT
ajfa-456	196	14	there	there	PRON
ajfa-456	196	15	is	be	VERB
ajfa-456	196	16	a	a	DET
ajfa-456	196	17	sharing	sharing	NOUN
ajfa-456	196	18	-	-	PUNCT
ajfa-456	196	19	the	the	DET
ajfa-456	196	20	-	-	PUNCT
ajfa-456	196	21	blame	blame	NOUN
ajfa-456	196	22	effect	effect	NOUN
ajfa-456	196	23	.	.	PUNCT
ajfa-456	197	1	this	this	DET
ajfa-456	197	2	phenomenon	phenomenon	NOUN
ajfa-456	197	3	reflects	reflect	VERB
ajfa-456	197	4	the	the	DET
ajfa-456	197	5	presence	presence	NOUN
ajfa-456	197	6	of	of	ADP
ajfa-456	197	7	an	an	DET
ajfa-456	197	8	agency	agency	NOUN
ajfa-456	197	9	problem	problem	NOUN
ajfa-456	197	10	between	between	ADP
ajfa-456	197	11	the	the	DET
ajfa-456	197	12	fund	fund	NOUN
ajfa-456	197	13	managers	manager	NOUN
ajfa-456	197	14	and	and	CCONJ
ajfa-456	197	15	the	the	DET
ajfa-456	197	16	investors	investor	NOUN
ajfa-456	197	17	.	.	PUNCT
ajfa-456	198	1	asian	asian	ADJ
ajfa-456	198	2	journal	journal	PROPN
ajfa-456	198	3	of	of	ADP
ajfa-456	198	4	finance	finance	PROPN
ajfa-456	198	5	&	&	CCONJ
ajfa-456	198	6	accounting	accounting	PROPN
ajfa-456	198	7	issn	issn	PROPN
ajfa-456	198	8	1946	1946	NUM
ajfa-456	198	9	-	-	PUNCT
ajfa-456	198	10	052x	052x	NOUN
ajfa-456	198	11	2010	2010	NUM
ajfa-456	198	12	,	,	PUNCT
ajfa-456	198	13	vol	vol	NOUN
ajfa-456	198	14	.	.	PROPN
ajfa-456	198	15	2	2	NUM
ajfa-456	198	16	,	,	PUNCT
ajfa-456	198	17	no	no	INTJ
ajfa-456	198	18	.	.	NOUN
ajfa-456	198	19	2	2	NUM
ajfa-456	198	20	:	:	PUNCT
ajfa-456	198	21	e1	e1	VERB
ajfa-456	198	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	198	23	11	11	NUM
ajfa-456	198	24	to	to	PART
ajfa-456	198	25	further	far	ADV
ajfa-456	198	26	explore	explore	VERB
ajfa-456	198	27	the	the	DET
ajfa-456	198	28	correlation	correlation	NOUN
ajfa-456	198	29	between	between	ADP
ajfa-456	198	30	herding	herding	NOUN
ajfa-456	198	31	and	and	CCONJ
ajfa-456	198	32	market	market	NOUN
ajfa-456	198	33	pressure	pressure	NOUN
ajfa-456	198	34	,	,	PUNCT
ajfa-456	198	35	our	our	PRON
ajfa-456	198	36	current	current	ADJ
ajfa-456	198	37	study	study	NOUN
ajfa-456	198	38	identifies	identify	VERB
ajfa-456	198	39	two	two	NUM
ajfa-456	198	40	events	event	NOUN
ajfa-456	198	41	,	,	PUNCT
ajfa-456	198	42	the	the	DET
ajfa-456	198	43	sars	sars	PROPN
ajfa-456	198	44	outbreak	outbreak	NOUN
ajfa-456	198	45	and	and	CCONJ
ajfa-456	198	46	the	the	DET
ajfa-456	198	47	2004	2004	NUM
ajfa-456	198	48	taiwan	taiwan	PROPN
ajfa-456	198	49	presidential	presidential	ADJ
ajfa-456	198	50	-	-	PUNCT
ajfa-456	198	51	election	election	NOUN
ajfa-456	198	52	debacle	debacle	NOUN
ajfa-456	198	53	,	,	PUNCT
ajfa-456	198	54	as	as	ADP
ajfa-456	198	55	extraordinary	extraordinary	ADJ
ajfa-456	198	56	events	event	NOUN
ajfa-456	198	57	likely	likely	ADJ
ajfa-456	198	58	to	to	PART
ajfa-456	198	59	affect	affect	VERB
ajfa-456	198	60	the	the	DET
ajfa-456	198	61	stock	stock	NOUN
ajfa-456	198	62	market	market	NOUN
ajfa-456	198	63	.	.	PUNCT
ajfa-456	199	1	we	we	PRON
ajfa-456	199	2	examine	examine	VERB
ajfa-456	199	3	whether	whether	SCONJ
ajfa-456	199	4	there	there	PRON
ajfa-456	199	5	existed	exist	VERB
ajfa-456	199	6	significant	significant	ADJ
ajfa-456	199	7	herding	herding	NOUN
ajfa-456	199	8	differences	difference	NOUN
ajfa-456	199	9	between	between	ADP
ajfa-456	199	10	each	each	PRON
ajfa-456	199	11	of	of	ADP
ajfa-456	199	12	these	these	DET
ajfa-456	199	13	events	event	NOUN
ajfa-456	199	14	and	and	CCONJ
ajfa-456	199	15	a	a	DET
ajfa-456	199	16	control	control	NOUN
ajfa-456	199	17	period	period	NOUN
ajfa-456	199	18	.	.	PUNCT
ajfa-456	200	1	panel	panel	NOUN
ajfa-456	200	2	a	a	DET
ajfa-456	200	3	in	in	ADP
ajfa-456	200	4	table	table	NOUN
ajfa-456	200	5	3	3	NUM
ajfa-456	200	6	reveals	reveal	VERB
ajfa-456	200	7	the	the	DET
ajfa-456	200	8	absence	absence	NOUN
ajfa-456	200	9	of	of	ADP
ajfa-456	200	10	a	a	DET
ajfa-456	200	11	significant	significant	ADJ
ajfa-456	200	12	difference	difference	NOUN
ajfa-456	200	13	between	between	ADP
ajfa-456	200	14	the	the	DET
ajfa-456	200	15	herding	herding	NOUN
ajfa-456	200	16	of	of	ADP
ajfa-456	200	17	institutional	institutional	ADJ
ajfa-456	200	18	investors	investor	NOUN
ajfa-456	200	19	during	during	ADP
ajfa-456	200	20	the	the	DET
ajfa-456	200	21	sars	sars	PROPN
ajfa-456	200	22	outbreak	outbreak	NOUN
ajfa-456	200	23	and	and	CCONJ
ajfa-456	200	24	a	a	DET
ajfa-456	200	25	control	control	NOUN
ajfa-456	200	26	period	period	NOUN
ajfa-456	200	27	.	.	PUNCT
ajfa-456	201	1	panel	panel	NOUN
ajfa-456	201	2	b	b	PROPN
ajfa-456	201	3	in	in	ADP
ajfa-456	201	4	table	table	NOUN
ajfa-456	201	5	3	3	NUM
ajfa-456	201	6	shows	show	VERB
ajfa-456	201	7	the	the	DET
ajfa-456	201	8	absence	absence	NOUN
ajfa-456	201	9	of	of	ADP
ajfa-456	201	10	significant	significant	ADJ
ajfa-456	201	11	differences	difference	NOUN
ajfa-456	201	12	between	between	ADP
ajfa-456	201	13	the	the	DET
ajfa-456	201	14	herding	herd	VERB
ajfa-456	201	15	behavior	behavior	NOUN
ajfa-456	201	16	of	of	ADP
ajfa-456	201	17	institutional	institutional	ADJ
ajfa-456	201	18	investors	investor	NOUN
ajfa-456	201	19	in	in	ADP
ajfa-456	201	20	the	the	DET
ajfa-456	201	21	week	week	NOUN
ajfa-456	201	22	after	after	ADP
ajfa-456	201	23	the	the	DET
ajfa-456	201	24	2004	2004	NUM
ajfa-456	201	25	presidential	presidential	ADJ
ajfa-456	201	26	elections	election	NOUN
ajfa-456	201	27	and	and	CCONJ
ajfa-456	201	28	a	a	DET
ajfa-456	201	29	control	control	NOUN
ajfa-456	201	30	period	period	NOUN
ajfa-456	201	31	.	.	PUNCT
ajfa-456	202	1	only	only	ADV
ajfa-456	202	2	foreign	foreign	ADJ
ajfa-456	202	3	institutional	institutional	ADJ
ajfa-456	202	4	investors	investor	NOUN
ajfa-456	202	5	exhibited	exhibit	VERB
ajfa-456	202	6	markedly	markedly	ADV
ajfa-456	202	7	enhanced	enhanced	ADJ
ajfa-456	202	8	herding	herding	NOUN
ajfa-456	202	9	behavior	behavior	NOUN
ajfa-456	202	10	following	follow	VERB
ajfa-456	202	11	the	the	DET
ajfa-456	202	12	presidential	presidential	ADJ
ajfa-456	202	13	election	election	NOUN
ajfa-456	202	14	.	.	PUNCT
ajfa-456	203	1	one	one	NUM
ajfa-456	203	2	plausible	plausible	ADJ
ajfa-456	203	3	explanation	explanation	NOUN
ajfa-456	203	4	of	of	ADP
ajfa-456	203	5	this	this	DET
ajfa-456	203	6	finding	finding	NOUN
ajfa-456	203	7	could	could	AUX
ajfa-456	203	8	involve	involve	VERB
ajfa-456	203	9	the	the	DET
ajfa-456	203	10	particular	particular	ADJ
ajfa-456	203	11	sensitivity	sensitivity	NOUN
ajfa-456	203	12	of	of	ADP
ajfa-456	203	13	foreign	foreign	ADJ
ajfa-456	203	14	institutional	institutional	ADJ
ajfa-456	203	15	investors	investor	NOUN
ajfa-456	203	16	to	to	ADP
ajfa-456	203	17	country	country	NOUN
ajfa-456	203	18	-	-	PUNCT
ajfa-456	203	19	based	base	VERB
ajfa-456	203	20	risk	risk	NOUN
ajfa-456	203	21	in	in	ADP
ajfa-456	203	22	taiwan	taiwan	PROPN
ajfa-456	203	23	’s	’s	PART
ajfa-456	203	24	stock	stock	NOUN
ajfa-456	203	25	market	market	NOUN
ajfa-456	203	26	,	,	PUNCT
ajfa-456	203	27	so	so	ADV
ajfa-456	203	28	they	they	PRON
ajfa-456	203	29	tend	tend	VERB
ajfa-456	203	30	to	to	PART
ajfa-456	203	31	liquidate	liquidate	VERB
ajfa-456	203	32	their	their	PRON
ajfa-456	203	33	holdings	holding	NOUN
ajfa-456	203	34	swiftly	swiftly	ADV
ajfa-456	203	35	in	in	ADP
ajfa-456	203	36	the	the	DET
ajfa-456	203	37	event	event	NOUN
ajfa-456	203	38	of	of	ADP
ajfa-456	203	39	a	a	DET
ajfa-456	203	40	major	major	ADJ
ajfa-456	203	41	and	and	CCONJ
ajfa-456	203	42	unfamiliar	unfamiliar	ADJ
ajfa-456	203	43	political	political	ADJ
ajfa-456	203	44	crisis	crisis	NOUN
ajfa-456	203	45	.	.	PUNCT
ajfa-456	204	1	in	in	ADP
ajfa-456	204	2	contrast	contrast	NOUN
ajfa-456	204	3	,	,	PUNCT
ajfa-456	204	4	most	most	ADJ
ajfa-456	204	5	local	local	ADJ
ajfa-456	204	6	institutional	institutional	ADJ
ajfa-456	204	7	investors	investor	NOUN
ajfa-456	204	8	conducted	conduct	VERB
ajfa-456	204	9	business	business	NOUN
ajfa-456	204	10	as	as	ADP
ajfa-456	204	11	usual	usual	ADJ
ajfa-456	204	12	after	after	ADP
ajfa-456	204	13	the	the	DET
ajfa-456	204	14	2004	2004	NUM
ajfa-456	204	15	presidential	presidential	ADJ
ajfa-456	204	16	election	election	NOUN
ajfa-456	204	17	,	,	PUNCT
ajfa-456	204	18	possibly	possibly	ADV
ajfa-456	204	19	because	because	SCONJ
ajfa-456	204	20	they	they	PRON
ajfa-456	204	21	were	be	AUX
ajfa-456	204	22	accustomed	accustomed	ADJ
ajfa-456	204	23	to	to	ADP
ajfa-456	204	24	political	political	ADJ
ajfa-456	204	25	pandemonium	pandemonium	NOUN
ajfa-456	204	26	in	in	ADP
ajfa-456	204	27	taiwan	taiwan	PROPN
ajfa-456	204	28	.	.	PUNCT
ajfa-456	205	1	from	from	ADP
ajfa-456	205	2	panel	panel	NOUN
ajfa-456	205	3	a	a	PRON
ajfa-456	205	4	and	and	CCONJ
ajfa-456	205	5	panel	panel	NOUN
ajfa-456	205	6	b	b	PROPN
ajfa-456	205	7	of	of	ADP
ajfa-456	205	8	table	table	NOUN
ajfa-456	205	9	3	3	NUM
ajfa-456	205	10	,	,	PUNCT
ajfa-456	205	11	it	it	PRON
ajfa-456	205	12	can	can	AUX
ajfa-456	205	13	be	be	AUX
ajfa-456	205	14	seen	see	VERB
ajfa-456	205	15	that	that	SCONJ
ajfa-456	205	16	except	except	SCONJ
ajfa-456	205	17	for	for	ADP
ajfa-456	205	18	foreign	foreign	ADJ
ajfa-456	205	19	institutional	institutional	ADJ
ajfa-456	205	20	investors	investor	NOUN
ajfa-456	205	21	who	who	PRON
ajfa-456	205	22	displayed	display	VERB
ajfa-456	205	23	an	an	DET
ajfa-456	205	24	enhanced	enhanced	ADJ
ajfa-456	205	25	level	level	NOUN
ajfa-456	205	26	of	of	ADP
ajfa-456	205	27	herding	herding	NOUN
ajfa-456	205	28	following	follow	VERB
ajfa-456	205	29	the	the	DET
ajfa-456	205	30	2004	2004	NUM
ajfa-456	205	31	presidential	presidential	ADJ
ajfa-456	205	32	election	election	NOUN
ajfa-456	205	33	,	,	PUNCT
ajfa-456	205	34	institutional	institutional	ADJ
ajfa-456	205	35	herding	herding	NOUN
ajfa-456	205	36	in	in	ADP
ajfa-456	205	37	taiwan	taiwan	PROPN
ajfa-456	205	38	’s	’s	PART
ajfa-456	205	39	stock	stock	NOUN
ajfa-456	205	40	market	market	NOUN
ajfa-456	205	41	in	in	ADP
ajfa-456	205	42	general	general	ADJ
ajfa-456	205	43	did	do	AUX
ajfa-456	205	44	not	not	PART
ajfa-456	205	45	change	change	VERB
ajfa-456	205	46	significantly	significantly	ADV
ajfa-456	205	47	under	under	ADP
ajfa-456	205	48	increased	increase	VERB
ajfa-456	205	49	market	market	NOUN
ajfa-456	205	50	pressure	pressure	NOUN
ajfa-456	205	51	owing	owe	VERB
ajfa-456	205	52	to	to	ADP
ajfa-456	205	53	the	the	DET
ajfa-456	205	54	occurrence	occurrence	NOUN
ajfa-456	205	55	of	of	ADP
ajfa-456	205	56	a	a	DET
ajfa-456	205	57	sudden	sudden	ADJ
ajfa-456	205	58	material	material	NOUN
ajfa-456	205	59	event	event	NOUN
ajfa-456	205	60	.	.	PUNCT
ajfa-456	206	1	this	this	DET
ajfa-456	206	2	finding	find	VERB
ajfa-456	206	3	further	far	ADV
ajfa-456	206	4	supports	support	VERB
ajfa-456	206	5	the	the	DET
ajfa-456	206	6	assertion	assertion	NOUN
ajfa-456	206	7	that	that	SCONJ
ajfa-456	206	8	institutional	institutional	ADJ
ajfa-456	206	9	herding	herding	NOUN
ajfa-456	206	10	in	in	ADP
ajfa-456	206	11	taiwan	taiwan	PROPN
ajfa-456	206	12	’s	’s	PART
ajfa-456	206	13	stock	stock	NOUN
ajfa-456	206	14	market	market	NOUN
ajfa-456	206	15	is	be	AUX
ajfa-456	206	16	not	not	PART
ajfa-456	206	17	primarily	primarily	ADV
ajfa-456	206	18	driven	drive	VERB
ajfa-456	206	19	by	by	ADP
ajfa-456	206	20	impulse	impulse	ADJ
ajfa-456	206	21	or	or	CCONJ
ajfa-456	206	22	instinct	instinct	NOUN
ajfa-456	206	23	.	.	PUNCT
ajfa-456	207	1	table	table	NOUN
ajfa-456	207	2	3	3	NUM
ajfa-456	207	3	.	.	PUNCT
ajfa-456	208	1	changes	change	NOUN
ajfa-456	208	2	in	in	ADP
ajfa-456	208	3	institutional	institutional	ADJ
ajfa-456	208	4	herding	herding	NOUN
ajfa-456	208	5	under	under	ADP
ajfa-456	208	6	market	market	NOUN
ajfa-456	208	7	stress	stress	NOUN
ajfa-456	208	8	panel	panel	NOUN
ajfa-456	208	9	a	a	DET
ajfa-456	208	10	:	:	PUNCT
ajfa-456	208	11	changes	change	NOUN
ajfa-456	208	12	in	in	ADP
ajfa-456	208	13	institutional	institutional	ADJ
ajfa-456	208	14	herding	herding	NOUN
ajfa-456	208	15	during	during	ADP
ajfa-456	208	16	the	the	DET
ajfa-456	208	17	sars	sars	PROPN
ajfa-456	208	18	outbreak	outbreak	NOUN
ajfa-456	208	19	and	and	CCONJ
ajfa-456	208	20	a	a	DET
ajfa-456	208	21	control	control	NOUN
ajfa-456	208	22	period	period	NOUN
ajfa-456	208	23	period	period	NOUN
ajfa-456	208	24	overall	overall	ADJ
ajfa-456	208	25	foreign	foreign	ADJ
ajfa-456	208	26	institutional	institutional	ADJ
ajfa-456	208	27	investors	investor	NOUN
ajfa-456	208	28	domestic	domestic	ADJ
ajfa-456	208	29	mutual	mutual	ADJ
ajfa-456	208	30	-	-	PUNCT
ajfa-456	208	31	fund	fund	NOUN
ajfa-456	208	32	investors	investor	NOUN
ajfa-456	208	33	domestic	domestic	ADJ
ajfa-456	208	34	securities	security	NOUN
ajfa-456	208	35	dealers	dealer	NOUN
ajfa-456	208	36	sars	sars	PROPN
ajfa-456	208	37	episode	episode	NOUN
ajfa-456	208	38	:	:	PUNCT
ajfa-456	208	39	2003/1/24	2003/1/24	NUM
ajfa-456	208	40	–	–	PUNCT
ajfa-456	208	41	2003/4/28	2003/4/28	NUM
ajfa-456	208	42	0.212185	0.212185	NUM
ajfa-456	208	43	0.00704	0.00704	NUM
ajfa-456	208	44	0.010284	0.010284	NUM
ajfa-456	208	45	-0.00154	-0.00154	NOUN
ajfa-456	208	46	control	control	NOUN
ajfa-456	208	47	period	period	NOUN
ajfa-456	208	48	:	:	PUNCT
ajfa-456	208	49	2002/10/28	2002/10/28	NUM
ajfa-456	208	50	–	–	PUNCT
ajfa-456	208	51	2003/1/23	2003/1/23	NUM
ajfa-456	208	52	2003/4/2	2003/4/2	NUM
ajfa-456	208	53	–	–	PUNCT
ajfa-456	208	54	2003/7/25	2003/7/25	NUM
ajfa-456	208	55	0.223733	0.223733	NUM
ajfa-456	208	56	0.006423	0.006423	NUM
ajfa-456	208	57	0.009225	0.009225	NUM
ajfa-456	208	58	-0.00124	-0.00124	NOUN
ajfa-456	208	59	t	t	PROPN
ajfa-456	208	60	statistic	statistic	NOUN
ajfa-456	208	61	-0.539	-0.539	ADP
ajfa-456	208	62	0.515	0.515	NUM
ajfa-456	208	63	0.659	0.659	NUM
ajfa-456	208	64	-0.224	-0.224	PUNCT
ajfa-456	208	65	panel	panel	NOUN
ajfa-456	208	66	b	b	NOUN
ajfa-456	208	67	:	:	PUNCT
ajfa-456	208	68	changes	change	NOUN
ajfa-456	208	69	in	in	ADP
ajfa-456	208	70	institutional	institutional	ADJ
ajfa-456	208	71	herding	herding	NOUN
ajfa-456	208	72	during	during	ADP
ajfa-456	208	73	the	the	DET
ajfa-456	208	74	post-“2004	post-“2004	ADJ
ajfa-456	208	75	presidential	presidential	ADJ
ajfa-456	208	76	election	election	NOUN
ajfa-456	208	77	”	"	PUNCT
ajfa-456	208	78	period	period	NOUN
ajfa-456	208	79	and	and	CCONJ
ajfa-456	208	80	a	a	DET
ajfa-456	208	81	control	control	NOUN
ajfa-456	208	82	period	period	NOUN
ajfa-456	208	83	post-“2004	post-“2004	VERB
ajfa-456	208	84	presidential	presidential	ADJ
ajfa-456	208	85	election	election	NOUN
ajfa-456	208	86	”	"	PUNCT
ajfa-456	208	87	:	:	PUNCT
ajfa-456	208	88	2004/3/22	2004/3/22	NUM
ajfa-456	208	89	–	–	PUNCT
ajfa-456	208	90	2004/3/26	2004/3/26	NUM
ajfa-456	208	91	0.152982	0.152982	NUM
ajfa-456	208	92	0.013223	0.013223	NUM
ajfa-456	208	93	0.007486	0.007486	NUM
ajfa-456	208	94	0.001783	0.001783	NUM
ajfa-456	208	95	control	control	NOUN
ajfa-456	208	96	period	period	NOUN
ajfa-456	208	97	:	:	PUNCT
ajfa-456	208	98	2004/3/15	2004/3/15	NUM
ajfa-456	208	99	–	–	PUNCT
ajfa-456	208	100	2004/3/19	2004/3/19	NUM
ajfa-456	208	101	2004/3/29	2004/3/29	NUM
ajfa-456	208	102	–	–	PUNCT
ajfa-456	208	103	2004/4/02	2004/4/02	NUM
ajfa-456	208	104	0.167873	0.167873	NUM
ajfa-456	208	105	0.00544	0.00544	NUM
ajfa-456	208	106	0.0004711	0.0004711	NUM
ajfa-456	208	107	0.001275	0.001275	NUM
ajfa-456	208	108	t	t	NOUN
ajfa-456	208	109	statistic	statistic	NOUN
ajfa-456	208	110	-0.25	-0.25	NUM
ajfa-456	208	111	2.517	2.517	NUM
ajfa-456	208	112	*	*	PUNCT
ajfa-456	208	113	*	*	PUNCT
ajfa-456	208	114	0.449	0.449	NUM
ajfa-456	208	115	0.075	0.075	NUM
ajfa-456	208	116	note	note	NOUN
ajfa-456	208	117	:	:	PUNCT
ajfa-456	208	118	*	*	PUNCT
ajfa-456	208	119	*	*	PUNCT
ajfa-456	208	120	indicates	indicate	VERB
ajfa-456	208	121	statistical	statistical	ADJ
ajfa-456	208	122	significance	significance	NOUN
ajfa-456	208	123	at	at	ADP
ajfa-456	208	124	5	5	NUM
ajfa-456	208	125	%	%	NOUN
ajfa-456	208	126	level	level	NOUN
ajfa-456	208	127	.	.	PUNCT
ajfa-456	209	1	4.2	4.2	NUM
ajfa-456	209	2	momentum	momentum	NOUN
ajfa-456	209	3	trading	trading	NOUN
ajfa-456	209	4	and	and	CCONJ
ajfa-456	209	5	herding	herd	VERB
ajfa-456	209	6	during	during	ADP
ajfa-456	209	7	a	a	DET
ajfa-456	209	8	certain	certain	ADJ
ajfa-456	209	9	period	period	NOUN
ajfa-456	209	10	or	or	CCONJ
ajfa-456	209	11	under	under	ADP
ajfa-456	209	12	certain	certain	ADJ
ajfa-456	209	13	market	market	NOUN
ajfa-456	209	14	conditions	condition	NOUN
ajfa-456	209	15	,	,	PUNCT
ajfa-456	209	16	institutional	institutional	ADJ
ajfa-456	209	17	investors	investor	NOUN
ajfa-456	209	18	would	would	AUX
ajfa-456	209	19	have	have	VERB
ajfa-456	209	20	asian	asian	ADJ
ajfa-456	209	21	journal	journal	NOUN
ajfa-456	209	22	of	of	ADP
ajfa-456	209	23	finance	finance	PROPN
ajfa-456	209	24	&	&	CCONJ
ajfa-456	209	25	accounting	accounting	PROPN
ajfa-456	209	26	issn	issn	PROPN
ajfa-456	209	27	1946	1946	NUM
ajfa-456	209	28	-	-	PUNCT
ajfa-456	209	29	052x	052x	NOUN
ajfa-456	209	30	2010	2010	NUM
ajfa-456	209	31	,	,	PUNCT
ajfa-456	209	32	vol	vol	NOUN
ajfa-456	209	33	.	.	PROPN
ajfa-456	209	34	2	2	NUM
ajfa-456	209	35	,	,	PUNCT
ajfa-456	209	36	no	no	INTJ
ajfa-456	209	37	.	.	NOUN
ajfa-456	209	38	2	2	NUM
ajfa-456	209	39	:	:	PUNCT
ajfa-456	209	40	e1	e1	VERB
ajfa-456	209	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	209	42	12	12	NUM
ajfa-456	209	43	a	a	DET
ajfa-456	209	44	common	common	ADJ
ajfa-456	209	45	preference	preference	NOUN
ajfa-456	209	46	for	for	ADP
ajfa-456	209	47	—	—	PUNCT
ajfa-456	209	48	or	or	CCONJ
ajfa-456	209	49	a	a	DET
ajfa-456	209	50	common	common	ADJ
ajfa-456	209	51	aversion	aversion	NOUN
ajfa-456	209	52	to	to	PART
ajfa-456	209	53	—	—	PUNCT
ajfa-456	209	54	stocks	stock	NOUN
ajfa-456	209	55	with	with	ADP
ajfa-456	209	56	certain	certain	ADJ
ajfa-456	209	57	characteristics	characteristic	NOUN
ajfa-456	209	58	.	.	PUNCT
ajfa-456	210	1	for	for	ADP
ajfa-456	210	2	example	example	NOUN
ajfa-456	210	3	,	,	PUNCT
ajfa-456	210	4	falkenstein	falkenstein	NOUN
ajfa-456	210	5	(	(	PUNCT
ajfa-456	210	6	1996	1996	NUM
ajfa-456	210	7	)	)	PUNCT
ajfa-456	210	8	finds	find	VERB
ajfa-456	210	9	that	that	SCONJ
ajfa-456	210	10	mutual	mutual	ADJ
ajfa-456	210	11	-	-	PUNCT
ajfa-456	210	12	fund	fund	NOUN
ajfa-456	210	13	portfolio	portfolio	NOUN
ajfa-456	210	14	managers	manager	NOUN
ajfa-456	210	15	are	be	AUX
ajfa-456	210	16	exhibiting	exhibit	VERB
ajfa-456	210	17	a	a	DET
ajfa-456	210	18	distinct	distinct	ADJ
ajfa-456	210	19	preference	preference	NOUN
ajfa-456	210	20	for	for	ADP
ajfa-456	210	21	stocks	stock	NOUN
ajfa-456	210	22	with	with	ADP
ajfa-456	210	23	high	high	ADJ
ajfa-456	210	24	return	return	NOUN
ajfa-456	210	25	volatility	volatility	NOUN
ajfa-456	210	26	,	,	PUNCT
ajfa-456	210	27	high	high	ADJ
ajfa-456	210	28	information	information	NOUN
ajfa-456	210	29	transparency	transparency	NOUN
ajfa-456	210	30	,	,	PUNCT
ajfa-456	210	31	low	low	ADJ
ajfa-456	210	32	transaction	transaction	NOUN
ajfa-456	210	33	costs	cost	NOUN
ajfa-456	210	34	,	,	PUNCT
ajfa-456	210	35	and	and	CCONJ
ajfa-456	210	36	large	large	ADJ
ajfa-456	210	37	capitalization	capitalization	NOUN
ajfa-456	210	38	.	.	PUNCT
ajfa-456	211	1	the	the	DET
ajfa-456	211	2	work	work	NOUN
ajfa-456	211	3	of	of	ADP
ajfa-456	211	4	jegadeesh	jegadeesh	NOUN
ajfa-456	211	5	and	and	CCONJ
ajfa-456	211	6	titman	titman	NOUN
ajfa-456	211	7	(	(	PUNCT
ajfa-456	211	8	1993	1993	NUM
ajfa-456	211	9	)	)	PUNCT
ajfa-456	211	10	suggests	suggest	VERB
ajfa-456	211	11	that	that	SCONJ
ajfa-456	211	12	the	the	DET
ajfa-456	211	13	momentum	momentum	NOUN
ajfa-456	211	14	strategy	strategy	NOUN
ajfa-456	211	15	or	or	CCONJ
ajfa-456	211	16	contrarian	contrarian	ADJ
ajfa-456	211	17	strategy	strategy	NOUN
ajfa-456	211	18	of	of	ADP
ajfa-456	211	19	investors	investor	NOUN
ajfa-456	211	20	can	can	AUX
ajfa-456	211	21	be	be	AUX
ajfa-456	211	22	regarded	regard	VERB
ajfa-456	211	23	as	as	ADP
ajfa-456	211	24	a	a	DET
ajfa-456	211	25	herding	herd	VERB
ajfa-456	211	26	behavior	behavior	NOUN
ajfa-456	211	27	driven	drive	VERB
ajfa-456	211	28	by	by	ADP
ajfa-456	211	29	preference	preference	NOUN
ajfa-456	211	30	for	for	ADP
ajfa-456	211	31	certain	certain	ADJ
ajfa-456	211	32	stocks	stock	NOUN
ajfa-456	211	33	.	.	PUNCT
ajfa-456	212	1	if	if	SCONJ
ajfa-456	212	2	the	the	DET
ajfa-456	212	3	majority	majority	NOUN
ajfa-456	212	4	of	of	ADP
ajfa-456	212	5	institutional	institutional	ADJ
ajfa-456	212	6	investors	investor	NOUN
ajfa-456	212	7	are	be	AUX
ajfa-456	212	8	momentum	momentum	NOUN
ajfa-456	212	9	traders6	traders6	PROPN
ajfa-456	212	10	,	,	PUNCT
ajfa-456	212	11	they	they	PRON
ajfa-456	212	12	would	would	AUX
ajfa-456	212	13	follow	follow	VERB
ajfa-456	212	14	past	past	ADJ
ajfa-456	212	15	winners	winner	NOUN
ajfa-456	212	16	and	and	CCONJ
ajfa-456	212	17	distance	distance	VERB
ajfa-456	212	18	themselves	themselves	PRON
ajfa-456	212	19	from	from	ADP
ajfa-456	212	20	past	past	ADJ
ajfa-456	212	21	losers	loser	NOUN
ajfa-456	212	22	,	,	PUNCT
ajfa-456	212	23	thereby	thereby	ADV
ajfa-456	212	24	creating	create	VERB
ajfa-456	212	25	the	the	DET
ajfa-456	212	26	phenomenon	phenomenon	NOUN
ajfa-456	212	27	of	of	ADP
ajfa-456	212	28	characteristic	characteristic	ADJ
ajfa-456	212	29	herding	herding	NOUN
ajfa-456	212	30	.	.	PUNCT
ajfa-456	213	1	the	the	DET
ajfa-456	213	2	contrary	contrary	NOUN
ajfa-456	213	3	also	also	ADV
ajfa-456	213	4	holds	hold	VERB
ajfa-456	213	5	true	true	ADJ
ajfa-456	213	6	.	.	PUNCT
ajfa-456	214	1	in	in	ADP
ajfa-456	214	2	order	order	NOUN
ajfa-456	214	3	to	to	PART
ajfa-456	214	4	measure	measure	VERB
ajfa-456	214	5	the	the	DET
ajfa-456	214	6	role	role	NOUN
ajfa-456	214	7	that	that	PRON
ajfa-456	214	8	feedback	feedback	NOUN
ajfa-456	214	9	trading	trading	NOUN
ajfa-456	214	10	plays	play	NOUN
ajfa-456	214	11	in	in	ADP
ajfa-456	214	12	herding	herding	NOUN
ajfa-456	214	13	,	,	PUNCT
ajfa-456	214	14	this	this	DET
ajfa-456	214	15	study	study	NOUN
ajfa-456	214	16	adds	add	VERB
ajfa-456	214	17	previous	previous	ADJ
ajfa-456	214	18	-	-	PUNCT
ajfa-456	214	19	day	day	NOUN
ajfa-456	214	20	returns	return	NOUN
ajfa-456	214	21	in	in	ADP
ajfa-456	214	22	the	the	DET
ajfa-456	214	23	regression	regression	NOUN
ajfa-456	214	24	equation	equation	NOUN
ajfa-456	214	25	(	(	PUNCT
ajfa-456	214	26	3	3	NUM
ajfa-456	214	27	)	)	PUNCT
ajfa-456	214	28	as	as	ADP
ajfa-456	214	29	another	another	DET
ajfa-456	214	30	independent	independent	ADJ
ajfa-456	214	31	variable	variable	NOUN
ajfa-456	214	32	.	.	PUNCT
ajfa-456	215	1	to	to	PART
ajfa-456	215	2	allow	allow	VERB
ajfa-456	215	3	for	for	ADP
ajfa-456	215	4	direct	direct	ADJ
ajfa-456	215	5	comparison	comparison	NOUN
ajfa-456	215	6	between	between	ADP
ajfa-456	215	7	variables	variable	NOUN
ajfa-456	215	8	,	,	PUNCT
ajfa-456	215	9	the	the	DET
ajfa-456	215	10	previous	previous	ADJ
ajfa-456	215	11	-	-	PUNCT
ajfa-456	215	12	day	day	NOUN
ajfa-456	215	13	returns	return	NOUN
ajfa-456	215	14	1	1	NUM
ajfa-456	215	15	,	,	PUNCT
ajfa-456	215	16	tkr	tkr	PRON
ajfa-456	215	17	would	would	AUX
ajfa-456	215	18	also	also	ADV
ajfa-456	215	19	undergo	undergo	VERB
ajfa-456	215	20	standardization	standardization	NOUN
ajfa-456	215	21	.	.	PUNCT
ajfa-456	216	1	next	next	ADV
ajfa-456	216	2	,	,	PUNCT
ajfa-456	216	3	the	the	DET
ajfa-456	216	4	following	follow	VERB
ajfa-456	216	5	regression	regression	NOUN
ajfa-456	216	6	equation	equation	NOUN
ajfa-456	216	7	is	be	AUX
ajfa-456	216	8	calculated	calculate	VERB
ajfa-456	216	9	:	:	PUNCT
ajfa-456	216	10	tk	tk	PROPN
ajfa-456	216	11	,	,	PUNCT
ajfa-456	216	12			PUNCT
ajfa-456	217	1	=	=	SYM
ajfa-456	217	2	tktkttkt	tktkttkt	NOUN
ajfa-456	217	3	r	r	NOUN
ajfa-456	217	4	,	,	PUNCT
ajfa-456	217	5	1,,21,,1	1,,21,,1	NOUN
ajfa-456	217	6			PROPN
ajfa-456	217	7			X
ajfa-456	217	8			X
ajfa-456	217	9	(	(	PUNCT
ajfa-456	217	10	6	6	NUM
ajfa-456	217	11	)	)	PUNCT
ajfa-456	217	12	regression	regression	NOUN
ajfa-456	217	13	analysis	analysis	NOUN
ajfa-456	217	14	is	be	AUX
ajfa-456	217	15	carried	carry	VERB
ajfa-456	217	16	out	out	ADP
ajfa-456	217	17	using	use	VERB
ajfa-456	217	18	standardized	standardized	ADJ
ajfa-456	217	19	current	current	ADJ
ajfa-456	217	20	-	-	PUNCT
ajfa-456	217	21	day	day	NOUN
ajfa-456	217	22	fraction	fraction	NOUN
ajfa-456	217	23	of	of	ADP
ajfa-456	217	24	institutions	institution	NOUN
ajfa-456	217	25	buying	buy	VERB
ajfa-456	217	26	as	as	ADP
ajfa-456	217	27	dependent	dependent	ADJ
ajfa-456	217	28	variables	variable	NOUN
ajfa-456	217	29	,	,	PUNCT
ajfa-456	217	30	and	and	CCONJ
ajfa-456	217	31	standardized	standardize	VERB
ajfa-456	217	32	previous	previous	ADJ
ajfa-456	217	33	-	-	PUNCT
ajfa-456	217	34	day	day	NOUN
ajfa-456	217	35	returns	return	NOUN
ajfa-456	217	36	and	and	CCONJ
ajfa-456	217	37	standardized	standardize	VERB
ajfa-456	217	38	previous	previous	ADJ
ajfa-456	217	39	-	-	PUNCT
ajfa-456	217	40	day	day	NOUN
ajfa-456	217	41	fraction	fraction	NOUN
ajfa-456	217	42	of	of	ADP
ajfa-456	217	43	institutions	institution	NOUN
ajfa-456	217	44	buying	buy	VERB
ajfa-456	217	45	as	as	ADP
ajfa-456	217	46	independent	independent	ADJ
ajfa-456	217	47	variables	variable	NOUN
ajfa-456	217	48	.	.	PUNCT
ajfa-456	218	1	a	a	DET
ajfa-456	218	2	positive	positive	ADJ
ajfa-456	218	3	t,2	t,2	NOUN
ajfa-456	218	4	means	mean	VERB
ajfa-456	218	5	that	that	SCONJ
ajfa-456	218	6	institutional	institutional	ADJ
ajfa-456	218	7	investors	investor	NOUN
ajfa-456	218	8	adopt	adopt	VERB
ajfa-456	218	9	the	the	DET
ajfa-456	218	10	momentum	momentum	NOUN
ajfa-456	218	11	strategy	strategy	NOUN
ajfa-456	218	12	;	;	PUNCT
ajfa-456	218	13	a	a	DET
ajfa-456	218	14	negative	negative	ADJ
ajfa-456	218	15	t,2	t,2	NOUN
ajfa-456	218	16	means	mean	VERB
ajfa-456	218	17	that	that	SCONJ
ajfa-456	218	18	institutional	institutional	ADJ
ajfa-456	218	19	investors	investor	NOUN
ajfa-456	218	20	employ	employ	VERB
ajfa-456	218	21	a	a	DET
ajfa-456	218	22	contrarian	contrarian	ADJ
ajfa-456	218	23	strategy	strategy	NOUN
ajfa-456	218	24	.	.	PUNCT
ajfa-456	219	1	if	if	SCONJ
ajfa-456	219	2	the	the	DET
ajfa-456	219	3	coefficient	coefficient	NOUN
ajfa-456	219	4	of	of	ADP
ajfa-456	219	5	t,2	t,2	NOUN
ajfa-456	219	6	is	be	AUX
ajfa-456	219	7	insignificant	insignificant	ADJ
ajfa-456	219	8	or	or	CCONJ
ajfa-456	219	9	if	if	SCONJ
ajfa-456	219	10	the	the	DET
ajfa-456	219	11	average	average	NOUN
ajfa-456	219	12	of	of	ADP
ajfa-456	219	13	t,1	t,1	NOUN
ajfa-456	219	14	is	be	AUX
ajfa-456	219	15	far	far	ADV
ajfa-456	219	16	greater	great	ADJ
ajfa-456	219	17	than	than	ADP
ajfa-456	219	18	t,2	t,2	NOUN
ajfa-456	219	19	after	after	SCONJ
ajfa-456	219	20	we	we	PRON
ajfa-456	219	21	take	take	VERB
ajfa-456	219	22	into	into	ADP
ajfa-456	219	23	account	account	NOUN
ajfa-456	219	24	the	the	DET
ajfa-456	219	25	effect	effect	NOUN
ajfa-456	219	26	of	of	ADP
ajfa-456	219	27	feedback	feedback	NOUN
ajfa-456	219	28	trading	trading	NOUN
ajfa-456	219	29	,	,	PUNCT
ajfa-456	219	30	one	one	PRON
ajfa-456	219	31	can	can	AUX
ajfa-456	219	32	reasonably	reasonably	ADV
ajfa-456	219	33	conclude	conclude	VERB
ajfa-456	219	34	that	that	SCONJ
ajfa-456	219	35	institutional	institutional	ADJ
ajfa-456	219	36	herding	herding	NOUN
ajfa-456	219	37	is	be	AUX
ajfa-456	219	38	not	not	PART
ajfa-456	219	39	being	be	AUX
ajfa-456	219	40	driven	drive	VERB
ajfa-456	219	41	principally	principally	ADV
ajfa-456	219	42	by	by	ADP
ajfa-456	219	43	momentum	momentum	NOUN
ajfa-456	219	44	trading	trading	NOUN
ajfa-456	219	45	or	or	CCONJ
ajfa-456	219	46	contrarian	contrarian	ADJ
ajfa-456	219	47	trading	trading	NOUN
ajfa-456	219	48	.	.	PUNCT
ajfa-456	220	1	table	table	NOUN
ajfa-456	220	2	4	4	NUM
ajfa-456	220	3	depicts	depict	VERB
ajfa-456	220	4	the	the	DET
ajfa-456	220	5	time	time	NOUN
ajfa-456	220	6	-	-	PUNCT
ajfa-456	220	7	series	series	NOUN
ajfa-456	220	8	average	average	NOUN
ajfa-456	220	9	of	of	ADP
ajfa-456	220	10	regression	regression	NOUN
ajfa-456	220	11	coefficients	coefficient	NOUN
ajfa-456	220	12	and	and	CCONJ
ajfa-456	220	13	associated	associate	VERB
ajfa-456	220	14	t	t	PROPN
ajfa-456	220	15	-	-	PUNCT
ajfa-456	220	16	statistics	statistic	NOUN
ajfa-456	220	17	.	.	PUNCT
ajfa-456	221	1	the	the	DET
ajfa-456	221	2	regression	regression	NOUN
ajfa-456	221	3	coefficient	coefficient	NOUN
ajfa-456	221	4	of	of	ADP
ajfa-456	221	5	a	a	DET
ajfa-456	221	6	previous	previous	ADJ
ajfa-456	221	7	-	-	PUNCT
ajfa-456	221	8	day	day	NOUN
ajfa-456	221	9	returns	return	NOUN
ajfa-456	221	10	is	be	AUX
ajfa-456	221	11	statistically	statistically	ADV
ajfa-456	221	12	significant	significant	ADJ
ajfa-456	221	13	at	at	ADP
ajfa-456	221	14	the	the	DET
ajfa-456	221	15	1	1	NUM
ajfa-456	221	16	%	%	NOUN
ajfa-456	221	17	level	level	NOUN
ajfa-456	221	18	,	,	PUNCT
ajfa-456	221	19	indicates	indicate	VERB
ajfa-456	221	20	that	that	SCONJ
ajfa-456	221	21	institutional	institutional	ADJ
ajfa-456	221	22	investors	investor	NOUN
ajfa-456	221	23	in	in	ADP
ajfa-456	221	24	taiwan	taiwan	PROPN
ajfa-456	221	25	’s	’s	PART
ajfa-456	221	26	stock	stock	NOUN
ajfa-456	221	27	market	market	NOUN
ajfa-456	221	28	are	be	AUX
ajfa-456	221	29	positive	positive	ADJ
ajfa-456	221	30	feedback	feedback	NOUN
ajfa-456	221	31	traders	trader	NOUN
ajfa-456	221	32	(	(	PUNCT
ajfa-456	221	33	momentum	momentum	NOUN
ajfa-456	221	34	traders	trader	NOUN
ajfa-456	221	35	)	)	PUNCT
ajfa-456	221	36	,	,	PUNCT
ajfa-456	221	37	a	a	DET
ajfa-456	221	38	finding	finding	NOUN
ajfa-456	221	39	that	that	PRON
ajfa-456	221	40	is	be	AUX
ajfa-456	221	41	consistent	consistent	ADJ
ajfa-456	221	42	with	with	ADP
ajfa-456	221	43	the	the	DET
ajfa-456	221	44	findings	finding	NOUN
ajfa-456	221	45	of	of	ADP
ajfa-456	221	46	grinblatt	grinblatt	NOUN
ajfa-456	221	47	and	and	CCONJ
ajfa-456	221	48	timan	timan	NOUN
ajfa-456	221	49	(	(	PUNCT
ajfa-456	221	50	1993	1993	NUM
ajfa-456	221	51	)	)	PUNCT
ajfa-456	221	52	,	,	PUNCT
ajfa-456	221	53	grinblatt	grinblatt	PROPN
ajfa-456	221	54	et	et	PROPN
ajfa-456	221	55	al	al	PROPN
ajfa-456	221	56	.	.	PROPN
ajfa-456	222	1	(	(	PUNCT
ajfa-456	222	2	1995	1995	NUM
ajfa-456	222	3	)	)	PUNCT
ajfa-456	222	4	,	,	PUNCT
ajfa-456	222	5	wermers	wermer	NOUN
ajfa-456	222	6	(	(	PUNCT
ajfa-456	222	7	1999	1999	NUM
ajfa-456	222	8	,	,	PUNCT
ajfa-456	222	9	2000	2000	NUM
ajfa-456	222	10	)	)	PUNCT
ajfa-456	222	11	,	,	PUNCT
ajfa-456	222	12	nofsinger	nofsinger	NOUN
ajfa-456	222	13	and	and	CCONJ
ajfa-456	222	14	sias	sias	PROPN
ajfa-456	222	15	(	(	PUNCT
ajfa-456	222	16	1999	1999	NUM
ajfa-456	222	17	)	)	PUNCT
ajfa-456	222	18	and	and	CCONJ
ajfa-456	222	19	sias	sias	PROPN
ajfa-456	222	20	et	et	PROPN
ajfa-456	222	21	al	al	PROPN
ajfa-456	222	22	.	.	PUNCT
ajfa-456	223	1	(	(	PUNCT
ajfa-456	223	2	2002	2002	NUM
ajfa-456	223	3	)	)	PUNCT
ajfa-456	223	4	.	.	PUNCT
ajfa-456	224	1	after	after	ADP
ajfa-456	224	2	factoring	factor	VERB
ajfa-456	224	3	in	in	ADP
ajfa-456	224	4	feedback	feedback	NOUN
ajfa-456	224	5	trading	trading	NOUN
ajfa-456	224	6	,	,	PUNCT
ajfa-456	224	7	we	we	PRON
ajfa-456	224	8	find	find	VERB
ajfa-456	224	9	that	that	SCONJ
ajfa-456	224	10	the	the	DET
ajfa-456	224	11	regression	regression	NOUN
ajfa-456	224	12	coefficient	coefficient	NOUN
ajfa-456	224	13	of	of	ADP
ajfa-456	224	14	the	the	DET
ajfa-456	224	15	fraction	fraction	NOUN
ajfa-456	224	16	of	of	ADP
ajfa-456	224	17	previous	previous	ADJ
ajfa-456	224	18	-	-	PUNCT
ajfa-456	224	19	day	day	NOUN
ajfa-456	224	20	institutional	institutional	ADJ
ajfa-456	224	21	buying	buying	NOUN
ajfa-456	224	22	remained	remain	VERB
ajfa-456	224	23	significant	significant	ADJ
ajfa-456	224	24	at	at	ADP
ajfa-456	224	25	the	the	DET
ajfa-456	224	26	1	1	NUM
ajfa-456	224	27	%	%	NOUN
ajfa-456	224	28	level	level	NOUN
ajfa-456	224	29	.	.	PUNCT
ajfa-456	225	1	table	table	NOUN
ajfa-456	225	2	4	4	NUM
ajfa-456	225	3	.	.	PUNCT
ajfa-456	226	1	regression	regression	VERB
ajfa-456	226	2	analysis	analysis	NOUN
ajfa-456	226	3	of	of	ADP
ajfa-456	226	4	current	current	ADJ
ajfa-456	226	5	-	-	PUNCT
ajfa-456	226	6	day	day	NOUN
ajfa-456	226	7	institutional	institutional	ADJ
ajfa-456	226	8	buying	buying	NOUN
ajfa-456	226	9	vs.	vs.	ADP
ajfa-456	226	10	previous	previous	ADJ
ajfa-456	226	11	-	-	PUNCT
ajfa-456	226	12	day	day	NOUN
ajfa-456	226	13	institutional	institutional	ADJ
ajfa-456	226	14	buying	buying	NOUN
ajfa-456	226	15	and	and	CCONJ
ajfa-456	226	16	previous	previous	ADJ
ajfa-456	226	17	-	-	PUNCT
ajfa-456	226	18	day	day	NOUN
ajfa-456	226	19	returns	return	NOUN
ajfa-456	226	20	tk	tk	PROPN
ajfa-456	226	21	,	,	PUNCT
ajfa-456	226	22			PUNCT
ajfa-456	227	1	=	=	SYM
ajfa-456	227	2	tktkttkt	tktkttkt	NOUN
ajfa-456	227	3	r	r	NOUN
ajfa-456	227	4	,	,	PUNCT
ajfa-456	227	5	1,,21,,1	1,,21,,1	NOUN
ajfa-456	227	6			PROPN
ajfa-456	227	7			PUNCT
ajfa-456	227	8			PUNCT
ajfa-456	227	9	regression	regression	NOUN
ajfa-456	227	10	coefficient	coefficient	NOUN
ajfa-456	227	11	of	of	ADP
ajfa-456	227	12	previous	previous	ADJ
ajfa-456	227	13	-	-	PUNCT
ajfa-456	227	14	day	day	NOUN
ajfa-456	227	15	institutional	institutional	ADJ
ajfa-456	227	16	buying	buying	NOUN
ajfa-456	227	17	(	(	PUNCT
ajfa-456	227	18	1	1	NUM
ajfa-456	227	19	)	)	PUNCT
ajfa-456	227	20	regression	regression	NOUN
ajfa-456	227	21	coefficient	coefficient	NOUN
ajfa-456	227	22	of	of	ADP
ajfa-456	227	23	previous	previous	ADJ
ajfa-456	227	24	-	-	PUNCT
ajfa-456	227	25	day	day	NOUN
ajfa-456	227	26	returns	return	NOUN
ajfa-456	227	27	(	(	PUNCT
ajfa-456	227	28	2	2	NUM
ajfa-456	227	29	)	)	PUNCT
ajfa-456	227	30	2r	2r	NUM
ajfa-456	227	31	0.3119	0.3119	NUM
ajfa-456	227	32	0.2107	0.2107	NUM
ajfa-456	227	33	15.31	15.31	NUM
ajfa-456	227	34	%	%	NOUN
ajfa-456	227	35	（	（	PUNCT
ajfa-456	227	36	61.746	61.746	NUM
ajfa-456	227	37	）	）	PUNCT
ajfa-456	228	1	*	*	PUNCT
ajfa-456	229	1	*	*	PUNCT
ajfa-456	229	2	*	*	PUNCT
ajfa-456	229	3	（	（	PUNCT
ajfa-456	229	4	62.013	62.013	NUM
ajfa-456	229	5	）	）	PUNCT
ajfa-456	230	1	*	*	PUNCT
ajfa-456	231	1	*	*	PUNCT
ajfa-456	231	2	*	*	PUNCT
ajfa-456	231	3	6	6	NUM
ajfa-456	231	4	some	some	PRON
ajfa-456	231	5	of	of	ADP
ajfa-456	231	6	the	the	DET
ajfa-456	231	7	studies	study	NOUN
ajfa-456	231	8	find	find	VERB
ajfa-456	231	9	that	that	SCONJ
ajfa-456	231	10	institutional	institutional	ADJ
ajfa-456	231	11	investors	investor	NOUN
ajfa-456	231	12	are	be	AUX
ajfa-456	231	13	momentum	momentum	NOUN
ajfa-456	231	14	traders	trader	NOUN
ajfa-456	231	15	,	,	PUNCT
ajfa-456	231	16	see	see	VERB
ajfa-456	231	17	grinblatt	grinblatt	NOUN
ajfa-456	231	18	and	and	CCONJ
ajfa-456	231	19	timan	timan	NOUN
ajfa-456	231	20	,	,	PUNCT
ajfa-456	231	21	1993	1993	NUM
ajfa-456	231	22	;	;	PUNCT
ajfa-456	231	23	grinblatt	grinblatt	PROPN
ajfa-456	231	24	et	et	PROPN
ajfa-456	231	25	al	al	PROPN
ajfa-456	231	26	.	.	PROPN
ajfa-456	231	27	,	,	PUNCT
ajfa-456	231	28	1995	1995	NUM
ajfa-456	231	29	;	;	PUNCT
ajfa-456	231	30	wermers	wermer	NOUN
ajfa-456	231	31	,	,	PUNCT
ajfa-456	231	32	1999	1999	NUM
ajfa-456	231	33	,	,	PUNCT
ajfa-456	231	34	2000	2000	NUM
ajfa-456	231	35	;	;	PUNCT
ajfa-456	231	36	nofsinger	nofsinger	NOUN
ajfa-456	231	37	and	and	CCONJ
ajfa-456	231	38	sias	sia	NOUN
ajfa-456	231	39	,	,	PUNCT
ajfa-456	231	40	1999	1999	NUM
ajfa-456	231	41	;	;	PUNCT
ajfa-456	231	42	cai	cai	PROPN
ajfa-456	231	43	et	et	PROPN
ajfa-456	231	44	al	al	PROPN
ajfa-456	231	45	.	.	PROPN
ajfa-456	231	46	,	,	PUNCT
ajfa-456	231	47	2000	2000	NUM
ajfa-456	231	48	;	;	PUNCT
ajfa-456	231	49	sias	sias	PROPN
ajfa-456	231	50	et	et	PROPN
ajfa-456	231	51	al	al	PROPN
ajfa-456	231	52	.	.	PROPN
ajfa-456	231	53	,	,	PUNCT
ajfa-456	231	54	2002	2002	NUM
ajfa-456	231	55	.	.	PUNCT
ajfa-456	232	1	asian	asian	ADJ
ajfa-456	232	2	journal	journal	PROPN
ajfa-456	232	3	of	of	ADP
ajfa-456	232	4	finance	finance	PROPN
ajfa-456	232	5	&	&	CCONJ
ajfa-456	232	6	accounting	accounting	PROPN
ajfa-456	232	7	issn	issn	PROPN
ajfa-456	232	8	1946	1946	NUM
ajfa-456	232	9	-	-	PUNCT
ajfa-456	232	10	052x	052x	NOUN
ajfa-456	232	11	2010	2010	NUM
ajfa-456	232	12	,	,	PUNCT
ajfa-456	232	13	vol	vol	NOUN
ajfa-456	232	14	.	.	PROPN
ajfa-456	232	15	2	2	NUM
ajfa-456	232	16	,	,	PUNCT
ajfa-456	232	17	no	no	INTJ
ajfa-456	232	18	.	.	NOUN
ajfa-456	232	19	2	2	NUM
ajfa-456	232	20	:	:	PUNCT
ajfa-456	232	21	e1	e1	VERB
ajfa-456	232	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	232	23	13	13	NUM
ajfa-456	232	24	note	note	NOUN
ajfa-456	232	25	:	:	PUNCT
ajfa-456	232	26	*	*	PUNCT
ajfa-456	232	27	*	*	PUNCT
ajfa-456	232	28	*	*	PUNCT
ajfa-456	232	29	indicates	indicate	VERB
ajfa-456	232	30	statistical	statistical	ADJ
ajfa-456	232	31	significance	significance	NOUN
ajfa-456	232	32	at	at	ADP
ajfa-456	232	33	the	the	DET
ajfa-456	232	34	1	1	NUM
ajfa-456	232	35	%	%	NOUN
ajfa-456	232	36	level	level	NOUN
ajfa-456	232	37	.	.	PUNCT
ajfa-456	233	1	figures	figure	NOUN
ajfa-456	233	2	in	in	ADP
ajfa-456	233	3	parentheses	parenthesis	NOUN
ajfa-456	233	4	are	be	AUX
ajfa-456	233	5	t	t	NOUN
ajfa-456	233	6	-	-	PUNCT
ajfa-456	233	7	statistics	statistic	NOUN
ajfa-456	233	8	.	.	PUNCT
ajfa-456	234	1	as	as	ADV
ajfa-456	234	2	all	all	DET
ajfa-456	234	3	the	the	DET
ajfa-456	234	4	variables	variable	NOUN
ajfa-456	234	5	are	be	AUX
ajfa-456	234	6	standardized	standardize	VERB
ajfa-456	234	7	,	,	PUNCT
ajfa-456	234	8	we	we	PRON
ajfa-456	234	9	can	can	AUX
ajfa-456	234	10	directly	directly	ADV
ajfa-456	234	11	compare	compare	VERB
ajfa-456	234	12	the	the	DET
ajfa-456	234	13	coefficients	coefficient	NOUN
ajfa-456	234	14	of	of	ADP
ajfa-456	234	15	previous	previous	ADJ
ajfa-456	234	16	-	-	PUNCT
ajfa-456	234	17	day	day	NOUN
ajfa-456	234	18	institutional	institutional	ADJ
ajfa-456	234	19	buying	buying	NOUN
ajfa-456	234	20	with	with	ADP
ajfa-456	234	21	previous	previous	ADJ
ajfa-456	234	22	-	-	PUNCT
ajfa-456	234	23	day	day	NOUN
ajfa-456	234	24	returns	return	NOUN
ajfa-456	234	25	and	and	CCONJ
ajfa-456	234	26	find	find	VERB
ajfa-456	234	27	that	that	SCONJ
ajfa-456	234	28	the	the	DET
ajfa-456	234	29	average	average	NOUN
ajfa-456	234	30	of	of	ADP
ajfa-456	234	31	the	the	DET
ajfa-456	234	32	former	former	ADJ
ajfa-456	234	33	is	be	AUX
ajfa-456	234	34	48	48	NUM
ajfa-456	234	35	%	%	NOUN
ajfa-456	234	36	greater	great	ADJ
ajfa-456	234	37	than	than	ADP
ajfa-456	234	38	that	that	PRON
ajfa-456	234	39	of	of	ADP
ajfa-456	234	40	the	the	DET
ajfa-456	234	41	latter	latter	ADJ
ajfa-456	234	42	.	.	PUNCT
ajfa-456	235	1	the	the	DET
ajfa-456	235	2	paired	pair	VERB
ajfa-456	235	3	t	t	NOUN
ajfa-456	235	4	-	-	PUNCT
ajfa-456	235	5	test	test	NOUN
ajfa-456	235	6	result	result	NOUN
ajfa-456	235	7	at	at	ADP
ajfa-456	235	8	1	1	NUM
ajfa-456	235	9	%	%	NOUN
ajfa-456	235	10	level	level	NOUN
ajfa-456	235	11	rejects	reject	VERB
ajfa-456	235	12	the	the	DET
ajfa-456	235	13	hypothesis	hypothesis	NOUN
ajfa-456	235	14	that	that	PRON
ajfa-456	235	15	the	the	DET
ajfa-456	235	16	average	average	NOUN
ajfa-456	235	17	of	of	ADP
ajfa-456	235	18	the	the	DET
ajfa-456	235	19	two	two	NUM
ajfa-456	235	20	being	be	AUX
ajfa-456	235	21	equal	equal	ADJ
ajfa-456	235	22	,	,	PUNCT
ajfa-456	235	23	which	which	PRON
ajfa-456	235	24	means	mean	VERB
ajfa-456	235	25	current	current	ADJ
ajfa-456	235	26	institutional	institutional	ADJ
ajfa-456	235	27	demand	demand	NOUN
ajfa-456	235	28	,	,	PUNCT
ajfa-456	235	29	is	be	AUX
ajfa-456	235	30	far	far	ADV
ajfa-456	235	31	more	more	ADV
ajfa-456	235	32	influenced	influence	VERB
ajfa-456	235	33	by	by	ADP
ajfa-456	235	34	previous	previous	ADJ
ajfa-456	235	35	institutional	institutional	ADJ
ajfa-456	235	36	demand	demand	NOUN
ajfa-456	235	37	than	than	ADP
ajfa-456	235	38	by	by	ADP
ajfa-456	235	39	previous	previous	ADJ
ajfa-456	235	40	returns	return	NOUN
ajfa-456	235	41	.	.	PUNCT
ajfa-456	236	1	on	on	ADP
ajfa-456	236	2	the	the	DET
ajfa-456	236	3	basis	basis	NOUN
ajfa-456	236	4	of	of	ADP
ajfa-456	236	5	the	the	DET
ajfa-456	236	6	results	result	NOUN
ajfa-456	236	7	above	above	ADV
ajfa-456	236	8	,	,	PUNCT
ajfa-456	236	9	we	we	PRON
ajfa-456	236	10	propose	propose	VERB
ajfa-456	236	11	that	that	SCONJ
ajfa-456	236	12	although	although	SCONJ
ajfa-456	236	13	institutional	institutional	ADJ
ajfa-456	236	14	investors	investor	NOUN
ajfa-456	236	15	in	in	ADP
ajfa-456	236	16	taiwan	taiwan	PROPN
ajfa-456	236	17	’s	’s	PART
ajfa-456	236	18	stock	stock	NOUN
ajfa-456	236	19	market	market	NOUN
ajfa-456	236	20	are	be	AUX
ajfa-456	236	21	momentum	momentum	NOUN
ajfa-456	236	22	traders	trader	NOUN
ajfa-456	236	23	,	,	PUNCT
ajfa-456	236	24	momentum	momentum	NOUN
ajfa-456	236	25	trading	trading	NOUN
ajfa-456	236	26	is	be	AUX
ajfa-456	236	27	not	not	PART
ajfa-456	236	28	the	the	DET
ajfa-456	236	29	primary	primary	ADJ
ajfa-456	236	30	reason	reason	NOUN
ajfa-456	236	31	for	for	ADP
ajfa-456	236	32	institutional	institutional	ADJ
ajfa-456	236	33	herding	herding	NOUN
ajfa-456	236	34	in	in	ADP
ajfa-456	236	35	taiwan	taiwan	PROPN
ajfa-456	236	36	’s	’s	PART
ajfa-456	236	37	marketplace	marketplace	NOUN
ajfa-456	236	38	given	give	VERB
ajfa-456	236	39	feedback	feedback	NOUN
ajfa-456	236	40	trading	trading	NOUN
ajfa-456	236	41	’s	’s	PART
ajfa-456	236	42	limited	limit	VERB
ajfa-456	236	43	interpretative	interpretative	ADJ
ajfa-456	236	44	power	power	NOUN
ajfa-456	236	45	over	over	ADP
ajfa-456	236	46	institutional	institutional	ADJ
ajfa-456	236	47	demand	demand	NOUN
ajfa-456	236	48	.	.	PUNCT
ajfa-456	237	1	4.3	4.3	NUM
ajfa-456	237	2	return	return	NOUN
ajfa-456	237	3	reversal	reversal	NOUN
ajfa-456	237	4	and	and	CCONJ
ajfa-456	237	5	herding	herd	VERB
ajfa-456	237	6	nofsinger	nofsinger	NOUN
ajfa-456	237	7	and	and	CCONJ
ajfa-456	237	8	sias	sias	PROPN
ajfa-456	237	9	(	(	PUNCT
ajfa-456	237	10	1999	1999	NUM
ajfa-456	237	11	)	)	PUNCT
ajfa-456	237	12	and	and	CCONJ
ajfa-456	237	13	sias	sias	PROPN
ajfa-456	237	14	(	(	PUNCT
ajfa-456	237	15	2004	2004	NUM
ajfa-456	237	16	)	)	PUNCT
ajfa-456	237	17	observe	observe	VERB
ajfa-456	237	18	that	that	SCONJ
ajfa-456	237	19	if	if	SCONJ
ajfa-456	237	20	impulse	impulse	ADJ
ajfa-456	237	21	,	,	PUNCT
ajfa-456	237	22	emotion	emotion	NOUN
ajfa-456	237	23	,	,	PUNCT
ajfa-456	237	24	reputation	reputation	NOUN
ajfa-456	237	25	,	,	PUNCT
ajfa-456	237	26	salary	salary	NOUN
ajfa-456	237	27	concern	concern	NOUN
ajfa-456	237	28	,	,	PUNCT
ajfa-456	237	29	or	or	CCONJ
ajfa-456	237	30	stock	stock	NOUN
ajfa-456	237	31	characteristics	characteristics	PROPN
ajfa-456	237	32	drive	drive	PROPN
ajfa-456	237	33	herding	herd	VERB
ajfa-456	237	34	in	in	ADP
ajfa-456	237	35	the	the	DET
ajfa-456	237	36	stock	stock	NOUN
ajfa-456	237	37	market	market	NOUN
ajfa-456	237	38	,	,	PUNCT
ajfa-456	237	39	herding	herd	VERB
ajfa-456	237	40	’s	’s	PART
ajfa-456	237	41	effect	effect	NOUN
ajfa-456	237	42	on	on	ADP
ajfa-456	237	43	stock	stock	NOUN
ajfa-456	237	44	prices	price	NOUN
ajfa-456	237	45	is	be	AUX
ajfa-456	237	46	not	not	PART
ajfa-456	237	47	information	information	NOUN
ajfa-456	237	48	-	-	PUNCT
ajfa-456	237	49	based	base	VERB
ajfa-456	237	50	and	and	CCONJ
ajfa-456	237	51	the	the	DET
ajfa-456	237	52	herded	herded	ADJ
ajfa-456	237	53	stock	stock	NOUN
ajfa-456	237	54	should	should	AUX
ajfa-456	237	55	exhibit	exhibit	VERB
ajfa-456	237	56	return	return	NOUN
ajfa-456	237	57	reversal	reversal	NOUN
ajfa-456	237	58	.	.	PUNCT
ajfa-456	238	1	alternatively	alternatively	ADV
ajfa-456	238	2	,	,	PUNCT
ajfa-456	238	3	if	if	SCONJ
ajfa-456	238	4	institutional	institutional	ADJ
ajfa-456	238	5	herding	herding	NOUN
ajfa-456	238	6	is	be	AUX
ajfa-456	238	7	driven	drive	VERB
ajfa-456	238	8	by	by	ADP
ajfa-456	238	9	informational	informational	ADJ
ajfa-456	238	10	cascades	cascade	NOUN
ajfa-456	238	11	or	or	CCONJ
ajfa-456	238	12	is	be	AUX
ajfa-456	238	13	a	a	DET
ajfa-456	238	14	form	form	NOUN
ajfa-456	238	15	of	of	ADP
ajfa-456	238	16	investigative	investigative	ADJ
ajfa-456	238	17	herding	herding	NOUN
ajfa-456	238	18	,	,	PUNCT
ajfa-456	238	19	the	the	DET
ajfa-456	238	20	herded	herded	ADJ
ajfa-456	238	21	stock	stock	NOUN
ajfa-456	238	22	should	should	AUX
ajfa-456	238	23	not	not	PART
ajfa-456	238	24	exhibit	exhibit	VERB
ajfa-456	238	25	return	return	NOUN
ajfa-456	238	26	reversal	reversal	NOUN
ajfa-456	238	27	.	.	PUNCT
ajfa-456	239	1	this	this	DET
ajfa-456	239	2	study	study	NOUN
ajfa-456	239	3	uses	use	VERB
ajfa-456	239	4	the	the	DET
ajfa-456	239	5	correlation	correlation	NOUN
ajfa-456	239	6	coefficient	coefficient	NOUN
ajfa-456	239	7	between	between	ADP
ajfa-456	239	8	the	the	DET
ajfa-456	239	9	fraction	fraction	NOUN
ajfa-456	239	10	of	of	ADP
ajfa-456	239	11	institutions	institution	NOUN
ajfa-456	239	12	buying	buy	VERB
ajfa-456	239	13	(	(	PUNCT
ajfa-456	239	14	herding	herding	NOUN
ajfa-456	239	15	)	)	PUNCT
ajfa-456	239	16	and	and	CCONJ
ajfa-456	239	17	stock	stock	NOUN
ajfa-456	239	18	returns	return	NOUN
ajfa-456	239	19	to	to	PART
ajfa-456	239	20	determine	determine	VERB
ajfa-456	239	21	the	the	DET
ajfa-456	239	22	presence	presence	NOUN
ajfa-456	239	23	of	of	ADP
ajfa-456	239	24	return	return	NOUN
ajfa-456	239	25	reversal	reversal	NOUN
ajfa-456	239	26	.	.	PUNCT
ajfa-456	240	1	a	a	DET
ajfa-456	240	2	significantly	significantly	ADV
ajfa-456	240	3	negative	negative	ADJ
ajfa-456	240	4	correlation	correlation	NOUN
ajfa-456	240	5	coefficient	coefficient	NOUN
ajfa-456	240	6	means	mean	VERB
ajfa-456	240	7	that	that	SCONJ
ajfa-456	240	8	the	the	DET
ajfa-456	240	9	herded	herded	ADJ
ajfa-456	240	10	stock	stock	NOUN
ajfa-456	240	11	would	would	AUX
ajfa-456	240	12	have	have	VERB
ajfa-456	240	13	return	return	VERB
ajfa-456	240	14	reversal	reversal	NOUN
ajfa-456	240	15	.	.	PUNCT
ajfa-456	241	1	to	to	PART
ajfa-456	241	2	prevent	prevent	VERB
ajfa-456	241	3	a	a	DET
ajfa-456	241	4	situation	situation	NOUN
ajfa-456	241	5	where	where	SCONJ
ajfa-456	241	6	a	a	DET
ajfa-456	241	7	very	very	ADV
ajfa-456	241	8	few	few	ADJ
ajfa-456	241	9	institutional	institutional	ADJ
ajfa-456	241	10	investors	investor	NOUN
ajfa-456	241	11	’	'	PUNCT
ajfa-456	241	12	buying	buy	VERB
ajfa-456	241	13	or	or	CCONJ
ajfa-456	241	14	selling	selling	NOUN
ajfa-456	241	15	has	have	VERB
ajfa-456	241	16	an	an	DET
ajfa-456	241	17	excessive	excessive	ADJ
ajfa-456	241	18	effect	effect	NOUN
ajfa-456	241	19	on	on	ADP
ajfa-456	241	20	the	the	DET
ajfa-456	241	21	fraction	fraction	NOUN
ajfa-456	241	22	of	of	ADP
ajfa-456	241	23	institutions	institution	NOUN
ajfa-456	241	24	buying	buy	VERB
ajfa-456	241	25	and	and	CCONJ
ajfa-456	241	26	the	the	DET
ajfa-456	241	27	correlation	correlation	NOUN
ajfa-456	241	28	coefficient	coefficient	NOUN
ajfa-456	241	29	,	,	PUNCT
ajfa-456	241	30	we	we	PRON
ajfa-456	241	31	have	have	AUX
ajfa-456	241	32	screened	screen	VERB
ajfa-456	241	33	the	the	DET
ajfa-456	241	34	sample	sample	NOUN
ajfa-456	241	35	further	far	ADV
ajfa-456	241	36	so	so	SCONJ
ajfa-456	241	37	that	that	SCONJ
ajfa-456	241	38	it	it	PRON
ajfa-456	241	39	includes	include	VERB
ajfa-456	241	40	only	only	ADJ
ajfa-456	241	41	stocks	stock	NOUN
ajfa-456	241	42	with	with	ADP
ajfa-456	241	43	five	five	NUM
ajfa-456	241	44	or	or	CCONJ
ajfa-456	241	45	more	more	ADJ
ajfa-456	241	46	institutions	institution	NOUN
ajfa-456	241	47	trading	trade	VERB
ajfa-456	241	48	each	each	DET
ajfa-456	241	49	day	day	NOUN
ajfa-456	241	50	.	.	PUNCT
ajfa-456	242	1	this	this	DET
ajfa-456	242	2	screening	screening	NOUN
ajfa-456	242	3	has	have	AUX
ajfa-456	242	4	strengthened	strengthen	VERB
ajfa-456	242	5	our	our	PRON
ajfa-456	242	6	calculation	calculation	NOUN
ajfa-456	242	7	of	of	ADP
ajfa-456	242	8	the	the	DET
ajfa-456	242	9	correlation	correlation	NOUN
ajfa-456	242	10	coefficient	coefficient	NOUN
ajfa-456	242	11	between	between	ADP
ajfa-456	242	12	institutions	institution	NOUN
ajfa-456	242	13	that	that	PRON
ajfa-456	242	14	are	be	AUX
ajfa-456	242	15	buying	buy	VERB
ajfa-456	242	16	and	and	CCONJ
ajfa-456	242	17	stock	stock	NOUN
ajfa-456	242	18	return	return	NOUN
ajfa-456	242	19	.	.	PUNCT
ajfa-456	243	1	table	table	NOUN
ajfa-456	243	2	5	5	NUM
ajfa-456	243	3	reports	report	VERB
ajfa-456	243	4	the	the	DET
ajfa-456	243	5	time	time	NOUN
ajfa-456	243	6	-	-	PUNCT
ajfa-456	243	7	series	series	NOUN
ajfa-456	243	8	average	average	NOUN
ajfa-456	243	9	of	of	ADP
ajfa-456	243	10	the	the	DET
ajfa-456	243	11	correlation	correlation	NOUN
ajfa-456	243	12	coefficients	coefficient	NOUN
ajfa-456	243	13	between	between	ADP
ajfa-456	243	14	the	the	DET
ajfa-456	243	15	fraction	fraction	NOUN
ajfa-456	243	16	of	of	ADP
ajfa-456	243	17	institutions	institution	NOUN
ajfa-456	243	18	buying	buy	VERB
ajfa-456	243	19	and	and	CCONJ
ajfa-456	243	20	the	the	DET
ajfa-456	243	21	previous	previous	ADJ
ajfa-456	243	22	-	-	PUNCT
ajfa-456	243	23	day	day	NOUN
ajfa-456	243	24	returns	return	NOUN
ajfa-456	243	25	,	,	PUNCT
ajfa-456	243	26	the	the	DET
ajfa-456	243	27	same	same	ADJ
ajfa-456	243	28	-	-	PUNCT
ajfa-456	243	29	day	day	NOUN
ajfa-456	243	30	returns	return	NOUN
ajfa-456	243	31	,	,	PUNCT
ajfa-456	243	32	the	the	DET
ajfa-456	243	33	next	next	ADJ
ajfa-456	243	34	-	-	PUNCT
ajfa-456	243	35	day	day	NOUN
ajfa-456	243	36	returns	return	NOUN
ajfa-456	243	37	,	,	PUNCT
ajfa-456	243	38	the	the	DET
ajfa-456	243	39	next	next	ADJ
ajfa-456	243	40	-	-	PUNCT
ajfa-456	243	41	two	two	NUM
ajfa-456	243	42	-	-	PUNCT
ajfa-456	243	43	day	day	NOUN
ajfa-456	243	44	returns	return	NOUN
ajfa-456	243	45	,	,	PUNCT
ajfa-456	243	46	the	the	DET
ajfa-456	243	47	next	next	ADJ
ajfa-456	243	48	-	-	PUNCT
ajfa-456	243	49	five	five	NUM
ajfa-456	243	50	-	-	PUNCT
ajfa-456	243	51	day	day	NOUN
ajfa-456	243	52	returns	return	NOUN
ajfa-456	243	53	,	,	PUNCT
ajfa-456	243	54	the	the	DET
ajfa-456	243	55	next	next	ADJ
ajfa-456	243	56	-	-	PUNCT
ajfa-456	243	57	ten	ten	NUM
ajfa-456	243	58	-	-	PUNCT
ajfa-456	243	59	day	day	NOUN
ajfa-456	243	60	returns	return	NOUN
ajfa-456	243	61	,	,	PUNCT
ajfa-456	243	62	and	and	CCONJ
ajfa-456	243	63	associated	associate	VERB
ajfa-456	243	64	t	t	PROPN
ajfa-456	243	65	-	-	PUNCT
ajfa-456	243	66	statistics	statistic	NOUN
ajfa-456	243	67	.	.	PUNCT
ajfa-456	244	1	the	the	DET
ajfa-456	244	2	correlation	correlation	NOUN
ajfa-456	244	3	coefficients	coefficient	NOUN
ajfa-456	244	4	,	,	PUNCT
ajfa-456	244	5	except	except	SCONJ
ajfa-456	244	6	for	for	ADP
ajfa-456	244	7	the	the	DET
ajfa-456	244	8	coefficients	coefficient	NOUN
ajfa-456	244	9	of	of	ADP
ajfa-456	244	10	the	the	DET
ajfa-456	244	11	next	next	ADJ
ajfa-456	244	12	-	-	PUNCT
ajfa-456	244	13	ten	ten	NUM
ajfa-456	244	14	-	-	PUNCT
ajfa-456	244	15	day	day	NOUN
ajfa-456	244	16	returns	return	NOUN
ajfa-456	244	17	,	,	PUNCT
ajfa-456	244	18	are	be	AUX
ajfa-456	244	19	all	all	ADV
ajfa-456	244	20	positive	positive	ADJ
ajfa-456	244	21	and	and	CCONJ
ajfa-456	244	22	significant	significant	ADJ
ajfa-456	244	23	at	at	ADP
ajfa-456	244	24	the	the	DET
ajfa-456	244	25	1	1	NUM
ajfa-456	244	26	%	%	NOUN
ajfa-456	244	27	level	level	NOUN
ajfa-456	244	28	.	.	PUNCT
ajfa-456	245	1	we	we	PRON
ajfa-456	245	2	find	find	VERB
ajfa-456	245	3	a	a	DET
ajfa-456	245	4	positive	positive	ADJ
ajfa-456	245	5	correlation	correlation	NOUN
ajfa-456	245	6	coefficient	coefficient	NOUN
ajfa-456	245	7	between	between	ADP
ajfa-456	245	8	the	the	DET
ajfa-456	245	9	institutions	institution	NOUN
ajfa-456	245	10	that	that	PRON
ajfa-456	245	11	are	be	AUX
ajfa-456	245	12	buying	buy	VERB
ajfa-456	245	13	and	and	CCONJ
ajfa-456	245	14	the	the	DET
ajfa-456	245	15	previous	previous	ADJ
ajfa-456	245	16	-	-	PUNCT
ajfa-456	245	17	day	day	NOUN
ajfa-456	245	18	returns	return	NOUN
ajfa-456	245	19	,	,	PUNCT
ajfa-456	245	20	the	the	DET
ajfa-456	245	21	same	same	ADJ
ajfa-456	245	22	-	-	PUNCT
ajfa-456	245	23	day	day	NOUN
ajfa-456	245	24	returns	return	NOUN
ajfa-456	245	25	,	,	PUNCT
ajfa-456	245	26	the	the	DET
ajfa-456	245	27	next	next	ADJ
ajfa-456	245	28	-	-	PUNCT
ajfa-456	245	29	day	day	NOUN
ajfa-456	245	30	returns	return	NOUN
ajfa-456	245	31	,	,	PUNCT
ajfa-456	245	32	the	the	DET
ajfa-456	245	33	next	next	ADJ
ajfa-456	245	34	-	-	PUNCT
ajfa-456	245	35	two	two	NUM
ajfa-456	245	36	-	-	PUNCT
ajfa-456	245	37	day	day	NOUN
ajfa-456	245	38	returns	return	NOUN
ajfa-456	245	39	,	,	PUNCT
ajfa-456	245	40	and	and	CCONJ
ajfa-456	245	41	the	the	DET
ajfa-456	245	42	next	next	ADJ
ajfa-456	245	43	-	-	PUNCT
ajfa-456	245	44	five	five	NUM
ajfa-456	245	45	-	-	PUNCT
ajfa-456	245	46	day	day	NOUN
ajfa-456	245	47	returns	return	NOUN
ajfa-456	245	48	,	,	PUNCT
ajfa-456	245	49	indicating	indicate	VERB
ajfa-456	245	50	that	that	SCONJ
ajfa-456	245	51	herded	herded	ADJ
ajfa-456	245	52	stock	stock	NOUN
ajfa-456	245	53	will	will	AUX
ajfa-456	245	54	not	not	PART
ajfa-456	245	55	exhibit	exhibit	VERB
ajfa-456	245	56	conspicuous	conspicuous	ADJ
ajfa-456	245	57	return	return	NOUN
ajfa-456	245	58	reversal	reversal	NOUN
ajfa-456	245	59	;	;	PUNCT
ajfa-456	245	60	furthermore	furthermore	ADV
ajfa-456	245	61	,	,	PUNCT
ajfa-456	245	62	this	this	DET
ajfa-456	245	63	finding	finding	NOUN
ajfa-456	245	64	is	be	AUX
ajfa-456	245	65	consistent	consistent	ADJ
ajfa-456	245	66	with	with	ADP
ajfa-456	245	67	the	the	DET
ajfa-456	245	68	findings	finding	NOUN
ajfa-456	245	69	of	of	ADP
ajfa-456	245	70	grinblatt	grinblatt	PROPN
ajfa-456	245	71	,	,	PUNCT
ajfa-456	245	72	et	et	PROPN
ajfa-456	245	73	al	al	PROPN
ajfa-456	245	74	.	.	PROPN
ajfa-456	246	1	(	(	PUNCT
ajfa-456	246	2	1995	1995	NUM
ajfa-456	246	3	)	)	PUNCT
ajfa-456	246	4	,	,	PUNCT
ajfa-456	246	5	wermers	wermer	NOUN
ajfa-456	246	6	(	(	PUNCT
ajfa-456	246	7	1999	1999	NUM
ajfa-456	246	8	,	,	PUNCT
ajfa-456	246	9	2000	2000	NUM
ajfa-456	246	10	)	)	PUNCT
ajfa-456	246	11	,	,	PUNCT
ajfa-456	246	12	nofsinger	nofsinger	NOUN
ajfa-456	246	13	and	and	CCONJ
ajfa-456	246	14	sias	sias	PROPN
ajfa-456	246	15	(	(	PUNCT
ajfa-456	246	16	1999	1999	NUM
ajfa-456	246	17	)	)	PUNCT
ajfa-456	246	18	,	,	PUNCT
ajfa-456	246	19	sias	sias	PROPN
ajfa-456	246	20	et	et	PROPN
ajfa-456	246	21	al	al	PROPN
ajfa-456	246	22	.	.	PUNCT
ajfa-456	247	1	(	(	PUNCT
ajfa-456	247	2	2002	2002	NUM
ajfa-456	247	3	)	)	PUNCT
ajfa-456	247	4	,	,	PUNCT
ajfa-456	247	5	and	and	CCONJ
ajfa-456	247	6	sias	sias	PROPN
ajfa-456	247	7	(	(	PUNCT
ajfa-456	247	8	2004	2004	NUM
ajfa-456	247	9	)	)	PUNCT
ajfa-456	247	10	.	.	PUNCT
ajfa-456	248	1	table	table	NOUN
ajfa-456	248	2	5	5	NUM
ajfa-456	248	3	.	.	PUNCT
ajfa-456	249	1	correlation	correlation	NOUN
ajfa-456	249	2	coefficient	coefficient	NOUN
ajfa-456	249	3	between	between	ADP
ajfa-456	249	4	the	the	DET
ajfa-456	249	5	fraction	fraction	NOUN
ajfa-456	249	6	of	of	ADP
ajfa-456	249	7	institutions	institution	NOUN
ajfa-456	249	8	buying	buy	VERB
ajfa-456	249	9	(	(	PUNCT
ajfa-456	249	10	herding	herding	NOUN
ajfa-456	249	11	)	)	PUNCT
ajfa-456	249	12	and	and	CCONJ
ajfa-456	249	13	stock	stock	NOUN
ajfa-456	249	14	return	return	VERB
ajfa-456	249	15	previous	previous	ADJ
ajfa-456	249	16	-	-	PUNCT
ajfa-456	249	17	day	day	NOUN
ajfa-456	249	18	return	return	NOUN
ajfa-456	249	19	same	same	ADJ
ajfa-456	249	20	-	-	PUNCT
ajfa-456	249	21	day	day	NOUN
ajfa-456	249	22	return	return	NOUN
ajfa-456	249	23	next	next	ADJ
ajfa-456	249	24	-	-	PUNCT
ajfa-456	249	25	day	day	NOUN
ajfa-456	249	26	return	return	NOUN
ajfa-456	249	27	next-2	next-2	PROPN
ajfa-456	249	28	-	-	PUNCT
ajfa-456	249	29	day	day	NOUN
ajfa-456	249	30	return	return	NOUN
ajfa-456	249	31	next-5	next-5	NUM
ajfa-456	249	32	-	-	PUNCT
ajfa-456	249	33	day	day	NOUN
ajfa-456	249	34	return	return	NOUN
ajfa-456	249	35	next-10	next-10	ADJ
ajfa-456	249	36	-	-	PUNCT
ajfa-456	249	37	day	day	NOUN
ajfa-456	249	38	return	return	NOUN
ajfa-456	249	39	0.1570	0.1570	NUM
ajfa-456	249	40	（	（	PUNCT
ajfa-456	249	41	47.932	47.932	NUM
ajfa-456	249	42	）	）	PUNCT
ajfa-456	250	1	*	*	PUNCT
ajfa-456	251	1	*	*	PUNCT
ajfa-456	251	2	*	*	PUNCT
ajfa-456	251	3	0.1862	0.1862	NUM
ajfa-456	251	4	（	（	PUNCT
ajfa-456	251	5	51.933	51.933	NUM
ajfa-456	251	6	）	）	PUNCT
ajfa-456	251	7	*	*	PUNCT
ajfa-456	252	1	*	*	PUNCT
ajfa-456	252	2	*	*	PUNCT
ajfa-456	252	3	0.0927	0.0927	NUM
ajfa-456	252	4	（	（	PUNCT
ajfa-456	252	5	26.182	26.182	NUM
ajfa-456	252	6	）	）	PUNCT
ajfa-456	252	7	*	*	PUNCT
ajfa-456	253	1	*	*	PUNCT
ajfa-456	253	2	*	*	PUNCT
ajfa-456	253	3	0.0315	0.0315	NUM
ajfa-456	253	4	（	（	PUNCT
ajfa-456	253	5	9.004	9.004	NUM
ajfa-456	253	6	）	）	PUNCT
ajfa-456	254	1	*	*	PUNCT
ajfa-456	255	1	*	*	PUNCT
ajfa-456	255	2	*	*	PUNCT
ajfa-456	255	3	0.025	0.025	NUM
ajfa-456	255	4	（	（	PUNCT
ajfa-456	255	5	5.710	5.710	NUM
ajfa-456	255	6	）	）	PUNCT
ajfa-456	255	7	*	*	PUNCT
ajfa-456	256	1	*	*	PUNCT
ajfa-456	256	2	*	*	PUNCT
ajfa-456	256	3	0.007	0.007	NUM
ajfa-456	256	4	（	（	NUM
ajfa-456	256	5	0.849	0.849	NUM
ajfa-456	256	6	）	）	SYM
ajfa-456	256	7	asian	asian	ADJ
ajfa-456	256	8	journal	journal	NOUN
ajfa-456	256	9	of	of	ADP
ajfa-456	256	10	finance	finance	PROPN
ajfa-456	256	11	&	&	CCONJ
ajfa-456	256	12	accounting	accounting	PROPN
ajfa-456	256	13	issn	issn	PROPN
ajfa-456	256	14	1946	1946	NUM
ajfa-456	256	15	-	-	PUNCT
ajfa-456	256	16	052x	052x	NOUN
ajfa-456	256	17	2010	2010	NUM
ajfa-456	256	18	,	,	PUNCT
ajfa-456	256	19	vol	vol	NOUN
ajfa-456	256	20	.	.	PROPN
ajfa-456	256	21	2	2	NUM
ajfa-456	256	22	,	,	PUNCT
ajfa-456	256	23	no	no	INTJ
ajfa-456	256	24	.	.	NOUN
ajfa-456	256	25	2	2	NUM
ajfa-456	256	26	:	:	PUNCT
ajfa-456	256	27	e1	e1	VERB
ajfa-456	256	28	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	256	29	14	14	NUM
ajfa-456	256	30	note	note	NOUN
ajfa-456	256	31	:	:	PUNCT
ajfa-456	256	32	*	*	PUNCT
ajfa-456	256	33	*	*	PUNCT
ajfa-456	256	34	*	*	PUNCT
ajfa-456	256	35	indicates	indicate	VERB
ajfa-456	256	36	statistical	statistical	ADJ
ajfa-456	256	37	significance	significance	NOUN
ajfa-456	256	38	at	at	ADP
ajfa-456	256	39	the	the	DET
ajfa-456	256	40	1	1	NUM
ajfa-456	256	41	%	%	NOUN
ajfa-456	256	42	level	level	NOUN
ajfa-456	256	43	.	.	PUNCT
ajfa-456	257	1	figures	figure	NOUN
ajfa-456	257	2	in	in	ADP
ajfa-456	257	3	parentheses	parenthesis	NOUN
ajfa-456	257	4	are	be	AUX
ajfa-456	257	5	t	t	NOUN
ajfa-456	257	6	-	-	PUNCT
ajfa-456	257	7	statistics	statistic	NOUN
ajfa-456	257	8	.	.	PUNCT
ajfa-456	258	1	nofsinger	nofsinger	PROPN
ajfa-456	258	2	and	and	CCONJ
ajfa-456	258	3	sias	sias	PROPN
ajfa-456	258	4	(	(	PUNCT
ajfa-456	258	5	1999	1999	NUM
ajfa-456	258	6	)	)	PUNCT
ajfa-456	258	7	and	and	CCONJ
ajfa-456	258	8	sias	sias	PROPN
ajfa-456	258	9	(	(	PUNCT
ajfa-456	258	10	2004	2004	NUM
ajfa-456	258	11	)	)	PUNCT
ajfa-456	258	12	suggest	suggest	VERB
ajfa-456	258	13	that	that	SCONJ
ajfa-456	258	14	subsequent	subsequent	ADJ
ajfa-456	258	15	return	return	NOUN
ajfa-456	258	16	reversal	reversal	NOUN
ajfa-456	258	17	of	of	ADP
ajfa-456	258	18	herded	herded	ADJ
ajfa-456	258	19	stock	stock	NOUN
ajfa-456	258	20	indicates	indicate	VERB
ajfa-456	258	21	impulsive	impulsive	ADJ
ajfa-456	258	22	or	or	CCONJ
ajfa-456	258	23	emotional	emotional	ADJ
ajfa-456	258	24	herding	herding	NOUN
ajfa-456	258	25	,	,	PUNCT
ajfa-456	258	26	an	an	DET
ajfa-456	258	27	agency	agency	NOUN
ajfa-456	258	28	problem	problem	NOUN
ajfa-456	258	29	,	,	PUNCT
ajfa-456	258	30	or	or	CCONJ
ajfa-456	258	31	characteristic	characteristic	ADJ
ajfa-456	258	32	herding	herding	NOUN
ajfa-456	258	33	.	.	PUNCT
ajfa-456	259	1	the	the	DET
ajfa-456	259	2	absence	absence	NOUN
ajfa-456	259	3	of	of	ADP
ajfa-456	259	4	return	return	NOUN
ajfa-456	259	5	reversal	reversal	NOUN
ajfa-456	259	6	,	,	PUNCT
ajfa-456	259	7	meanwhile	meanwhile	ADV
ajfa-456	259	8	,	,	PUNCT
ajfa-456	259	9	represents	represent	VERB
ajfa-456	259	10	information	information	NOUN
ajfa-456	259	11	cascades	cascade	NOUN
ajfa-456	259	12	or	or	CCONJ
ajfa-456	259	13	investigative	investigative	ADJ
ajfa-456	259	14	herding	herding	NOUN
ajfa-456	259	15	functioning	function	VERB
ajfa-456	259	16	as	as	ADP
ajfa-456	259	17	the	the	DET
ajfa-456	259	18	primary	primary	ADJ
ajfa-456	259	19	reasons	reason	NOUN
ajfa-456	259	20	for	for	ADP
ajfa-456	259	21	institutional	institutional	ADJ
ajfa-456	259	22	herding	herding	NOUN
ajfa-456	259	23	.	.	PUNCT
ajfa-456	260	1	the	the	DET
ajfa-456	260	2	preliminary	preliminary	ADJ
ajfa-456	260	3	results	result	NOUN
ajfa-456	260	4	in	in	ADP
ajfa-456	260	5	this	this	DET
ajfa-456	260	6	study	study	NOUN
ajfa-456	260	7	pointed	point	VERB
ajfa-456	260	8	to	to	ADP
ajfa-456	260	9	an	an	DET
ajfa-456	260	10	absence	absence	NOUN
ajfa-456	260	11	of	of	ADP
ajfa-456	260	12	return	return	NOUN
ajfa-456	260	13	reversal	reversal	NOUN
ajfa-456	260	14	in	in	ADP
ajfa-456	260	15	herded	herded	ADJ
ajfa-456	260	16	stocks	stock	NOUN
ajfa-456	260	17	;	;	PUNCT
ajfa-456	260	18	hence	hence	ADV
ajfa-456	260	19	,	,	PUNCT
ajfa-456	260	20	we	we	PRON
ajfa-456	260	21	further	far	ADV
ajfa-456	260	22	tested	test	VERB
ajfa-456	260	23	whether	whether	SCONJ
ajfa-456	260	24	institutional	institutional	ADJ
ajfa-456	260	25	herding	herding	NOUN
ajfa-456	260	26	in	in	ADP
ajfa-456	260	27	taiwan	taiwan	PROPN
ajfa-456	260	28	’s	’s	PART
ajfa-456	260	29	stock	stock	NOUN
ajfa-456	260	30	market	market	NOUN
ajfa-456	260	31	is	be	AUX
ajfa-456	260	32	driven	drive	VERB
ajfa-456	260	33	primarily	primarily	ADV
ajfa-456	260	34	by	by	ADP
ajfa-456	260	35	informational	informational	ADJ
ajfa-456	260	36	cascades	cascade	NOUN
ajfa-456	260	37	or	or	CCONJ
ajfa-456	260	38	investigative	investigative	ADJ
ajfa-456	260	39	herding	herding	NOUN
ajfa-456	260	40	.	.	PUNCT
ajfa-456	261	1	4.4	4.4	NUM
ajfa-456	261	2	firm	firm	ADJ
ajfa-456	261	3	size	size	NOUN
ajfa-456	261	4	and	and	CCONJ
ajfa-456	261	5	herding	herd	VERB
ajfa-456	261	6	informational	informational	ADJ
ajfa-456	261	7	cascades	cascade	NOUN
ajfa-456	261	8	usually	usually	ADV
ajfa-456	261	9	occur	occur	VERB
ajfa-456	261	10	when	when	SCONJ
ajfa-456	261	11	private	private	ADJ
ajfa-456	261	12	information	information	NOUN
ajfa-456	261	13	is	be	AUX
ajfa-456	261	14	limited	limited	ADJ
ajfa-456	261	15	or	or	CCONJ
ajfa-456	261	16	unreliable	unreliable	ADJ
ajfa-456	261	17	,	,	PUNCT
ajfa-456	261	18	and	and	CCONJ
ajfa-456	261	19	when	when	SCONJ
ajfa-456	261	20	it	it	PRON
ajfa-456	261	21	is	be	AUX
ajfa-456	261	22	difficult	difficult	ADJ
ajfa-456	261	23	for	for	SCONJ
ajfa-456	261	24	information	information	NOUN
ajfa-456	261	25	holders	holder	NOUN
ajfa-456	261	26	to	to	PART
ajfa-456	261	27	contact	contact	VERB
ajfa-456	261	28	each	each	DET
ajfa-456	261	29	other	other	ADJ
ajfa-456	261	30	.	.	PUNCT
ajfa-456	262	1	so	so	ADV
ajfa-456	262	2	followers	follower	NOUN
ajfa-456	262	3	assess	assess	VERB
ajfa-456	262	4	the	the	DET
ajfa-456	262	5	information	information	NOUN
ajfa-456	262	6	they	they	PRON
ajfa-456	262	7	have	have	VERB
ajfa-456	262	8	by	by	ADP
ajfa-456	262	9	observing	observe	VERB
ajfa-456	262	10	the	the	DET
ajfa-456	262	11	behavior	behavior	NOUN
ajfa-456	262	12	of	of	ADP
ajfa-456	262	13	a	a	DET
ajfa-456	262	14	given	give	VERB
ajfa-456	262	15	leader	leader	NOUN
ajfa-456	262	16	,	,	PUNCT
ajfa-456	262	17	believing	believe	VERB
ajfa-456	262	18	that	that	SCONJ
ajfa-456	262	19	the	the	DET
ajfa-456	262	20	leader	leader	NOUN
ajfa-456	262	21	’s	’s	PART
ajfa-456	262	22	information	information	NOUN
ajfa-456	262	23	is	be	AUX
ajfa-456	262	24	more	more	ADV
ajfa-456	262	25	valuable	valuable	ADJ
ajfa-456	262	26	than	than	ADP
ajfa-456	262	27	their	their	PRON
ajfa-456	262	28	own	own	ADJ
ajfa-456	262	29	,	,	PUNCT
ajfa-456	262	30	which	which	PRON
ajfa-456	262	31	they	they	PRON
ajfa-456	262	32	consequently	consequently	ADV
ajfa-456	262	33	abandon	abandon	VERB
ajfa-456	262	34	.	.	PUNCT
ajfa-456	263	1	if	if	SCONJ
ajfa-456	263	2	several	several	ADJ
ajfa-456	263	3	leaders	leader	NOUN
ajfa-456	263	4	make	make	VERB
ajfa-456	263	5	the	the	DET
ajfa-456	263	6	same	same	ADJ
ajfa-456	263	7	moves	move	NOUN
ajfa-456	263	8	,	,	PUNCT
ajfa-456	263	9	it	it	PRON
ajfa-456	263	10	will	will	AUX
ajfa-456	263	11	result	result	VERB
ajfa-456	263	12	in	in	ADP
ajfa-456	263	13	informational	informational	ADJ
ajfa-456	263	14	dominance	dominance	NOUN
ajfa-456	263	15	that	that	PRON
ajfa-456	263	16	gradually	gradually	ADV
ajfa-456	263	17	weakens	weaken	VERB
ajfa-456	263	18	the	the	DET
ajfa-456	263	19	influence	influence	NOUN
ajfa-456	263	20	of	of	ADP
ajfa-456	263	21	an	an	DET
ajfa-456	263	22	individual	individual	NOUN
ajfa-456	263	23	’s	’s	PART
ajfa-456	263	24	information	information	NOUN
ajfa-456	263	25	in	in	ADP
ajfa-456	263	26	the	the	DET
ajfa-456	263	27	market	market	NOUN
ajfa-456	263	28	.	.	PUNCT
ajfa-456	264	1	consequently	consequently	ADV
ajfa-456	264	2	,	,	PUNCT
ajfa-456	264	3	followers	follower	NOUN
ajfa-456	264	4	are	be	AUX
ajfa-456	264	5	more	more	ADV
ajfa-456	264	6	likely	likely	ADJ
ajfa-456	264	7	to	to	PART
ajfa-456	264	8	abandon	abandon	VERB
ajfa-456	264	9	their	their	PRON
ajfa-456	264	10	private	private	ADJ
ajfa-456	264	11	information	information	NOUN
ajfa-456	264	12	and	and	CCONJ
ajfa-456	264	13	mimic	mimic	VERB
ajfa-456	264	14	the	the	DET
ajfa-456	264	15	actions	action	NOUN
ajfa-456	264	16	of	of	ADP
ajfa-456	264	17	the	the	DET
ajfa-456	264	18	leaders	leader	NOUN
ajfa-456	264	19	.	.	PUNCT
ajfa-456	265	1	such	such	ADJ
ajfa-456	265	2	emulative	emulative	ADJ
ajfa-456	265	3	behavior	behavior	NOUN
ajfa-456	265	4	is	be	AUX
ajfa-456	265	5	like	like	ADP
ajfa-456	265	6	a	a	DET
ajfa-456	265	7	series	series	NOUN
ajfa-456	265	8	of	of	ADP
ajfa-456	265	9	descending	descend	VERB
ajfa-456	265	10	waterfalls	waterfall	NOUN
ajfa-456	265	11	,	,	PUNCT
ajfa-456	265	12	and	and	CCONJ
ajfa-456	265	13	leads	lead	VERB
ajfa-456	265	14	to	to	ADP
ajfa-456	265	15	the	the	DET
ajfa-456	265	16	herding	herding	NOUN
ajfa-456	265	17	phenomenon	phenomenon	NOUN
ajfa-456	265	18	of	of	ADP
ajfa-456	265	19	informational	informational	ADJ
ajfa-456	265	20	cascades	cascade	NOUN
ajfa-456	265	21	(	(	PUNCT
ajfa-456	265	22	welch	welch	PROPN
ajfa-456	265	23	,	,	PUNCT
ajfa-456	265	24	1992	1992	NUM
ajfa-456	265	25	)	)	PUNCT
ajfa-456	265	26	.	.	PUNCT
ajfa-456	266	1	investigative	investigative	ADJ
ajfa-456	266	2	herding	herding	NOUN
ajfa-456	266	3	arises	arise	VERB
ajfa-456	266	4	when	when	SCONJ
ajfa-456	266	5	investors	investor	NOUN
ajfa-456	266	6	search	search	VERB
ajfa-456	266	7	for	for	ADP
ajfa-456	266	8	investment	investment	NOUN
ajfa-456	266	9	decisions	decision	NOUN
ajfa-456	266	10	and	and	CCONJ
ajfa-456	266	11	come	come	VERB
ajfa-456	266	12	to	to	ADP
ajfa-456	266	13	similar	similar	ADJ
ajfa-456	266	14	conclusions	conclusion	NOUN
ajfa-456	266	15	because	because	SCONJ
ajfa-456	266	16	they	they	PRON
ajfa-456	266	17	hold	hold	VERB
ajfa-456	266	18	or	or	CCONJ
ajfa-456	266	19	process	process	VERB
ajfa-456	266	20	similar	similar	ADJ
ajfa-456	266	21	information	information	NOUN
ajfa-456	266	22	and	and	CCONJ
ajfa-456	266	23	use	use	VERB
ajfa-456	266	24	the	the	DET
ajfa-456	266	25	same	same	ADJ
ajfa-456	266	26	analytical	analytical	ADJ
ajfa-456	266	27	methods	method	NOUN
ajfa-456	266	28	or	or	CCONJ
ajfa-456	266	29	indicators	indicator	NOUN
ajfa-456	266	30	(	(	PUNCT
ajfa-456	266	31	hirshleifer	hirshleifer	NOUN
ajfa-456	266	32	et	et	PROPN
ajfa-456	266	33	al	al	PROPN
ajfa-456	266	34	.	.	PROPN
ajfa-456	266	35	,	,	PUNCT
ajfa-456	266	36	1994	1994	NUM
ajfa-456	266	37	)	)	PUNCT
ajfa-456	266	38	.	.	PUNCT
ajfa-456	267	1	although	although	SCONJ
ajfa-456	267	2	taiwan	taiwan	PROPN
ajfa-456	267	3	’s	’s	PART
ajfa-456	267	4	securities	securities	PROPN
ajfa-456	267	5	and	and	CCONJ
ajfa-456	267	6	exchange	exchange	PROPN
ajfa-456	267	7	act	act	NOUN
ajfa-456	267	8	requires	require	VERB
ajfa-456	267	9	listed	list	VERB
ajfa-456	267	10	companies	company	NOUN
ajfa-456	267	11	to	to	PART
ajfa-456	267	12	fully	fully	ADV
ajfa-456	267	13	disclose	disclose	VERB
ajfa-456	267	14	corporate	corporate	ADJ
ajfa-456	267	15	information	information	NOUN
ajfa-456	267	16	,	,	PUNCT
ajfa-456	267	17	plenty	plenty	NOUN
ajfa-456	267	18	of	of	ADP
ajfa-456	267	19	erroneous	erroneous	ADJ
ajfa-456	267	20	information	information	NOUN
ajfa-456	267	21	continues	continue	VERB
ajfa-456	267	22	to	to	PART
ajfa-456	267	23	circulate	circulate	VERB
ajfa-456	267	24	regarding	regard	VERB
ajfa-456	267	25	untimely	untimely	ADJ
ajfa-456	267	26	disclosure	disclosure	NOUN
ajfa-456	267	27	.	.	PUNCT
ajfa-456	268	1	with	with	ADP
ajfa-456	268	2	respect	respect	NOUN
ajfa-456	268	3	to	to	ADP
ajfa-456	268	4	the	the	DET
ajfa-456	268	5	size	size	NOUN
ajfa-456	268	6	of	of	ADP
ajfa-456	268	7	listed	list	VERB
ajfa-456	268	8	stock	stock	NOUN
ajfa-456	268	9	,	,	PUNCT
ajfa-456	268	10	small	small	ADJ
ajfa-456	268	11	firms	firm	NOUN
ajfa-456	268	12	do	do	AUX
ajfa-456	268	13	not	not	PART
ajfa-456	268	14	attract	attract	VERB
ajfa-456	268	15	as	as	ADV
ajfa-456	268	16	much	much	ADJ
ajfa-456	268	17	attention	attention	NOUN
ajfa-456	268	18	from	from	ADP
ajfa-456	268	19	investors	investor	NOUN
ajfa-456	268	20	as	as	ADP
ajfa-456	268	21	large	large	ADJ
ajfa-456	268	22	firms	firm	NOUN
ajfa-456	268	23	and	and	CCONJ
ajfa-456	268	24	their	their	PRON
ajfa-456	268	25	information	information	NOUN
ajfa-456	268	26	is	be	AUX
ajfa-456	268	27	not	not	PART
ajfa-456	268	28	as	as	ADV
ajfa-456	268	29	transparent	transparent	ADJ
ajfa-456	268	30	.	.	PUNCT
ajfa-456	269	1	according	accord	VERB
ajfa-456	269	2	to	to	ADP
ajfa-456	269	3	wermers	wermer	NOUN
ajfa-456	269	4	(	(	PUNCT
ajfa-456	269	5	1999	1999	NUM
ajfa-456	269	6	)	)	PUNCT
ajfa-456	269	7	and	and	CCONJ
ajfa-456	269	8	sias	sias	PROPN
ajfa-456	269	9	(	(	PUNCT
ajfa-456	269	10	2004	2004	NUM
ajfa-456	269	11	)	)	PUNCT
ajfa-456	269	12	,	,	PUNCT
ajfa-456	269	13	it	it	PRON
ajfa-456	269	14	is	be	AUX
ajfa-456	269	15	usually	usually	ADV
ajfa-456	269	16	easier	easy	ADJ
ajfa-456	269	17	for	for	SCONJ
ajfa-456	269	18	investors	investor	NOUN
ajfa-456	269	19	to	to	PART
ajfa-456	269	20	obtain	obtain	VERB
ajfa-456	269	21	substantial	substantial	ADJ
ajfa-456	269	22	and	and	CCONJ
ajfa-456	269	23	relevant	relevant	ADJ
ajfa-456	269	24	information	information	NOUN
ajfa-456	269	25	on	on	ADP
ajfa-456	269	26	larger	large	ADJ
ajfa-456	269	27	firms	firm	NOUN
ajfa-456	269	28	.	.	PUNCT
ajfa-456	270	1	for	for	ADP
ajfa-456	270	2	this	this	DET
ajfa-456	270	3	reason	reason	NOUN
ajfa-456	270	4	,	,	PUNCT
ajfa-456	270	5	investigative	investigative	ADJ
ajfa-456	270	6	herding	herding	NOUN
ajfa-456	270	7	is	be	AUX
ajfa-456	270	8	more	more	ADV
ajfa-456	270	9	likely	likely	ADJ
ajfa-456	270	10	to	to	PART
ajfa-456	270	11	affect	affect	VERB
ajfa-456	270	12	large	large	ADJ
ajfa-456	270	13	-	-	PUNCT
ajfa-456	270	14	cap	cap	NOUN
ajfa-456	270	15	stocks	stock	NOUN
ajfa-456	270	16	.	.	PUNCT
ajfa-456	271	1	in	in	ADP
ajfa-456	271	2	contrast	contrast	NOUN
ajfa-456	271	3	,	,	PUNCT
ajfa-456	271	4	information	information	NOUN
ajfa-456	271	5	on	on	ADP
ajfa-456	271	6	small	small	ADJ
ajfa-456	271	7	-	-	PUNCT
ajfa-456	271	8	cap	cap	NOUN
ajfa-456	271	9	stocks	stock	NOUN
ajfa-456	271	10	is	be	AUX
ajfa-456	271	11	not	not	PART
ajfa-456	271	12	readily	readily	ADV
ajfa-456	271	13	accessible	accessible	ADJ
ajfa-456	271	14	,	,	PUNCT
ajfa-456	271	15	and	and	CCONJ
ajfa-456	271	16	is	be	AUX
ajfa-456	271	17	less	less	ADV
ajfa-456	271	18	reliable	reliable	ADJ
ajfa-456	271	19	.	.	PUNCT
ajfa-456	272	1	as	as	SCONJ
ajfa-456	272	2	it	it	PRON
ajfa-456	272	3	is	be	AUX
ajfa-456	272	4	more	more	ADV
ajfa-456	272	5	difficult	difficult	ADJ
ajfa-456	272	6	to	to	PART
ajfa-456	272	7	price	price	VERB
ajfa-456	272	8	a	a	DET
ajfa-456	272	9	stock	stock	NOUN
ajfa-456	272	10	with	with	ADP
ajfa-456	272	11	unreliable	unreliable	ADJ
ajfa-456	272	12	information	information	NOUN
ajfa-456	272	13	,	,	PUNCT
ajfa-456	272	14	investors	investor	NOUN
ajfa-456	272	15	would	would	AUX
ajfa-456	272	16	rather	rather	ADV
ajfa-456	272	17	forsake	forsake	VERB
ajfa-456	272	18	their	their	PRON
ajfa-456	272	19	own	own	ADJ
ajfa-456	272	20	information	information	NOUN
ajfa-456	272	21	,	,	PUNCT
ajfa-456	272	22	and	and	CCONJ
ajfa-456	272	23	follow	follow	VERB
ajfa-456	272	24	the	the	DET
ajfa-456	272	25	trading	trading	NOUN
ajfa-456	272	26	activities	activity	NOUN
ajfa-456	272	27	of	of	ADP
ajfa-456	272	28	others	other	NOUN
ajfa-456	272	29	.	.	PUNCT
ajfa-456	273	1	thus	thus	ADV
ajfa-456	273	2	,	,	PUNCT
ajfa-456	273	3	herding	herd	VERB
ajfa-456	273	4	driven	drive	VERB
ajfa-456	273	5	by	by	ADP
ajfa-456	273	6	information	information	NOUN
ajfa-456	273	7	cascades	cascade	NOUN
ajfa-456	273	8	is	be	AUX
ajfa-456	273	9	more	more	ADV
ajfa-456	273	10	likely	likely	ADJ
ajfa-456	273	11	to	to	PART
ajfa-456	273	12	affect	affect	VERB
ajfa-456	273	13	small	small	ADJ
ajfa-456	273	14	-	-	PUNCT
ajfa-456	273	15	cap	cap	NOUN
ajfa-456	273	16	stocks	stock	NOUN
ajfa-456	273	17	.	.	PUNCT
ajfa-456	274	1	this	this	DET
ajfa-456	274	2	study	study	NOUN
ajfa-456	274	3	divides	divide	VERB
ajfa-456	274	4	all	all	DET
ajfa-456	274	5	stocks	stock	NOUN
ajfa-456	274	6	by	by	ADP
ajfa-456	274	7	capitalization	capitalization	NOUN
ajfa-456	274	8	into	into	ADP
ajfa-456	274	9	quintiles	quintile	NOUN
ajfa-456	274	10	from	from	ADP
ajfa-456	274	11	smallest	small	ADJ
ajfa-456	274	12	to	to	PART
ajfa-456	274	13	largest	large	ADJ
ajfa-456	274	14	with	with	ADP
ajfa-456	274	15	each	each	DET
ajfa-456	274	16	group	group	NOUN
ajfa-456	274	17	having	have	VERB
ajfa-456	274	18	the	the	DET
ajfa-456	274	19	same	same	ADJ
ajfa-456	274	20	number	number	NOUN
ajfa-456	274	21	of	of	ADP
ajfa-456	274	22	stocks	stock	NOUN
ajfa-456	274	23	.	.	PUNCT
ajfa-456	275	1	next	next	ADV
ajfa-456	275	2	,	,	PUNCT
ajfa-456	275	3	in	in	ADP
ajfa-456	275	4	each	each	DET
ajfa-456	275	5	quintile	quintile	NOUN
ajfa-456	275	6	of	of	ADP
ajfa-456	275	7	stocks	stock	NOUN
ajfa-456	275	8	,	,	PUNCT
ajfa-456	275	9	we	we	PRON
ajfa-456	275	10	compute	compute	VERB
ajfa-456	275	11	the	the	DET
ajfa-456	275	12	contribution	contribution	NOUN
ajfa-456	275	13	from	from	ADP
ajfa-456	275	14	“	"	PUNCT
ajfa-456	275	15	following	follow	VERB
ajfa-456	275	16	one	one	NUM
ajfa-456	275	17	’s	’s	PART
ajfa-456	275	18	own	own	ADJ
ajfa-456	275	19	trades	trade	NOUN
ajfa-456	275	20	from	from	ADP
ajfa-456	275	21	the	the	DET
ajfa-456	275	22	previous	previous	ADJ
ajfa-456	275	23	day	day	NOUN
ajfa-456	275	24	”	"	PUNCT
ajfa-456	275	25	and	and	CCONJ
ajfa-456	275	26	the	the	DET
ajfa-456	275	27	contribution	contribution	NOUN
ajfa-456	275	28	from	from	ADP
ajfa-456	275	29	“	"	PUNCT
ajfa-456	275	30	following	follow	VERB
ajfa-456	275	31	others	other	NOUN
ajfa-456	275	32	’	'	PUNCT
ajfa-456	275	33	trades	trade	NOUN
ajfa-456	275	34	from	from	ADP
ajfa-456	275	35	the	the	DET
ajfa-456	275	36	previous	previous	ADJ
ajfa-456	275	37	day	day	NOUN
ajfa-456	275	38	”	"	PUNCT
ajfa-456	275	39	.	.	PUNCT
ajfa-456	276	1	there	there	PRON
ajfa-456	276	2	are	be	VERB
ajfa-456	276	3	typically	typically	ADV
ajfa-456	276	4	more	more	ADJ
ajfa-456	276	5	institutions	institution	NOUN
ajfa-456	276	6	trading	trade	VERB
ajfa-456	276	7	large	large	ADJ
ajfa-456	276	8	-	-	PUNCT
ajfa-456	276	9	cap	cap	NOUN
ajfa-456	276	10	stocks	stock	NOUN
ajfa-456	276	11	than	than	ADP
ajfa-456	276	12	small	small	ADJ
ajfa-456	276	13	-	-	PUNCT
ajfa-456	276	14	cap	cap	NOUN
ajfa-456	276	15	stocks	stock	NOUN
ajfa-456	276	16	,	,	PUNCT
ajfa-456	276	17	and	and	CCONJ
ajfa-456	276	18	the	the	DET
ajfa-456	276	19	number	number	NOUN
ajfa-456	276	20	of	of	ADP
ajfa-456	276	21	institutions	institution	NOUN
ajfa-456	276	22	trading	trade	VERB
ajfa-456	276	23	a	a	DET
ajfa-456	276	24	stock	stock	NOUN
ajfa-456	276	25	would	would	AUX
ajfa-456	276	26	affect	affect	VERB
ajfa-456	276	27	herding	herding	NOUN
ajfa-456	276	28	measures	measure	NOUN
ajfa-456	276	29	.	.	PUNCT
ajfa-456	277	1	therefore	therefore	ADV
ajfa-456	277	2	,	,	PUNCT
ajfa-456	277	3	when	when	SCONJ
ajfa-456	277	4	examining	examine	VERB
ajfa-456	277	5	the	the	DET
ajfa-456	277	6	relationship	relationship	NOUN
ajfa-456	277	7	between	between	ADP
ajfa-456	277	8	herding	herding	NOUN
ajfa-456	277	9	and	and	CCONJ
ajfa-456	277	10	firm	firm	ADJ
ajfa-456	277	11	size	size	NOUN
ajfa-456	277	12	,	,	PUNCT
ajfa-456	277	13	it	it	PRON
ajfa-456	277	14	is	be	AUX
ajfa-456	277	15	necessary	necessary	ADJ
ajfa-456	277	16	to	to	PART
ajfa-456	277	17	adjust	adjust	VERB
ajfa-456	277	18	the	the	DET
ajfa-456	277	19	method	method	NOUN
ajfa-456	277	20	of	of	ADP
ajfa-456	277	21	measurement	measurement	NOUN
ajfa-456	277	22	by	by	ADP
ajfa-456	277	23	averaging	average	VERB
ajfa-456	277	24	the	the	DET
ajfa-456	277	25	contribution	contribution	NOUN
ajfa-456	277	26	from	from	ADP
ajfa-456	277	27	herding	herd	VERB
ajfa-456	277	28	and	and	CCONJ
ajfa-456	277	29	the	the	DET
ajfa-456	277	30	contribution	contribution	NOUN
ajfa-456	277	31	from	from	ADP
ajfa-456	277	32	following	follow	VERB
ajfa-456	277	33	one	one	NUM
ajfa-456	277	34	’s	’s	PART
ajfa-456	277	35	own	own	ADJ
ajfa-456	277	36	trades	trade	NOUN
ajfa-456	277	37	in	in	ADP
ajfa-456	277	38	equation	equation	NOUN
ajfa-456	277	39	(	(	PUNCT
ajfa-456	277	40	4	4	X
ajfa-456	277	41	)	)	PUNCT
ajfa-456	277	42	relative	relative	ADJ
ajfa-456	277	43	to	to	ADP
ajfa-456	277	44	t	t	PROPN
ajfa-456	277	45	for	for	ADP
ajfa-456	277	46	all	all	DET
ajfa-456	277	47	institutional	institutional	ADJ
ajfa-456	277	48	investors	investor	NOUN
ajfa-456	277	49	.	.	PUNCT
ajfa-456	278	1	because	because	SCONJ
ajfa-456	278	2	the	the	DET
ajfa-456	278	3	average	average	ADJ
ajfa-456	278	4	contributions	contribution	NOUN
ajfa-456	278	5	from	from	ADP
ajfa-456	278	6	following	follow	VERB
ajfa-456	278	7	one	one	NUM
ajfa-456	278	8	’s	’s	PART
ajfa-456	278	9	own	own	ADJ
ajfa-456	278	10	trades	trade	NOUN
ajfa-456	278	11	and	and	CCONJ
ajfa-456	278	12	from	from	ADP
ajfa-456	278	13	herding	herding	NOUN
ajfa-456	278	14	are	be	AUX
ajfa-456	278	15	unaffected	unaffected	ADJ
ajfa-456	278	16	by	by	ADP
ajfa-456	278	17	either	either	CCONJ
ajfa-456	278	18	the	the	DET
ajfa-456	278	19	number	number	NOUN
ajfa-456	278	20	of	of	ADP
ajfa-456	278	21	institutional	institutional	ADJ
ajfa-456	278	22	trader	trader	NOUN
ajfa-456	278	23	or	or	CCONJ
ajfa-456	278	24	the	the	DET
ajfa-456	278	25	cross	cross	ADJ
ajfa-456	278	26	-	-	ADJ
ajfa-456	278	27	sectional	sectional	ADJ
ajfa-456	278	28	standard	standard	ADJ
ajfa-456	278	29	deviation	deviation	NOUN
ajfa-456	278	30	of	of	ADP
ajfa-456	278	31	institutions	institution	NOUN
ajfa-456	278	32	buying	buy	VERB
ajfa-456	278	33	,	,	PUNCT
ajfa-456	278	34	we	we	PRON
ajfa-456	278	35	have	have	AUX
ajfa-456	278	36	calculated	calculate	VERB
ajfa-456	278	37	the	the	DET
ajfa-456	278	38	cross	cross	ADJ
ajfa-456	278	39	-	-	ADJ
ajfa-456	278	40	sectional	sectional	ADJ
ajfa-456	278	41	average	average	NOUN
ajfa-456	278	42	of	of	ADP
ajfa-456	278	43	those	those	DET
ajfa-456	278	44	two	two	NUM
ajfa-456	278	45	asian	asian	ADJ
ajfa-456	278	46	journal	journal	NOUN
ajfa-456	278	47	of	of	ADP
ajfa-456	278	48	finance	finance	PROPN
ajfa-456	278	49	&	&	CCONJ
ajfa-456	278	50	accounting	accounting	PROPN
ajfa-456	278	51	issn	issn	PROPN
ajfa-456	278	52	1946	1946	NUM
ajfa-456	278	53	-	-	PUNCT
ajfa-456	278	54	052x	052x	NOUN
ajfa-456	278	55	2010	2010	NUM
ajfa-456	278	56	,	,	PUNCT
ajfa-456	278	57	vol	vol	NOUN
ajfa-456	278	58	.	.	PROPN
ajfa-456	278	59	2	2	NUM
ajfa-456	278	60	,	,	PUNCT
ajfa-456	278	61	no	no	INTJ
ajfa-456	278	62	.	.	NOUN
ajfa-456	278	63	2	2	NUM
ajfa-456	278	64	:	:	PUNCT
ajfa-456	278	65	e1	e1	VERB
ajfa-456	278	66	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	278	67	15	15	NUM
ajfa-456	278	68	values	value	NOUN
ajfa-456	278	69	for	for	ADP
ajfa-456	278	70	all	all	DET
ajfa-456	278	71	stocks	stock	NOUN
ajfa-456	278	72	in	in	ADP
ajfa-456	278	73	each	each	DET
ajfa-456	278	74	quintile	quintile	NOUN
ajfa-456	278	75	to	to	PART
ajfa-456	278	76	obtain	obtain	VERB
ajfa-456	278	77	each	each	DET
ajfa-456	278	78	quintile	quintile	NOUN
ajfa-456	278	79	’s	’s	PART
ajfa-456	278	80	average	average	ADJ
ajfa-456	278	81	contribution	contribution	NOUN
ajfa-456	278	82	from	from	ADP
ajfa-456	278	83	following	follow	VERB
ajfa-456	278	84	one	one	NUM
ajfa-456	278	85	’s	’s	PART
ajfa-456	278	86	own	own	ADJ
ajfa-456	278	87	trades	trade	NOUN
ajfa-456	278	88	and	and	CCONJ
ajfa-456	278	89	from	from	ADP
ajfa-456	278	90	herding	herd	VERB
ajfa-456	278	91	.	.	PUNCT
ajfa-456	279	1	using	use	VERB
ajfa-456	279	2	the	the	DET
ajfa-456	279	3	aforementioned	aforementioned	ADJ
ajfa-456	279	4	method	method	NOUN
ajfa-456	279	5	,	,	PUNCT
ajfa-456	279	6	we	we	PRON
ajfa-456	279	7	can	can	AUX
ajfa-456	279	8	directly	directly	ADV
ajfa-456	279	9	compare	compare	VERB
ajfa-456	279	10	the	the	DET
ajfa-456	279	11	intensity	intensity	NOUN
ajfa-456	279	12	of	of	ADP
ajfa-456	279	13	herding	herd	VERB
ajfa-456	279	14	across	across	ADP
ajfa-456	279	15	capitalization	capitalization	NOUN
ajfa-456	279	16	quintiles	quintile	NOUN
ajfa-456	279	17	.	.	PUNCT
ajfa-456	280	1	if	if	SCONJ
ajfa-456	280	2	the	the	DET
ajfa-456	280	3	results	result	NOUN
ajfa-456	280	4	indicate	indicate	VERB
ajfa-456	280	5	that	that	SCONJ
ajfa-456	280	6	the	the	DET
ajfa-456	280	7	herding	herding	NOUN
ajfa-456	280	8	relative	relative	ADJ
ajfa-456	280	9	to	to	ADP
ajfa-456	280	10	small	small	ADJ
ajfa-456	280	11	-	-	PUNCT
ajfa-456	280	12	cap	cap	NOUN
ajfa-456	280	13	stocks	stock	NOUN
ajfa-456	280	14	exhibits	exhibit	VERB
ajfa-456	280	15	greater	great	ADJ
ajfa-456	280	16	intensity	intensity	NOUN
ajfa-456	280	17	than	than	ADP
ajfa-456	280	18	the	the	DET
ajfa-456	280	19	herding	herding	NOUN
ajfa-456	280	20	relative	relative	ADJ
ajfa-456	280	21	to	to	ADP
ajfa-456	280	22	large	large	ADJ
ajfa-456	280	23	-	-	PUNCT
ajfa-456	280	24	cap	cap	NOUN
ajfa-456	280	25	stocks	stock	NOUN
ajfa-456	280	26	,	,	PUNCT
ajfa-456	280	27	then	then	ADV
ajfa-456	280	28	it	it	PRON
ajfa-456	280	29	is	be	AUX
ajfa-456	280	30	reasonable	reasonable	ADJ
ajfa-456	280	31	to	to	PART
ajfa-456	280	32	conclude	conclude	VERB
ajfa-456	280	33	that	that	SCONJ
ajfa-456	280	34	herding	herding	NOUN
ajfa-456	280	35	is	be	AUX
ajfa-456	280	36	driven	drive	VERB
ajfa-456	280	37	primarily	primarily	ADV
ajfa-456	280	38	by	by	ADP
ajfa-456	280	39	information	information	NOUN
ajfa-456	280	40	cascades	cascade	NOUN
ajfa-456	280	41	.	.	PUNCT
ajfa-456	281	1	otherwise	otherwise	ADV
ajfa-456	281	2	,	,	PUNCT
ajfa-456	281	3	herding	herding	NOUN
ajfa-456	281	4	would	would	AUX
ajfa-456	281	5	be	be	AUX
ajfa-456	281	6	driven	drive	VERB
ajfa-456	281	7	primarily	primarily	ADV
ajfa-456	281	8	by	by	ADP
ajfa-456	281	9	institutions	institution	NOUN
ajfa-456	281	10	both	both	PRON
ajfa-456	281	11	investigating	investigate	VERB
ajfa-456	281	12	the	the	DET
ajfa-456	281	13	same	same	ADJ
ajfa-456	281	14	information	information	NOUN
ajfa-456	281	15	and	and	CCONJ
ajfa-456	281	16	using	use	VERB
ajfa-456	281	17	similar	similar	ADJ
ajfa-456	281	18	methodologies	methodology	NOUN
ajfa-456	281	19	(	(	PUNCT
ajfa-456	281	20	i.e.	i.e.	X
ajfa-456	281	21	,	,	PUNCT
ajfa-456	281	22	investigative	investigative	ADJ
ajfa-456	281	23	herding	herding	NOUN
ajfa-456	281	24	)	)	PUNCT
ajfa-456	281	25	.	.	PUNCT
ajfa-456	282	1	after	after	ADP
ajfa-456	282	2	dividing	divide	VERB
ajfa-456	282	3	all	all	DET
ajfa-456	282	4	the	the	DET
ajfa-456	282	5	stocks	stock	NOUN
ajfa-456	282	6	by	by	ADP
ajfa-456	282	7	capitalization	capitalization	NOUN
ajfa-456	282	8	into	into	ADP
ajfa-456	282	9	quintiles	quintile	NOUN
ajfa-456	282	10	from	from	ADP
ajfa-456	282	11	smallest	small	ADJ
ajfa-456	282	12	to	to	AUX
ajfa-456	282	13	largest	large	ADJ
ajfa-456	282	14	and	and	CCONJ
ajfa-456	282	15	calculating	calculate	VERB
ajfa-456	282	16	both	both	CCONJ
ajfa-456	282	17	the	the	DET
ajfa-456	282	18	average	average	ADJ
ajfa-456	282	19	contribution	contribution	NOUN
ajfa-456	282	20	from	from	ADP
ajfa-456	282	21	following	follow	VERB
ajfa-456	282	22	one	one	NUM
ajfa-456	282	23	’s	’s	PART
ajfa-456	282	24	own	own	ADJ
ajfa-456	282	25	trades	trade	NOUN
ajfa-456	282	26	from	from	ADP
ajfa-456	282	27	the	the	DET
ajfa-456	282	28	previous	previous	ADJ
ajfa-456	282	29	day	day	NOUN
ajfa-456	282	30	and	and	CCONJ
ajfa-456	282	31	the	the	DET
ajfa-456	282	32	average	average	ADJ
ajfa-456	282	33	contribution	contribution	NOUN
ajfa-456	282	34	from	from	ADP
ajfa-456	282	35	following	follow	VERB
ajfa-456	282	36	others	other	NOUN
ajfa-456	282	37	’	'	PUNCT
ajfa-456	282	38	trades	trade	NOUN
ajfa-456	282	39	from	from	ADP
ajfa-456	282	40	the	the	DET
ajfa-456	282	41	previous	previous	ADJ
ajfa-456	282	42	day	day	NOUN
ajfa-456	282	43	,	,	PUNCT
ajfa-456	282	44	we	we	PRON
ajfa-456	282	45	were	be	AUX
ajfa-456	282	46	able	able	ADJ
ajfa-456	282	47	to	to	PART
ajfa-456	282	48	identify	identify	VERB
ajfa-456	282	49	the	the	DET
ajfa-456	282	50	time	time	NOUN
ajfa-456	282	51	-	-	PUNCT
ajfa-456	282	52	series	series	NOUN
ajfa-456	282	53	averages	average	NOUN
ajfa-456	282	54	and	and	CCONJ
ajfa-456	282	55	associated	associated	PROPN
ajfa-456	282	56	t	t	PROPN
ajfa-456	282	57	statistics	statistic	NOUN
ajfa-456	282	58	(	(	PUNCT
ajfa-456	282	59	computed	compute	VERB
ajfa-456	282	60	from	from	ADP
ajfa-456	282	61	time	time	NOUN
ajfa-456	282	62	-	-	PUNCT
ajfa-456	282	63	series	series	NOUN
ajfa-456	282	64	standard	standard	ADJ
ajfa-456	282	65	error	error	NOUN
ajfa-456	282	66	)	)	PUNCT
ajfa-456	282	67	,	,	PUNCT
ajfa-456	282	68	which	which	PRON
ajfa-456	282	69	are	be	AUX
ajfa-456	282	70	presented	present	VERB
ajfa-456	282	71	in	in	ADP
ajfa-456	282	72	table	table	NOUN
ajfa-456	282	73	6	6	NUM
ajfa-456	282	74	.	.	PUNCT
ajfa-456	282	75	table	table	NOUN
ajfa-456	282	76	6	6	NUM
ajfa-456	282	77	.	.	PUNCT
ajfa-456	282	78	herding	herding	NOUN
ajfa-456	282	79	and	and	CCONJ
ajfa-456	282	80	firm	firm	ADJ
ajfa-456	282	81	size	size	NOUN
ajfa-456	282	82	capitalization	capitalization	NOUN
ajfa-456	282	83	quintile	quintile	NOUN
ajfa-456	282	84	average	average	ADJ
ajfa-456	282	85	contribution	contribution	NOUN
ajfa-456	282	86	from	from	ADP
ajfa-456	282	87	following	follow	VERB
ajfa-456	282	88	one	one	NUM
ajfa-456	282	89	’s	’s	PART
ajfa-456	282	90	own	own	ADJ
ajfa-456	282	91	previous	previous	ADJ
ajfa-456	282	92	-	-	PUNCT
ajfa-456	282	93	day	day	NOUN
ajfa-456	282	94	trades	trade	NOUN
ajfa-456	282	95	average	average	ADJ
ajfa-456	282	96	contribution	contribution	NOUN
ajfa-456	282	97	from	from	ADP
ajfa-456	282	98	following	follow	VERB
ajfa-456	282	99	others	other	NOUN
ajfa-456	282	100	’	'	PUNCT
ajfa-456	282	101	previous	previous	ADJ
ajfa-456	282	102	-	-	PUNCT
ajfa-456	282	103	day	day	NOUN
ajfa-456	282	104	trades	trade	VERB
ajfa-456	282	105	small	small	ADJ
ajfa-456	282	106	firms	firm	NOUN
ajfa-456	282	107	0.1137	0.1137	NUM
ajfa-456	282	108	（	（	SYM
ajfa-456	282	109	64.47955	64.47955	NUM
ajfa-456	282	110	）	）	PUNCT
ajfa-456	283	1	*	*	PUNCT
ajfa-456	284	1	*	*	PUNCT
ajfa-456	284	2	*	*	PUNCT
ajfa-456	284	3	0.0096	0.0096	NUM
ajfa-456	284	4	（	（	NUM
ajfa-456	284	5	26.44624	26.44624	NUM
ajfa-456	284	6	）	）	PUNCT
ajfa-456	285	1	*	*	PUNCT
ajfa-456	285	2	*	*	PUNCT
ajfa-456	285	3	*	*	PUNCT
ajfa-456	285	4	quintile	quintile	NOUN
ajfa-456	285	5	2	2	NUM
ajfa-456	285	6	0.0965	0.0965	NUM
ajfa-456	285	7	（	（	PUNCT
ajfa-456	285	8	59.76591	59.76591	NUM
ajfa-456	285	9	）	）	PUNCT
ajfa-456	286	1	*	*	PUNCT
ajfa-456	286	2	*	*	PUNCT
ajfa-456	286	3	*	*	PUNCT
ajfa-456	286	4	0.0074	0.0074	NUM
ajfa-456	286	5	（	（	SYM
ajfa-456	286	6	23.67362	23.67362	NUM
ajfa-456	286	7	）	）	PUNCT
ajfa-456	287	1	*	*	PUNCT
ajfa-456	287	2	*	*	PUNCT
ajfa-456	287	3	*	*	PUNCT
ajfa-456	287	4	quintile	quintile	NOUN
ajfa-456	287	5	3	3	NUM
ajfa-456	287	6	0.0838	0.0838	NUM
ajfa-456	287	7	（	（	SYM
ajfa-456	287	8	57.12935	57.12935	NUM
ajfa-456	287	9	）	）	PUNCT
ajfa-456	288	1	*	*	PUNCT
ajfa-456	289	1	*	*	PUNCT
ajfa-456	289	2	*	*	PUNCT
ajfa-456	289	3	0.0051	0.0051	NUM
ajfa-456	289	4	（	（	NUM
ajfa-456	289	5	19.20106	19.20106	NUM
ajfa-456	289	6	）	）	PUNCT
ajfa-456	290	1	*	*	PUNCT
ajfa-456	290	2	*	*	PUNCT
ajfa-456	290	3	*	*	PUNCT
ajfa-456	290	4	quintile	quintile	NOUN
ajfa-456	290	5	4	4	NUM
ajfa-456	290	6	0.0826	0.0826	NUM
ajfa-456	290	7	（	（	SYM
ajfa-456	290	8	59.96285	59.96285	NUM
ajfa-456	290	9	）	）	PUNCT
ajfa-456	291	1	*	*	PUNCT
ajfa-456	292	1	*	*	PUNCT
ajfa-456	292	2	*	*	X
ajfa-456	292	3	0.0049	0.0049	NUM
ajfa-456	292	4	（	（	NUM
ajfa-456	292	5	21.39148	21.39148	NUM
ajfa-456	292	6	）	）	PUNCT
ajfa-456	293	1	*	*	PUNCT
ajfa-456	293	2	*	*	PUNCT
ajfa-456	293	3	*	*	PUNCT
ajfa-456	293	4	large	large	ADJ
ajfa-456	293	5	firms	firm	NOUN
ajfa-456	293	6	0.0719	0.0719	NUM
ajfa-456	293	7	（	（	SYM
ajfa-456	293	8	57.51551	57.51551	NUM
ajfa-456	293	9	）	）	PUNCT
ajfa-456	294	1	*	*	PUNCT
ajfa-456	295	1	*	*	PUNCT
ajfa-456	295	2	*	*	PUNCT
ajfa-456	295	3	0.0031	0.0031	NUM
ajfa-456	295	4	（	（	NUM
ajfa-456	295	5	18.82660	18.82660	NUM
ajfa-456	295	6	）	）	PUNCT
ajfa-456	296	1	*	*	PUNCT
ajfa-456	297	1	*	*	PUNCT
ajfa-456	297	2	*	*	PUNCT
ajfa-456	297	3	f	f	X
ajfa-456	297	4	-	-	PUNCT
ajfa-456	297	5	statistics	statistic	NOUN
ajfa-456	297	6	(	(	PUNCT
ajfa-456	297	7	p	p	NOUN
ajfa-456	297	8	-	-	PUNCT
ajfa-456	297	9	value	value	NOUN
ajfa-456	297	10	)	)	PUNCT
ajfa-456	297	11	22.11059	22.11059	NUM
ajfa-456	297	12	*	*	PUNCT
ajfa-456	297	13	*	*	PUNCT
ajfa-456	297	14	*	*	PUNCT
ajfa-456	297	15	0.000	0.000	NUM
ajfa-456	297	16	16.6242	16.6242	NUM
ajfa-456	297	17	*	*	PUNCT
ajfa-456	297	18	*	*	PUNCT
ajfa-456	297	19	*	*	PUNCT
ajfa-456	297	20	0.000	0.000	NUM
ajfa-456	297	21	note	note	NOUN
ajfa-456	297	22	:	:	PUNCT
ajfa-456	297	23	*	*	PUNCT
ajfa-456	297	24	*	*	PUNCT
ajfa-456	297	25	*	*	PUNCT
ajfa-456	297	26	indicates	indicate	VERB
ajfa-456	297	27	statistical	statistical	ADJ
ajfa-456	297	28	significance	significance	NOUN
ajfa-456	297	29	at	at	ADP
ajfa-456	297	30	the	the	DET
ajfa-456	297	31	1	1	NUM
ajfa-456	297	32	%	%	NOUN
ajfa-456	297	33	level	level	NOUN
ajfa-456	297	34	.	.	PUNCT
ajfa-456	298	1	figures	figure	NOUN
ajfa-456	298	2	in	in	ADP
ajfa-456	298	3	parentheses	parenthesis	NOUN
ajfa-456	298	4	are	be	AUX
ajfa-456	298	5	t	t	NOUN
ajfa-456	298	6	-	-	PUNCT
ajfa-456	298	7	statistics	statistic	NOUN
ajfa-456	298	8	.	.	PUNCT
ajfa-456	299	1	table	table	NOUN
ajfa-456	299	2	6	6	NUM
ajfa-456	299	3	shows	show	VERB
ajfa-456	299	4	that	that	SCONJ
ajfa-456	299	5	both	both	CCONJ
ajfa-456	299	6	the	the	DET
ajfa-456	299	7	tendency	tendency	NOUN
ajfa-456	299	8	to	to	PART
ajfa-456	299	9	follow	follow	VERB
ajfa-456	299	10	one	one	NUM
ajfa-456	299	11	’s	’s	PART
ajfa-456	299	12	own	own	ADJ
ajfa-456	299	13	trades	trade	NOUN
ajfa-456	299	14	and	and	CCONJ
ajfa-456	299	15	the	the	DET
ajfa-456	299	16	tendency	tendency	NOUN
ajfa-456	299	17	to	to	PART
ajfa-456	299	18	herd	herd	NOUN
ajfa-456	299	19	exist	exist	VERB
ajfa-456	299	20	,	,	PUNCT
ajfa-456	299	21	regardless	regardless	ADV
ajfa-456	299	22	of	of	ADP
ajfa-456	299	23	stock	stock	NOUN
ajfa-456	299	24	capitalization	capitalization	NOUN
ajfa-456	299	25	.	.	PUNCT
ajfa-456	300	1	measurements	measurement	NOUN
ajfa-456	300	2	pertaining	pertain	VERB
ajfa-456	300	3	to	to	ADP
ajfa-456	300	4	investors	investor	NOUN
ajfa-456	300	5	who	who	PRON
ajfa-456	300	6	both	both	PRON
ajfa-456	300	7	follow	follow	VERB
ajfa-456	300	8	their	their	PRON
ajfa-456	300	9	own	own	ADJ
ajfa-456	300	10	trades	trade	NOUN
ajfa-456	300	11	and	and	CCONJ
ajfa-456	300	12	herd	herd	NOUN
ajfa-456	300	13	show	show	VERB
ajfa-456	300	14	that	that	SCONJ
ajfa-456	300	15	the	the	DET
ajfa-456	300	16	trend	trend	NOUN
ajfa-456	300	17	decreases	decrease	VERB
ajfa-456	300	18	as	as	ADP
ajfa-456	300	19	firm	firm	ADJ
ajfa-456	300	20	size	size	NOUN
ajfa-456	300	21	increases	increase	NOUN
ajfa-456	300	22	.	.	PUNCT
ajfa-456	301	1	the	the	DET
ajfa-456	301	2	results	result	NOUN
ajfa-456	301	3	of	of	ADP
ajfa-456	301	4	an	an	DET
ajfa-456	301	5	anova	anova	PROPN
ajfa-456	301	6	also	also	ADV
ajfa-456	301	7	show	show	VERB
ajfa-456	301	8	that	that	SCONJ
ajfa-456	301	9	measures	measure	NOUN
ajfa-456	301	10	pertaining	pertain	VERB
ajfa-456	301	11	to	to	ADP
ajfa-456	301	12	investors	investor	NOUN
ajfa-456	301	13	who	who	PRON
ajfa-456	301	14	both	both	PRON
ajfa-456	301	15	follow	follow	VERB
ajfa-456	301	16	their	their	PRON
ajfa-456	301	17	own	own	ADJ
ajfa-456	301	18	trades	trade	NOUN
ajfa-456	301	19	and	and	CCONJ
ajfa-456	301	20	herd	herd	NOUN
ajfa-456	301	21	differ	differ	VERB
ajfa-456	301	22	significantly	significantly	ADV
ajfa-456	301	23	at	at	ADP
ajfa-456	301	24	the	the	DET
ajfa-456	301	25	1	1	NUM
ajfa-456	301	26	%	%	NOUN
ajfa-456	301	27	level	level	NOUN
ajfa-456	301	28	across	across	ADP
ajfa-456	301	29	firms	firm	NOUN
ajfa-456	301	30	of	of	ADP
ajfa-456	301	31	all	all	DET
ajfa-456	301	32	sizes	size	NOUN
ajfa-456	301	33	,	,	PUNCT
ajfa-456	301	34	a	a	DET
ajfa-456	301	35	finding	finding	NOUN
ajfa-456	301	36	that	that	PRON
ajfa-456	301	37	is	be	AUX
ajfa-456	301	38	consistent	consistent	ADJ
ajfa-456	301	39	with	with	ADP
ajfa-456	301	40	studies	study	NOUN
ajfa-456	301	41	on	on	ADP
ajfa-456	301	42	u.s	u.s	PROPN
ajfa-456	301	43	.	.	PROPN
ajfa-456	301	44	stock	stock	NOUN
ajfa-456	301	45	markets	market	NOUN
ajfa-456	301	46	(	(	PUNCT
ajfa-456	301	47	lakonishok	lakonishok	VERB
ajfa-456	301	48	et	et	PROPN
ajfa-456	301	49	al	al	PROPN
ajfa-456	301	50	.	.	PROPN
ajfa-456	301	51	,	,	PUNCT
ajfa-456	301	52	1992	1992	NUM
ajfa-456	301	53	;	;	PUNCT
ajfa-456	301	54	wermers	wermer	NOUN
ajfa-456	301	55	,	,	PUNCT
ajfa-456	301	56	1999	1999	NUM
ajfa-456	301	57	;	;	PUNCT
ajfa-456	301	58	sias	sia	NOUN
ajfa-456	301	59	,	,	PUNCT
ajfa-456	301	60	2004	2004	NUM
ajfa-456	301	61	)	)	PUNCT
ajfa-456	301	62	.	.	PUNCT
ajfa-456	302	1	smaller	small	ADJ
ajfa-456	302	2	-	-	PUNCT
ajfa-456	302	3	cap	cap	NOUN
ajfa-456	302	4	stocks	stock	NOUN
ajfa-456	302	5	are	be	AUX
ajfa-456	302	6	less	less	ADV
ajfa-456	302	7	liquid	liquid	ADJ
ajfa-456	302	8	,	,	PUNCT
ajfa-456	302	9	and	and	CCONJ
ajfa-456	302	10	one	one	NUM
ajfa-456	302	11	or	or	CCONJ
ajfa-456	302	12	several	several	ADJ
ajfa-456	302	13	orders	order	NOUN
ajfa-456	302	14	to	to	PART
ajfa-456	302	15	buy	buy	VERB
ajfa-456	302	16	or	or	CCONJ
ajfa-456	302	17	sell	sell	VERB
ajfa-456	302	18	a	a	DET
ajfa-456	302	19	smaller	small	ADJ
ajfa-456	302	20	-	-	PUNCT
ajfa-456	302	21	cap	cap	NOUN
ajfa-456	302	22	stock	stock	NOUN
ajfa-456	302	23	in	in	ADP
ajfa-456	302	24	a	a	DET
ajfa-456	302	25	short	short	ADJ
ajfa-456	302	26	period	period	NOUN
ajfa-456	302	27	is	be	AUX
ajfa-456	302	28	more	more	ADV
ajfa-456	302	29	likely	likely	ADJ
ajfa-456	302	30	to	to	PART
ajfa-456	302	31	attract	attract	VERB
ajfa-456	302	32	the	the	DET
ajfa-456	302	33	attention	attention	NOUN
ajfa-456	302	34	of	of	ADP
ajfa-456	302	35	other	other	ADJ
ajfa-456	302	36	traders	trader	NOUN
ajfa-456	302	37	,	,	PUNCT
ajfa-456	302	38	asian	asian	ADJ
ajfa-456	302	39	journal	journal	NOUN
ajfa-456	302	40	of	of	ADP
ajfa-456	302	41	finance	finance	PROPN
ajfa-456	302	42	&	&	CCONJ
ajfa-456	302	43	accounting	accounting	PROPN
ajfa-456	302	44	issn	issn	PROPN
ajfa-456	302	45	1946	1946	NUM
ajfa-456	302	46	-	-	PUNCT
ajfa-456	302	47	052x	052x	NOUN
ajfa-456	302	48	2010	2010	NUM
ajfa-456	302	49	,	,	PUNCT
ajfa-456	302	50	vol	vol	NOUN
ajfa-456	302	51	.	.	PROPN
ajfa-456	302	52	2	2	NUM
ajfa-456	302	53	,	,	PUNCT
ajfa-456	302	54	no	no	INTJ
ajfa-456	302	55	.	.	NOUN
ajfa-456	302	56	2	2	NUM
ajfa-456	302	57	:	:	PUNCT
ajfa-456	302	58	e1	e1	VERB
ajfa-456	302	59	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	302	60	16	16	NUM
ajfa-456	302	61	resulting	result	VERB
ajfa-456	302	62	in	in	ADP
ajfa-456	302	63	higher	high	ADJ
ajfa-456	302	64	liquidity	liquidity	NOUN
ajfa-456	302	65	risk	risk	NOUN
ajfa-456	302	66	and	and	CCONJ
ajfa-456	302	67	price	price	NOUN
ajfa-456	302	68	effects	effect	NOUN
ajfa-456	302	69	associated	associate	VERB
ajfa-456	302	70	with	with	ADP
ajfa-456	302	71	the	the	DET
ajfa-456	302	72	trading	trading	NOUN
ajfa-456	302	73	.	.	PUNCT
ajfa-456	303	1	thus	thus	ADV
ajfa-456	303	2	,	,	PUNCT
ajfa-456	303	3	institutional	institutional	ADJ
ajfa-456	303	4	investors	investor	NOUN
ajfa-456	303	5	who	who	PRON
ajfa-456	303	6	trade	trade	VERB
ajfa-456	303	7	small	small	ADJ
ajfa-456	303	8	-	-	PUNCT
ajfa-456	303	9	cap	cap	NOUN
ajfa-456	303	10	stocks	stock	NOUN
ajfa-456	303	11	exhibit	exhibit	VERB
ajfa-456	303	12	a	a	DET
ajfa-456	303	13	stronger	strong	ADJ
ajfa-456	303	14	tendency	tendency	NOUN
ajfa-456	303	15	to	to	PART
ajfa-456	303	16	accumulate	accumulate	VERB
ajfa-456	303	17	and	and	CCONJ
ajfa-456	303	18	spread	spread	VERB
ajfa-456	303	19	orders	order	NOUN
ajfa-456	303	20	over	over	ADP
ajfa-456	303	21	a	a	DET
ajfa-456	303	22	period	period	NOUN
ajfa-456	303	23	of	of	ADP
ajfa-456	303	24	time	time	NOUN
ajfa-456	303	25	to	to	PART
ajfa-456	303	26	reduce	reduce	VERB
ajfa-456	303	27	transaction	transaction	NOUN
ajfa-456	303	28	costs	cost	NOUN
ajfa-456	303	29	.	.	PUNCT
ajfa-456	304	1	the	the	DET
ajfa-456	304	2	finding	finding	NOUN
ajfa-456	304	3	of	of	ADP
ajfa-456	304	4	a	a	DET
ajfa-456	304	5	monotonic	monotonic	ADJ
ajfa-456	304	6	inverse	inverse	NOUN
ajfa-456	304	7	relationship	relationship	NOUN
ajfa-456	304	8	between	between	ADP
ajfa-456	304	9	the	the	DET
ajfa-456	304	10	intensity	intensity	NOUN
ajfa-456	304	11	of	of	ADP
ajfa-456	304	12	herding	herding	NOUN
ajfa-456	304	13	and	and	CCONJ
ajfa-456	304	14	firm	firm	ADJ
ajfa-456	304	15	size	size	NOUN
ajfa-456	304	16	indicates	indicate	VERB
ajfa-456	304	17	that	that	SCONJ
ajfa-456	304	18	institutional	institutional	ADJ
ajfa-456	304	19	herding	herding	NOUN
ajfa-456	304	20	in	in	ADP
ajfa-456	304	21	taiwan	taiwan	PROPN
ajfa-456	304	22	’s	’s	PART
ajfa-456	304	23	stock	stock	NOUN
ajfa-456	304	24	market	market	NOUN
ajfa-456	304	25	is	be	AUX
ajfa-456	304	26	driven	drive	VERB
ajfa-456	304	27	primarily	primarily	ADV
ajfa-456	304	28	by	by	ADP
ajfa-456	304	29	informational	informational	ADJ
ajfa-456	304	30	cascades	cascade	NOUN
ajfa-456	304	31	.	.	PUNCT
ajfa-456	305	1	that	that	PRON
ajfa-456	305	2	is	be	AUX
ajfa-456	305	3	,	,	PUNCT
ajfa-456	305	4	many	many	ADJ
ajfa-456	305	5	institutional	institutional	ADJ
ajfa-456	305	6	investors	investor	NOUN
ajfa-456	305	7	choose	choose	VERB
ajfa-456	305	8	to	to	PART
ajfa-456	305	9	abandon	abandon	VERB
ajfa-456	305	10	their	their	PRON
ajfa-456	305	11	own	own	ADJ
ajfa-456	305	12	information	information	NOUN
ajfa-456	305	13	and	and	CCONJ
ajfa-456	305	14	judgment	judgment	NOUN
ajfa-456	305	15	,	,	PUNCT
ajfa-456	305	16	and	and	CCONJ
ajfa-456	305	17	try	try	VERB
ajfa-456	305	18	to	to	PART
ajfa-456	305	19	follow	follow	VERB
ajfa-456	305	20	in	in	ADP
ajfa-456	305	21	the	the	DET
ajfa-456	305	22	footsteps	footstep	NOUN
ajfa-456	305	23	of	of	ADP
ajfa-456	305	24	the	the	DET
ajfa-456	305	25	so	so	ADV
ajfa-456	305	26	-	-	PUNCT
ajfa-456	305	27	called	call	VERB
ajfa-456	305	28	“	"	PUNCT
ajfa-456	305	29	smart	smart	ADJ
ajfa-456	305	30	funds	fund	NOUN
ajfa-456	305	31	”	"	PUNCT
ajfa-456	305	32	or	or	CCONJ
ajfa-456	305	33	institutions	institution	NOUN
ajfa-456	305	34	with	with	ADP
ajfa-456	305	35	the	the	DET
ajfa-456	305	36	power	power	NOUN
ajfa-456	305	37	to	to	PART
ajfa-456	305	38	influence	influence	VERB
ajfa-456	305	39	the	the	DET
ajfa-456	305	40	market	market	NOUN
ajfa-456	305	41	.	.	PUNCT
ajfa-456	306	1	5	5	X
ajfa-456	306	2	.	.	X
ajfa-456	306	3	conclusion	conclusion	NOUN
ajfa-456	306	4	this	this	DET
ajfa-456	306	5	study	study	NOUN
ajfa-456	306	6	use	use	VERB
ajfa-456	306	7	the	the	DET
ajfa-456	306	8	methodology	methodology	NOUN
ajfa-456	306	9	proposed	propose	VERB
ajfa-456	306	10	by	by	ADP
ajfa-456	306	11	sias(2004	sias(2004	VERB
ajfa-456	306	12	)	)	PUNCT
ajfa-456	306	13	to	to	PART
ajfa-456	306	14	measure	measure	VERB
ajfa-456	306	15	the	the	DET
ajfa-456	306	16	herding	herd	VERB
ajfa-456	306	17	behavior	behavior	NOUN
ajfa-456	306	18	of	of	ADP
ajfa-456	306	19	three	three	NUM
ajfa-456	306	20	major	major	ADJ
ajfa-456	306	21	institutional	institutional	ADJ
ajfa-456	306	22	investors	investor	NOUN
ajfa-456	306	23	in	in	ADP
ajfa-456	306	24	taiwan	taiwan	PROPN
ajfa-456	306	25	’s	’s	PART
ajfa-456	306	26	stock	stock	NOUN
ajfa-456	306	27	market	market	NOUN
ajfa-456	306	28	,	,	PUNCT
ajfa-456	306	29	namely	namely	ADV
ajfa-456	306	30	foreign	foreign	ADJ
ajfa-456	306	31	institutional	institutional	ADJ
ajfa-456	306	32	investors	investor	NOUN
ajfa-456	306	33	,	,	PUNCT
ajfa-456	306	34	domestic	domestic	ADJ
ajfa-456	306	35	mutual	mutual	ADJ
ajfa-456	306	36	–	–	PUNCT
ajfa-456	306	37	funds	fund	NOUN
ajfa-456	306	38	investors	investor	NOUN
ajfa-456	306	39	,	,	PUNCT
ajfa-456	306	40	and	and	CCONJ
ajfa-456	306	41	domestic	domestic	ADJ
ajfa-456	306	42	securities	security	NOUN
ajfa-456	306	43	dealers	dealer	NOUN
ajfa-456	306	44	.	.	PUNCT
ajfa-456	307	1	our	our	PRON
ajfa-456	307	2	use	use	NOUN
ajfa-456	307	3	of	of	ADP
ajfa-456	307	4	daily	daily	ADJ
ajfa-456	307	5	data	datum	NOUN
ajfa-456	307	6	in	in	ADP
ajfa-456	307	7	the	the	DET
ajfa-456	307	8	study	study	NOUN
ajfa-456	307	9	has	have	AUX
ajfa-456	307	10	enabled	enable	VERB
ajfa-456	307	11	us	we	PRON
ajfa-456	307	12	to	to	PART
ajfa-456	307	13	examine	examine	VERB
ajfa-456	307	14	herding	herding	NOUN
ajfa-456	307	15	behavior	behavior	NOUN
ajfa-456	307	16	if	if	SCONJ
ajfa-456	307	17	it	it	PRON
ajfa-456	307	18	occurs	occur	VERB
ajfa-456	307	19	for	for	ADP
ajfa-456	307	20	a	a	DET
ajfa-456	307	21	very	very	ADV
ajfa-456	307	22	short	short	ADJ
ajfa-456	307	23	period	period	NOUN
ajfa-456	307	24	of	of	ADP
ajfa-456	307	25	time	time	NOUN
ajfa-456	307	26	,	,	PUNCT
ajfa-456	307	27	and	and	CCONJ
ajfa-456	307	28	if	if	SCONJ
ajfa-456	307	29	it	it	PRON
ajfa-456	307	30	is	be	AUX
ajfa-456	307	31	masked	mask	VERB
ajfa-456	307	32	by	by	ADP
ajfa-456	307	33	the	the	DET
ajfa-456	307	34	aggregate	aggregate	ADJ
ajfa-456	307	35	nature	nature	NOUN
ajfa-456	307	36	of	of	ADP
ajfa-456	307	37	the	the	DET
ajfa-456	307	38	data	datum	NOUN
ajfa-456	307	39	.	.	PUNCT
ajfa-456	308	1	in	in	ADP
ajfa-456	308	2	addition	addition	NOUN
ajfa-456	308	3	,	,	PUNCT
ajfa-456	308	4	the	the	DET
ajfa-456	308	5	large	large	ADJ
ajfa-456	308	6	number	number	NOUN
ajfa-456	308	7	of	of	ADP
ajfa-456	308	8	observations	observation	NOUN
ajfa-456	308	9	can	can	AUX
ajfa-456	308	10	also	also	ADV
ajfa-456	308	11	enable	enable	VERB
ajfa-456	308	12	us	we	PRON
ajfa-456	308	13	to	to	PART
ajfa-456	308	14	draw	draw	VERB
ajfa-456	308	15	inferences	inference	NOUN
ajfa-456	308	16	of	of	ADP
ajfa-456	308	17	greater	great	ADJ
ajfa-456	308	18	precision	precision	NOUN
ajfa-456	308	19	.	.	PUNCT
ajfa-456	309	1	aside	aside	ADV
ajfa-456	309	2	from	from	ADP
ajfa-456	309	3	discussing	discuss	VERB
ajfa-456	309	4	the	the	DET
ajfa-456	309	5	overall	overall	ADJ
ajfa-456	309	6	phenomenon	phenomenon	NOUN
ajfa-456	309	7	of	of	ADP
ajfa-456	309	8	institutional	institutional	ADJ
ajfa-456	309	9	herding	herding	NOUN
ajfa-456	309	10	,	,	PUNCT
ajfa-456	309	11	we	we	PRON
ajfa-456	309	12	also	also	ADV
ajfa-456	309	13	examine	examine	VERB
ajfa-456	309	14	the	the	DET
ajfa-456	309	15	influence	influence	NOUN
ajfa-456	309	16	of	of	ADP
ajfa-456	309	17	extraordinary	extraordinary	ADJ
ajfa-456	309	18	events	event	NOUN
ajfa-456	309	19	on	on	ADP
ajfa-456	309	20	herding	herding	NOUN
ajfa-456	309	21	,	,	PUNCT
ajfa-456	309	22	and	and	CCONJ
ajfa-456	309	23	the	the	DET
ajfa-456	309	24	relationships	relationship	NOUN
ajfa-456	309	25	between	between	ADP
ajfa-456	309	26	herding	herding	NOUN
ajfa-456	309	27	and	and	CCONJ
ajfa-456	309	28	momentum	momentum	NOUN
ajfa-456	309	29	trading	trading	NOUN
ajfa-456	309	30	,	,	PUNCT
ajfa-456	309	31	between	between	ADP
ajfa-456	309	32	herding	herding	NOUN
ajfa-456	309	33	and	and	CCONJ
ajfa-456	309	34	return	return	VERB
ajfa-456	309	35	reversal	reversal	NOUN
ajfa-456	309	36	,	,	PUNCT
ajfa-456	309	37	and	and	CCONJ
ajfa-456	309	38	between	between	ADP
ajfa-456	309	39	herding	herding	NOUN
ajfa-456	309	40	and	and	CCONJ
ajfa-456	309	41	firm	firm	ADJ
ajfa-456	309	42	size	size	NOUN
ajfa-456	309	43	,	,	PUNCT
ajfa-456	309	44	all	all	PRON
ajfa-456	309	45	in	in	ADP
ajfa-456	309	46	an	an	DET
ajfa-456	309	47	attempt	attempt	NOUN
ajfa-456	309	48	to	to	PART
ajfa-456	309	49	propose	propose	VERB
ajfa-456	309	50	the	the	DET
ajfa-456	309	51	primary	primary	ADJ
ajfa-456	309	52	reasons	reason	NOUN
ajfa-456	309	53	for	for	ADP
ajfa-456	309	54	institutional	institutional	ADJ
ajfa-456	309	55	herding	herding	NOUN
ajfa-456	309	56	in	in	ADP
ajfa-456	309	57	taiwan	taiwan	PROPN
ajfa-456	309	58	’s	’s	PART
ajfa-456	309	59	stock	stock	NOUN
ajfa-456	309	60	market	market	NOUN
ajfa-456	309	61	.	.	PUNCT
ajfa-456	310	1	overall	overall	ADV
ajfa-456	310	2	,	,	PUNCT
ajfa-456	310	3	our	our	PRON
ajfa-456	310	4	finding	finding	NOUN
ajfa-456	310	5	show	show	VERB
ajfa-456	310	6	that	that	SCONJ
ajfa-456	310	7	institutional	institutional	ADJ
ajfa-456	310	8	herding	herding	NOUN
ajfa-456	310	9	exists	exist	VERB
ajfa-456	310	10	in	in	ADP
ajfa-456	310	11	taiwan	taiwan	PROPN
ajfa-456	310	12	’s	’s	PART
ajfa-456	310	13	stock	stock	NOUN
ajfa-456	310	14	market	market	NOUN
ajfa-456	310	15	.	.	PUNCT
ajfa-456	311	1	however	however	ADV
ajfa-456	311	2	,	,	PUNCT
ajfa-456	311	3	institutions	institution	NOUN
ajfa-456	311	4	tend	tend	VERB
ajfa-456	311	5	to	to	PART
ajfa-456	311	6	follow	follow	VERB
ajfa-456	311	7	both	both	PRON
ajfa-456	311	8	their	their	PRON
ajfa-456	311	9	own	own	ADJ
ajfa-456	311	10	trades	trade	NOUN
ajfa-456	311	11	and	and	CCONJ
ajfa-456	311	12	other	other	ADJ
ajfa-456	311	13	institutional	institutional	ADJ
ajfa-456	311	14	trades	trade	NOUN
ajfa-456	311	15	.	.	PUNCT
ajfa-456	312	1	by	by	ADP
ajfa-456	312	2	examining	examine	VERB
ajfa-456	312	3	each	each	DET
ajfa-456	312	4	type	type	NOUN
ajfa-456	312	5	of	of	ADP
ajfa-456	312	6	institutional	institutional	ADJ
ajfa-456	312	7	investor	investor	NOUN
ajfa-456	312	8	,	,	PUNCT
ajfa-456	312	9	we	we	PRON
ajfa-456	312	10	discover	discover	VERB
ajfa-456	312	11	that	that	SCONJ
ajfa-456	312	12	domestic	domestic	ADJ
ajfa-456	312	13	mutual	mutual	ADJ
ajfa-456	312	14	-	-	PUNCT
ajfa-456	312	15	funds	fund	NOUN
ajfa-456	312	16	investors	investor	NOUN
ajfa-456	312	17	exhibit	exhibit	VERB
ajfa-456	312	18	the	the	DET
ajfa-456	312	19	strongest	strong	ADJ
ajfa-456	312	20	tendency	tendency	NOUN
ajfa-456	312	21	to	to	PART
ajfa-456	312	22	herd	herd	VERB
ajfa-456	312	23	.	.	PUNCT
ajfa-456	313	1	the	the	DET
ajfa-456	313	2	herding	herd	VERB
ajfa-456	313	3	behavior	behavior	NOUN
ajfa-456	313	4	of	of	ADP
ajfa-456	313	5	foreign	foreign	ADJ
ajfa-456	313	6	institutional	institutional	ADJ
ajfa-456	313	7	investors	investor	NOUN
ajfa-456	313	8	is	be	AUX
ajfa-456	313	9	also	also	ADV
ajfa-456	313	10	rather	rather	ADV
ajfa-456	313	11	conspicuous	conspicuous	ADJ
ajfa-456	313	12	.	.	PUNCT
ajfa-456	314	1	we	we	PRON
ajfa-456	314	2	observe	observe	VERB
ajfa-456	314	3	little	little	ADJ
ajfa-456	314	4	evidence	evidence	NOUN
ajfa-456	314	5	that	that	SCONJ
ajfa-456	314	6	domestic	domestic	ADJ
ajfa-456	314	7	securities	security	NOUN
ajfa-456	314	8	dealers	dealer	NOUN
ajfa-456	314	9	engage	engage	VERB
ajfa-456	314	10	in	in	ADP
ajfa-456	314	11	herding	herd	VERB
ajfa-456	314	12	behavior	behavior	NOUN
ajfa-456	314	13	.	.	PUNCT
ajfa-456	315	1	with	with	ADP
ajfa-456	315	2	regard	regard	NOUN
ajfa-456	315	3	to	to	ADP
ajfa-456	315	4	the	the	DET
ajfa-456	315	5	effect	effect	NOUN
ajfa-456	315	6	of	of	ADP
ajfa-456	315	7	extraordinary	extraordinary	ADJ
ajfa-456	315	8	events	event	NOUN
ajfa-456	315	9	,	,	PUNCT
ajfa-456	315	10	we	we	PRON
ajfa-456	315	11	did	do	AUX
ajfa-456	315	12	not	not	PART
ajfa-456	315	13	in	in	ADP
ajfa-456	315	14	general	general	ADJ
ajfa-456	315	15	observe	observe	VERB
ajfa-456	315	16	significant	significant	ADJ
ajfa-456	315	17	changes	change	NOUN
ajfa-456	315	18	in	in	ADP
ajfa-456	315	19	institutional	institutional	ADJ
ajfa-456	315	20	herding	herding	NOUN
ajfa-456	315	21	behavior	behavior	NOUN
ajfa-456	315	22	during	during	ADP
ajfa-456	315	23	the	the	DET
ajfa-456	315	24	sars	sars	PROPN
ajfa-456	315	25	outbreak	outbreak	NOUN
ajfa-456	315	26	or	or	CCONJ
ajfa-456	315	27	the	the	DET
ajfa-456	315	28	2004	2004	NUM
ajfa-456	315	29	presidential	presidential	ADJ
ajfa-456	315	30	election	election	NOUN
ajfa-456	315	31	in	in	ADP
ajfa-456	315	32	taiwan	taiwan	PROPN
ajfa-456	315	33	.	.	PUNCT
ajfa-456	316	1	one	one	NUM
ajfa-456	316	2	exception	exception	NOUN
ajfa-456	316	3	is	be	AUX
ajfa-456	316	4	that	that	SCONJ
ajfa-456	316	5	more	more	ADV
ajfa-456	316	6	foreign	foreign	ADJ
ajfa-456	316	7	institutional	institutional	ADJ
ajfa-456	316	8	investors	investor	NOUN
ajfa-456	316	9	dumped	dump	VERB
ajfa-456	316	10	their	their	PRON
ajfa-456	316	11	holdings	holding	NOUN
ajfa-456	316	12	in	in	ADP
ajfa-456	316	13	the	the	DET
ajfa-456	316	14	week	week	NOUN
ajfa-456	316	15	following	follow	VERB
ajfa-456	316	16	the	the	DET
ajfa-456	316	17	2004	2004	NUM
ajfa-456	316	18	presidential	presidential	ADJ
ajfa-456	316	19	election	election	NOUN
ajfa-456	316	20	to	to	PART
ajfa-456	316	21	avoid	avoid	VERB
ajfa-456	316	22	the	the	DET
ajfa-456	316	23	nonrecurring	nonrecurre	VERB
ajfa-456	316	24	political	political	ADJ
ajfa-456	316	25	risk	risk	NOUN
ajfa-456	316	26	in	in	ADP
ajfa-456	316	27	taiwan	taiwan	PROPN
ajfa-456	316	28	’s	’s	PART
ajfa-456	316	29	stock	stock	NOUN
ajfa-456	316	30	market	market	NOUN
ajfa-456	316	31	,	,	PUNCT
ajfa-456	316	32	a	a	DET
ajfa-456	316	33	behavior	behavior	NOUN
ajfa-456	316	34	that	that	PRON
ajfa-456	316	35	tended	tend	VERB
ajfa-456	316	36	to	to	PART
ajfa-456	316	37	enhance	enhance	VERB
ajfa-456	316	38	these	these	DET
ajfa-456	316	39	investors	investor	NOUN
ajfa-456	316	40	’	’	PART
ajfa-456	316	41	herding	herding	NOUN
ajfa-456	316	42	activities	activity	NOUN
ajfa-456	316	43	during	during	ADP
ajfa-456	316	44	that	that	DET
ajfa-456	316	45	period	period	NOUN
ajfa-456	316	46	.	.	PUNCT
ajfa-456	317	1	the	the	DET
ajfa-456	317	2	above	above	ADJ
ajfa-456	317	3	findings	finding	NOUN
ajfa-456	317	4	suggest	suggest	VERB
ajfa-456	317	5	that	that	SCONJ
ajfa-456	317	6	institutional	institutional	ADJ
ajfa-456	317	7	herding	herding	NOUN
ajfa-456	317	8	in	in	ADP
ajfa-456	317	9	taiwan	taiwan	PROPN
ajfa-456	317	10	’s	’s	PART
ajfa-456	317	11	stock	stock	NOUN
ajfa-456	317	12	market	market	NOUN
ajfa-456	317	13	is	be	AUX
ajfa-456	317	14	not	not	PART
ajfa-456	317	15	driven	drive	VERB
ajfa-456	317	16	principally	principally	ADV
ajfa-456	317	17	by	by	ADP
ajfa-456	317	18	emotion	emotion	NOUN
ajfa-456	317	19	or	or	CCONJ
ajfa-456	317	20	impulse	impulse	ADJ
ajfa-456	317	21	.	.	PUNCT
ajfa-456	318	1	we	we	PRON
ajfa-456	318	2	find	find	VERB
ajfa-456	318	3	that	that	SCONJ
ajfa-456	318	4	institutional	institutional	ADJ
ajfa-456	318	5	investors	investor	NOUN
ajfa-456	318	6	in	in	ADP
ajfa-456	318	7	taiwan	taiwan	PROPN
ajfa-456	318	8	’s	’s	PART
ajfa-456	318	9	stock	stock	NOUN
ajfa-456	318	10	market	market	NOUN
ajfa-456	318	11	are	be	AUX
ajfa-456	318	12	momentum	momentum	NOUN
ajfa-456	318	13	traders	trader	NOUN
ajfa-456	318	14	.	.	PUNCT
ajfa-456	319	1	but	but	CCONJ
ajfa-456	319	2	given	give	VERB
ajfa-456	319	3	that	that	SCONJ
ajfa-456	319	4	the	the	DET
ajfa-456	319	5	regression	regression	NOUN
ajfa-456	319	6	coefficient	coefficient	NOUN
ajfa-456	319	7	between	between	ADP
ajfa-456	319	8	previous	previous	ADJ
ajfa-456	319	9	-	-	PUNCT
ajfa-456	319	10	day	day	NOUN
ajfa-456	319	11	institutional	institutional	ADJ
ajfa-456	319	12	investors	investor	NOUN
ajfa-456	319	13	demand	demand	VERB
ajfa-456	319	14	and	and	CCONJ
ajfa-456	319	15	current	current	ADJ
ajfa-456	319	16	-	-	PUNCT
ajfa-456	319	17	day	day	NOUN
ajfa-456	319	18	institutional	institutional	ADJ
ajfa-456	319	19	investors	investor	NOUN
ajfa-456	319	20	demand	demand	NOUN
ajfa-456	319	21	is	be	AUX
ajfa-456	319	22	little	little	ADV
ajfa-456	319	23	affected	affected	ADJ
ajfa-456	319	24	after	after	SCONJ
ajfa-456	319	25	momentum	momentum	NOUN
ajfa-456	319	26	trading	trading	NOUN
ajfa-456	319	27	is	be	AUX
ajfa-456	319	28	factored	factor	VERB
ajfa-456	319	29	in	in	ADP
ajfa-456	319	30	,	,	PUNCT
ajfa-456	319	31	and	and	CCONJ
ajfa-456	319	32	that	that	SCONJ
ajfa-456	319	33	the	the	DET
ajfa-456	319	34	regression	regression	NOUN
ajfa-456	319	35	coefficient	coefficient	NOUN
ajfa-456	319	36	of	of	ADP
ajfa-456	319	37	previous	previous	ADJ
ajfa-456	319	38	-	-	PUNCT
ajfa-456	319	39	day	day	NOUN
ajfa-456	319	40	institutional	institutional	ADJ
ajfa-456	319	41	investors	investor	NOUN
ajfa-456	319	42	’	'	PUNCT
ajfa-456	319	43	demand	demand	NOUN
ajfa-456	319	44	is	be	AUX
ajfa-456	319	45	significantly	significantly	ADV
ajfa-456	319	46	larger	large	ADJ
ajfa-456	319	47	than	than	ADP
ajfa-456	319	48	that	that	PRON
ajfa-456	319	49	of	of	ADP
ajfa-456	319	50	previous	previous	ADJ
ajfa-456	319	51	-	-	PUNCT
ajfa-456	319	52	day	day	NOUN
ajfa-456	319	53	returns	return	NOUN
ajfa-456	319	54	,	,	PUNCT
ajfa-456	319	55	we	we	PRON
ajfa-456	319	56	surmise	surmise	VERB
ajfa-456	319	57	that	that	SCONJ
ajfa-456	319	58	momentum	momentum	NOUN
ajfa-456	319	59	trading	trading	NOUN
ajfa-456	319	60	is	be	AUX
ajfa-456	319	61	not	not	PART
ajfa-456	319	62	the	the	DET
ajfa-456	319	63	main	main	ADJ
ajfa-456	319	64	reason	reason	NOUN
ajfa-456	319	65	for	for	ADP
ajfa-456	319	66	the	the	DET
ajfa-456	319	67	herding	herd	VERB
ajfa-456	319	68	behavior	behavior	NOUN
ajfa-456	319	69	of	of	ADP
ajfa-456	319	70	institutional	institutional	ADJ
ajfa-456	319	71	investors	investor	NOUN
ajfa-456	319	72	.	.	PUNCT
ajfa-456	320	1	furthermore	furthermore	ADV
ajfa-456	320	2	,	,	PUNCT
ajfa-456	320	3	if	if	SCONJ
ajfa-456	320	4	institutional	institutional	ADJ
ajfa-456	320	5	herding	herding	NOUN
ajfa-456	320	6	comes	come	VERB
ajfa-456	320	7	from	from	ADP
ajfa-456	320	8	agency	agency	NOUN
ajfa-456	320	9	problems	problem	NOUN
ajfa-456	320	10	or	or	CCONJ
ajfa-456	320	11	characteristic	characteristic	ADJ
ajfa-456	320	12	herding	herding	NOUN
ajfa-456	320	13	,	,	PUNCT
ajfa-456	320	14	then	then	ADV
ajfa-456	320	15	the	the	DET
ajfa-456	320	16	herded	herded	ADJ
ajfa-456	320	17	stocks	stock	NOUN
ajfa-456	320	18	should	should	AUX
ajfa-456	320	19	have	have	AUX
ajfa-456	320	20	exhibited	exhibit	VERB
ajfa-456	320	21	return	return	NOUN
ajfa-456	320	22	reversal	reversal	NOUN
ajfa-456	320	23	.	.	PUNCT
ajfa-456	321	1	however	however	ADV
ajfa-456	321	2	,	,	PUNCT
ajfa-456	321	3	such	such	ADJ
ajfa-456	321	4	phenomena	phenomenon	NOUN
ajfa-456	321	5	are	be	AUX
ajfa-456	321	6	not	not	PART
ajfa-456	321	7	observed	observe	VERB
ajfa-456	321	8	in	in	ADP
ajfa-456	321	9	our	our	PRON
ajfa-456	321	10	preliminary	preliminary	ADJ
ajfa-456	321	11	findings	finding	NOUN
ajfa-456	321	12	.	.	PUNCT
ajfa-456	322	1	lastly	lastly	ADV
ajfa-456	322	2	,	,	PUNCT
ajfa-456	322	3	we	we	PRON
ajfa-456	322	4	divide	divide	VERB
ajfa-456	322	5	the	the	DET
ajfa-456	322	6	sampled	sampled	ADJ
ajfa-456	322	7	stocks	stock	NOUN
ajfa-456	322	8	into	into	ADP
ajfa-456	322	9	quintiles	quintile	NOUN
ajfa-456	322	10	by	by	ADP
ajfa-456	322	11	capitalization	capitalization	NOUN
ajfa-456	322	12	to	to	PART
ajfa-456	322	13	observe	observe	VERB
ajfa-456	322	14	herding	herd	VERB
ajfa-456	322	15	in	in	ADP
ajfa-456	322	16	firms	firm	NOUN
ajfa-456	322	17	of	of	ADP
ajfa-456	322	18	varying	vary	VERB
ajfa-456	322	19	size	size	NOUN
ajfa-456	322	20	and	and	CCONJ
ajfa-456	322	21	find	find	VERB
ajfa-456	322	22	that	that	SCONJ
ajfa-456	322	23	although	although	SCONJ
ajfa-456	322	24	herding	herding	NOUN
ajfa-456	322	25	exists	exist	VERB
ajfa-456	322	26	in	in	ADP
ajfa-456	322	27	every	every	DET
ajfa-456	322	28	capitalization	capitalization	NOUN
ajfa-456	322	29	quintile	quintile	NOUN
ajfa-456	322	30	,	,	PUNCT
ajfa-456	322	31	the	the	DET
ajfa-456	322	32	level	level	NOUN
ajfa-456	322	33	of	of	ADP
ajfa-456	322	34	herding	herding	NOUN
ajfa-456	322	35	increases	increase	NOUN
ajfa-456	322	36	as	as	ADP
ajfa-456	322	37	firm	firm	ADJ
ajfa-456	322	38	size	size	NOUN
ajfa-456	322	39	decreases	decrease	VERB
ajfa-456	322	40	.	.	PUNCT
ajfa-456	323	1	hence	hence	ADV
ajfa-456	323	2	,	,	PUNCT
ajfa-456	323	3	we	we	PRON
ajfa-456	323	4	conclude	conclude	VERB
ajfa-456	323	5	that	that	SCONJ
ajfa-456	323	6	institutional	institutional	ADJ
ajfa-456	323	7	herding	herding	NOUN
ajfa-456	323	8	in	in	ADP
ajfa-456	323	9	taiwan	taiwan	PROPN
ajfa-456	323	10	’s	’s	PART
ajfa-456	323	11	stock	stock	NOUN
ajfa-456	323	12	market	market	NOUN
ajfa-456	323	13	is	be	AUX
ajfa-456	323	14	driven	drive	VERB
ajfa-456	323	15	primarily	primarily	ADV
ajfa-456	323	16	by	by	ADP
ajfa-456	323	17	informational	informational	ADJ
ajfa-456	323	18	cascades	cascade	NOUN
ajfa-456	323	19	.	.	PUNCT
ajfa-456	324	1	the	the	DET
ajfa-456	324	2	evidence	evidence	NOUN
ajfa-456	324	3	asian	asian	PROPN
ajfa-456	324	4	journal	journal	PROPN
ajfa-456	324	5	of	of	ADP
ajfa-456	324	6	finance	finance	PROPN
ajfa-456	324	7	&	&	CCONJ
ajfa-456	324	8	accounting	accounting	PROPN
ajfa-456	324	9	issn	issn	PROPN
ajfa-456	324	10	1946	1946	NUM
ajfa-456	324	11	-	-	PUNCT
ajfa-456	324	12	052x	052x	NOUN
ajfa-456	324	13	2010	2010	NUM
ajfa-456	324	14	,	,	PUNCT
ajfa-456	324	15	vol	vol	NOUN
ajfa-456	324	16	.	.	PROPN
ajfa-456	324	17	2	2	NUM
ajfa-456	324	18	,	,	PUNCT
ajfa-456	324	19	no	no	INTJ
ajfa-456	324	20	.	.	NOUN
ajfa-456	324	21	2	2	NUM
ajfa-456	324	22	:	:	PUNCT
ajfa-456	324	23	e1	e1	VERB
ajfa-456	324	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	324	25	17	17	NUM
ajfa-456	324	26	backing	back	VERB
ajfa-456	324	27	up	up	ADP
ajfa-456	324	28	this	this	DET
ajfa-456	324	29	assertion	assertion	NOUN
ajfa-456	324	30	suggests	suggest	VERB
ajfa-456	324	31	that	that	SCONJ
ajfa-456	324	32	,	,	PUNCT
ajfa-456	324	33	from	from	ADP
ajfa-456	324	34	the	the	DET
ajfa-456	324	35	perspective	perspective	NOUN
ajfa-456	324	36	of	of	ADP
ajfa-456	324	37	some	some	DET
ajfa-456	324	38	institutional	institutional	ADJ
ajfa-456	324	39	investors	investor	NOUN
ajfa-456	324	40	,	,	PUNCT
ajfa-456	324	41	the	the	DET
ajfa-456	324	42	information	information	NOUN
ajfa-456	324	43	they	they	PRON
ajfa-456	324	44	have	have	VERB
ajfa-456	324	45	is	be	AUX
ajfa-456	324	46	limited	limit	VERB
ajfa-456	324	47	or	or	CCONJ
ajfa-456	324	48	unreliable	unreliable	ADJ
ajfa-456	324	49	,	,	PUNCT
ajfa-456	324	50	so	so	ADV
ajfa-456	324	51	rather	rather	ADV
ajfa-456	324	52	than	than	ADP
ajfa-456	324	53	use	use	VERB
ajfa-456	324	54	their	their	PRON
ajfa-456	324	55	own	own	ADJ
ajfa-456	324	56	information	information	NOUN
ajfa-456	324	57	in	in	ADP
ajfa-456	324	58	making	make	VERB
ajfa-456	324	59	trading	trading	NOUN
ajfa-456	324	60	decisions	decision	NOUN
ajfa-456	324	61	,	,	PUNCT
ajfa-456	324	62	they	they	PRON
ajfa-456	324	63	follow	follow	VERB
ajfa-456	324	64	so	so	ADV
ajfa-456	324	65	-	-	PUNCT
ajfa-456	324	66	called	call	VERB
ajfa-456	324	67	smart	smart	ADJ
ajfa-456	324	68	funds	fund	NOUN
ajfa-456	324	69	.	.	PUNCT
ajfa-456	325	1	in	in	ADP
ajfa-456	325	2	addition	addition	NOUN
ajfa-456	325	3	,	,	PUNCT
ajfa-456	325	4	our	our	PRON
ajfa-456	325	5	findings	finding	NOUN
ajfa-456	325	6	reveal	reveal	VERB
ajfa-456	325	7	that	that	SCONJ
ajfa-456	325	8	the	the	DET
ajfa-456	325	9	herding	herd	VERB
ajfa-456	325	10	behavior	behavior	NOUN
ajfa-456	325	11	of	of	ADP
ajfa-456	325	12	institutional	institutional	ADJ
ajfa-456	325	13	investors	investor	NOUN
ajfa-456	325	14	continued	continue	VERB
ajfa-456	325	15	over	over	ADP
ajfa-456	325	16	the	the	DET
ajfa-456	325	17	sample	sample	NOUN
ajfa-456	325	18	period7	period7	PROPN
ajfa-456	325	19	.	.	PUNCT
ajfa-456	326	1	this	this	DET
ajfa-456	326	2	continuation	continuation	NOUN
ajfa-456	326	3	indicates	indicate	VERB
ajfa-456	326	4	that	that	SCONJ
ajfa-456	326	5	there	there	PRON
ajfa-456	326	6	is	be	VERB
ajfa-456	326	7	a	a	DET
ajfa-456	326	8	room	room	NOUN
ajfa-456	326	9	for	for	ADP
ajfa-456	326	10	improvement	improvement	NOUN
ajfa-456	326	11	in	in	ADP
ajfa-456	326	12	terms	term	NOUN
ajfa-456	326	13	of	of	ADP
ajfa-456	326	14	market	market	NOUN
ajfa-456	326	15	efficiency	efficiency	NOUN
ajfa-456	326	16	and	and	CCONJ
ajfa-456	326	17	information	information	NOUN
ajfa-456	326	18	transparency	transparency	NOUN
ajfa-456	326	19	in	in	ADP
ajfa-456	326	20	taiwan	taiwan	PROPN
ajfa-456	326	21	’s	’s	PART
ajfa-456	326	22	stock	stock	NOUN
ajfa-456	326	23	market	market	NOUN
ajfa-456	326	24	,	,	PUNCT
ajfa-456	326	25	especially	especially	ADV
ajfa-456	326	26	for	for	ADP
ajfa-456	326	27	smaller	small	ADJ
ajfa-456	326	28	securities	security	NOUN
ajfa-456	326	29	.	.	PUNCT
ajfa-456	327	1	references	reference	NOUN
ajfa-456	327	2	agudo	agudo	PROPN
ajfa-456	327	3	,	,	PUNCT
ajfa-456	327	4	l.	l.	PROPN
ajfa-456	327	5	f.	f.	PROPN
ajfa-456	327	6	,	,	PUNCT
ajfa-456	327	7	sarto	sarto	PROPN
ajfa-456	327	8	,	,	PUNCT
ajfa-456	327	9	j.	j.	PROPN
ajfa-456	327	10	l.	l.	PROPN
ajfa-456	327	11	,	,	PUNCT
ajfa-456	327	12	&	&	CCONJ
ajfa-456	327	13	vicente	vicente	PROPN
ajfa-456	327	14	,	,	PUNCT
ajfa-456	327	15	l.	l.	PROPN
ajfa-456	327	16	(	(	PUNCT
ajfa-456	327	17	2008	2008	NUM
ajfa-456	327	18	)	)	PUNCT
ajfa-456	327	19	.	.	PUNCT
ajfa-456	328	1	herding	herd	VERB
ajfa-456	328	2	behavior	behavior	NOUN
ajfa-456	328	3	in	in	ADP
ajfa-456	328	4	spanish	spanish	ADJ
ajfa-456	328	5	equity	equity	NOUN
ajfa-456	328	6	funds	fund	NOUN
ajfa-456	328	7	.	.	PUNCT
ajfa-456	329	1	applied	apply	VERB
ajfa-456	329	2	economics	economic	NOUN
ajfa-456	329	3	letters	letter	NOUN
ajfa-456	329	4	,	,	PUNCT
ajfa-456	329	5	15	15	NUM
ajfa-456	329	6	,	,	PUNCT
ajfa-456	329	7	573	573	NUM
ajfa-456	329	8	-	-	SYM
ajfa-456	329	9	576	576	NUM
ajfa-456	329	10	andreu	andreu	NOUN
ajfa-456	329	11	,	,	PUNCT
ajfa-456	329	12	l.	l.	PROPN
ajfa-456	329	13	,	,	PUNCT
ajfa-456	329	14	ortiz	ortiz	PROPN
ajfa-456	329	15	,	,	PUNCT
ajfa-456	329	16	c.	c.	PROPN
ajfa-456	329	17	,	,	PUNCT
ajfa-456	329	18	&	&	CCONJ
ajfa-456	329	19	sarto	sarto	PROPN
ajfa-456	329	20	,	,	PUNCT
ajfa-456	329	21	j.	j.	PROPN
ajfa-456	329	22	l.	l.	PROPN
ajfa-456	329	23	(	(	PUNCT
ajfa-456	329	24	2009	2009	NUM
ajfa-456	329	25	)	)	PUNCT
ajfa-456	329	26	.	.	PUNCT
ajfa-456	330	1	herding	herd	VERB
ajfa-456	330	2	behaviour	behaviour	NOUN
ajfa-456	330	3	in	in	ADP
ajfa-456	330	4	strategic	strategic	ADJ
ajfa-456	330	5	asset	asset	NOUN
ajfa-456	330	6	allocations	allocation	NOUN
ajfa-456	330	7	:	:	PUNCT
ajfa-456	330	8	new	new	ADJ
ajfa-456	330	9	approaches	approach	NOUN
ajfa-456	330	10	on	on	ADP
ajfa-456	330	11	quantitative	quantitative	ADJ
ajfa-456	330	12	and	and	CCONJ
ajfa-456	330	13	intertemporal	intertemporal	ADJ
ajfa-456	330	14	imitation	imitation	NOUN
ajfa-456	330	15	.	.	PUNCT
ajfa-456	331	1	applied	apply	VERB
ajfa-456	331	2	financial	financial	ADJ
ajfa-456	331	3	economics	economic	NOUN
ajfa-456	331	4	,	,	PUNCT
ajfa-456	331	5	19	19	NUM
ajfa-456	331	6	,	,	PUNCT
ajfa-456	331	7	1649	1649	NUM
ajfa-456	331	8	-	-	SYM
ajfa-456	331	9	1659	1659	NUM
ajfa-456	331	10	banerjee	banerjee	NOUN
ajfa-456	331	11	,	,	PUNCT
ajfa-456	331	12	a.	a.	NOUN
ajfa-456	331	13	v.	v.	PROPN
ajfa-456	331	14	(	(	PUNCT
ajfa-456	331	15	1992	1992	NUM
ajfa-456	331	16	)	)	PUNCT
ajfa-456	331	17	.	.	PUNCT
ajfa-456	332	1	a	a	DET
ajfa-456	332	2	simple	simple	ADJ
ajfa-456	332	3	model	model	NOUN
ajfa-456	332	4	of	of	ADP
ajfa-456	332	5	herd	herd	NOUN
ajfa-456	332	6	behavior	behavior	NOUN
ajfa-456	332	7	.	.	PUNCT
ajfa-456	333	1	quarterly	quarterly	ADJ
ajfa-456	333	2	journal	journal	NOUN
ajfa-456	333	3	of	of	ADP
ajfa-456	333	4	economics	economic	NOUN
ajfa-456	333	5	,	,	PUNCT
ajfa-456	333	6	107	107	NUM
ajfa-456	333	7	,	,	PUNCT
ajfa-456	333	8	797	797	NUM
ajfa-456	333	9	-	-	SYM
ajfa-456	333	10	817	817	NUM
ajfa-456	333	11	bikhchandani	bikhchandani	NOUN
ajfa-456	333	12	,	,	PUNCT
ajfa-456	333	13	s.	s.	PROPN
ajfa-456	333	14	,	,	PUNCT
ajfa-456	333	15	hirshleifer	hirshleifer	PROPN
ajfa-456	333	16	,	,	PUNCT
ajfa-456	333	17	d.	d.	PROPN
ajfa-456	333	18	,	,	PUNCT
ajfa-456	333	19	&	&	CCONJ
ajfa-456	333	20	welch	welch	PROPN
ajfa-456	333	21	,	,	PUNCT
ajfa-456	333	22	i.	i.	PROPN
ajfa-456	333	23	(	(	PUNCT
ajfa-456	333	24	1992	1992	NUM
ajfa-456	333	25	)	)	PUNCT
ajfa-456	333	26	.	.	PUNCT
ajfa-456	334	1	a	a	DET
ajfa-456	334	2	theory	theory	NOUN
ajfa-456	334	3	of	of	ADP
ajfa-456	334	4	fads	fad	NOUN
ajfa-456	334	5	,	,	PUNCT
ajfa-456	334	6	fashion	fashion	NOUN
ajfa-456	334	7	,	,	PUNCT
ajfa-456	334	8	custom	custom	ADJ
ajfa-456	334	9	,	,	PUNCT
ajfa-456	334	10	and	and	CCONJ
ajfa-456	334	11	cultural	cultural	ADJ
ajfa-456	334	12	change	change	NOUN
ajfa-456	334	13	as	as	ADP
ajfa-456	334	14	informational	informational	ADJ
ajfa-456	334	15	cascades	cascade	NOUN
ajfa-456	334	16	.	.	PUNCT
ajfa-456	335	1	journal	journal	NOUN
ajfa-456	335	2	of	of	ADP
ajfa-456	335	3	political	political	ADJ
ajfa-456	335	4	economy	economy	NOUN
ajfa-456	335	5	,	,	PUNCT
ajfa-456	335	6	100	100	NUM
ajfa-456	335	7	,	,	PUNCT
ajfa-456	335	8	992	992	NUM
ajfa-456	335	9	-	-	SYM
ajfa-456	335	10	1029	1029	NUM
ajfa-456	335	11	cai	cai	X
ajfa-456	335	12	,	,	PUNCT
ajfa-456	335	13	f.	f.	PROPN
ajfa-456	335	14	,	,	PUNCT
ajfa-456	335	15	kaul	kaul	PROPN
ajfa-456	335	16	,	,	PUNCT
ajfa-456	335	17	g.	g.	PROPN
ajfa-456	335	18	,	,	PUNCT
ajfa-456	335	19	&	&	CCONJ
ajfa-456	335	20	zheng	zheng	PROPN
ajfa-456	335	21	,	,	PUNCT
ajfa-456	335	22	l.	l.	PROPN
ajfa-456	335	23	(	(	PUNCT
ajfa-456	335	24	2000	2000	NUM
ajfa-456	335	25	)	)	PUNCT
ajfa-456	335	26	.	.	PUNCT
ajfa-456	336	1	institutional	institutional	ADJ
ajfa-456	336	2	trading	trading	NOUN
ajfa-456	336	3	and	and	CCONJ
ajfa-456	336	4	stock	stock	NOUN
ajfa-456	336	5	returns	return	NOUN
ajfa-456	336	6	.	.	PUNCT
ajfa-456	337	1	working	work	VERB
ajfa-456	337	2	paper	paper	NOUN
ajfa-456	337	3	,	,	PUNCT
ajfa-456	337	4	university	university	PROPN
ajfa-456	337	5	of	of	ADP
ajfa-456	337	6	michigan	michigan	PROPN
ajfa-456	337	7	choe	choe	PROPN
ajfa-456	337	8	,	,	PUNCT
ajfa-456	337	9	h.	h.	PROPN
ajfa-456	337	10	,	,	PUNCT
ajfa-456	337	11	kho	kho	PROPN
ajfa-456	337	12	,	,	PUNCT
ajfa-456	337	13	b.	b.	PROPN
ajfa-456	337	14	c.	c.	PROPN
ajfa-456	337	15	,	,	PUNCT
ajfa-456	337	16	&	&	CCONJ
ajfa-456	337	17	stulz	stulz	ADJ
ajfa-456	337	18	,	,	PUNCT
ajfa-456	337	19	r.	r.	PROPN
ajfa-456	337	20	m.	m.	PROPN
ajfa-456	337	21	(	(	PUNCT
ajfa-456	337	22	1999	1999	NUM
ajfa-456	337	23	)	)	PUNCT
ajfa-456	337	24	.	.	PUNCT
ajfa-456	338	1	do	do	AUX
ajfa-456	338	2	foreign	foreign	ADJ
ajfa-456	338	3	investors	investor	NOUN
ajfa-456	338	4	destabilize	destabilize	VERB
ajfa-456	338	5	stock	stock	NOUN
ajfa-456	338	6	market	market	NOUN
ajfa-456	338	7	?	?	PUNCT
ajfa-456	339	1	the	the	DET
ajfa-456	339	2	korean	korean	ADJ
ajfa-456	339	3	experience	experience	NOUN
ajfa-456	339	4	in	in	ADP
ajfa-456	339	5	1997	1997	NUM
ajfa-456	339	6	.	.	PUNCT
ajfa-456	340	1	journal	journal	NOUN
ajfa-456	340	2	of	of	ADP
ajfa-456	340	3	financial	financial	ADJ
ajfa-456	340	4	economics	economic	NOUN
ajfa-456	340	5	,	,	PUNCT
ajfa-456	340	6	54	54	NUM
ajfa-456	340	7	,	,	PUNCT
ajfa-456	340	8	227	227	NUM
ajfa-456	340	9	-	-	SYM
ajfa-456	340	10	267	267	NUM
ajfa-456	340	11	choe	choe	PROPN
ajfa-456	340	12	,	,	PUNCT
ajfa-456	340	13	h.	h.	PROPN
ajfa-456	340	14	,	,	PUNCT
ajfa-456	340	15	kho	kho	PROPN
ajfa-456	340	16	,	,	PUNCT
ajfa-456	340	17	b.	b.	PROPN
ajfa-456	340	18	c.	c.	PROPN
ajfa-456	340	19	,	,	PUNCT
ajfa-456	340	20	&	&	CCONJ
ajfa-456	340	21	stulz	stulz	ADJ
ajfa-456	340	22	,	,	PUNCT
ajfa-456	340	23	r.	r.	PROPN
ajfa-456	340	24	m.	m.	PROPN
ajfa-456	340	25	(	(	PUNCT
ajfa-456	340	26	2001	2001	NUM
ajfa-456	340	27	)	)	PUNCT
ajfa-456	340	28	.	.	PUNCT
ajfa-456	341	1	do	do	AUX
ajfa-456	341	2	domestic	domestic	ADJ
ajfa-456	341	3	investors	investor	NOUN
ajfa-456	341	4	have	have	VERB
ajfa-456	341	5	more	more	ADV
ajfa-456	341	6	valuable	valuable	ADJ
ajfa-456	341	7	information	information	NOUN
ajfa-456	341	8	about	about	ADP
ajfa-456	341	9	individual	individual	ADJ
ajfa-456	341	10	stocks	stock	NOUN
ajfa-456	341	11	than	than	ADP
ajfa-456	341	12	foreign	foreign	ADJ
ajfa-456	341	13	investors	investor	NOUN
ajfa-456	341	14	?	?	PUNCT
ajfa-456	342	1	working	work	VERB
ajfa-456	342	2	paper	paper	NOUN
ajfa-456	342	3	8073	8073	NUM
ajfa-456	342	4	,	,	PUNCT
ajfa-456	342	5	national	national	ADJ
ajfa-456	342	6	bureau	bureau	PROPN
ajfa-456	342	7	of	of	ADP
ajfa-456	342	8	economic	economic	ADJ
ajfa-456	342	9	research	research	NOUN
ajfa-456	342	10	christie	christie	PROPN
ajfa-456	342	11	,	,	PUNCT
ajfa-456	342	12	w.	w.	PROPN
ajfa-456	342	13	g.	g.	PROPN
ajfa-456	342	14	,	,	PUNCT
ajfa-456	342	15	&	&	CCONJ
ajfa-456	342	16	huang	huang	PROPN
ajfa-456	342	17	,	,	PUNCT
ajfa-456	342	18	r.	r.	PROPN
ajfa-456	342	19	d.	d.	PROPN
ajfa-456	342	20	(	(	PUNCT
ajfa-456	342	21	1995	1995	NUM
ajfa-456	342	22	)	)	PUNCT
ajfa-456	342	23	.	.	PUNCT
ajfa-456	343	1	following	follow	VERB
ajfa-456	343	2	the	the	DET
ajfa-456	343	3	pied	pied	ADJ
ajfa-456	343	4	piper	piper	NOUN
ajfa-456	343	5	:	:	PUNCT
ajfa-456	343	6	do	do	VERB
ajfa-456	343	7	individual	individual	ADJ
ajfa-456	343	8	returns	return	NOUN
ajfa-456	343	9	herd	herd	VERB
ajfa-456	343	10	around	around	ADP
ajfa-456	343	11	the	the	DET
ajfa-456	343	12	market	market	NOUN
ajfa-456	343	13	?	?	PUNCT
ajfa-456	344	1	financial	financial	ADJ
ajfa-456	344	2	analysts	analyst	NOUN
ajfa-456	344	3	journal	journal	NOUN
ajfa-456	344	4	,	,	PUNCT
ajfa-456	344	5	51	51	NUM
ajfa-456	344	6	,	,	PUNCT
ajfa-456	344	7	31	31	NUM
ajfa-456	344	8	-	-	SYM
ajfa-456	344	9	37	37	NUM
ajfa-456	344	10	dahlquist	dahlquist	NOUN
ajfa-456	344	11	,	,	PUNCT
ajfa-456	344	12	m.	m.	NOUN
ajfa-456	344	13	,	,	PUNCT
ajfa-456	344	14	&	&	CCONJ
ajfa-456	344	15	robertson	robertson	PROPN
ajfa-456	344	16	,	,	PUNCT
ajfa-456	344	17	g.	g.	PROPN
ajfa-456	344	18	(	(	PUNCT
ajfa-456	344	19	2001	2001	NUM
ajfa-456	344	20	)	)	PUNCT
ajfa-456	344	21	.	.	PUNCT
ajfa-456	345	1	direct	direct	ADJ
ajfa-456	345	2	foreign	foreign	ADJ
ajfa-456	345	3	ownership	ownership	NOUN
ajfa-456	345	4	,	,	PUNCT
ajfa-456	345	5	institutional	institutional	ADJ
ajfa-456	345	6	investors	investor	NOUN
ajfa-456	345	7	,	,	PUNCT
ajfa-456	345	8	and	and	CCONJ
ajfa-456	345	9	firm	firm	ADJ
ajfa-456	345	10	characteristics	characteristic	NOUN
ajfa-456	345	11	.	.	PUNCT
ajfa-456	346	1	journal	journal	NOUN
ajfa-456	346	2	of	of	ADP
ajfa-456	346	3	financial	financial	ADJ
ajfa-456	346	4	economics	economic	NOUN
ajfa-456	346	5	,	,	PUNCT
ajfa-456	346	6	59	59	NUM
ajfa-456	346	7	,	,	PUNCT
ajfa-456	346	8	413	413	NUM
ajfa-456	346	9	-	-	SYM
ajfa-456	346	10	440	440	NUM
ajfa-456	346	11	demier	demier	NOUN
ajfa-456	346	12	,	,	PUNCT
ajfa-456	346	13	r.	r.	PROPN
ajfa-456	346	14	,	,	PUNCT
ajfa-456	346	15	&	&	CCONJ
ajfa-456	346	16	kutan	kutan	PROPN
ajfa-456	346	17	,	,	PUNCT
ajfa-456	346	18	a.	a.	NOUN
ajfa-456	346	19	m.	m.	NOUN
ajfa-456	346	20	(	(	PUNCT
ajfa-456	346	21	2006	2006	NUM
ajfa-456	346	22	)	)	PUNCT
ajfa-456	346	23	.	.	PUNCT
ajfa-456	347	1	does	do	AUX
ajfa-456	347	2	herding	herd	VERB
ajfa-456	347	3	behavior	behavior	NOUN
ajfa-456	347	4	exist	exist	VERB
ajfa-456	347	5	in	in	ADP
ajfa-456	347	6	chinese	chinese	ADJ
ajfa-456	347	7	stock	stock	NOUN
ajfa-456	347	8	markets	market	NOUN
ajfa-456	347	9	?	?	PUNCT
ajfa-456	348	1	journal	journal	NOUN
ajfa-456	348	2	of	of	ADP
ajfa-456	348	3	international	international	ADJ
ajfa-456	348	4	financial	financial	ADJ
ajfa-456	348	5	markets	market	NOUN
ajfa-456	348	6	,	,	PUNCT
ajfa-456	348	7	institutions	institution	NOUN
ajfa-456	348	8	and	and	CCONJ
ajfa-456	348	9	money	money	NOUN
ajfa-456	348	10	,	,	PUNCT
ajfa-456	348	11	16	16	NUM
ajfa-456	348	12	,	,	PUNCT
ajfa-456	348	13	123	123	NUM
ajfa-456	348	14	-	-	SYM
ajfa-456	348	15	142	142	NUM
ajfa-456	348	16	falkenstein	falkenstein	NOUN
ajfa-456	348	17	,	,	PUNCT
ajfa-456	348	18	e.	e.	PROPN
ajfa-456	348	19	g.	g.	PROPN
ajfa-456	348	20	(	(	PUNCT
ajfa-456	348	21	1996	1996	NUM
ajfa-456	348	22	)	)	PUNCT
ajfa-456	348	23	.	.	PUNCT
ajfa-456	349	1	preferences	preference	NOUN
ajfa-456	349	2	for	for	ADP
ajfa-456	349	3	stock	stock	NOUN
ajfa-456	349	4	characteristics	characteristic	NOUN
ajfa-456	349	5	as	as	SCONJ
ajfa-456	349	6	revealed	reveal	VERB
ajfa-456	349	7	by	by	ADP
ajfa-456	349	8	mutual	mutual	ADJ
ajfa-456	349	9	fund	fund	NOUN
ajfa-456	349	10	portfolio	portfolio	NOUN
ajfa-456	349	11	holdings	holding	NOUN
ajfa-456	349	12	.	.	PUNCT
ajfa-456	350	1	journal	journal	PROPN
ajfa-456	350	2	of	of	ADP
ajfa-456	350	3	finance	finance	NOUN
ajfa-456	350	4	,	,	PUNCT
ajfa-456	350	5	51	51	NUM
ajfa-456	350	6	,	,	PUNCT
ajfa-456	350	7	111	111	NUM
ajfa-456	350	8	-	-	SYM
ajfa-456	350	9	135	135	NUM
ajfa-456	350	10	froot	froot	NOUN
ajfa-456	350	11	,	,	PUNCT
ajfa-456	350	12	k.	k.	PROPN
ajfa-456	350	13	a.	a.	PROPN
ajfa-456	350	14	,	,	PUNCT
ajfa-456	350	15	scharfstein	scharfstein	PROPN
ajfa-456	350	16	,	,	PUNCT
ajfa-456	350	17	d.	d.	PROPN
ajfa-456	350	18	s.	s.	PROPN
ajfa-456	350	19	,	,	PUNCT
ajfa-456	350	20	&	&	CCONJ
ajfa-456	350	21	stein	stein	PROPN
ajfa-456	350	22	,	,	PUNCT
ajfa-456	350	23	j.	j.	PROPN
ajfa-456	350	24	c.	c.	PROPN
ajfa-456	350	25	(	(	PUNCT
ajfa-456	350	26	1992	1992	NUM
ajfa-456	350	27	)	)	PUNCT
ajfa-456	350	28	.	.	PUNCT
ajfa-456	351	1	herd	herd	NOUN
ajfa-456	351	2	on	on	ADP
ajfa-456	351	3	the	the	DET
ajfa-456	351	4	street	street	NOUN
ajfa-456	351	5	:	:	PUNCT
ajfa-456	351	6	informational	informational	ADJ
ajfa-456	351	7	inefficiencies	inefficiency	NOUN
ajfa-456	351	8	in	in	ADP
ajfa-456	351	9	a	a	DET
ajfa-456	351	10	market	market	NOUN
ajfa-456	351	11	with	with	ADP
ajfa-456	351	12	short	short	ADJ
ajfa-456	351	13	-	-	PUNCT
ajfa-456	351	14	term	term	NOUN
ajfa-456	351	15	speculation	speculation	NOUN
ajfa-456	351	16	.	.	PUNCT
ajfa-456	352	1	journal	journal	NOUN
ajfa-456	352	2	of	of	ADP
ajfa-456	352	3	finance	finance	NOUN
ajfa-456	352	4	,	,	PUNCT
ajfa-456	352	5	47	47	NUM
ajfa-456	352	6	,	,	PUNCT
ajfa-456	352	7	1461	1461	NUM
ajfa-456	352	8	-	-	SYM
ajfa-456	352	9	1484	1484	NUM
ajfa-456	352	10	gleason	gleason	PROPN
ajfa-456	352	11	,	,	PUNCT
ajfa-456	352	12	k.	k.	PROPN
ajfa-456	352	13	c.	c.	PROPN
ajfa-456	352	14	,	,	PUNCT
ajfa-456	352	15	mathur	mathur	PROPN
ajfa-456	352	16	,	,	PUNCT
ajfa-456	352	17	i.	i.	PROPN
ajfa-456	352	18	,	,	PUNCT
ajfa-456	352	19	&	&	CCONJ
ajfa-456	352	20	peterson	peterson	PROPN
ajfa-456	352	21	,	,	PUNCT
ajfa-456	352	22	m.	m.	NOUN
ajfa-456	352	23	a.	a.	PROPN
ajfa-456	352	24	(	(	PUNCT
ajfa-456	352	25	2004	2004	NUM
ajfa-456	352	26	)	)	PUNCT
ajfa-456	352	27	.	.	PUNCT
ajfa-456	353	1	analysis	analysis	NOUN
ajfa-456	353	2	of	of	ADP
ajfa-456	353	3	intraday	intraday	NOUN
ajfa-456	353	4	herding	herding	NOUN
ajfa-456	353	5	behavior	behavior	NOUN
ajfa-456	353	6	7	7	NUM
ajfa-456	353	7	to	to	PART
ajfa-456	353	8	explore	explore	VERB
ajfa-456	353	9	whether	whether	SCONJ
ajfa-456	353	10	the	the	DET
ajfa-456	353	11	market	market	NOUN
ajfa-456	353	12	environment	environment	NOUN
ajfa-456	353	13	during	during	ADP
ajfa-456	353	14	different	different	ADJ
ajfa-456	353	15	periods	period	NOUN
ajfa-456	353	16	would	would	AUX
ajfa-456	353	17	influence	influence	VERB
ajfa-456	353	18	herding	herding	NOUN
ajfa-456	353	19	behavior	behavior	NOUN
ajfa-456	353	20	,	,	PUNCT
ajfa-456	353	21	we	we	PRON
ajfa-456	353	22	also	also	ADV
ajfa-456	353	23	divide	divide	VERB
ajfa-456	353	24	the	the	DET
ajfa-456	353	25	sample	sample	NOUN
ajfa-456	353	26	into	into	ADP
ajfa-456	353	27	two	two	NUM
ajfa-456	353	28	sub	sub	NOUN
ajfa-456	353	29	-	-	ADJ
ajfa-456	353	30	periods	period	NOUN
ajfa-456	353	31	(	(	PUNCT
ajfa-456	353	32	1999–2001	1999–2001	NUM
ajfa-456	353	33	and	and	CCONJ
ajfa-456	353	34	2002–2004	2002–2004	NUM
ajfa-456	353	35	)	)	PUNCT
ajfa-456	353	36	to	to	PART
ajfa-456	353	37	discern	discern	VERB
ajfa-456	353	38	whether	whether	SCONJ
ajfa-456	353	39	significant	significant	ADJ
ajfa-456	353	40	differences	difference	NOUN
ajfa-456	353	41	exist	exist	VERB
ajfa-456	353	42	between	between	ADP
ajfa-456	353	43	the	the	DET
ajfa-456	353	44	herding	herding	NOUN
ajfa-456	353	45	behaviors	behavior	NOUN
ajfa-456	353	46	in	in	ADP
ajfa-456	353	47	the	the	DET
ajfa-456	353	48	two	two	NUM
ajfa-456	353	49	sub	sub	NOUN
ajfa-456	353	50	-	-	NOUN
ajfa-456	353	51	periods	period	NOUN
ajfa-456	353	52	.	.	PUNCT
ajfa-456	354	1	the	the	DET
ajfa-456	354	2	empirical	empirical	ADJ
ajfa-456	354	3	findings	finding	NOUN
ajfa-456	354	4	show	show	VERB
ajfa-456	354	5	that	that	SCONJ
ajfa-456	354	6	the	the	DET
ajfa-456	354	7	yearly	yearly	ADJ
ajfa-456	354	8	variations	variation	NOUN
ajfa-456	354	9	in	in	ADP
ajfa-456	354	10	average	average	ADJ
ajfa-456	354	11	herding	herding	NOUN
ajfa-456	354	12	measures	measure	NOUN
ajfa-456	354	13	of	of	ADP
ajfa-456	354	14	respective	respective	ADJ
ajfa-456	354	15	investor	investor	NOUN
ajfa-456	354	16	types	type	NOUN
ajfa-456	354	17	are	be	AUX
ajfa-456	354	18	statistically	statistically	ADV
ajfa-456	354	19	significant	significant	ADJ
ajfa-456	354	20	at	at	ADP
ajfa-456	354	21	the	the	DET
ajfa-456	354	22	1	1	NUM
ajfa-456	354	23	%	%	NOUN
ajfa-456	354	24	level	level	NOUN
ajfa-456	354	25	for	for	ADP
ajfa-456	354	26	institutional	institutional	ADJ
ajfa-456	354	27	investors	investor	NOUN
ajfa-456	354	28	overall	overall	ADV
ajfa-456	354	29	,	,	PUNCT
ajfa-456	354	30	foreign	foreign	ADJ
ajfa-456	354	31	institutional	institutional	ADJ
ajfa-456	354	32	investors	investor	NOUN
ajfa-456	354	33	,	,	PUNCT
ajfa-456	354	34	and	and	CCONJ
ajfa-456	354	35	domestic	domestic	ADJ
ajfa-456	354	36	mutual	mutual	ADJ
ajfa-456	354	37	funds	fund	NOUN
ajfa-456	354	38	.	.	PUNCT
ajfa-456	355	1	the	the	DET
ajfa-456	355	2	herding	herding	NOUN
ajfa-456	355	3	measure	measure	NOUN
ajfa-456	355	4	of	of	ADP
ajfa-456	355	5	domestic	domestic	ADJ
ajfa-456	355	6	securities	security	NOUN
ajfa-456	355	7	dealers	dealer	NOUN
ajfa-456	355	8	is	be	AUX
ajfa-456	355	9	significant	significant	ADJ
ajfa-456	355	10	at	at	ADP
ajfa-456	355	11	5	5	NUM
ajfa-456	355	12	%	%	NOUN
ajfa-456	355	13	only	only	ADV
ajfa-456	355	14	in	in	ADP
ajfa-456	355	15	the	the	DET
ajfa-456	355	16	year	year	NOUN
ajfa-456	355	17	2000	2000	NUM
ajfa-456	355	18	and	and	CCONJ
ajfa-456	355	19	insignificant	insignificant	ADJ
ajfa-456	355	20	for	for	ADP
ajfa-456	355	21	all	all	DET
ajfa-456	355	22	other	other	ADJ
ajfa-456	355	23	years	year	NOUN
ajfa-456	355	24	.	.	PUNCT
ajfa-456	356	1	asian	asian	ADJ
ajfa-456	356	2	journal	journal	PROPN
ajfa-456	356	3	of	of	ADP
ajfa-456	356	4	finance	finance	PROPN
ajfa-456	356	5	&	&	CCONJ
ajfa-456	356	6	accounting	accounting	PROPN
ajfa-456	356	7	issn	issn	PROPN
ajfa-456	356	8	1946	1946	NUM
ajfa-456	356	9	-	-	PUNCT
ajfa-456	356	10	052x	052x	NOUN
ajfa-456	356	11	2010	2010	NUM
ajfa-456	356	12	,	,	PUNCT
ajfa-456	356	13	vol	vol	NOUN
ajfa-456	356	14	.	.	PROPN
ajfa-456	356	15	2	2	NUM
ajfa-456	356	16	,	,	PUNCT
ajfa-456	356	17	no	no	INTJ
ajfa-456	356	18	.	.	NOUN
ajfa-456	356	19	2	2	NUM
ajfa-456	356	20	:	:	PUNCT
ajfa-456	356	21	e1	e1	VERB
ajfa-456	356	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	356	23	18	18	NUM
ajfa-456	356	24	among	among	ADP
ajfa-456	356	25	the	the	DET
ajfa-456	356	26	sector	sector	NOUN
ajfa-456	356	27	etfs	etfs	NOUN
ajfa-456	356	28	’	'	PUNCT
ajfa-456	356	29	.	.	PUNCT
ajfa-456	357	1	journal	journal	PROPN
ajfa-456	357	2	of	of	ADP
ajfa-456	357	3	empirical	empirical	ADJ
ajfa-456	357	4	finance	finance	NOUN
ajfa-456	357	5	,	,	PUNCT
ajfa-456	357	6	11	11	NUM
ajfa-456	357	7	,	,	PUNCT
ajfa-456	357	8	681	681	NUM
ajfa-456	357	9	-	-	SYM
ajfa-456	357	10	694	694	NUM
ajfa-456	357	11	goodfellow	goodfellow	NOUN
ajfa-456	357	12	,	,	PUNCT
ajfa-456	357	13	c.	c.	PROPN
ajfa-456	357	14	,	,	PUNCT
ajfa-456	357	15	bohl	bohl	NOUN
ajfa-456	357	16	,	,	PUNCT
ajfa-456	357	17	m.	m.	NOUN
ajfa-456	357	18	t.	t.	PROPN
ajfa-456	357	19	,	,	PUNCT
ajfa-456	357	20	&	&	CCONJ
ajfa-456	357	21	gebka	gebka	PROPN
ajfa-456	357	22	,	,	PUNCT
ajfa-456	357	23	b.	b.	PROPN
ajfa-456	357	24	(	(	PUNCT
ajfa-456	357	25	2009	2009	NUM
ajfa-456	357	26	)	)	PUNCT
ajfa-456	357	27	.	.	PUNCT
ajfa-456	358	1	together	together	ADV
ajfa-456	358	2	we	we	PRON
ajfa-456	358	3	invest	invest	VERB
ajfa-456	358	4	?	?	PUNCT
ajfa-456	359	1	individual	individual	ADJ
ajfa-456	359	2	and	and	CCONJ
ajfa-456	359	3	institutional	institutional	ADJ
ajfa-456	359	4	investors	investor	NOUN
ajfa-456	359	5	:	:	PUNCT
ajfa-456	359	6	trading	trade	VERB
ajfa-456	359	7	behaviour	behaviour	NOUN
ajfa-456	359	8	in	in	ADP
ajfa-456	359	9	poland	poland	PROPN
ajfa-456	359	10	.	.	PUNCT
ajfa-456	360	1	international	international	ADJ
ajfa-456	360	2	review	review	NOUN
ajfa-456	360	3	of	of	ADP
ajfa-456	360	4	financial	financial	ADJ
ajfa-456	360	5	analysis	analysis	NOUN
ajfa-456	360	6	,	,	PUNCT
ajfa-456	360	7	18	18	NUM
ajfa-456	360	8	,	,	PUNCT
ajfa-456	360	9	212	212	NUM
ajfa-456	360	10	-	-	SYM
ajfa-456	360	11	221	221	NUM
ajfa-456	360	12	gompers	gomper	NOUN
ajfa-456	360	13	,	,	PUNCT
ajfa-456	360	14	p.	p.	NOUN
ajfa-456	360	15	a.	a.	NOUN
ajfa-456	360	16	,	,	PUNCT
ajfa-456	360	17	&	&	CCONJ
ajfa-456	360	18	metrick	metrick	ADJ
ajfa-456	360	19	,	,	PUNCT
ajfa-456	360	20	a.	a.	NOUN
ajfa-456	360	21	(	(	PUNCT
ajfa-456	360	22	2001	2001	NUM
ajfa-456	360	23	)	)	PUNCT
ajfa-456	360	24	.	.	PUNCT
ajfa-456	361	1	institutional	institutional	ADJ
ajfa-456	361	2	investors	investor	NOUN
ajfa-456	361	3	and	and	CCONJ
ajfa-456	361	4	equity	equity	NOUN
ajfa-456	361	5	prices	price	NOUN
ajfa-456	361	6	.	.	PUNCT
ajfa-456	362	1	quarterly	quarterly	ADJ
ajfa-456	362	2	journal	journal	NOUN
ajfa-456	362	3	of	of	ADP
ajfa-456	362	4	economics	economic	NOUN
ajfa-456	362	5	,	,	PUNCT
ajfa-456	362	6	116	116	NUM
ajfa-456	362	7	,	,	PUNCT
ajfa-456	362	8	229	229	NUM
ajfa-456	362	9	-	-	SYM
ajfa-456	362	10	260	260	NUM
ajfa-456	362	11	grinblatt	grinblatt	NOUN
ajfa-456	362	12	,	,	PUNCT
ajfa-456	362	13	m.	m.	NOUN
ajfa-456	362	14	,	,	PUNCT
ajfa-456	362	15	&	&	CCONJ
ajfa-456	362	16	titman	titman	PROPN
ajfa-456	362	17	,	,	PUNCT
ajfa-456	362	18	s.	s.	PROPN
ajfa-456	362	19	(	(	PUNCT
ajfa-456	362	20	1993	1993	NUM
ajfa-456	362	21	)	)	PUNCT
ajfa-456	362	22	.	.	PUNCT
ajfa-456	363	1	performance	performance	NOUN
ajfa-456	363	2	measurement	measurement	NOUN
ajfa-456	363	3	without	without	ADP
ajfa-456	363	4	benchmarks	benchmark	NOUN
ajfa-456	363	5	:	:	PUNCT
ajfa-456	363	6	an	an	DET
ajfa-456	363	7	examination	examination	NOUN
ajfa-456	363	8	of	of	ADP
ajfa-456	363	9	mutual	mutual	ADJ
ajfa-456	363	10	fund	fund	NOUN
ajfa-456	363	11	returns	return	NOUN
ajfa-456	363	12	.	.	PUNCT
ajfa-456	364	1	journal	journal	NOUN
ajfa-456	364	2	of	of	ADP
ajfa-456	364	3	business	business	NOUN
ajfa-456	364	4	,	,	PUNCT
ajfa-456	364	5	66	66	NUM
ajfa-456	364	6	,	,	PUNCT
ajfa-456	364	7	47	47	NUM
ajfa-456	364	8	-	-	SYM
ajfa-456	364	9	68	68	NUM
ajfa-456	364	10	grinblatt	grinblatt	NOUN
ajfa-456	364	11	,	,	PUNCT
ajfa-456	364	12	m.	m.	NOUN
ajfa-456	364	13	,	,	PUNCT
ajfa-456	364	14	titman	titman	NOUN
ajfa-456	364	15	,	,	PUNCT
ajfa-456	364	16	s.	s.	PROPN
ajfa-456	364	17	,	,	PUNCT
ajfa-456	364	18	&	&	CCONJ
ajfa-456	364	19	wermers	wermer	NOUN
ajfa-456	364	20	,	,	PUNCT
ajfa-456	364	21	s.	s.	PROPN
ajfa-456	364	22	(	(	PUNCT
ajfa-456	364	23	1995	1995	NUM
ajfa-456	364	24	)	)	PUNCT
ajfa-456	364	25	.	.	PUNCT
ajfa-456	365	1	momentum	momentum	NOUN
ajfa-456	365	2	investment	investment	NOUN
ajfa-456	365	3	strategies	strategy	NOUN
ajfa-456	365	4	,	,	PUNCT
ajfa-456	365	5	portfolio	portfolio	NOUN
ajfa-456	365	6	performance	performance	NOUN
ajfa-456	365	7	,	,	PUNCT
ajfa-456	365	8	and	and	CCONJ
ajfa-456	365	9	herding	herd	VERB
ajfa-456	365	10	:	:	PUNCT
ajfa-456	365	11	a	a	DET
ajfa-456	365	12	study	study	NOUN
ajfa-456	365	13	of	of	ADP
ajfa-456	365	14	mutual	mutual	ADJ
ajfa-456	365	15	fund	fund	NOUN
ajfa-456	365	16	behavior	behavior	NOUN
ajfa-456	365	17	.	.	PUNCT
ajfa-456	366	1	american	american	PROPN
ajfa-456	366	2	economic	economic	PROPN
ajfa-456	366	3	review	review	PROPN
ajfa-456	366	4	,	,	PUNCT
ajfa-456	366	5	85	85	NUM
ajfa-456	366	6	,	,	PUNCT
ajfa-456	366	7	1088	1088	NUM
ajfa-456	366	8	-	-	SYM
ajfa-456	366	9	1105	1105	NUM
ajfa-456	366	10	grinblatt	grinblatt	NOUN
ajfa-456	366	11	,	,	PUNCT
ajfa-456	366	12	m.	m.	NOUN
ajfa-456	366	13	,	,	PUNCT
ajfa-456	366	14	&	&	CCONJ
ajfa-456	366	15	keloharju	keloharju	NOUN
ajfa-456	366	16	,	,	PUNCT
ajfa-456	366	17	m.	m.	NOUN
ajfa-456	366	18	(	(	PUNCT
ajfa-456	366	19	2000	2000	NUM
ajfa-456	366	20	)	)	PUNCT
ajfa-456	366	21	.	.	PUNCT
ajfa-456	367	1	the	the	DET
ajfa-456	367	2	investment	investment	NOUN
ajfa-456	367	3	behavior	behavior	NOUN
ajfa-456	367	4	and	and	CCONJ
ajfa-456	367	5	performance	performance	NOUN
ajfa-456	367	6	of	of	ADP
ajfa-456	367	7	various	various	ADJ
ajfa-456	367	8	investor	investor	NOUN
ajfa-456	367	9	types	type	NOUN
ajfa-456	367	10	:	:	PUNCT
ajfa-456	367	11	a	a	DET
ajfa-456	367	12	study	study	NOUN
ajfa-456	367	13	of	of	ADP
ajfa-456	367	14	finland	finland	PROPN
ajfa-456	367	15	’s	’s	PART
ajfa-456	367	16	unique	unique	ADJ
ajfa-456	367	17	data	datum	NOUN
ajfa-456	367	18	set	set	VERB
ajfa-456	367	19	.	.	PUNCT
ajfa-456	368	1	journal	journal	PROPN
ajfa-456	368	2	of	of	ADP
ajfa-456	368	3	financial	financial	ADJ
ajfa-456	368	4	economics	economic	NOUN
ajfa-456	368	5	,	,	PUNCT
ajfa-456	368	6	55	55	NUM
ajfa-456	368	7	,	,	PUNCT
ajfa-456	368	8	43	43	NUM
ajfa-456	368	9	-	-	SYM
ajfa-456	368	10	67	67	NUM
ajfa-456	368	11	grossman	grossman	NOUN
ajfa-456	368	12	,	,	PUNCT
ajfa-456	368	13	j.	j.	PROPN
ajfa-456	368	14	,	,	PUNCT
ajfa-456	368	15	&	&	CCONJ
ajfa-456	368	16	miller	miller	PROPN
ajfa-456	368	17	,	,	PUNCT
ajfa-456	368	18	m.	m.	NOUN
ajfa-456	368	19	h.	h.	PROPN
ajfa-456	368	20	(	(	PUNCT
ajfa-456	368	21	1988	1988	NUM
ajfa-456	368	22	)	)	PUNCT
ajfa-456	368	23	.	.	PUNCT
ajfa-456	369	1	liquidity	liquidity	NOUN
ajfa-456	369	2	and	and	CCONJ
ajfa-456	369	3	market	market	NOUN
ajfa-456	369	4	structure	structure	NOUN
ajfa-456	369	5	.	.	PUNCT
ajfa-456	370	1	journal	journal	PROPN
ajfa-456	370	2	of	of	ADP
ajfa-456	370	3	finance	finance	NOUN
ajfa-456	370	4	,	,	PUNCT
ajfa-456	370	5	43	43	NUM
ajfa-456	370	6	,	,	PUNCT
ajfa-456	370	7	617	617	NUM
ajfa-456	370	8	-	-	SYM
ajfa-456	370	9	663	663	NUM
ajfa-456	370	10	hatemi	hatemi	NOUN
ajfa-456	370	11	-	-	PUNCT
ajfa-456	370	12	j	j	PROPN
ajfa-456	370	13	,	,	PUNCT
ajfa-456	370	14	a.	a.	PROPN
ajfa-456	370	15	,	,	PUNCT
ajfa-456	370	16	&	&	CCONJ
ajfa-456	370	17	roca	roca	PROPN
ajfa-456	370	18	,	,	PUNCT
ajfa-456	370	19	e.	e.	PROPN
ajfa-456	370	20	d.	d.	PROPN
ajfa-456	370	21	(	(	PUNCT
ajfa-456	370	22	2004	2004	NUM
ajfa-456	370	23	)	)	PUNCT
ajfa-456	370	24	.	.	PUNCT
ajfa-456	371	1	do	do	VERB
ajfa-456	371	2	birds	bird	NOUN
ajfa-456	371	3	of	of	ADP
ajfa-456	371	4	the	the	DET
ajfa-456	371	5	same	same	ADJ
ajfa-456	371	6	feather	feather	NOUN
ajfa-456	371	7	flock	flock	NOUN
ajfa-456	371	8	together	together	ADV
ajfa-456	371	9	?	?	PUNCT
ajfa-456	372	1	the	the	DET
ajfa-456	372	2	case	case	NOUN
ajfa-456	372	3	of	of	ADP
ajfa-456	372	4	the	the	DET
ajfa-456	372	5	chinese	chinese	PROPN
ajfa-456	372	6	states	states	PROPN
ajfa-456	372	7	equity	equity	NOUN
ajfa-456	372	8	markets	market	NOUN
ajfa-456	372	9	.	.	PUNCT
ajfa-456	373	1	journal	journal	PROPN
ajfa-456	373	2	of	of	ADP
ajfa-456	373	3	international	international	ADJ
ajfa-456	373	4	financial	financial	ADJ
ajfa-456	373	5	markets	market	NOUN
ajfa-456	373	6	,	,	PUNCT
ajfa-456	373	7	institutions	institution	NOUN
ajfa-456	373	8	and	and	CCONJ
ajfa-456	373	9	money	money	NOUN
ajfa-456	373	10	,	,	PUNCT
ajfa-456	373	11	14	14	NUM
ajfa-456	373	12	,	,	PUNCT
ajfa-456	373	13	281	281	NUM
ajfa-456	373	14	-	-	SYM
ajfa-456	373	15	294	294	NUM
ajfa-456	373	16	hirshleifer	hirshleifer	NOUN
ajfa-456	373	17	,	,	PUNCT
ajfa-456	373	18	d.	d.	PROPN
ajfa-456	373	19	,	,	PUNCT
ajfa-456	373	20	subrahmanyam	subrahmanyam	PROPN
ajfa-456	373	21	,	,	PUNCT
ajfa-456	373	22	a.	a.	PROPN
ajfa-456	373	23	,	,	PUNCT
ajfa-456	373	24	&	&	CCONJ
ajfa-456	373	25	titman	titman	PROPN
ajfa-456	373	26	,	,	PUNCT
ajfa-456	373	27	s.	s.	PROPN
ajfa-456	373	28	(	(	PUNCT
ajfa-456	373	29	1994	1994	NUM
ajfa-456	373	30	)	)	PUNCT
ajfa-456	373	31	.	.	PUNCT
ajfa-456	374	1	security	security	NOUN
ajfa-456	374	2	analysis	analysis	NOUN
ajfa-456	374	3	and	and	CCONJ
ajfa-456	374	4	trading	trading	NOUN
ajfa-456	374	5	patterns	pattern	NOUN
ajfa-456	374	6	when	when	SCONJ
ajfa-456	374	7	some	some	DET
ajfa-456	374	8	investors	investor	NOUN
ajfa-456	374	9	receive	receive	VERB
ajfa-456	374	10	information	information	NOUN
ajfa-456	374	11	before	before	ADP
ajfa-456	374	12	others	other	NOUN
ajfa-456	374	13	.	.	PUNCT
ajfa-456	375	1	journal	journal	PROPN
ajfa-456	375	2	of	of	ADP
ajfa-456	375	3	finance	finance	NOUN
ajfa-456	375	4	,	,	PUNCT
ajfa-456	375	5	49	49	NUM
ajfa-456	375	6	,	,	PUNCT
ajfa-456	375	7	1665	1665	NUM
ajfa-456	375	8	-	-	SYM
ajfa-456	375	9	1698	1698	NUM
ajfa-456	375	10	hwang	hwang	PROPN
ajfa-456	375	11	,	,	PUNCT
ajfa-456	375	12	s.	s.	PROPN
ajfa-456	375	13	,	,	PUNCT
ajfa-456	375	14	&	&	CCONJ
ajfa-456	375	15	salmon	salmon	PROPN
ajfa-456	375	16	,	,	PUNCT
ajfa-456	375	17	m.	m.	NOUN
ajfa-456	375	18	(	(	PUNCT
ajfa-456	375	19	2004	2004	NUM
ajfa-456	375	20	)	)	PUNCT
ajfa-456	375	21	.	.	PUNCT
ajfa-456	376	1	market	market	NOUN
ajfa-456	376	2	stress	stress	NOUN
ajfa-456	376	3	and	and	CCONJ
ajfa-456	376	4	herding	herding	NOUN
ajfa-456	376	5	.	.	PUNCT
ajfa-456	377	1	journal	journal	PROPN
ajfa-456	377	2	of	of	ADP
ajfa-456	377	3	empirical	empirical	ADJ
ajfa-456	377	4	finance	finance	NOUN
ajfa-456	377	5	,	,	PUNCT
ajfa-456	377	6	11	11	NUM
ajfa-456	377	7	,	,	PUNCT
ajfa-456	377	8	585	585	NUM
ajfa-456	377	9	-	-	SYM
ajfa-456	377	10	616	616	NUM
ajfa-456	377	11	jegadeesh	jegadeesh	NOUN
ajfa-456	377	12	,	,	PUNCT
ajfa-456	377	13	n.	n.	NOUN
ajfa-456	377	14	,	,	PUNCT
ajfa-456	377	15	&	&	CCONJ
ajfa-456	377	16	titman	titman	PROPN
ajfa-456	377	17	,	,	PUNCT
ajfa-456	377	18	s.	s.	PROPN
ajfa-456	377	19	(	(	PUNCT
ajfa-456	377	20	1993	1993	NUM
ajfa-456	377	21	)	)	PUNCT
ajfa-456	377	22	.	.	PUNCT
ajfa-456	378	1	returns	return	NOUN
ajfa-456	378	2	to	to	ADP
ajfa-456	378	3	buying	buy	VERB
ajfa-456	378	4	winners	winner	NOUN
ajfa-456	378	5	and	and	CCONJ
ajfa-456	378	6	selling	sell	VERB
ajfa-456	378	7	losers	loser	NOUN
ajfa-456	378	8	:	:	PUNCT
ajfa-456	378	9	implications	implication	NOUN
ajfa-456	378	10	for	for	ADP
ajfa-456	378	11	stock	stock	NOUN
ajfa-456	378	12	market	market	NOUN
ajfa-456	378	13	efficiency	efficiency	NOUN
ajfa-456	378	14	.	.	PUNCT
ajfa-456	379	1	journal	journal	PROPN
ajfa-456	379	2	of	of	ADP
ajfa-456	379	3	finance	finance	NOUN
ajfa-456	379	4	,	,	PUNCT
ajfa-456	379	5	48	48	NUM
ajfa-456	379	6	,	,	PUNCT
ajfa-456	379	7	65	65	NUM
ajfa-456	379	8	-	-	SYM
ajfa-456	379	9	91	91	NUM
ajfa-456	379	10	kim	kim	PROPN
ajfa-456	379	11	,	,	PUNCT
ajfa-456	379	12	w.	w.	PROPN
ajfa-456	379	13	,	,	PUNCT
ajfa-456	379	14	&	&	CCONJ
ajfa-456	379	15	wei	wei	PROPN
ajfa-456	379	16	,	,	PUNCT
ajfa-456	379	17	s.	s.	PROPN
ajfa-456	379	18	j.	j.	PROPN
ajfa-456	379	19	(	(	PUNCT
ajfa-456	379	20	2002	2002	NUM
ajfa-456	379	21	)	)	PUNCT
ajfa-456	379	22	.	.	PUNCT
ajfa-456	380	1	foreign	foreign	ADJ
ajfa-456	380	2	portfolio	portfolio	NOUN
ajfa-456	380	3	investors	investor	NOUN
ajfa-456	380	4	before	before	ADP
ajfa-456	380	5	and	and	CCONJ
ajfa-456	380	6	during	during	ADP
ajfa-456	380	7	a	a	DET
ajfa-456	380	8	crisis	crisis	NOUN
ajfa-456	380	9	.	.	PUNCT
ajfa-456	381	1	journal	journal	PROPN
ajfa-456	381	2	of	of	ADP
ajfa-456	381	3	international	international	ADJ
ajfa-456	381	4	economics	economic	NOUN
ajfa-456	381	5	,	,	PUNCT
ajfa-456	381	6	56	56	NUM
ajfa-456	381	7	,	,	PUNCT
ajfa-456	381	8	77	77	NUM
ajfa-456	381	9	-	-	SYM
ajfa-456	381	10	96	96	NUM
ajfa-456	381	11	kyle	kyle	NOUN
ajfa-456	381	12	,	,	PUNCT
ajfa-456	381	13	a.	a.	PROPN
ajfa-456	381	14	s.	s.	PROPN
ajfa-456	381	15	(	(	PUNCT
ajfa-456	381	16	1985	1985	NUM
ajfa-456	381	17	)	)	PUNCT
ajfa-456	381	18	.	.	PUNCT
ajfa-456	382	1	continuous	continuous	ADJ
ajfa-456	382	2	auctions	auction	NOUN
ajfa-456	382	3	and	and	CCONJ
ajfa-456	382	4	inside	inside	ADP
ajfa-456	382	5	trading	trading	NOUN
ajfa-456	382	6	.	.	PUNCT
ajfa-456	383	1	econometrica	econometrica	PROPN
ajfa-456	383	2	,	,	PUNCT
ajfa-456	383	3	53	53	NUM
ajfa-456	383	4	,	,	PUNCT
ajfa-456	383	5	1315	1315	NUM
ajfa-456	383	6	-	-	SYM
ajfa-456	383	7	1335	1335	NUM
ajfa-456	383	8	lakonishok	lakonishok	NOUN
ajfa-456	383	9	,	,	PUNCT
ajfa-456	383	10	j.	j.	PROPN
ajfa-456	383	11	,	,	PUNCT
ajfa-456	383	12	shleifer	shleifer	PROPN
ajfa-456	383	13	,	,	PUNCT
ajfa-456	383	14	a.	a.	PROPN
ajfa-456	383	15	,	,	PUNCT
ajfa-456	383	16	&	&	CCONJ
ajfa-456	383	17	vishny	vishny	PROPN
ajfa-456	383	18	,	,	PUNCT
ajfa-456	383	19	r.	r.	PROPN
ajfa-456	383	20	w.	w.	PROPN
ajfa-456	383	21	(	(	PUNCT
ajfa-456	383	22	1992	1992	NUM
ajfa-456	383	23	)	)	PUNCT
ajfa-456	383	24	.	.	PUNCT
ajfa-456	384	1	the	the	DET
ajfa-456	384	2	impact	impact	NOUN
ajfa-456	384	3	of	of	ADP
ajfa-456	384	4	institutional	institutional	ADJ
ajfa-456	384	5	trading	trading	NOUN
ajfa-456	384	6	on	on	ADP
ajfa-456	384	7	stock	stock	NOUN
ajfa-456	384	8	prices	price	NOUN
ajfa-456	384	9	.	.	PUNCT
ajfa-456	385	1	journal	journal	NOUN
ajfa-456	385	2	of	of	ADP
ajfa-456	385	3	financial	financial	ADJ
ajfa-456	385	4	economics	economic	NOUN
ajfa-456	385	5	,	,	PUNCT
ajfa-456	385	6	32	32	NUM
ajfa-456	385	7	,	,	PUNCT
ajfa-456	385	8	23	23	NUM
ajfa-456	385	9	-	-	SYM
ajfa-456	385	10	43	43	NUM
ajfa-456	385	11	li	li	PROPN
ajfa-456	385	12	,	,	PUNCT
ajfa-456	385	13	c.	c.	PROPN
ajfa-456	385	14	a.	a.	PROPN
ajfa-456	385	15	,	,	PUNCT
ajfa-456	385	16	&	&	CCONJ
ajfa-456	385	17	laih	laih	PROPN
ajfa-456	385	18	,	,	PUNCT
ajfa-456	385	19	y.	y.	PROPN
ajfa-456	385	20	w.	w.	PROPN
ajfa-456	385	21	(	(	PUNCT
ajfa-456	385	22	2005	2005	NUM
ajfa-456	385	23	)	)	PUNCT
ajfa-456	385	24	.	.	PUNCT
ajfa-456	386	1	taiwan	taiwan	PROPN
ajfa-456	386	2	stock	stock	NOUN
ajfa-456	386	3	market	market	NOUN
ajfa-456	386	4	and	and	CCONJ
ajfa-456	386	5	domestic	domestic	ADJ
ajfa-456	386	6	institutional	institutional	ADJ
ajfa-456	386	7	investors	investor	NOUN
ajfa-456	386	8	herding	herd	VERB
ajfa-456	386	9	behaviors	behavior	NOUN
ajfa-456	386	10	during	during	ADP
ajfa-456	386	11	acutely	acutely	ADV
ajfa-456	386	12	market	market	NOUN
ajfa-456	386	13	volatility	volatility	NOUN
ajfa-456	386	14	periods	period	NOUN
ajfa-456	386	15	.	.	PUNCT
ajfa-456	387	1	taiwan	taiwan	PROPN
ajfa-456	387	2	academy	academy	PROPN
ajfa-456	387	3	of	of	ADP
ajfa-456	387	4	management	management	PROPN
ajfa-456	387	5	journal	journal	NOUN
ajfa-456	387	6	,	,	PUNCT
ajfa-456	387	7	5	5	NUM
ajfa-456	387	8	,	,	PUNCT
ajfa-456	387	9	231	231	NUM
ajfa-456	387	10	-	-	SYM
ajfa-456	387	11	268	268	NUM
ajfa-456	387	12	lobao	lobao	VERB
ajfa-456	387	13	,	,	PUNCT
ajfa-456	387	14	j.	j.	PROPN
ajfa-456	387	15	,	,	PUNCT
ajfa-456	387	16	&	&	CCONJ
ajfa-456	387	17	serra	serra	PROPN
ajfa-456	387	18	,	,	PUNCT
ajfa-456	387	19	a.	a.	NOUN
ajfa-456	387	20	p.	p.	NOUN
ajfa-456	387	21	(	(	PUNCT
ajfa-456	387	22	2002	2002	NUM
ajfa-456	387	23	)	)	PUNCT
ajfa-456	387	24	.	.	PUNCT
ajfa-456	388	1	herding	herd	VERB
ajfa-456	388	2	behavior	behavior	NOUN
ajfa-456	388	3	:	:	PUNCT
ajfa-456	388	4	evidence	evidence	NOUN
ajfa-456	388	5	from	from	ADP
ajfa-456	388	6	portuguese	portuguese	ADJ
ajfa-456	388	7	mutual	mutual	ADJ
ajfa-456	388	8	funds	fund	NOUN
ajfa-456	388	9	.	.	PUNCT
ajfa-456	389	1	working	work	VERB
ajfa-456	389	2	paper	paper	NOUN
ajfa-456	389	3	,	,	PUNCT
ajfa-456	389	4	proceedings	proceeding	NOUN
ajfa-456	389	5	of	of	ADP
ajfa-456	389	6	the	the	DET
ajfa-456	389	7	second	second	ADJ
ajfa-456	389	8	conference	conference	NOUN
ajfa-456	389	9	of	of	ADP
ajfa-456	389	10	the	the	DET
ajfa-456	389	11	portuguese	portuguese	ADJ
ajfa-456	389	12	finance	finance	NOUN
ajfa-456	389	13	network	network	NOUN
ajfa-456	389	14	.	.	PUNCT
ajfa-456	390	1	montgomery	montgomery	PROPN
ajfa-456	390	2	,	,	PUNCT
ajfa-456	390	3	j.	j.	PROPN
ajfa-456	390	4	d.	d.	PROPN
ajfa-456	390	5	(	(	PUNCT
ajfa-456	390	6	1991	1991	NUM
ajfa-456	390	7	)	)	PUNCT
ajfa-456	390	8	.	.	PUNCT
ajfa-456	391	1	social	social	ADJ
ajfa-456	391	2	networks	network	NOUN
ajfa-456	391	3	and	and	CCONJ
ajfa-456	391	4	labor	labor	NOUN
ajfa-456	391	5	-	-	PUNCT
ajfa-456	391	6	market	market	NOUN
ajfa-456	391	7	outcomes	outcome	NOUN
ajfa-456	391	8	:	:	PUNCT
ajfa-456	391	9	toward	toward	ADP
ajfa-456	391	10	an	an	DET
ajfa-456	391	11	economic	economic	ADJ
ajfa-456	391	12	analysis	analysis	NOUN
ajfa-456	391	13	.	.	PUNCT
ajfa-456	392	1	american	american	PROPN
ajfa-456	392	2	economic	economic	PROPN
ajfa-456	392	3	review	review	PROPN
ajfa-456	392	4	,	,	PUNCT
ajfa-456	392	5	81	81	NUM
ajfa-456	392	6	,	,	PUNCT
ajfa-456	392	7	1408	1408	NUM
ajfa-456	392	8	-	-	SYM
ajfa-456	392	9	1418	1418	NUM
ajfa-456	392	10	nofsinger	nofsinger	NOUN
ajfa-456	392	11	,	,	PUNCT
ajfa-456	392	12	j.	j.	PROPN
ajfa-456	392	13	r.	r.	PROPN
ajfa-456	392	14	,	,	PUNCT
ajfa-456	392	15	&	&	CCONJ
ajfa-456	392	16	sias	sias	PROPN
ajfa-456	392	17	,	,	PUNCT
ajfa-456	392	18	r.	r.	PROPN
ajfa-456	392	19	w.	w.	PROPN
ajfa-456	392	20	(	(	PUNCT
ajfa-456	392	21	1999	1999	NUM
ajfa-456	392	22	)	)	PUNCT
ajfa-456	392	23	.	.	PUNCT
ajfa-456	393	1	herding	herding	NOUN
ajfa-456	393	2	and	and	CCONJ
ajfa-456	393	3	feedback	feedback	NOUN
ajfa-456	393	4	trading	trading	NOUN
ajfa-456	393	5	by	by	ADP
ajfa-456	393	6	institutional	institutional	ADJ
ajfa-456	393	7	and	and	CCONJ
ajfa-456	393	8	asian	asian	ADJ
ajfa-456	393	9	journal	journal	NOUN
ajfa-456	393	10	of	of	ADP
ajfa-456	393	11	finance	finance	PROPN
ajfa-456	393	12	&	&	CCONJ
ajfa-456	393	13	accounting	accounting	PROPN
ajfa-456	393	14	issn	issn	PROPN
ajfa-456	393	15	1946	1946	NUM
ajfa-456	393	16	-	-	PUNCT
ajfa-456	393	17	052x	052x	NOUN
ajfa-456	393	18	2010	2010	NUM
ajfa-456	393	19	,	,	PUNCT
ajfa-456	393	20	vol	vol	NOUN
ajfa-456	393	21	.	.	PROPN
ajfa-456	393	22	2	2	NUM
ajfa-456	393	23	,	,	PUNCT
ajfa-456	393	24	no	no	INTJ
ajfa-456	393	25	.	.	NOUN
ajfa-456	393	26	2	2	NUM
ajfa-456	393	27	:	:	PUNCT
ajfa-456	393	28	e1	e1	VERB
ajfa-456	393	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-456	393	30	19	19	NUM
ajfa-456	393	31	individual	individual	ADJ
ajfa-456	393	32	investors	investor	NOUN
ajfa-456	393	33	.	.	PUNCT
ajfa-456	394	1	journal	journal	PROPN
ajfa-456	394	2	of	of	ADP
ajfa-456	394	3	finance	finance	NOUN
ajfa-456	394	4	,	,	PUNCT
ajfa-456	394	5	54	54	NUM
ajfa-456	394	6	,	,	PUNCT
ajfa-456	394	7	2263	2263	NUM
ajfa-456	394	8	-	-	SYM
ajfa-456	394	9	2295	2295	NUM
ajfa-456	394	10	pretcher	pretcher	NOUN
ajfa-456	394	11	,	,	PUNCT
ajfa-456	394	12	r.	r.	PROPN
ajfa-456	394	13	r.	r.	PROPN
ajfa-456	394	14	(	(	PUNCT
ajfa-456	394	15	2001	2001	NUM
ajfa-456	394	16	)	)	PUNCT
ajfa-456	394	17	.	.	PUNCT
ajfa-456	395	1	unconscious	unconscious	ADJ
ajfa-456	395	2	herding	herding	NOUN
ajfa-456	395	3	behavior	behavior	NOUN
ajfa-456	395	4	as	as	ADP
ajfa-456	395	5	the	the	DET
ajfa-456	395	6	psychological	psychological	ADJ
ajfa-456	395	7	basis	basis	NOUN
ajfa-456	395	8	of	of	ADP
ajfa-456	395	9	financial	financial	ADJ
ajfa-456	395	10	market	market	NOUN
ajfa-456	395	11	trends	trend	NOUN
ajfa-456	395	12	and	and	CCONJ
ajfa-456	395	13	patterns	pattern	NOUN
ajfa-456	395	14	.	.	PUNCT
ajfa-456	396	1	the	the	DET
ajfa-456	396	2	journal	journal	NOUN
ajfa-456	396	3	of	of	ADP
ajfa-456	396	4	psychology	psychology	NOUN
ajfa-456	396	5	and	and	CCONJ
ajfa-456	396	6	financial	financial	ADJ
ajfa-456	396	7	markets	market	NOUN
ajfa-456	396	8	,	,	PUNCT
ajfa-456	396	9	2	2	NUM
ajfa-456	396	10	,	,	PUNCT
ajfa-456	396	11	120	120	NUM
ajfa-456	396	12	-	-	SYM
ajfa-456	396	13	125	125	NUM
ajfa-456	396	14	scharfstein	scharfstein	NOUN
ajfa-456	396	15	,	,	PUNCT
ajfa-456	396	16	d.	d.	PROPN
ajfa-456	396	17	s.	s.	PROPN
ajfa-456	396	18	,	,	PUNCT
ajfa-456	396	19	&	&	CCONJ
ajfa-456	396	20	stein	stein	PROPN
ajfa-456	396	21	,	,	PUNCT
ajfa-456	396	22	j.	j.	PROPN
ajfa-456	396	23	c.	c.	PROPN
ajfa-456	396	24	(	(	PUNCT
ajfa-456	396	25	1990	1990	NUM
ajfa-456	396	26	)	)	PUNCT
ajfa-456	396	27	.	.	PUNCT
ajfa-456	397	1	herd	herd	NOUN
ajfa-456	397	2	behavior	behavior	NOUN
ajfa-456	397	3	and	and	CCONJ
ajfa-456	397	4	investment	investment	NOUN
ajfa-456	397	5	.	.	PUNCT
ajfa-456	398	1	american	american	PROPN
ajfa-456	398	2	economic	economic	PROPN
ajfa-456	398	3	review	review	PROPN
ajfa-456	398	4	,	,	PUNCT
ajfa-456	398	5	80	80	NUM
ajfa-456	398	6	,	,	PUNCT
ajfa-456	398	7	465	465	NUM
ajfa-456	398	8	-	-	SYM
ajfa-456	398	9	479	479	NUM
ajfa-456	398	10	shiller	shiller	NOUN
ajfa-456	398	11	,	,	PUNCT
ajfa-456	398	12	r.	r.	PROPN
ajfa-456	398	13	j.	j.	PROPN
ajfa-456	398	14	,	,	PUNCT
ajfa-456	398	15	fumiko	fumiko	PROPN
ajfa-456	398	16	,	,	PUNCT
ajfa-456	398	17	k.	k.	PROPN
ajfa-456	398	18	y.	y.	PROPN
ajfa-456	398	19	,	,	PUNCT
ajfa-456	398	20	&	&	CCONJ
ajfa-456	398	21	yoshiro	yoshiro	PROPN
ajfa-456	398	22	,	,	PUNCT
ajfa-456	398	23	t.	t.	PROPN
ajfa-456	398	24	(	(	PUNCT
ajfa-456	398	25	1996	1996	NUM
ajfa-456	398	26	)	)	PUNCT
ajfa-456	398	27	.	.	PUNCT
ajfa-456	399	1	why	why	SCONJ
ajfa-456	399	2	did	do	VERB
ajfa-456	399	3	the	the	DET
ajfa-456	399	4	nikkei	nikkei	NOUN
ajfa-456	399	5	crash	crash	NOUN
ajfa-456	399	6	?	?	PUNCT
ajfa-456	400	1	expanding	expand	VERB
ajfa-456	400	2	the	the	DET
ajfa-456	400	3	scope	scope	NOUN
ajfa-456	400	4	of	of	ADP
ajfa-456	400	5	expectations	expectation	NOUN
ajfa-456	400	6	data	datum	NOUN
ajfa-456	400	7	collection	collection	NOUN
ajfa-456	400	8	.	.	PUNCT
ajfa-456	401	1	review	review	NOUN
ajfa-456	401	2	of	of	ADP
ajfa-456	401	3	economics	economic	NOUN
ajfa-456	401	4	and	and	CCONJ
ajfa-456	401	5	statistics	statistic	NOUN
ajfa-456	401	6	,	,	PUNCT
ajfa-456	401	7	78	78	NUM
ajfa-456	401	8	,	,	PUNCT
ajfa-456	401	9	156	156	NUM
ajfa-456	401	10	-	-	SYM
ajfa-456	401	11	164	164	NUM
ajfa-456	401	12	sias	sia	NOUN
ajfa-456	401	13	,	,	PUNCT
ajfa-456	401	14	r.	r.	PROPN
ajfa-456	401	15	w.	w.	PROPN
ajfa-456	401	16	,	,	PUNCT
ajfa-456	401	17	(	(	PUNCT
ajfa-456	401	18	2004	2004	NUM
ajfa-456	401	19	)	)	PUNCT
ajfa-456	401	20	.	.	PUNCT
ajfa-456	402	1	institutional	institutional	ADJ
ajfa-456	402	2	herding	herding	NOUN
ajfa-456	402	3	.	.	PUNCT
ajfa-456	403	1	the	the	DET
ajfa-456	403	2	review	review	NOUN
ajfa-456	403	3	of	of	ADP
ajfa-456	403	4	financial	financial	ADJ
ajfa-456	403	5	studies	study	NOUN
ajfa-456	403	6	,	,	PUNCT
ajfa-456	403	7	17	17	NUM
ajfa-456	403	8	,	,	PUNCT
ajfa-456	403	9	165	165	NUM
ajfa-456	403	10	-	-	SYM
ajfa-456	403	11	206	206	NUM
ajfa-456	403	12	sias	sia	NOUN
ajfa-456	403	13	,	,	PUNCT
ajfa-456	403	14	r.	r.	PROPN
ajfa-456	403	15	w.	w.	PROPN
ajfa-456	403	16	,	,	PUNCT
ajfa-456	403	17	starks	stark	NOUN
ajfa-456	403	18	,	,	PUNCT
ajfa-456	403	19	l.	l.	PROPN
ajfa-456	403	20	t.	t.	PROPN
ajfa-456	403	21	,	,	PUNCT
ajfa-456	403	22	&	&	CCONJ
ajfa-456	403	23	titman	titman	PROPN
ajfa-456	403	24	,	,	PUNCT
ajfa-456	403	25	s.	s.	PROPN
ajfa-456	403	26	(	(	PUNCT
ajfa-456	403	27	2002	2002	NUM
ajfa-456	403	28	)	)	PUNCT
ajfa-456	403	29	.	.	PUNCT
ajfa-456	404	1	the	the	DET
ajfa-456	404	2	price	price	NOUN
ajfa-456	404	3	impact	impact	NOUN
ajfa-456	404	4	of	of	ADP
ajfa-456	404	5	institutional	institutional	ADJ
ajfa-456	404	6	trading	trading	NOUN
ajfa-456	404	7	.	.	PUNCT
ajfa-456	405	1	working	work	VERB
ajfa-456	405	2	paper	paper	NOUN
ajfa-456	405	3	,	,	PUNCT
ajfa-456	405	4	washington	washington	PROPN
ajfa-456	405	5	state	state	PROPN
ajfa-456	405	6	university	university	PROPN
ajfa-456	405	7	and	and	CCONJ
ajfa-456	405	8	university	university	PROPN
ajfa-456	405	9	of	of	ADP
ajfa-456	405	10	texas	texas	PROPN
ajfa-456	405	11	.	.	PUNCT
ajfa-456	406	1	song	song	PROPN
ajfa-456	406	2	,	,	PUNCT
ajfa-456	406	3	m.	m.	NOUN
ajfa-456	406	4	,	,	PUNCT
ajfa-456	406	5	kim	kim	PROPN
ajfa-456	406	6	,	,	PUNCT
ajfa-456	406	7	d.	d.	PROPN
ajfa-456	406	8	,	,	PUNCT
ajfa-456	406	9	&	&	CCONJ
ajfa-456	406	10	won	win	VERB
ajfa-456	406	11	,	,	PUNCT
ajfa-456	406	12	c.	c.	PROPN
ajfa-456	406	13	(	(	PUNCT
ajfa-456	406	14	2009	2009	NUM
ajfa-456	406	15	)	)	PUNCT
ajfa-456	406	16	.	.	PUNCT
ajfa-456	407	1	earnings	earning	NOUN
ajfa-456	407	2	uncertainty	uncertainty	NOUN
ajfa-456	407	3	and	and	CCONJ
ajfa-456	407	4	analyst	analyst	NOUN
ajfa-456	407	5	forecast	forecast	PROPN
ajfa-456	407	6	herding	herding	PROPN
ajfa-456	407	7	.	.	PUNCT
ajfa-456	408	1	asia	asia	PROPN
ajfa-456	408	2	-	-	PUNCT
ajfa-456	408	3	pacific	pacific	PROPN
ajfa-456	408	4	journal	journal	PROPN
ajfa-456	408	5	of	of	ADP
ajfa-456	408	6	financial	financial	ADJ
ajfa-456	408	7	studies	study	NOUN
ajfa-456	408	8	,	,	PUNCT
ajfa-456	408	9	38	38	NUM
ajfa-456	408	10	,	,	PUNCT
ajfa-456	408	11	545	545	NUM
ajfa-456	408	12	-	-	SYM
ajfa-456	408	13	574	574	NUM
ajfa-456	408	14	sornette	sornette	NOUN
ajfa-456	408	15	,	,	PUNCT
ajfa-456	408	16	d.	d.	PROPN
ajfa-456	408	17	,	,	PUNCT
ajfa-456	408	18	&	&	CCONJ
ajfa-456	408	19	johansen	johansen	PROPN
ajfa-456	408	20	,	,	PUNCT
ajfa-456	408	21	a.	a.	NOUN
ajfa-456	408	22	(	(	PUNCT
ajfa-456	408	23	1997	1997	NUM
ajfa-456	408	24	)	)	PUNCT
ajfa-456	408	25	.	.	PUNCT
ajfa-456	409	1	large	large	ADJ
ajfa-456	409	2	financial	financial	ADJ
ajfa-456	409	3	crashes	crash	NOUN
ajfa-456	409	4	.	.	PUNCT
ajfa-456	410	1	physica	physica	VERB
ajfa-456	410	2	a	a	DET
ajfa-456	410	3	:	:	PUNCT
ajfa-456	410	4	statistical	statistical	ADJ
ajfa-456	410	5	and	and	CCONJ
ajfa-456	410	6	theoretical	theoretical	ADJ
ajfa-456	410	7	physics	physics	NOUN
ajfa-456	410	8	,	,	PUNCT
ajfa-456	410	9	245	245	NUM
ajfa-456	410	10	,	,	PUNCT
ajfa-456	410	11	411	411	NUM
ajfa-456	410	12	-	-	SYM
ajfa-456	410	13	422	422	NUM
ajfa-456	410	14	tan	tan	ADJ
ajfa-456	410	15	,	,	PUNCT
ajfa-456	410	16	t.	t.	PROPN
ajfa-456	410	17	,	,	PUNCT
ajfa-456	410	18	chiang	chiang	PROPN
ajfa-456	410	19	,	,	PUNCT
ajfa-456	410	20	t.	t.	PROPN
ajfa-456	410	21	c.	c.	PROPN
ajfa-456	410	22	,	,	PUNCT
ajfa-456	410	23	mason	mason	PROPN
ajfa-456	410	24	,	,	PUNCT
ajfa-456	410	25	j.	j.	PROPN
ajfa-456	410	26	r.	r.	PROPN
ajfa-456	410	27	,	,	PUNCT
ajfa-456	410	28	&	&	CCONJ
ajfa-456	410	29	nelling	nelling	PROPN
ajfa-456	410	30	,	,	PUNCT
ajfa-456	410	31	e.	e.	PROPN
ajfa-456	410	32	(	(	PUNCT
ajfa-456	410	33	2008	2008	NUM
ajfa-456	410	34	)	)	PUNCT
ajfa-456	410	35	.	.	PUNCT
ajfa-456	411	1	herding	herd	VERB
ajfa-456	411	2	behavior	behavior	NOUN
ajfa-456	411	3	in	in	ADP
ajfa-456	411	4	chinese	chinese	ADJ
ajfa-456	411	5	stock	stock	NOUN
ajfa-456	411	6	markets	market	NOUN
ajfa-456	411	7	:	:	PUNCT
ajfa-456	411	8	an	an	DET
ajfa-456	411	9	examination	examination	NOUN
ajfa-456	411	10	of	of	ADP
ajfa-456	411	11	a	a	DET
ajfa-456	411	12	and	and	CCONJ
ajfa-456	411	13	b	b	NOUN
ajfa-456	411	14	shares	share	NOUN
ajfa-456	411	15	.	.	PUNCT
ajfa-456	412	1	pacific	pacific	ADJ
ajfa-456	412	2	-	-	PUNCT
ajfa-456	412	3	basin	basin	NOUN
ajfa-456	412	4	finance	finance	NOUN
ajfa-456	412	5	journal	journal	NOUN
ajfa-456	412	6	,	,	PUNCT
ajfa-456	412	7	16	16	NUM
ajfa-456	412	8	,	,	PUNCT
ajfa-456	412	9	61	61	NUM
ajfa-456	412	10	-	-	SYM
ajfa-456	412	11	77	77	NUM
ajfa-456	412	12	voronkova	voronkova	NOUN
ajfa-456	412	13	,	,	PUNCT
ajfa-456	412	14	s.	s.	PROPN
ajfa-456	412	15	,	,	PUNCT
ajfa-456	412	16	&	&	CCONJ
ajfa-456	412	17	bohl	bohl	PROPN
ajfa-456	412	18	,	,	PUNCT
ajfa-456	412	19	m.t	m.t	PROPN
ajfa-456	412	20	.	.	PROPN
ajfa-456	412	21	(	(	PUNCT
ajfa-456	412	22	2005	2005	NUM
ajfa-456	412	23	)	)	PUNCT
ajfa-456	412	24	.	.	PUNCT
ajfa-456	413	1	institutional	institutional	ADJ
ajfa-456	413	2	traders	trader	NOUN
ajfa-456	413	3	’	’	PART
ajfa-456	413	4	behavior	behavior	NOUN
ajfa-456	413	5	in	in	ADP
ajfa-456	413	6	an	an	DET
ajfa-456	413	7	emerging	emerge	VERB
ajfa-456	413	8	stock	stock	NOUN
ajfa-456	413	9	market	market	NOUN
ajfa-456	413	10	:	:	PUNCT
ajfa-456	413	11	empirical	empirical	ADJ
ajfa-456	413	12	evidence	evidence	NOUN
ajfa-456	413	13	on	on	ADP
ajfa-456	413	14	polish	polish	ADJ
ajfa-456	413	15	pension	pension	NOUN
ajfa-456	413	16	fund	fund	NOUN
ajfa-456	413	17	investors	investor	NOUN
ajfa-456	413	18	.	.	PUNCT
ajfa-456	414	1	journal	journal	PROPN
ajfa-456	414	2	of	of	ADP
ajfa-456	414	3	business	business	NOUN
ajfa-456	414	4	finance	finance	NOUN
ajfa-456	414	5	and	and	CCONJ
ajfa-456	414	6	accounting	accounting	NOUN
ajfa-456	414	7	,	,	PUNCT
ajfa-456	414	8	32	32	NUM
ajfa-456	414	9	,	,	PUNCT
ajfa-456	414	10	1537	1537	NUM
ajfa-456	414	11	-	-	SYM
ajfa-456	414	12	1560	1560	NUM
ajfa-456	414	13	walter	walter	NOUN
ajfa-456	414	14	,	,	PUNCT
ajfa-456	414	15	a.	a.	PROPN
ajfa-456	414	16	,	,	PUNCT
ajfa-456	414	17	&	&	CCONJ
ajfa-456	414	18	weber	weber	PROPN
ajfa-456	414	19	,	,	PUNCT
ajfa-456	414	20	f.	f.	PROPN
ajfa-456	414	21	m.	m.	PROPN
ajfa-456	414	22	(	(	PUNCT
ajfa-456	414	23	2006	2006	NUM
ajfa-456	414	24	)	)	PUNCT
ajfa-456	414	25	.	.	PUNCT
ajfa-456	415	1	herding	herd	VERB
ajfa-456	415	2	in	in	ADP
ajfa-456	415	3	the	the	DET
ajfa-456	415	4	german	german	ADJ
ajfa-456	415	5	mutual	mutual	ADJ
ajfa-456	415	6	fund	fund	NOUN
ajfa-456	415	7	industry	industry	NOUN
ajfa-456	415	8	.	.	PUNCT
ajfa-456	416	1	european	european	ADJ
ajfa-456	416	2	financial	financial	ADJ
ajfa-456	416	3	management	management	NOUN
ajfa-456	416	4	,	,	PUNCT
ajfa-456	416	5	12	12	NUM
ajfa-456	416	6	,	,	PUNCT
ajfa-456	416	7	375	375	NUM
ajfa-456	416	8	-	-	SYM
ajfa-456	416	9	406	406	NUM
ajfa-456	416	10	welch	welch	NOUN
ajfa-456	416	11	,	,	PUNCT
ajfa-456	416	12	i.	i.	PROPN
ajfa-456	416	13	(	(	PUNCT
ajfa-456	416	14	1992	1992	NUM
ajfa-456	416	15	)	)	PUNCT
ajfa-456	416	16	.	.	PUNCT
ajfa-456	417	1	sequential	sequential	ADJ
ajfa-456	417	2	sales	sale	NOUN
ajfa-456	417	3	,	,	PUNCT
ajfa-456	417	4	learning	learning	NOUN
ajfa-456	417	5	,	,	PUNCT
ajfa-456	417	6	and	and	CCONJ
ajfa-456	417	7	cascades	cascade	NOUN
ajfa-456	417	8	.	.	PUNCT
ajfa-456	418	1	journal	journal	PROPN
ajfa-456	418	2	of	of	ADP
ajfa-456	418	3	finance	finance	NOUN
ajfa-456	418	4	,	,	PUNCT
ajfa-456	418	5	54	54	NUM
ajfa-456	418	6	,	,	PUNCT
ajfa-456	418	7	695	695	NUM
ajfa-456	418	8	-	-	SYM
ajfa-456	418	9	732	732	NUM
ajfa-456	418	10	wermers	wermer	NOUN
ajfa-456	418	11	,	,	PUNCT
ajfa-456	418	12	r.	r.	PROPN
ajfa-456	418	13	(	(	PUNCT
ajfa-456	418	14	1999	1999	NUM
ajfa-456	418	15	)	)	PUNCT
ajfa-456	418	16	.	.	PUNCT
ajfa-456	419	1	mutual	mutual	ADJ
ajfa-456	419	2	fund	fund	NOUN
ajfa-456	419	3	herding	herding	NOUN
ajfa-456	419	4	and	and	CCONJ
ajfa-456	419	5	the	the	DET
ajfa-456	419	6	impact	impact	NOUN
ajfa-456	419	7	on	on	ADP
ajfa-456	419	8	stock	stock	NOUN
ajfa-456	419	9	prices	price	NOUN
ajfa-456	419	10	.	.	PUNCT
ajfa-456	420	1	journal	journal	PROPN
ajfa-456	420	2	of	of	ADP
ajfa-456	420	3	finance	finance	NOUN
ajfa-456	420	4	,	,	PUNCT
ajfa-456	420	5	54	54	NUM
ajfa-456	420	6	,	,	PUNCT
ajfa-456	420	7	581	581	NUM
ajfa-456	420	8	-	-	SYM
ajfa-456	420	9	622	622	NUM
ajfa-456	420	10	wermers	wermer	NOUN
ajfa-456	420	11	,	,	PUNCT
ajfa-456	420	12	r.	r.	PROPN
ajfa-456	420	13	(	(	PUNCT
ajfa-456	420	14	2000	2000	NUM
ajfa-456	420	15	)	)	PUNCT
ajfa-456	420	16	.	.	PUNCT
ajfa-456	421	1	mutual	mutual	ADJ
ajfa-456	421	2	fund	fund	NOUN
ajfa-456	421	3	performance	performance	NOUN
ajfa-456	421	4	:	:	PUNCT
ajfa-456	421	5	an	an	DET
ajfa-456	421	6	empirical	empirical	ADJ
ajfa-456	421	7	decomposition	decomposition	NOUN
ajfa-456	421	8	into	into	ADP
ajfa-456	421	9	stock	stock	NOUN
ajfa-456	421	10	-	-	PUNCT
ajfa-456	421	11	picking	pick	VERB
ajfa-456	421	12	talent	talent	NOUN
ajfa-456	421	13	,	,	PUNCT
ajfa-456	421	14	style	style	NOUN
ajfa-456	421	15	,	,	PUNCT
ajfa-456	421	16	transactions	transaction	NOUN
ajfa-456	421	17	costs	cost	NOUN
ajfa-456	421	18	,	,	PUNCT
ajfa-456	421	19	and	and	CCONJ
ajfa-456	421	20	expenses	expense	NOUN
ajfa-456	421	21	.	.	PUNCT
ajfa-456	422	1	journal	journal	PROPN
ajfa-456	422	2	of	of	ADP
ajfa-456	422	3	finance	finance	NOUN
ajfa-456	422	4	,	,	PUNCT
ajfa-456	422	5	55	55	NUM
ajfa-456	422	6	,	,	PUNCT
ajfa-456	422	7	1655	1655	NUM
ajfa-456	422	8	-	-	SYM
ajfa-456	422	9	1695	1695	NUM
ajfa-456	422	10	wylie	wylie	PROPN
ajfa-456	422	11	,	,	PUNCT
ajfa-456	422	12	s.	s.	PROPN
ajfa-456	422	13	(	(	PUNCT
ajfa-456	422	14	2005	2005	NUM
ajfa-456	422	15	)	)	PUNCT
ajfa-456	422	16	.	.	PUNCT
ajfa-456	423	1	fund	fund	NOUN
ajfa-456	423	2	manager	manager	NOUN
ajfa-456	423	3	herding	herding	NOUN
ajfa-456	423	4	:	:	PUNCT
ajfa-456	423	5	a	a	DET
ajfa-456	423	6	test	test	NOUN
ajfa-456	423	7	of	of	ADP
ajfa-456	423	8	the	the	DET
ajfa-456	423	9	accuracy	accuracy	NOUN
ajfa-456	423	10	of	of	ADP
ajfa-456	423	11	empirical	empirical	ADJ
ajfa-456	423	12	results	result	NOUN
ajfa-456	423	13	using	use	VERB
ajfa-456	423	14	uk	uk	PROPN
ajfa-456	423	15	data	data	PROPN
ajfa-456	423	16	.	.	PUNCT
ajfa-456	424	1	journal	journal	PROPN
ajfa-456	424	2	of	of	ADP
ajfa-456	424	3	business	business	NOUN
ajfa-456	424	4	,	,	PUNCT
ajfa-456	424	5	78	78	NUM
ajfa-456	424	6	,	,	PUNCT
ajfa-456	424	7	381	381	NUM
ajfa-456	424	8	-	-	SYM
ajfa-456	424	9	403	403	NUM
ajfa-456	424	10	zhou	zhou	PROPN
ajfa-456	424	11	,	,	PUNCT
ajfa-456	424	12	r.	r.	PROPN
ajfa-456	424	13	t.	t.	PROPN
ajfa-456	424	14	,	,	PUNCT
ajfa-456	424	15	&	&	CCONJ
ajfa-456	424	16	lai	lai	PROPN
ajfa-456	424	17	,	,	PUNCT
ajfa-456	424	18	r.	r.	PROPN
ajfa-456	424	19	n.	n.	PROPN
ajfa-456	424	20	(	(	PUNCT
ajfa-456	424	21	2008	2008	NUM
ajfa-456	424	22	)	)	PUNCT
ajfa-456	424	23	.	.	PUNCT
ajfa-456	425	1	herding	herd	VERB
ajfa-456	425	2	and	and	CCONJ
ajfa-456	425	3	positive	positive	ADJ
ajfa-456	425	4	feedback	feedback	NOUN
ajfa-456	425	5	trading	trading	NOUN
ajfa-456	425	6	on	on	ADP
ajfa-456	425	7	property	property	NOUN
ajfa-456	425	8	stocks	stock	NOUN
ajfa-456	425	9	.	.	PUNCT
ajfa-456	426	1	journal	journal	NOUN
ajfa-456	426	2	of	of	ADP
ajfa-456	426	3	property	property	NOUN
ajfa-456	426	4	investment	investment	NOUN
ajfa-456	426	5	and	and	CCONJ
ajfa-456	426	6	finance	finance	NOUN
ajfa-456	426	7	,	,	PUNCT
ajfa-456	426	8	26	26	NUM
ajfa-456	426	9	,	,	PUNCT
ajfa-456	426	10	110	110	NUM
ajfa-456	426	11	-	-	SYM
ajfa-456	426	12	131	131	NUM
ajfa-456	426	13	copyright	copyright	NOUN
ajfa-456	426	14	disclaimer	disclaimer	NOUN
ajfa-456	426	15	copyright	copyright	NOUN
ajfa-456	426	16	reserved	reserve	VERB
ajfa-456	426	17	by	by	ADP
ajfa-456	426	18	the	the	DET
ajfa-456	426	19	author(s	author(s	NOUN
ajfa-456	426	20	)	)	PUNCT
ajfa-456	426	21	.	.	PUNCT
ajfa-456	427	1	this	this	DET
ajfa-456	427	2	article	article	NOUN
ajfa-456	427	3	is	be	AUX
ajfa-456	427	4	an	an	DET
ajfa-456	427	5	open	open	ADJ
ajfa-456	427	6	-	-	PUNCT
ajfa-456	427	7	access	access	NOUN
ajfa-456	427	8	article	article	NOUN
ajfa-456	427	9	distributed	distribute	VERB
ajfa-456	427	10	under	under	ADP
ajfa-456	427	11	the	the	DET
ajfa-456	427	12	terms	term	NOUN
ajfa-456	427	13	and	and	CCONJ
ajfa-456	427	14	conditions	condition	NOUN
ajfa-456	427	15	of	of	ADP
ajfa-456	427	16	the	the	DET
ajfa-456	427	17	creative	creative	ADJ
ajfa-456	427	18	commons	common	NOUN
ajfa-456	427	19	attribution	attribution	NOUN
ajfa-456	427	20	license	license	NOUN
ajfa-456	427	21	(	(	PUNCT
ajfa-456	427	22	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-456	427	23	)	)	PUNCT
ajfa-456	427	24	.	.	PUNCT