id	sid	tid	token	lemma	pos
ajfa-5326	1	1	microsoft	microsoft	PROPN
ajfa-5326	1	2	word	word	PROPN
ajfa-5326	1	3	le-writer2-new.doc	le-writer2-new.doc	PROPN
ajfa-5326	1	4	asian	asian	ADJ
ajfa-5326	1	5	journal	journal	NOUN
ajfa-5326	1	6	of	of	ADP
ajfa-5326	1	7	finance	finance	PROPN
ajfa-5326	1	8	&	&	CCONJ
ajfa-5326	1	9	accounting	accounting	PROPN
ajfa-5326	1	10	issn	issn	PROPN
ajfa-5326	1	11	1946	1946	NUM
ajfa-5326	1	12	-	-	PUNCT
ajfa-5326	1	13	052x	052x	PROPN
ajfa-5326	1	14	2014	2014	NUM
ajfa-5326	1	15	,	,	PUNCT
ajfa-5326	1	16	vol	vol	NOUN
ajfa-5326	1	17	.	.	PROPN
ajfa-5326	1	18	6	6	NUM
ajfa-5326	1	19	,	,	PUNCT
ajfa-5326	1	20	no	no	INTJ
ajfa-5326	1	21	.	.	NOUN
ajfa-5326	1	22	1	1	NUM
ajfa-5326	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5326	1	24	464	464	NUM
ajfa-5326	1	25	an	an	DET
ajfa-5326	1	26	exploratory	exploratory	ADJ
ajfa-5326	1	27	study	study	NOUN
ajfa-5326	1	28	of	of	ADP
ajfa-5326	1	29	herd	herd	NOUN
ajfa-5326	1	30	behaviour	behaviour	NOUN
ajfa-5326	1	31	in	in	ADP
ajfa-5326	1	32	vietnamese	vietnamese	ADJ
ajfa-5326	1	33	stock	stock	NOUN
ajfa-5326	1	34	market	market	NOUN
ajfa-5326	1	35	:	:	PUNCT
ajfa-5326	1	36	a	a	DET
ajfa-5326	1	37	new	new	ADJ
ajfa-5326	1	38	method	method	NOUN
ajfa-5326	1	39	uyen	uyen	PROPN
ajfa-5326	1	40	minh	minh	PROPN
ajfa-5326	1	41	le	le	PROPN
ajfa-5326	1	42	phd	phd	PROPN
ajfa-5326	1	43	program	program	PROPN
ajfa-5326	1	44	in	in	ADP
ajfa-5326	1	45	business	business	NOUN
ajfa-5326	1	46	,	,	PUNCT
ajfa-5326	1	47	yuan	yuan	PROPN
ajfa-5326	1	48	-	-	PUNCT
ajfa-5326	1	49	ze	ze	PROPN
ajfa-5326	1	50	university	university	PROPN
ajfa-5326	1	51	,	,	PUNCT
ajfa-5326	1	52	taiwan	taiwan	PROPN
ajfa-5326	1	53	,	,	PUNCT
ajfa-5326	1	54	r.o.c	r.o.c	PROPN
ajfa-5326	1	55	.	.	PUNCT
ajfa-5326	2	1	hong	hong	PROPN
ajfa-5326	2	2	ngoc	ngoc	PROPN
ajfa-5326	2	3	truong	truong	PROPN
ajfa-5326	2	4	phd	phd	PROPN
ajfa-5326	2	5	program	program	PROPN
ajfa-5326	2	6	in	in	ADP
ajfa-5326	2	7	business	business	NOUN
ajfa-5326	2	8	,	,	PUNCT
ajfa-5326	2	9	chung	chung	PROPN
ajfa-5326	2	10	yuan	yuan	PROPN
ajfa-5326	2	11	christian	christian	PROPN
ajfa-5326	2	12	university	university	PROPN
ajfa-5326	2	13	,	,	PUNCT
ajfa-5326	2	14	taiwan	taiwan	PROPN
ajfa-5326	2	15	,	,	PUNCT
ajfa-5326	2	16	r.o.c	r.o.c	PROPN
ajfa-5326	2	17	.	.	PROPN
ajfa-5326	2	18	received	receive	VERB
ajfa-5326	2	19	:	:	PUNCT
ajfa-5326	2	20	feb	feb	PROPN
ajfa-5326	2	21	.	.	PROPN
ajfa-5326	2	22	28	28	NUM
ajfa-5326	2	23	,	,	PUNCT
ajfa-5326	2	24	2014	2014	NUM
ajfa-5326	2	25	accepted	accept	VERB
ajfa-5326	2	26	:	:	PUNCT
ajfa-5326	2	27	april	april	PROPN
ajfa-5326	2	28	8	8	NUM
ajfa-5326	2	29	,	,	PUNCT
ajfa-5326	2	30	2014	2014	NUM
ajfa-5326	2	31	published	publish	VERB
ajfa-5326	2	32	:	:	PUNCT
ajfa-5326	2	33	june	june	PROPN
ajfa-5326	2	34	1	1	NUM
ajfa-5326	2	35	,	,	PUNCT
ajfa-5326	2	36	2014	2014	NUM
ajfa-5326	2	37	doi:10.5296	doi:10.5296	NOUN
ajfa-5326	2	38	/	/	SYM
ajfa-5326	2	39	ajfa.v6i1.5326	ajfa.v6i1.5326	NUM
ajfa-5326	2	40	url	url	NOUN
ajfa-5326	2	41	:	:	PUNCT
ajfa-5326	2	42	http://dx.doi.org/10.5296/ajfa.v6i1.5326	http://dx.doi.org/10.5296/ajfa.v6i1.5326	NOUN
ajfa-5326	2	43	abstract	abstract	ADJ
ajfa-5326	2	44	this	this	DET
ajfa-5326	2	45	research	research	NOUN
ajfa-5326	2	46	examines	examine	VERB
ajfa-5326	2	47	the	the	DET
ajfa-5326	2	48	presence	presence	NOUN
ajfa-5326	2	49	of	of	ADP
ajfa-5326	2	50	herd	herd	NOUN
ajfa-5326	2	51	behavior	behavior	NOUN
ajfa-5326	2	52	in	in	ADP
ajfa-5326	2	53	vietnamese	vietnamese	ADJ
ajfa-5326	2	54	stock	stock	NOUN
ajfa-5326	2	55	market	market	NOUN
ajfa-5326	2	56	from	from	ADP
ajfa-5326	2	57	2006	2006	NUM
ajfa-5326	2	58	to	to	ADP
ajfa-5326	2	59	2012	2012	NUM
ajfa-5326	2	60	.	.	PUNCT
ajfa-5326	3	1	based	base	VERB
ajfa-5326	3	2	on	on	ADP
ajfa-5326	3	3	two	two	NUM
ajfa-5326	3	4	methods	method	NOUN
ajfa-5326	3	5	suggested	suggest	VERB
ajfa-5326	3	6	by	by	ADP
ajfa-5326	3	7	christie	christie	PROPN
ajfa-5326	3	8	and	and	CCONJ
ajfa-5326	3	9	huang	huang	PROPN
ajfa-5326	3	10	(	(	PUNCT
ajfa-5326	3	11	1995	1995	NUM
ajfa-5326	3	12	)	)	PUNCT
ajfa-5326	3	13	;	;	PUNCT
ajfa-5326	3	14	and	and	CCONJ
ajfa-5326	3	15	chang	chang	PROPN
ajfa-5326	3	16	,	,	PUNCT
ajfa-5326	3	17	cheng	cheng	PROPN
ajfa-5326	3	18	,	,	PUNCT
ajfa-5326	3	19	and	and	CCONJ
ajfa-5326	3	20	khorana	khorana	PROPN
ajfa-5326	3	21	(	(	PUNCT
ajfa-5326	3	22	2000	2000	NUM
ajfa-5326	3	23	)	)	PUNCT
ajfa-5326	3	24	,	,	PUNCT
ajfa-5326	3	25	this	this	DET
ajfa-5326	3	26	research	research	NOUN
ajfa-5326	3	27	work	work	NOUN
ajfa-5326	3	28	proposes	propose	VERB
ajfa-5326	3	29	a	a	DET
ajfa-5326	3	30	new	new	ADJ
ajfa-5326	3	31	probability	probability	NOUN
ajfa-5326	3	32	approach	approach	NOUN
ajfa-5326	3	33	;	;	PUNCT
ajfa-5326	3	34	that	that	PRON
ajfa-5326	3	35	is	be	AUX
ajfa-5326	3	36	on	on	ADP
ajfa-5326	3	37	market	market	NOUN
ajfa-5326	3	38	index	index	NOUN
ajfa-5326	3	39	return	return	NOUN
ajfa-5326	3	40	and	and	CCONJ
ajfa-5326	3	41	market	market	NOUN
ajfa-5326	3	42	dispersion	dispersion	NOUN
ajfa-5326	3	43	to	to	PART
ajfa-5326	3	44	capture	capture	VERB
ajfa-5326	3	45	herd	herd	ADJ
ajfa-5326	3	46	behavior	behavior	NOUN
ajfa-5326	3	47	.	.	PUNCT
ajfa-5326	4	1	this	this	DET
ajfa-5326	4	2	new	new	ADJ
ajfa-5326	4	3	method	method	NOUN
ajfa-5326	4	4	enables	enable	VERB
ajfa-5326	4	5	this	this	DET
ajfa-5326	4	6	study	study	NOUN
ajfa-5326	4	7	to	to	PART
ajfa-5326	4	8	detect	detect	VERB
ajfa-5326	4	9	herding	herd	VERB
ajfa-5326	4	10	in	in	ADP
ajfa-5326	4	11	a	a	DET
ajfa-5326	4	12	given	give	VERB
ajfa-5326	4	13	trading	trading	NOUN
ajfa-5326	4	14	day	day	NOUN
ajfa-5326	4	15	.	.	PUNCT
ajfa-5326	5	1	the	the	DET
ajfa-5326	5	2	study	study	NOUN
ajfa-5326	5	3	adopts	adopt	VERB
ajfa-5326	5	4	daily	daily	ADJ
ajfa-5326	5	5	data	datum	NOUN
ajfa-5326	5	6	from	from	ADP
ajfa-5326	5	7	a	a	DET
ajfa-5326	5	8	main	main	ADJ
ajfa-5326	5	9	center	center	NOUN
ajfa-5326	5	10	of	of	ADP
ajfa-5326	5	11	vietnamese	vietnamese	ADJ
ajfa-5326	5	12	stock	stock	NOUN
ajfa-5326	5	13	market	market	NOUN
ajfa-5326	5	14	.	.	PUNCT
ajfa-5326	6	1	the	the	DET
ajfa-5326	6	2	existence	existence	NOUN
ajfa-5326	6	3	of	of	ADP
ajfa-5326	6	4	herd	herd	NOUN
ajfa-5326	6	5	is	be	AUX
ajfa-5326	6	6	found	find	VERB
ajfa-5326	6	7	during	during	ADP
ajfa-5326	6	8	the	the	DET
ajfa-5326	6	9	whole	whole	ADJ
ajfa-5326	6	10	period	period	NOUN
ajfa-5326	6	11	as	as	ADP
ajfa-5326	6	12	using	use	VERB
ajfa-5326	6	13	the	the	DET
ajfa-5326	6	14	statistics	statistic	NOUN
ajfa-5326	6	15	methods	method	NOUN
ajfa-5326	6	16	.	.	PUNCT
ajfa-5326	7	1	to	to	PART
ajfa-5326	7	2	be	be	AUX
ajfa-5326	7	3	more	more	ADV
ajfa-5326	7	4	concrete	concrete	ADJ
ajfa-5326	7	5	,	,	PUNCT
ajfa-5326	7	6	herding	herding	NOUN
ajfa-5326	7	7	days	day	NOUN
ajfa-5326	7	8	are	be	AUX
ajfa-5326	7	9	explored	explore	VERB
ajfa-5326	7	10	via	via	ADP
ajfa-5326	7	11	the	the	DET
ajfa-5326	7	12	new	new	ADJ
ajfa-5326	7	13	probability	probability	NOUN
ajfa-5326	7	14	method	method	NOUN
ajfa-5326	7	15	in	in	ADP
ajfa-5326	7	16	this	this	DET
ajfa-5326	7	17	work	work	NOUN
ajfa-5326	7	18	.	.	PUNCT
ajfa-5326	8	1	keywords	keyword	NOUN
ajfa-5326	8	2	:	:	PUNCT
ajfa-5326	8	3	herd	herd	NOUN
ajfa-5326	8	4	behaviour	behaviour	NOUN
ajfa-5326	8	5	,	,	PUNCT
ajfa-5326	8	6	cross	cross	ADJ
ajfa-5326	8	7	-	-	ADJ
ajfa-5326	8	8	sectional	sectional	ADJ
ajfa-5326	8	9	standard	standard	ADJ
ajfa-5326	8	10	deviation	deviation	NOUN
ajfa-5326	8	11	,	,	PUNCT
ajfa-5326	8	12	cross	cross	ADJ
ajfa-5326	8	13	-	-	ADJ
ajfa-5326	8	14	sectional	sectional	ADJ
ajfa-5326	8	15	absolute	absolute	ADJ
ajfa-5326	8	16	deviation	deviation	NOUN
ajfa-5326	8	17	,	,	PUNCT
ajfa-5326	8	18	probability	probability	NOUN
ajfa-5326	8	19	approach	approach	NOUN
ajfa-5326	8	20	,	,	PUNCT
ajfa-5326	8	21	vietnamese	vietnamese	ADJ
ajfa-5326	8	22	stock	stock	NOUN
ajfa-5326	8	23	market	market	NOUN
ajfa-5326	8	24	asian	asian	PROPN
ajfa-5326	8	25	journal	journal	NOUN
ajfa-5326	8	26	of	of	ADP
ajfa-5326	8	27	finance	finance	PROPN
ajfa-5326	8	28	&	&	CCONJ
ajfa-5326	8	29	accounting	accounting	PROPN
ajfa-5326	8	30	issn	issn	PROPN
ajfa-5326	8	31	1946	1946	NUM
ajfa-5326	8	32	-	-	PUNCT
ajfa-5326	8	33	052x	052x	PROPN
ajfa-5326	8	34	2014	2014	NUM
ajfa-5326	8	35	,	,	PUNCT
ajfa-5326	8	36	vol	vol	NOUN
ajfa-5326	8	37	.	.	PROPN
ajfa-5326	8	38	6	6	NUM
ajfa-5326	8	39	,	,	PUNCT
ajfa-5326	8	40	no	no	INTJ
ajfa-5326	8	41	.	.	NOUN
ajfa-5326	8	42	1	1	NUM
ajfa-5326	8	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5326	8	44	465	465	NUM
ajfa-5326	8	45	1	1	NUM
ajfa-5326	8	46	.	.	PUNCT
ajfa-5326	9	1	introduction	introduction	NOUN
ajfa-5326	9	2	herd	herd	NOUN
ajfa-5326	9	3	behavior	behavior	NOUN
ajfa-5326	9	4	is	be	AUX
ajfa-5326	9	5	a	a	DET
ajfa-5326	9	6	popular	popular	ADJ
ajfa-5326	9	7	phenomenon	phenomenon	NOUN
ajfa-5326	9	8	in	in	ADP
ajfa-5326	9	9	financial	financial	ADJ
ajfa-5326	9	10	markets	market	NOUN
ajfa-5326	9	11	and	and	CCONJ
ajfa-5326	9	12	in	in	ADP
ajfa-5326	9	13	stock	stock	NOUN
ajfa-5326	9	14	markets	market	NOUN
ajfa-5326	9	15	of	of	ADP
ajfa-5326	9	16	advanced	advanced	ADJ
ajfa-5326	9	17	and	and	CCONJ
ajfa-5326	9	18	emerging	emerge	VERB
ajfa-5326	9	19	markets	market	NOUN
ajfa-5326	9	20	.	.	PUNCT
ajfa-5326	10	1	herding	herd	VERB
ajfa-5326	10	2	of	of	ADP
ajfa-5326	10	3	participants	participant	NOUN
ajfa-5326	10	4	in	in	ADP
ajfa-5326	10	5	the	the	DET
ajfa-5326	10	6	financial	financial	ADJ
ajfa-5326	10	7	market	market	NOUN
ajfa-5326	10	8	is	be	AUX
ajfa-5326	10	9	defined	define	VERB
ajfa-5326	10	10	as	as	ADP
ajfa-5326	10	11	“	"	PUNCT
ajfa-5326	10	12	the	the	DET
ajfa-5326	10	13	tendency	tendency	NOUN
ajfa-5326	10	14	to	to	PART
ajfa-5326	10	15	accumulate	accumulate	VERB
ajfa-5326	10	16	on	on	ADP
ajfa-5326	10	17	the	the	DET
ajfa-5326	10	18	same	same	ADJ
ajfa-5326	10	19	side	side	NOUN
ajfa-5326	10	20	of	of	ADP
ajfa-5326	10	21	the	the	DET
ajfa-5326	10	22	market	market	NOUN
ajfa-5326	10	23	”	"	PUNCT
ajfa-5326	10	24	,	,	PUNCT
ajfa-5326	10	25	which	which	PRON
ajfa-5326	10	26	is	be	AUX
ajfa-5326	10	27	a	a	DET
ajfa-5326	10	28	significant	significant	ADJ
ajfa-5326	10	29	threat	threat	NOUN
ajfa-5326	10	30	for	for	ADP
ajfa-5326	10	31	financial	financial	ADJ
ajfa-5326	10	32	market	market	NOUN
ajfa-5326	10	33	’s	’s	PART
ajfa-5326	10	34	stability	stability	NOUN
ajfa-5326	10	35	and	and	CCONJ
ajfa-5326	10	36	efficiency	efficiency	NOUN
ajfa-5326	10	37	(	(	PUNCT
ajfa-5326	10	38	kremer	kremer	PROPN
ajfa-5326	10	39	&	&	CCONJ
ajfa-5326	10	40	nautz	nautz	PROPN
ajfa-5326	10	41	,	,	PUNCT
ajfa-5326	10	42	2011	2011	NUM
ajfa-5326	10	43	,	,	PUNCT
ajfa-5326	10	44	p.	p.	NOUN
ajfa-5326	10	45	1	1	NUM
ajfa-5326	10	46	)	)	PUNCT
ajfa-5326	10	47	.	.	PUNCT
ajfa-5326	11	1	in	in	ADP
ajfa-5326	11	2	other	other	ADJ
ajfa-5326	11	3	words	word	NOUN
ajfa-5326	11	4	,	,	PUNCT
ajfa-5326	11	5	it	it	PRON
ajfa-5326	11	6	exists	exist	VERB
ajfa-5326	11	7	in	in	ADP
ajfa-5326	11	8	most	most	ADJ
ajfa-5326	11	9	economies	economy	NOUN
ajfa-5326	11	10	in	in	ADP
ajfa-5326	11	11	the	the	DET
ajfa-5326	11	12	world	world	NOUN
ajfa-5326	11	13	,	,	PUNCT
ajfa-5326	11	14	regardless	regardless	ADV
ajfa-5326	11	15	of	of	ADP
ajfa-5326	11	16	size	size	NOUN
ajfa-5326	11	17	.	.	PUNCT
ajfa-5326	12	1	in	in	ADP
ajfa-5326	12	2	different	different	ADJ
ajfa-5326	12	3	markets	market	NOUN
ajfa-5326	12	4	,	,	PUNCT
ajfa-5326	12	5	the	the	DET
ajfa-5326	12	6	degree	degree	NOUN
ajfa-5326	12	7	of	of	ADP
ajfa-5326	12	8	herd	herd	NOUN
ajfa-5326	12	9	behavior	behavior	NOUN
ajfa-5326	12	10	,	,	PUNCT
ajfa-5326	12	11	nevertheless	nevertheless	ADV
ajfa-5326	12	12	,	,	PUNCT
ajfa-5326	12	13	is	be	AUX
ajfa-5326	12	14	not	not	PART
ajfa-5326	12	15	the	the	DET
ajfa-5326	12	16	same	same	ADJ
ajfa-5326	12	17	.	.	PUNCT
ajfa-5326	13	1	while	while	SCONJ
ajfa-5326	13	2	herding	herding	NOUN
ajfa-5326	13	3	behavior	behavior	NOUN
ajfa-5326	13	4	does	do	AUX
ajfa-5326	13	5	not	not	PART
ajfa-5326	13	6	usually	usually	ADV
ajfa-5326	13	7	appear	appear	VERB
ajfa-5326	13	8	at	at	ADP
ajfa-5326	13	9	a	a	DET
ajfa-5326	13	10	low	low	ADJ
ajfa-5326	13	11	degree	degree	NOUN
ajfa-5326	13	12	in	in	ADP
ajfa-5326	13	13	mature	mature	ADJ
ajfa-5326	13	14	markets	market	NOUN
ajfa-5326	13	15	,	,	PUNCT
ajfa-5326	13	16	this	this	DET
ajfa-5326	13	17	behavior	behavior	NOUN
ajfa-5326	13	18	is	be	AUX
ajfa-5326	13	19	such	such	DET
ajfa-5326	13	20	a	a	DET
ajfa-5326	13	21	widespread	widespread	ADJ
ajfa-5326	13	22	phenomenon	phenomenon	NOUN
ajfa-5326	13	23	and	and	CCONJ
ajfa-5326	13	24	it	it	PRON
ajfa-5326	13	25	highly	highly	ADV
ajfa-5326	13	26	influences	influence	VERB
ajfa-5326	13	27	the	the	DET
ajfa-5326	13	28	so	so	ADV
ajfa-5326	13	29	called	call	VERB
ajfa-5326	13	30	“	"	PUNCT
ajfa-5326	13	31	immature	immature	ADJ
ajfa-5326	13	32	”	"	PUNCT
ajfa-5326	13	33	markets	market	NOUN
ajfa-5326	13	34	.	.	PUNCT
ajfa-5326	14	1	with	with	ADP
ajfa-5326	14	2	an	an	DET
ajfa-5326	14	3	inappropriate	inappropriate	ADJ
ajfa-5326	14	4	long	long	ADJ
ajfa-5326	14	5	term	term	NOUN
ajfa-5326	14	6	pricing	pricing	NOUN
ajfa-5326	14	7	mechanism	mechanism	NOUN
ajfa-5326	14	8	,	,	PUNCT
ajfa-5326	14	9	it	it	PRON
ajfa-5326	14	10	leads	lead	VERB
ajfa-5326	14	11	to	to	ADP
ajfa-5326	14	12	the	the	DET
ajfa-5326	14	13	sudden	sudden	ADJ
ajfa-5326	14	14	development	development	NOUN
ajfa-5326	14	15	and/or	and/or	CCONJ
ajfa-5326	14	16	possible	possible	ADJ
ajfa-5326	14	17	collapse	collapse	NOUN
ajfa-5326	14	18	of	of	ADP
ajfa-5326	14	19	the	the	DET
ajfa-5326	14	20	stock	stock	NOUN
ajfa-5326	14	21	market	market	NOUN
ajfa-5326	14	22	(	(	PUNCT
ajfa-5326	14	23	bikhchandani	bikhchandani	PROPN
ajfa-5326	14	24	&	&	CCONJ
ajfa-5326	14	25	sharma	sharma	PROPN
ajfa-5326	14	26	,	,	PUNCT
ajfa-5326	14	27	2001	2001	NUM
ajfa-5326	14	28	)	)	PUNCT
ajfa-5326	14	29	.	.	PUNCT
ajfa-5326	15	1	it	it	PRON
ajfa-5326	15	2	,	,	PUNCT
ajfa-5326	15	3	therefore	therefore	ADV
ajfa-5326	15	4	,	,	PUNCT
ajfa-5326	15	5	affects	affect	VERB
ajfa-5326	15	6	other	other	ADJ
ajfa-5326	15	7	related	relate	VERB
ajfa-5326	15	8	markets	market	NOUN
ajfa-5326	15	9	in	in	ADP
ajfa-5326	15	10	the	the	DET
ajfa-5326	15	11	economy	economy	NOUN
ajfa-5326	15	12	.	.	PUNCT
ajfa-5326	16	1	hence	hence	ADV
ajfa-5326	16	2	,	,	PUNCT
ajfa-5326	16	3	capturing	capture	VERB
ajfa-5326	16	4	exactly	exactly	ADV
ajfa-5326	16	5	the	the	DET
ajfa-5326	16	6	herd	herd	NOUN
ajfa-5326	16	7	in	in	ADP
ajfa-5326	16	8	the	the	DET
ajfa-5326	16	9	market	market	NOUN
ajfa-5326	16	10	is	be	AUX
ajfa-5326	16	11	always	always	ADV
ajfa-5326	16	12	an	an	DET
ajfa-5326	16	13	important	important	ADJ
ajfa-5326	16	14	objective	objective	NOUN
ajfa-5326	16	15	.	.	PUNCT
ajfa-5326	17	1	many	many	ADJ
ajfa-5326	17	2	analysts	analyst	NOUN
ajfa-5326	17	3	and	and	CCONJ
ajfa-5326	17	4	experts	expert	NOUN
ajfa-5326	17	5	failed	fail	VERB
ajfa-5326	17	6	to	to	PART
ajfa-5326	17	7	detect	detect	VERB
ajfa-5326	17	8	herd	herd	NOUN
ajfa-5326	17	9	(	(	PUNCT
ajfa-5326	17	10	gleason	gleason	PROPN
ajfa-5326	17	11	et	et	PROPN
ajfa-5326	17	12	al	al	PROPN
ajfa-5326	17	13	.	.	PROPN
ajfa-5326	17	14	,	,	PUNCT
ajfa-5326	17	15	2004	2004	NUM
ajfa-5326	17	16	;	;	PUNCT
ajfa-5326	17	17	demirer	demirer	NOUN
ajfa-5326	17	18	&	&	CCONJ
ajfa-5326	17	19	kutan	kutan	PROPN
ajfa-5326	17	20	,	,	PUNCT
ajfa-5326	17	21	2006	2006	NUM
ajfa-5326	17	22	;	;	PUNCT
ajfa-5326	17	23	ohlson	ohlson	NOUN
ajfa-5326	17	24	,	,	PUNCT
ajfa-5326	17	25	2010	2010	NUM
ajfa-5326	17	26	)	)	PUNCT
ajfa-5326	17	27	.	.	PUNCT
ajfa-5326	18	1	thus	thus	ADV
ajfa-5326	18	2	,	,	PUNCT
ajfa-5326	18	3	a	a	DET
ajfa-5326	18	4	new	new	ADJ
ajfa-5326	18	5	method	method	NOUN
ajfa-5326	18	6	,	,	PUNCT
ajfa-5326	18	7	which	which	PRON
ajfa-5326	18	8	can	can	AUX
ajfa-5326	18	9	find	find	VERB
ajfa-5326	18	10	out	out	ADP
ajfa-5326	18	11	herd	herd	NOUN
ajfa-5326	18	12	,	,	PUNCT
ajfa-5326	18	13	is	be	AUX
ajfa-5326	18	14	an	an	DET
ajfa-5326	18	15	essential	essential	ADJ
ajfa-5326	18	16	contribution	contribution	NOUN
ajfa-5326	18	17	for	for	ADP
ajfa-5326	18	18	detecting	detect	VERB
ajfa-5326	18	19	herd	herd	NOUN
ajfa-5326	18	20	behavior	behavior	NOUN
ajfa-5326	18	21	in	in	ADP
ajfa-5326	18	22	particular	particular	ADJ
ajfa-5326	18	23	and	and	CCONJ
ajfa-5326	18	24	financial	financial	ADJ
ajfa-5326	18	25	field	field	NOUN
ajfa-5326	18	26	in	in	ADP
ajfa-5326	18	27	general	general	ADJ
ajfa-5326	18	28	.	.	PUNCT
ajfa-5326	19	1	the	the	DET
ajfa-5326	19	2	vietnamese	vietnamese	ADJ
ajfa-5326	19	3	stock	stock	NOUN
ajfa-5326	19	4	market	market	NOUN
ajfa-5326	19	5	has	have	AUX
ajfa-5326	19	6	just	just	ADV
ajfa-5326	19	7	been	be	AUX
ajfa-5326	19	8	established	establish	VERB
ajfa-5326	19	9	.	.	PUNCT
ajfa-5326	20	1	consequently	consequently	ADV
ajfa-5326	20	2	,	,	PUNCT
ajfa-5326	20	3	herding	herding	NOUN
ajfa-5326	20	4	behavior	behavior	NOUN
ajfa-5326	20	5	does	do	AUX
ajfa-5326	20	6	not	not	PART
ajfa-5326	20	7	only	only	ADV
ajfa-5326	20	8	exist	exist	VERB
ajfa-5326	20	9	in	in	ADP
ajfa-5326	20	10	the	the	DET
ajfa-5326	20	11	vietnamese	vietnamese	ADJ
ajfa-5326	20	12	stock	stock	NOUN
ajfa-5326	20	13	market	market	NOUN
ajfa-5326	20	14	,	,	PUNCT
ajfa-5326	20	15	but	but	CCONJ
ajfa-5326	20	16	it	it	PRON
ajfa-5326	20	17	is	be	AUX
ajfa-5326	20	18	also	also	ADV
ajfa-5326	20	19	a	a	DET
ajfa-5326	20	20	captain	captain	NOUN
ajfa-5326	20	21	which	which	PRON
ajfa-5326	20	22	leads	lead	VERB
ajfa-5326	20	23	the	the	DET
ajfa-5326	20	24	market	market	NOUN
ajfa-5326	20	25	.	.	PUNCT
ajfa-5326	21	1	there	there	PRON
ajfa-5326	21	2	were	be	VERB
ajfa-5326	21	3	periods	period	NOUN
ajfa-5326	21	4	when	when	SCONJ
ajfa-5326	21	5	all	all	DET
ajfa-5326	21	6	the	the	DET
ajfa-5326	21	7	market	market	NOUN
ajfa-5326	21	8	went	go	VERB
ajfa-5326	21	9	up	up	ADP
ajfa-5326	21	10	regardless	regardless	ADV
ajfa-5326	21	11	of	of	ADP
ajfa-5326	21	12	shares	share	NOUN
ajfa-5326	21	13	’	'	PUNCT
ajfa-5326	21	14	quality	quality	NOUN
ajfa-5326	21	15	.	.	PUNCT
ajfa-5326	22	1	there	there	PRON
ajfa-5326	22	2	were	be	VERB
ajfa-5326	22	3	also	also	ADV
ajfa-5326	22	4	many	many	ADJ
ajfa-5326	22	5	times	time	NOUN
ajfa-5326	22	6	when	when	SCONJ
ajfa-5326	22	7	the	the	DET
ajfa-5326	22	8	whole	whole	ADJ
ajfa-5326	22	9	market	market	NOUN
ajfa-5326	22	10	went	go	VERB
ajfa-5326	22	11	down	down	ADP
ajfa-5326	22	12	even	even	ADV
ajfa-5326	22	13	though	though	SCONJ
ajfa-5326	22	14	it	it	PRON
ajfa-5326	22	15	was	be	AUX
ajfa-5326	22	16	helped	help	VERB
ajfa-5326	22	17	by	by	ADP
ajfa-5326	22	18	a	a	DET
ajfa-5326	22	19	lot	lot	NOUN
ajfa-5326	22	20	of	of	ADP
ajfa-5326	22	21	positive	positive	ADJ
ajfa-5326	22	22	information	information	NOUN
ajfa-5326	22	23	from	from	ADP
ajfa-5326	22	24	companies	company	NOUN
ajfa-5326	22	25	or	or	CCONJ
ajfa-5326	22	26	the	the	DET
ajfa-5326	22	27	government	government	NOUN
ajfa-5326	22	28	.	.	PUNCT
ajfa-5326	23	1	in	in	ADP
ajfa-5326	23	2	other	other	ADJ
ajfa-5326	23	3	words	word	NOUN
ajfa-5326	23	4	,	,	PUNCT
ajfa-5326	23	5	herd	herd	NOUN
ajfa-5326	23	6	behavior	behavior	NOUN
ajfa-5326	23	7	has	have	AUX
ajfa-5326	23	8	controlled	control	VERB
ajfa-5326	23	9	most	most	ADJ
ajfa-5326	23	10	of	of	ADP
ajfa-5326	23	11	vietnamese	vietnamese	ADJ
ajfa-5326	23	12	stock	stock	NOUN
ajfa-5326	23	13	markets	market	NOUN
ajfa-5326	23	14	.	.	PUNCT
ajfa-5326	24	1	hence	hence	ADV
ajfa-5326	24	2	,	,	PUNCT
ajfa-5326	24	3	this	this	DET
ajfa-5326	24	4	study	study	NOUN
ajfa-5326	24	5	introduces	introduce	VERB
ajfa-5326	24	6	methods	method	NOUN
ajfa-5326	24	7	to	to	PART
ajfa-5326	24	8	detect	detect	VERB
ajfa-5326	24	9	herd	herd	NOUN
ajfa-5326	24	10	behavior	behavior	NOUN
ajfa-5326	24	11	in	in	ADP
ajfa-5326	24	12	a	a	DET
ajfa-5326	24	13	stock	stock	NOUN
ajfa-5326	24	14	market	market	NOUN
ajfa-5326	24	15	and	and	CCONJ
ajfa-5326	24	16	apply	apply	VERB
ajfa-5326	24	17	these	these	DET
ajfa-5326	24	18	methods	method	NOUN
ajfa-5326	24	19	to	to	PART
ajfa-5326	24	20	point	point	VERB
ajfa-5326	24	21	out	out	ADP
ajfa-5326	24	22	herd	herd	NOUN
ajfa-5326	24	23	behavior	behavior	NOUN
ajfa-5326	24	24	in	in	ADP
ajfa-5326	24	25	the	the	DET
ajfa-5326	24	26	vietnamese	vietnamese	ADJ
ajfa-5326	24	27	stock	stock	NOUN
ajfa-5326	24	28	market	market	NOUN
ajfa-5326	24	29	.	.	PUNCT
ajfa-5326	25	1	2	2	X
ajfa-5326	25	2	.	.	X
ajfa-5326	25	3	literature	literature	NOUN
ajfa-5326	25	4	review	review	VERB
ajfa-5326	25	5	numerous	numerous	ADJ
ajfa-5326	25	6	researches	research	NOUN
ajfa-5326	25	7	have	have	AUX
ajfa-5326	25	8	studied	study	VERB
ajfa-5326	25	9	herd	herd	ADJ
ajfa-5326	25	10	behavior	behavior	NOUN
ajfa-5326	25	11	and	and	CCONJ
ajfa-5326	25	12	most	most	ADJ
ajfa-5326	25	13	of	of	ADP
ajfa-5326	25	14	them	they	PRON
ajfa-5326	25	15	retained	retain	VERB
ajfa-5326	25	16	the	the	DET
ajfa-5326	25	17	idea	idea	NOUN
ajfa-5326	25	18	of	of	ADP
ajfa-5326	25	19	bikhchandani	bikhchandani	NOUN
ajfa-5326	25	20	and	and	CCONJ
ajfa-5326	25	21	sharma	sharma	PROPN
ajfa-5326	25	22	(	(	PUNCT
ajfa-5326	25	23	2001	2001	NUM
ajfa-5326	25	24	)	)	PUNCT
ajfa-5326	25	25	.	.	PUNCT
ajfa-5326	26	1	they	they	PRON
ajfa-5326	26	2	argued	argue	VERB
ajfa-5326	26	3	that	that	SCONJ
ajfa-5326	26	4	individuals	individual	NOUN
ajfa-5326	26	5	can	can	AUX
ajfa-5326	26	6	examine	examine	VERB
ajfa-5326	26	7	herd	herd	NOUN
ajfa-5326	26	8	if	if	SCONJ
ajfa-5326	26	9	they	they	PRON
ajfa-5326	26	10	invest	invest	VERB
ajfa-5326	26	11	without	without	ADP
ajfa-5326	26	12	knowing	know	VERB
ajfa-5326	26	13	decisions	decision	NOUN
ajfa-5326	26	14	of	of	ADP
ajfa-5326	26	15	other	other	ADJ
ajfa-5326	26	16	investors	investor	NOUN
ajfa-5326	26	17	.	.	PUNCT
ajfa-5326	27	1	in	in	ADP
ajfa-5326	27	2	vice	vice	PROPN
ajfa-5326	27	3	versa	versa	ADV
ajfa-5326	27	4	,	,	PUNCT
ajfa-5326	27	5	they	they	PRON
ajfa-5326	27	6	will	will	AUX
ajfa-5326	27	7	not	not	PART
ajfa-5326	27	8	make	make	VERB
ajfa-5326	27	9	the	the	DET
ajfa-5326	27	10	investment	investment	NOUN
ajfa-5326	27	11	when	when	SCONJ
ajfa-5326	27	12	they	they	PRON
ajfa-5326	27	13	find	find	VERB
ajfa-5326	27	14	others	other	NOUN
ajfa-5326	27	15	’	'	PUNCT
ajfa-5326	27	16	decisions	decision	NOUN
ajfa-5326	27	17	(	(	PUNCT
ajfa-5326	27	18	bikhchandani	bikhchandani	PROPN
ajfa-5326	27	19	&	&	CCONJ
ajfa-5326	27	20	sharma	sharma	PROPN
ajfa-5326	27	21	,	,	PUNCT
ajfa-5326	27	22	2001	2001	NUM
ajfa-5326	27	23	)	)	PUNCT
ajfa-5326	27	24	.	.	PUNCT
ajfa-5326	28	1	other	other	ADJ
ajfa-5326	28	2	researchers	researcher	NOUN
ajfa-5326	28	3	proposed	propose	VERB
ajfa-5326	28	4	a	a	DET
ajfa-5326	28	5	broader	broad	ADJ
ajfa-5326	28	6	definition	definition	NOUN
ajfa-5326	28	7	of	of	ADP
ajfa-5326	28	8	herd	herd	NOUN
ajfa-5326	28	9	behavior	behavior	NOUN
ajfa-5326	28	10	.	.	PUNCT
ajfa-5326	29	1	they	they	PRON
ajfa-5326	29	2	conceptualized	conceptualize	VERB
ajfa-5326	29	3	herd	herd	ADJ
ajfa-5326	29	4	behavior	behavior	NOUN
ajfa-5326	29	5	as	as	ADP
ajfa-5326	29	6	“	"	PUNCT
ajfa-5326	29	7	a	a	DET
ajfa-5326	29	8	group	group	NOUN
ajfa-5326	29	9	of	of	ADP
ajfa-5326	29	10	investors	investor	NOUN
ajfa-5326	29	11	transacting	transact	VERB
ajfa-5326	29	12	in	in	ADP
ajfa-5326	29	13	the	the	DET
ajfa-5326	29	14	same	same	ADJ
ajfa-5326	29	15	way	way	NOUN
ajfa-5326	29	16	,	,	PUNCT
ajfa-5326	29	17	in	in	ADP
ajfa-5326	29	18	the	the	DET
ajfa-5326	29	19	same	same	ADJ
ajfa-5326	29	20	direction	direction	NOUN
ajfa-5326	29	21	(	(	PUNCT
ajfa-5326	29	22	buy	buy	VERB
ajfa-5326	29	23	or	or	CCONJ
ajfa-5326	29	24	sell	sell	VERB
ajfa-5326	29	25	)	)	PUNCT
ajfa-5326	29	26	for	for	ADP
ajfa-5326	29	27	a	a	DET
ajfa-5326	29	28	given	give	VERB
ajfa-5326	29	29	period	period	NOUN
ajfa-5326	29	30	of	of	ADP
ajfa-5326	29	31	time	time	NOUN
ajfa-5326	29	32	”	"	PUNCT
ajfa-5326	29	33	(	(	PUNCT
ajfa-5326	29	34	grinblatt	grinblatt	PROPN
ajfa-5326	29	35	,	,	PUNCT
ajfa-5326	29	36	titman	titman	PROPN
ajfa-5326	29	37	&	&	CCONJ
ajfa-5326	29	38	wermers	wermer	NOUN
ajfa-5326	29	39	,	,	PUNCT
ajfa-5326	29	40	1995	1995	NUM
ajfa-5326	29	41	)	)	PUNCT
ajfa-5326	29	42	;	;	PUNCT
ajfa-5326	29	43	nofsinger	nofsinger	PROPN
ajfa-5326	29	44	&	&	CCONJ
ajfa-5326	29	45	sias	sias	PROPN
ajfa-5326	29	46	,	,	PUNCT
ajfa-5326	29	47	1999	1999	NUM
ajfa-5326	29	48	)	)	PUNCT
ajfa-5326	29	49	.	.	PUNCT
ajfa-5326	30	1	so	so	ADV
ajfa-5326	30	2	,	,	PUNCT
ajfa-5326	30	3	the	the	DET
ajfa-5326	30	4	correlations	correlation	NOUN
ajfa-5326	30	5	in	in	ADP
ajfa-5326	30	6	investors	investor	NOUN
ajfa-5326	30	7	’	'	PUNCT
ajfa-5326	30	8	behaviors	behavior	NOUN
ajfa-5326	30	9	influence	influence	VERB
ajfa-5326	30	10	each	each	DET
ajfa-5326	30	11	other	other	ADJ
ajfa-5326	30	12	.	.	PUNCT
ajfa-5326	31	1	however	however	ADV
ajfa-5326	31	2	,	,	PUNCT
ajfa-5326	31	3	this	this	DET
ajfa-5326	31	4	correlation	correlation	NOUN
ajfa-5326	31	5	may	may	AUX
ajfa-5326	31	6	be	be	AUX
ajfa-5326	31	7	observed	observe	VERB
ajfa-5326	31	8	when	when	SCONJ
ajfa-5326	31	9	investors	investor	NOUN
ajfa-5326	31	10	are	be	AUX
ajfa-5326	31	11	solely	solely	ADV
ajfa-5326	31	12	affected	affect	VERB
ajfa-5326	31	13	by	by	ADP
ajfa-5326	31	14	factors	factor	NOUN
ajfa-5326	31	15	or	or	CCONJ
ajfa-5326	31	16	common	common	ADJ
ajfa-5326	31	17	information	information	NOUN
ajfa-5326	31	18	(	(	PUNCT
ajfa-5326	31	19	khan	khan	PROPN
ajfa-5326	31	20	,	,	PUNCT
ajfa-5326	31	21	hassairi	hassairi	NOUN
ajfa-5326	31	22	,	,	PUNCT
ajfa-5326	31	23	&	&	CCONJ
ajfa-5326	31	24	viviani	viviani	PROPN
ajfa-5326	31	25	,	,	PUNCT
ajfa-5326	31	26	2011	2011	NUM
ajfa-5326	31	27	)	)	PUNCT
ajfa-5326	31	28	.	.	PUNCT
ajfa-5326	32	1	at	at	ADP
ajfa-5326	32	2	another	another	DET
ajfa-5326	32	3	side	side	NOUN
ajfa-5326	32	4	,	,	PUNCT
ajfa-5326	32	5	hirshleifer	hirshleifer	NOUN
ajfa-5326	32	6	and	and	CCONJ
ajfa-5326	32	7	teoh	teoh	PROPN
ajfa-5326	32	8	(	(	PUNCT
ajfa-5326	32	9	2003	2003	NUM
ajfa-5326	32	10	)	)	PUNCT
ajfa-5326	32	11	perceived	perceive	VERB
ajfa-5326	32	12	the	the	DET
ajfa-5326	32	13	difference	difference	NOUN
ajfa-5326	32	14	between	between	ADP
ajfa-5326	32	15	two	two	NUM
ajfa-5326	32	16	types	type	NOUN
ajfa-5326	32	17	of	of	ADP
ajfa-5326	32	18	herd	herd	NOUN
ajfa-5326	32	19	behavior	behavior	NOUN
ajfa-5326	32	20	.	.	PUNCT
ajfa-5326	33	1	they	they	PRON
ajfa-5326	33	2	are	be	AUX
ajfa-5326	33	3	convergence	convergence	NOUN
ajfa-5326	33	4	of	of	ADP
ajfa-5326	33	5	behaviors	behavior	NOUN
ajfa-5326	33	6	and	and	CCONJ
ajfa-5326	33	7	informational	informational	ADJ
ajfa-5326	33	8	cascades	cascade	NOUN
ajfa-5326	33	9	situations	situation	NOUN
ajfa-5326	33	10	where	where	SCONJ
ajfa-5326	33	11	the	the	DET
ajfa-5326	33	12	trading	trading	NOUN
ajfa-5326	33	13	of	of	ADP
ajfa-5326	33	14	individual	individual	ADJ
ajfa-5326	33	15	investors	investor	NOUN
ajfa-5326	33	16	depends	depend	VERB
ajfa-5326	33	17	on	on	ADP
ajfa-5326	33	18	their	their	PRON
ajfa-5326	33	19	observation	observation	NOUN
ajfa-5326	33	20	about	about	ADP
ajfa-5326	33	21	others	other	NOUN
ajfa-5326	33	22	’	'	PUNCT
ajfa-5326	33	23	action	action	NOUN
ajfa-5326	33	24	instead	instead	ADV
ajfa-5326	33	25	of	of	ADP
ajfa-5326	33	26	their	their	PRON
ajfa-5326	33	27	own	own	ADJ
ajfa-5326	33	28	informational	informational	ADJ
ajfa-5326	33	29	signal	signal	NOUN
ajfa-5326	33	30	.	.	PUNCT
ajfa-5326	34	1	therefore	therefore	ADV
ajfa-5326	34	2	,	,	PUNCT
ajfa-5326	34	3	when	when	SCONJ
ajfa-5326	34	4	investors	investor	NOUN
ajfa-5326	34	5	try	try	VERB
ajfa-5326	34	6	to	to	PART
ajfa-5326	34	7	follow	follow	VERB
ajfa-5326	34	8	the	the	DET
ajfa-5326	34	9	market	market	NOUN
ajfa-5326	34	10	consensus	consensus	NOUN
ajfa-5326	34	11	,	,	PUNCT
ajfa-5326	34	12	it	it	PRON
ajfa-5326	34	13	may	may	AUX
ajfa-5326	34	14	lead	lead	VERB
ajfa-5326	34	15	asset	asset	NOUN
ajfa-5326	34	16	prices	price	NOUN
ajfa-5326	34	17	to	to	PART
ajfa-5326	34	18	deviate	deviate	VERB
ajfa-5326	34	19	from	from	ADP
ajfa-5326	34	20	economic	economic	ADJ
ajfa-5326	34	21	fundamentals	fundamental	NOUN
ajfa-5326	34	22	.	.	PUNCT
ajfa-5326	35	1	as	as	ADP
ajfa-5326	35	2	a	a	DET
ajfa-5326	35	3	result	result	NOUN
ajfa-5326	35	4	,	,	PUNCT
ajfa-5326	35	5	stocks	stock	NOUN
ajfa-5326	35	6	are	be	AUX
ajfa-5326	35	7	not	not	PART
ajfa-5326	35	8	accurately	accurately	ADV
ajfa-5326	35	9	priced	price	VERB
ajfa-5326	35	10	.	.	PUNCT
ajfa-5326	36	1	further	far	ADV
ajfa-5326	36	2	,	,	PUNCT
ajfa-5326	36	3	many	many	ADJ
ajfa-5326	36	4	studies	study	NOUN
ajfa-5326	36	5	focus	focus	VERB
ajfa-5326	36	6	on	on	ADP
ajfa-5326	36	7	market	market	NOUN
ajfa-5326	36	8	participants	participant	NOUN
ajfa-5326	36	9	'	'	PART
ajfa-5326	36	10	herding	herding	NOUN
ajfa-5326	36	11	behavior	behavior	NOUN
ajfa-5326	36	12	of	of	ADP
ajfa-5326	36	13	managers	manager	NOUN
ajfa-5326	36	14	to	to	ADP
ajfa-5326	36	15	analysts	analyst	NOUN
ajfa-5326	36	16	working	work	VERB
ajfa-5326	36	17	in	in	ADP
ajfa-5326	36	18	mutual	mutual	ADJ
ajfa-5326	36	19	fund	fund	NOUN
ajfa-5326	36	20	and	and	CCONJ
ajfa-5326	36	21	institutions	institution	NOUN
ajfa-5326	36	22	.	.	PUNCT
ajfa-5326	37	1	grinblatt	grinblatt	PROPN
ajfa-5326	37	2	,	,	PUNCT
ajfa-5326	37	3	titman	titman	NOUN
ajfa-5326	37	4	and	and	CCONJ
ajfa-5326	37	5	wermers	wermer	NOUN
ajfa-5326	37	6	(	(	PUNCT
ajfa-5326	37	7	1995	1995	NUM
ajfa-5326	37	8	)	)	PUNCT
ajfa-5326	37	9	detected	detect	VERB
ajfa-5326	37	10	obvious	obvious	ADJ
ajfa-5326	37	11	evidence	evidence	NOUN
ajfa-5326	37	12	of	of	ADP
ajfa-5326	37	13	herding	herd	VERB
ajfa-5326	37	14	activity	activity	NOUN
ajfa-5326	37	15	in	in	ADP
ajfa-5326	37	16	mutual	mutual	ADJ
ajfa-5326	37	17	fund	fund	NOUN
ajfa-5326	37	18	markets	market	NOUN
ajfa-5326	37	19	.	.	PUNCT
ajfa-5326	38	1	herd	herd	NOUN
ajfa-5326	38	2	behavior	behavior	NOUN
ajfa-5326	38	3	appeared	appear	VERB
ajfa-5326	38	4	when	when	SCONJ
ajfa-5326	38	5	fund	fund	NOUN
ajfa-5326	38	6	managers	manager	NOUN
ajfa-5326	38	7	flock	flock	VERB
ajfa-5326	38	8	to	to	PART
ajfa-5326	38	9	buy	buy	VERB
ajfa-5326	38	10	shares	share	NOUN
ajfa-5326	38	11	that	that	PRON
ajfa-5326	38	12	can	can	AUX
ajfa-5326	38	13	make	make	VERB
ajfa-5326	38	14	profit	profit	NOUN
ajfa-5326	38	15	.	.	PUNCT
ajfa-5326	39	1	they	they	PRON
ajfa-5326	39	2	confirmed	confirm	VERB
ajfa-5326	39	3	that	that	SCONJ
ajfa-5326	39	4	nearly	nearly	ADV
ajfa-5326	39	5	80	80	NUM
ajfa-5326	39	6	percent	percent	NOUN
ajfa-5326	39	7	of	of	ADP
ajfa-5326	39	8	mutual	mutual	ADJ
ajfa-5326	39	9	fund	fund	NOUN
ajfa-5326	39	10	investors	investor	NOUN
ajfa-5326	39	11	are	be	AUX
ajfa-5326	39	12	momentum	momentum	NOUN
ajfa-5326	39	13	investors	investor	NOUN
ajfa-5326	39	14	,	,	PUNCT
ajfa-5326	39	15	who	who	PRON
ajfa-5326	39	16	try	try	VERB
ajfa-5326	39	17	to	to	PART
ajfa-5326	39	18	buy	buy	VERB
ajfa-5326	39	19	high	high	ADJ
ajfa-5326	39	20	return	return	NOUN
ajfa-5326	39	21	securities	security	NOUN
ajfa-5326	39	22	and	and	CCONJ
ajfa-5326	39	23	sell	sell	VERB
ajfa-5326	39	24	poor	poor	ADJ
ajfa-5326	39	25	return	return	NOUN
ajfa-5326	39	26	ones	one	NOUN
ajfa-5326	39	27	.	.	PUNCT
ajfa-5326	40	1	welch	welch	PROPN
ajfa-5326	40	2	(	(	PUNCT
ajfa-5326	40	3	2000	2000	NUM
ajfa-5326	40	4	)	)	PUNCT
ajfa-5326	40	5	suggested	suggest	VERB
ajfa-5326	40	6	that	that	SCONJ
ajfa-5326	40	7	fundamental	fundamental	ADJ
ajfa-5326	40	8	information	information	NOUN
ajfa-5326	40	9	is	be	AUX
ajfa-5326	40	10	less	less	ADV
ajfa-5326	40	11	likely	likely	ADJ
ajfa-5326	40	12	to	to	PART
ajfa-5326	40	13	lead	lead	VERB
ajfa-5326	40	14	investors	investor	NOUN
ajfa-5326	40	15	to	to	PART
ajfa-5326	40	16	flock	flock	VERB
ajfa-5326	40	17	to	to	ADP
ajfa-5326	40	18	the	the	DET
ajfa-5326	40	19	market	market	NOUN
ajfa-5326	40	20	consensus	consensus	NOUN
ajfa-5326	40	21	.	.	PUNCT
ajfa-5326	41	1	he	he	PRON
ajfa-5326	41	2	also	also	ADV
ajfa-5326	41	3	implied	imply	VERB
ajfa-5326	41	4	that	that	SCONJ
ajfa-5326	41	5	analysts	analyst	NOUN
ajfa-5326	41	6	are	be	AUX
ajfa-5326	41	7	tempted	tempt	VERB
ajfa-5326	41	8	to	to	PART
ajfa-5326	41	9	determine	determine	VERB
ajfa-5326	41	10	to	to	ADP
ajfa-5326	41	11	herd	herd	NOUN
ajfa-5326	41	12	because	because	SCONJ
ajfa-5326	41	13	of	of	ADP
ajfa-5326	41	14	little	little	ADJ
ajfa-5326	41	15	or	or	CCONJ
ajfa-5326	41	16	no	no	PRON
ajfa-5326	41	17	information	information	NOUN
ajfa-5326	41	18	.	.	PUNCT
ajfa-5326	42	1	whereas	whereas	SCONJ
ajfa-5326	42	2	wermers	wermer	NOUN
ajfa-5326	42	3	(	(	PUNCT
ajfa-5326	42	4	1999	1999	NUM
ajfa-5326	42	5	)	)	PUNCT
ajfa-5326	42	6	detected	detect	VERB
ajfa-5326	42	7	asian	asian	ADJ
ajfa-5326	42	8	journal	journal	NOUN
ajfa-5326	42	9	of	of	ADP
ajfa-5326	42	10	finance	finance	PROPN
ajfa-5326	42	11	&	&	CCONJ
ajfa-5326	42	12	accounting	accounting	PROPN
ajfa-5326	42	13	issn	issn	PROPN
ajfa-5326	42	14	1946	1946	NUM
ajfa-5326	42	15	-	-	PUNCT
ajfa-5326	42	16	052x	052x	PROPN
ajfa-5326	42	17	2014	2014	NUM
ajfa-5326	42	18	,	,	PUNCT
ajfa-5326	42	19	vol	vol	NOUN
ajfa-5326	42	20	.	.	PROPN
ajfa-5326	42	21	6	6	NUM
ajfa-5326	42	22	,	,	PUNCT
ajfa-5326	42	23	no	no	INTJ
ajfa-5326	42	24	.	.	NOUN
ajfa-5326	42	25	1	1	NUM
ajfa-5326	42	26	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5326	42	27	466	466	NUM
ajfa-5326	42	28	evidence	evidence	NOUN
ajfa-5326	42	29	of	of	ADP
ajfa-5326	42	30	little	little	ADJ
ajfa-5326	42	31	herding	herding	NOUN
ajfa-5326	42	32	by	by	ADP
ajfa-5326	42	33	mutual	mutual	ADJ
ajfa-5326	42	34	fund	fund	NOUN
ajfa-5326	42	35	managers	manager	NOUN
ajfa-5326	42	36	in	in	ADP
ajfa-5326	42	37	trading	trade	VERB
ajfa-5326	42	38	average	average	ADJ
ajfa-5326	42	39	securities	security	NOUN
ajfa-5326	42	40	,	,	PUNCT
ajfa-5326	42	41	welch	welch	PROPN
ajfa-5326	42	42	found	find	VERB
ajfa-5326	42	43	more	more	ADJ
ajfa-5326	42	44	support	support	NOUN
ajfa-5326	42	45	of	of	ADP
ajfa-5326	42	46	herding	herd	VERB
ajfa-5326	42	47	in	in	ADP
ajfa-5326	42	48	trades	trade	NOUN
ajfa-5326	42	49	of	of	ADP
ajfa-5326	42	50	small	small	ADJ
ajfa-5326	42	51	stocks	stock	NOUN
ajfa-5326	42	52	by	by	ADP
ajfa-5326	42	53	growth	growth	NOUN
ajfa-5326	42	54	-	-	PUNCT
ajfa-5326	42	55	oriented	orient	VERB
ajfa-5326	42	56	funds	fund	NOUN
ajfa-5326	42	57	which	which	PRON
ajfa-5326	42	58	have	have	VERB
ajfa-5326	42	59	plans	plan	NOUN
ajfa-5326	42	60	to	to	PART
ajfa-5326	42	61	get	get	VERB
ajfa-5326	42	62	bigger	big	ADJ
ajfa-5326	42	63	.	.	PUNCT
ajfa-5326	43	1	there	there	PRON
ajfa-5326	43	2	are	be	VERB
ajfa-5326	43	3	several	several	ADJ
ajfa-5326	43	4	empirical	empirical	ADJ
ajfa-5326	43	5	researches	research	NOUN
ajfa-5326	43	6	related	relate	VERB
ajfa-5326	43	7	to	to	ADP
ajfa-5326	43	8	measures	measure	NOUN
ajfa-5326	43	9	which	which	PRON
ajfa-5326	43	10	have	have	AUX
ajfa-5326	43	11	been	be	AUX
ajfa-5326	43	12	developed	develop	VERB
ajfa-5326	43	13	to	to	PART
ajfa-5326	43	14	investigate	investigate	VERB
ajfa-5326	43	15	herd	herd	NOUN
ajfa-5326	43	16	behavior	behavior	NOUN
ajfa-5326	43	17	in	in	ADP
ajfa-5326	43	18	financial	financial	ADJ
ajfa-5326	43	19	market	market	NOUN
ajfa-5326	43	20	.	.	PUNCT
ajfa-5326	44	1	lakonishok	lakonishok	NOUN
ajfa-5326	44	2	,	,	PUNCT
ajfa-5326	44	3	shleifer	shleifer	NOUN
ajfa-5326	44	4	and	and	CCONJ
ajfa-5326	44	5	vishny	vishny	PROPN
ajfa-5326	44	6	(	(	PUNCT
ajfa-5326	44	7	1992	1992	NUM
ajfa-5326	44	8	)	)	PUNCT
ajfa-5326	44	9	detect	detect	VERB
ajfa-5326	44	10	herd	herd	NOUN
ajfa-5326	44	11	by	by	ADP
ajfa-5326	44	12	exploring	explore	VERB
ajfa-5326	44	13	whether	whether	SCONJ
ajfa-5326	44	14	number	number	NOUN
ajfa-5326	44	15	of	of	ADP
ajfa-5326	44	16	money	money	NOUN
ajfa-5326	44	17	managers	manager	NOUN
ajfa-5326	44	18	are	be	AUX
ajfa-5326	44	19	equal	equal	ADJ
ajfa-5326	44	20	in	in	ADP
ajfa-5326	44	21	buying	buy	VERB
ajfa-5326	44	22	and	and	CCONJ
ajfa-5326	44	23	selling	sell	VERB
ajfa-5326	44	24	stock	stock	NOUN
ajfa-5326	44	25	or	or	CCONJ
ajfa-5326	44	26	not	not	PART
ajfa-5326	44	27	.	.	PUNCT
ajfa-5326	45	1	for	for	ADP
ajfa-5326	45	2	example	example	NOUN
ajfa-5326	45	3	,	,	PUNCT
ajfa-5326	45	4	after	after	ADP
ajfa-5326	45	5	finding	find	VERB
ajfa-5326	45	6	out	out	ADP
ajfa-5326	45	7	that	that	SCONJ
ajfa-5326	45	8	in	in	ADP
ajfa-5326	45	9	the	the	DET
ajfa-5326	45	10	market	market	NOUN
ajfa-5326	45	11	70	70	NUM
ajfa-5326	45	12	percent	percent	NOUN
ajfa-5326	45	13	of	of	ADP
ajfa-5326	45	14	money	money	NOUN
ajfa-5326	45	15	managers	manager	NOUN
ajfa-5326	45	16	raised	raise	VERB
ajfa-5326	45	17	their	their	PRON
ajfa-5326	45	18	holding	holding	NOUN
ajfa-5326	45	19	,	,	PUNCT
ajfa-5326	45	20	whereas	whereas	SCONJ
ajfa-5326	45	21	just	just	ADV
ajfa-5326	45	22	30	30	NUM
ajfa-5326	45	23	percent	percent	NOUN
ajfa-5326	45	24	money	money	NOUN
ajfa-5326	45	25	managers	manager	NOUN
ajfa-5326	45	26	declined	decline	VERB
ajfa-5326	45	27	their	their	PRON
ajfa-5326	45	28	holding	holding	NOUN
ajfa-5326	45	29	,	,	PUNCT
ajfa-5326	45	30	they	they	PRON
ajfa-5326	45	31	concluded	conclude	VERB
ajfa-5326	45	32	that	that	SCONJ
ajfa-5326	45	33	herding	herding	NOUN
ajfa-5326	45	34	was	be	AUX
ajfa-5326	45	35	present	present	ADJ
ajfa-5326	45	36	.	.	PUNCT
ajfa-5326	46	1	however	however	ADV
ajfa-5326	46	2	,	,	PUNCT
ajfa-5326	46	3	this	this	DET
ajfa-5326	46	4	measure	measure	NOUN
ajfa-5326	46	5	does	do	AUX
ajfa-5326	46	6	not	not	PART
ajfa-5326	46	7	concern	concern	VERB
ajfa-5326	46	8	the	the	DET
ajfa-5326	46	9	quantity	quantity	NOUN
ajfa-5326	46	10	of	of	ADP
ajfa-5326	46	11	stocks	stock	NOUN
ajfa-5326	46	12	which	which	PRON
ajfa-5326	46	13	are	be	AUX
ajfa-5326	46	14	bought	buy	VERB
ajfa-5326	46	15	or	or	CCONJ
ajfa-5326	46	16	sold	sell	VERB
ajfa-5326	46	17	by	by	ADP
ajfa-5326	46	18	investors	investor	NOUN
ajfa-5326	46	19	.	.	PUNCT
ajfa-5326	47	1	the	the	DET
ajfa-5326	47	2	second	second	ADJ
ajfa-5326	47	3	method	method	NOUN
ajfa-5326	47	4	proposed	propose	VERB
ajfa-5326	47	5	by	by	ADP
ajfa-5326	47	6	christie	christie	PROPN
ajfa-5326	47	7	and	and	CCONJ
ajfa-5326	47	8	huang	huang	PROPN
ajfa-5326	47	9	(	(	PUNCT
ajfa-5326	47	10	1995	1995	NUM
ajfa-5326	47	11	)	)	PUNCT
ajfa-5326	47	12	(	(	PUNCT
ajfa-5326	47	13	henceforth	henceforth	ADV
ajfa-5326	47	14	referred	refer	VERB
ajfa-5326	47	15	as	as	ADP
ajfa-5326	47	16	ch	ch	NOUN
ajfa-5326	47	17	)	)	PUNCT
ajfa-5326	47	18	which	which	PRON
ajfa-5326	47	19	investigates	investigate	VERB
ajfa-5326	47	20	the	the	DET
ajfa-5326	47	21	magnitude	magnitude	NOUN
ajfa-5326	47	22	of	of	ADP
ajfa-5326	47	23	cross	cross	ADJ
ajfa-5326	47	24	-	-	ADJ
ajfa-5326	47	25	sectional	sectional	ADJ
ajfa-5326	47	26	dispersion	dispersion	NOUN
ajfa-5326	47	27	of	of	ADP
ajfa-5326	47	28	individual	individual	ADJ
ajfa-5326	47	29	stock	stock	NOUN
ajfa-5326	47	30	returns	return	NOUN
ajfa-5326	47	31	during	during	ADP
ajfa-5326	47	32	large	large	ADJ
ajfa-5326	47	33	price	price	NOUN
ajfa-5326	47	34	changes	change	NOUN
ajfa-5326	47	35	.	.	PUNCT
ajfa-5326	48	1	if	if	SCONJ
ajfa-5326	48	2	the	the	DET
ajfa-5326	48	3	dispersion	dispersion	NOUN
ajfa-5326	48	4	is	be	AUX
ajfa-5326	48	5	small	small	ADJ
ajfa-5326	48	6	during	during	ADP
ajfa-5326	48	7	the	the	DET
ajfa-5326	48	8	large	large	ADJ
ajfa-5326	48	9	price	price	NOUN
ajfa-5326	48	10	changes	change	NOUN
ajfa-5326	48	11	then	then	ADV
ajfa-5326	48	12	they	they	PRON
ajfa-5326	48	13	suggest	suggest	VERB
ajfa-5326	48	14	that	that	SCONJ
ajfa-5326	48	15	there	there	PRON
ajfa-5326	48	16	is	be	VERB
ajfa-5326	48	17	an	an	DET
ajfa-5326	48	18	evidence	evidence	NOUN
ajfa-5326	48	19	of	of	ADP
ajfa-5326	48	20	herding	herding	NOUN
ajfa-5326	48	21	.	.	PUNCT
ajfa-5326	49	1	after	after	ADP
ajfa-5326	49	2	that	that	PRON
ajfa-5326	49	3	,	,	PUNCT
ajfa-5326	49	4	chang	chang	PROPN
ajfa-5326	49	5	,	,	PUNCT
ajfa-5326	49	6	cheng	cheng	PROPN
ajfa-5326	49	7	and	and	CCONJ
ajfa-5326	49	8	khorana	khorana	PROPN
ajfa-5326	49	9	(	(	PUNCT
ajfa-5326	49	10	2000	2000	NUM
ajfa-5326	49	11	)	)	PUNCT
ajfa-5326	49	12	(	(	PUNCT
ajfa-5326	49	13	henceforth	henceforth	ADV
ajfa-5326	49	14	referred	refer	VERB
ajfa-5326	49	15	as	as	ADP
ajfa-5326	49	16	cck	cck	NOUN
ajfa-5326	49	17	)	)	PUNCT
ajfa-5326	49	18	introduced	introduce	VERB
ajfa-5326	49	19	another	another	DET
ajfa-5326	49	20	method	method	NOUN
ajfa-5326	49	21	to	to	PART
ajfa-5326	49	22	detect	detect	VERB
ajfa-5326	49	23	herd	herd	NOUN
ajfa-5326	49	24	using	use	VERB
ajfa-5326	49	25	the	the	DET
ajfa-5326	49	26	relationship	relationship	NOUN
ajfa-5326	49	27	between	between	ADP
ajfa-5326	49	28	dispersion	dispersion	NOUN
ajfa-5326	49	29	of	of	ADP
ajfa-5326	49	30	market	market	NOUN
ajfa-5326	49	31	return	return	NOUN
ajfa-5326	49	32	and	and	CCONJ
ajfa-5326	49	33	market	market	NOUN
ajfa-5326	49	34	return	return	NOUN
ajfa-5326	49	35	.	.	PUNCT
ajfa-5326	50	1	in	in	ADP
ajfa-5326	50	2	this	this	DET
ajfa-5326	50	3	method	method	NOUN
ajfa-5326	50	4	,	,	PUNCT
ajfa-5326	50	5	the	the	DET
ajfa-5326	50	6	dispersion	dispersion	NOUN
ajfa-5326	50	7	is	be	AUX
ajfa-5326	50	8	represented	represent	VERB
ajfa-5326	50	9	by	by	ADP
ajfa-5326	50	10	cross	cross	ADJ
ajfa-5326	50	11	-	-	ADJ
ajfa-5326	50	12	sectional	sectional	ADJ
ajfa-5326	50	13	absolute	absolute	ADJ
ajfa-5326	50	14	deviation	deviation	NOUN
ajfa-5326	50	15	.	.	PUNCT
ajfa-5326	51	1	hwang	hwang	PROPN
ajfa-5326	51	2	and	and	CCONJ
ajfa-5326	51	3	salmon	salmon	NOUN
ajfa-5326	51	4	(	(	PUNCT
ajfa-5326	51	5	2004	2004	NUM
ajfa-5326	51	6	,	,	PUNCT
ajfa-5326	51	7	2011	2011	NUM
ajfa-5326	51	8	)	)	PUNCT
ajfa-5326	51	9	created	create	VERB
ajfa-5326	51	10	and	and	CCONJ
ajfa-5326	51	11	developed	develop	VERB
ajfa-5326	51	12	a	a	DET
ajfa-5326	51	13	model	model	NOUN
ajfa-5326	51	14	based	base	VERB
ajfa-5326	51	15	on	on	ADP
ajfa-5326	51	16	capital	capital	NOUN
ajfa-5326	51	17	asset	asset	NOUN
ajfa-5326	51	18	pricing	pricing	NOUN
ajfa-5326	51	19	model	model	NOUN
ajfa-5326	51	20	to	to	PART
ajfa-5326	51	21	detect	detect	VERB
ajfa-5326	51	22	and	and	CCONJ
ajfa-5326	51	23	measure	measure	VERB
ajfa-5326	51	24	a	a	DET
ajfa-5326	51	25	herd	herd	NOUN
ajfa-5326	51	26	’s	’s	PART
ajfa-5326	51	27	magnitude	magnitude	NOUN
ajfa-5326	51	28	.	.	PUNCT
ajfa-5326	52	1	hwang	hwang	PROPN
ajfa-5326	52	2	and	and	CCONJ
ajfa-5326	52	3	salmon	salmon	NOUN
ajfa-5326	52	4	(	(	PUNCT
ajfa-5326	52	5	2004	2004	NUM
ajfa-5326	52	6	,	,	PUNCT
ajfa-5326	52	7	2011	2011	NUM
ajfa-5326	52	8	)	)	PUNCT
ajfa-5326	52	9	suggested	suggest	VERB
ajfa-5326	52	10	a	a	DET
ajfa-5326	52	11	model	model	NOUN
ajfa-5326	52	12	based	base	VERB
ajfa-5326	52	13	on	on	ADP
ajfa-5326	52	14	the	the	DET
ajfa-5326	52	15	change	change	NOUN
ajfa-5326	52	16	of	of	ADP
ajfa-5326	52	17	stock	stock	NOUN
ajfa-5326	52	18	betas	beta	NOUN
ajfa-5326	52	19	from	from	ADP
ajfa-5326	52	20	their	their	PRON
ajfa-5326	52	21	equilibrium	equilibrium	NOUN
ajfa-5326	52	22	to	to	PART
ajfa-5326	52	23	measure	measure	VERB
ajfa-5326	52	24	the	the	DET
ajfa-5326	52	25	herd	herd	NOUN
ajfa-5326	52	26	behavior	behavior	NOUN
ajfa-5326	52	27	level	level	NOUN
ajfa-5326	52	28	.	.	PUNCT
ajfa-5326	53	1	they	they	PRON
ajfa-5326	53	2	used	use	VERB
ajfa-5326	53	3	cross	cross	ADJ
ajfa-5326	53	4	-	-	ADJ
ajfa-5326	53	5	sectional	sectional	ADJ
ajfa-5326	53	6	betas	beta	NOUN
ajfa-5326	53	7	of	of	ADP
ajfa-5326	53	8	assets	asset	NOUN
ajfa-5326	53	9	to	to	PART
ajfa-5326	53	10	measure	measure	VERB
ajfa-5326	53	11	herding	herd	VERB
ajfa-5326	53	12	.	.	PUNCT
ajfa-5326	54	1	with	with	ADP
ajfa-5326	54	2	this	this	DET
ajfa-5326	54	3	method	method	NOUN
ajfa-5326	54	4	,	,	PUNCT
ajfa-5326	54	5	they	they	PRON
ajfa-5326	54	6	observed	observe	VERB
ajfa-5326	54	7	herding	herding	NOUN
ajfa-5326	54	8	behavior	behavior	NOUN
ajfa-5326	54	9	in	in	ADP
ajfa-5326	54	10	the	the	DET
ajfa-5326	54	11	stock	stock	NOUN
ajfa-5326	54	12	markets	market	NOUN
ajfa-5326	54	13	of	of	ADP
ajfa-5326	54	14	the	the	DET
ajfa-5326	54	15	united	united	PROPN
ajfa-5326	54	16	states	states	PROPN
ajfa-5326	54	17	,	,	PUNCT
ajfa-5326	54	18	united	united	ADJ
ajfa-5326	54	19	kingdom	kingdom	PROPN
ajfa-5326	54	20	,	,	PUNCT
ajfa-5326	54	21	and	and	CCONJ
ajfa-5326	54	22	south	south	PROPN
ajfa-5326	54	23	korea	korea	PROPN
ajfa-5326	54	24	.	.	PUNCT
ajfa-5326	55	1	they	they	PRON
ajfa-5326	55	2	found	find	VERB
ajfa-5326	55	3	beta	beta	ADJ
ajfa-5326	55	4	herding	herding	NOUN
ajfa-5326	55	5	when	when	SCONJ
ajfa-5326	55	6	investors	investor	NOUN
ajfa-5326	55	7	believed	believe	VERB
ajfa-5326	55	8	that	that	SCONJ
ajfa-5326	55	9	they	they	PRON
ajfa-5326	55	10	know	know	VERB
ajfa-5326	55	11	where	where	SCONJ
ajfa-5326	55	12	the	the	DET
ajfa-5326	55	13	market	market	NOUN
ajfa-5326	55	14	is	be	AUX
ajfa-5326	55	15	herding	herd	VERB
ajfa-5326	55	16	rather	rather	ADV
ajfa-5326	55	17	than	than	ADP
ajfa-5326	55	18	when	when	SCONJ
ajfa-5326	55	19	the	the	DET
ajfa-5326	55	20	market	market	NOUN
ajfa-5326	55	21	is	be	AUX
ajfa-5326	55	22	in	in	ADP
ajfa-5326	55	23	crisis	crisis	NOUN
ajfa-5326	55	24	.	.	PUNCT
ajfa-5326	56	1	this	this	DET
ajfa-5326	56	2	model	model	NOUN
ajfa-5326	56	3	also	also	ADV
ajfa-5326	56	4	allows	allow	VERB
ajfa-5326	56	5	us	we	PRON
ajfa-5326	56	6	to	to	PART
ajfa-5326	56	7	add	add	VERB
ajfa-5326	56	8	other	other	ADJ
ajfa-5326	56	9	variables	variable	NOUN
ajfa-5326	56	10	in	in	ADP
ajfa-5326	56	11	order	order	NOUN
ajfa-5326	56	12	to	to	PART
ajfa-5326	56	13	test	test	VERB
ajfa-5326	56	14	steadiness	steadiness	NOUN
ajfa-5326	56	15	or	or	CCONJ
ajfa-5326	56	16	measure	measure	VERB
ajfa-5326	56	17	the	the	DET
ajfa-5326	56	18	effects	effect	NOUN
ajfa-5326	56	19	of	of	ADP
ajfa-5326	56	20	other	other	ADJ
ajfa-5326	56	21	factors	factor	NOUN
ajfa-5326	56	22	.	.	PUNCT
ajfa-5326	57	1	nevertheless	nevertheless	ADV
ajfa-5326	57	2	,	,	PUNCT
ajfa-5326	57	3	it	it	PRON
ajfa-5326	57	4	is	be	AUX
ajfa-5326	57	5	not	not	PART
ajfa-5326	57	6	easy	easy	ADJ
ajfa-5326	57	7	to	to	PART
ajfa-5326	57	8	obtain	obtain	VERB
ajfa-5326	57	9	expected	expect	VERB
ajfa-5326	57	10	results	result	NOUN
ajfa-5326	57	11	using	use	VERB
ajfa-5326	57	12	hwang	hwang	PROPN
ajfa-5326	57	13	and	and	CCONJ
ajfa-5326	57	14	salmon	salmon	PROPN
ajfa-5326	57	15	’s	’s	PART
ajfa-5326	57	16	method	method	NOUN
ajfa-5326	57	17	due	due	ADP
ajfa-5326	57	18	to	to	ADP
ajfa-5326	57	19	insignificant	insignificant	ADJ
ajfa-5326	57	20	coefficients	coefficient	NOUN
ajfa-5326	57	21	.	.	PUNCT
ajfa-5326	58	1	in	in	ADP
ajfa-5326	58	2	addition	addition	NOUN
ajfa-5326	58	3	,	,	PUNCT
ajfa-5326	58	4	methods	method	NOUN
ajfa-5326	58	5	of	of	ADP
ajfa-5326	58	6	christie	christie	PROPN
ajfa-5326	58	7	and	and	CCONJ
ajfa-5326	58	8	huang	huang	PROPN
ajfa-5326	58	9	(	(	PUNCT
ajfa-5326	58	10	1995	1995	NUM
ajfa-5326	58	11	)	)	PUNCT
ajfa-5326	58	12	and	and	CCONJ
ajfa-5326	58	13	chang	chang	PROPN
ajfa-5326	58	14	et	et	PROPN
ajfa-5326	58	15	al	al	PROPN
ajfa-5326	58	16	.	.	PROPN
ajfa-5326	59	1	(	(	PUNCT
ajfa-5326	59	2	2000	2000	NUM
ajfa-5326	59	3	)	)	PUNCT
ajfa-5326	59	4	still	still	ADV
ajfa-5326	59	5	have	have	VERB
ajfa-5326	59	6	their	their	PRON
ajfa-5326	59	7	model	model	NOUN
ajfa-5326	59	8	’s	’s	PART
ajfa-5326	59	9	disadvantages	disadvantage	NOUN
ajfa-5326	59	10	.	.	PUNCT
ajfa-5326	60	1	consequently	consequently	ADV
ajfa-5326	60	2	,	,	PUNCT
ajfa-5326	60	3	a	a	DET
ajfa-5326	60	4	new	new	ADJ
ajfa-5326	60	5	method	method	NOUN
ajfa-5326	60	6	with	with	ADP
ajfa-5326	60	7	a	a	DET
ajfa-5326	60	8	probability	probability	NOUN
ajfa-5326	60	9	approach	approach	NOUN
ajfa-5326	60	10	to	to	PART
ajfa-5326	60	11	detect	detect	VERB
ajfa-5326	60	12	herding	herding	NOUN
ajfa-5326	60	13	is	be	AUX
ajfa-5326	60	14	offered	offer	VERB
ajfa-5326	60	15	.	.	PUNCT
ajfa-5326	61	1	the	the	DET
ajfa-5326	61	2	new	new	ADJ
ajfa-5326	61	3	method	method	NOUN
ajfa-5326	61	4	will	will	AUX
ajfa-5326	61	5	be	be	AUX
ajfa-5326	61	6	applied	apply	VERB
ajfa-5326	61	7	to	to	PART
ajfa-5326	61	8	test	test	VERB
ajfa-5326	61	9	herd	herd	NOUN
ajfa-5326	61	10	behavior	behavior	NOUN
ajfa-5326	61	11	of	of	ADP
ajfa-5326	61	12	vietnamese	vietnamese	ADJ
ajfa-5326	61	13	stock	stock	NOUN
ajfa-5326	61	14	market	market	NOUN
ajfa-5326	61	15	.	.	PUNCT
ajfa-5326	62	1	its	its	PRON
ajfa-5326	62	2	empirical	empirical	ADJ
ajfa-5326	62	3	results	result	NOUN
ajfa-5326	62	4	will	will	AUX
ajfa-5326	62	5	be	be	AUX
ajfa-5326	62	6	taken	take	VERB
ajfa-5326	62	7	to	to	PART
ajfa-5326	62	8	compare	compare	VERB
ajfa-5326	62	9	with	with	ADP
ajfa-5326	62	10	the	the	DET
ajfa-5326	62	11	results	result	NOUN
ajfa-5326	62	12	in	in	ADP
ajfa-5326	62	13	christie	christie	PROPN
ajfa-5326	62	14	and	and	CCONJ
ajfa-5326	62	15	huang	huang	PROPN
ajfa-5326	62	16	(	(	PUNCT
ajfa-5326	62	17	1995	1995	NUM
ajfa-5326	62	18	)	)	PUNCT
ajfa-5326	62	19	and	and	CCONJ
ajfa-5326	62	20	chang	chang	PROPN
ajfa-5326	62	21	et	et	PROPN
ajfa-5326	62	22	al	al	PROPN
ajfa-5326	62	23	.	.	PROPN
ajfa-5326	63	1	(	(	PUNCT
ajfa-5326	63	2	2000	2000	NUM
ajfa-5326	63	3	)	)	PUNCT
ajfa-5326	63	4	’s	’s	PART
ajfa-5326	63	5	research	research	NOUN
ajfa-5326	63	6	works	work	NOUN
ajfa-5326	63	7	.	.	PUNCT
ajfa-5326	64	1	3	3	X
ajfa-5326	64	2	.	.	X
ajfa-5326	64	3	method	method	NOUN
ajfa-5326	64	4	in	in	ADP
ajfa-5326	64	5	order	order	NOUN
ajfa-5326	64	6	to	to	PART
ajfa-5326	64	7	comprehend	comprehend	VERB
ajfa-5326	64	8	these	these	DET
ajfa-5326	64	9	three	three	NUM
ajfa-5326	64	10	methods	method	NOUN
ajfa-5326	64	11	as	as	ADV
ajfa-5326	64	12	well	well	ADV
ajfa-5326	64	13	as	as	ADP
ajfa-5326	64	14	compare	compare	VERB
ajfa-5326	64	15	empirical	empirical	ADJ
ajfa-5326	64	16	results	result	NOUN
ajfa-5326	64	17	,	,	PUNCT
ajfa-5326	64	18	basic	basic	ADJ
ajfa-5326	64	19	principles	principle	NOUN
ajfa-5326	64	20	of	of	ADP
ajfa-5326	64	21	the	the	DET
ajfa-5326	64	22	methods	method	NOUN
ajfa-5326	64	23	used	use	VERB
ajfa-5326	64	24	to	to	PART
ajfa-5326	64	25	detect	detect	VERB
ajfa-5326	64	26	herd	herd	NOUN
ajfa-5326	64	27	are	be	AUX
ajfa-5326	64	28	translated	translate	VERB
ajfa-5326	64	29	as	as	SCONJ
ajfa-5326	64	30	follows	follow	VERB
ajfa-5326	64	31	.	.	PUNCT
ajfa-5326	65	1	3.1	3.1	NUM
ajfa-5326	65	2	.	.	PUNCT
ajfa-5326	65	3	method	method	NOUN
ajfa-5326	65	4	of	of	ADP
ajfa-5326	65	5	christie	christie	PROPN
ajfa-5326	65	6	and	and	CCONJ
ajfa-5326	65	7	huang	huang	PROPN
ajfa-5326	65	8	(	(	PUNCT
ajfa-5326	65	9	1995	1995	NUM
ajfa-5326	65	10	)	)	PUNCT
ajfa-5326	65	11	christie	christie	PROPN
ajfa-5326	65	12	and	and	CCONJ
ajfa-5326	65	13	huang	huang	PROPN
ajfa-5326	65	14	(	(	PUNCT
ajfa-5326	65	15	1995	1995	NUM
ajfa-5326	65	16	)	)	PUNCT
ajfa-5326	65	17	or	or	CCONJ
ajfa-5326	65	18	ch	ch	NOUN
ajfa-5326	65	19	(	(	PUNCT
ajfa-5326	65	20	1995	1995	NUM
ajfa-5326	65	21	)	)	PUNCT
ajfa-5326	65	22	used	use	VERB
ajfa-5326	65	23	the	the	DET
ajfa-5326	65	24	cross	cross	ADJ
ajfa-5326	65	25	-	-	ADJ
ajfa-5326	65	26	sectional	sectional	ADJ
ajfa-5326	65	27	standard	standard	ADJ
ajfa-5326	65	28	deviation	deviation	NOUN
ajfa-5326	65	29	(	(	PUNCT
ajfa-5326	65	30	cssd	cssd	NOUN
ajfa-5326	65	31	)	)	PUNCT
ajfa-5326	65	32	of	of	ADP
ajfa-5326	65	33	single	single	ADJ
ajfa-5326	65	34	stock	stock	NOUN
ajfa-5326	65	35	returns	return	NOUN
ajfa-5326	65	36	concerning	concern	VERB
ajfa-5326	65	37	market	market	NOUN
ajfa-5326	65	38	returns	return	NOUN
ajfa-5326	65	39	.	.	PUNCT
ajfa-5326	66	1	the	the	DET
ajfa-5326	66	2	cssd	cssd	NOUN
ajfa-5326	66	3	is	be	AUX
ajfa-5326	66	4	calculated	calculate	VERB
ajfa-5326	66	5	by	by	ADP
ajfa-5326	66	6	the	the	DET
ajfa-5326	66	7	formula	formula	NOUN
ajfa-5326	66	8	as	as	ADP
ajfa-5326	66	9	:	:	PUNCT
ajfa-5326	66	10			NOUN
ajfa-5326	66	11	2	2	NOUN
ajfa-5326	66	12	,	,	PUNCT
ajfa-5326	66	13	,	,	PUNCT
ajfa-5326	66	14	1	1	NUM
ajfa-5326	66	15	1	1	NUM
ajfa-5326	66	16	n	n	NUM
ajfa-5326	67	1	i	i	PRON
ajfa-5326	67	2	t	t	PROPN
ajfa-5326	67	3	m	m	VERB
ajfa-5326	67	4	t	t	NOUN
ajfa-5326	68	1	i	i	PRON
ajfa-5326	68	2	t	t	NOUN
ajfa-5326	68	3	r	r	NOUN
ajfa-5326	68	4	r	r	NOUN
ajfa-5326	68	5	cssd	cssd	NOUN
ajfa-5326	68	6	n	n	CCONJ
ajfa-5326	68	7			PROPN
ajfa-5326	68	8			PROPN
ajfa-5326	68	9			PROPN
ajfa-5326	68	10			PROPN
ajfa-5326	68	11			X
ajfa-5326	68	12	(	(	PUNCT
ajfa-5326	68	13	1	1	X
ajfa-5326	68	14	)	)	PUNCT
ajfa-5326	68	15	where	where	SCONJ
ajfa-5326	68	16	cssdt	cssdt	NOUN
ajfa-5326	68	17	is	be	AUX
ajfa-5326	68	18	the	the	DET
ajfa-5326	68	19	cross	cross	ADJ
ajfa-5326	68	20	-	-	ADJ
ajfa-5326	68	21	sectional	sectional	ADJ
ajfa-5326	68	22	standard	standard	ADJ
ajfa-5326	68	23	deviation	deviation	NOUN
ajfa-5326	68	24	of	of	ADP
ajfa-5326	68	25	market	market	NOUN
ajfa-5326	68	26	return	return	NOUN
ajfa-5326	68	27	at	at	ADP
ajfa-5326	68	28	time	time	NOUN
ajfa-5326	68	29	t.	t.	PROPN
ajfa-5326	68	30	ri	ri	PROPN
ajfa-5326	68	31	,	,	PUNCT
ajfa-5326	68	32	t	t	PROPN
ajfa-5326	68	33	is	be	AUX
ajfa-5326	68	34	observed	observe	VERB
ajfa-5326	68	35	stock	stock	NOUN
ajfa-5326	68	36	return	return	NOUN
ajfa-5326	68	37	of	of	ADP
ajfa-5326	68	38	company	company	NOUN
ajfa-5326	68	39	i	i	PRON
ajfa-5326	68	40	at	at	ADP
ajfa-5326	68	41	time	time	NOUN
ajfa-5326	68	42	t.	t.	PROPN
ajfa-5326	68	43	,	,	PUNCT
ajfa-5326	68	44	m	m	VERB
ajfa-5326	68	45	tr	tr	VERB
ajfa-5326	68	46	is	be	AUX
ajfa-5326	68	47	the	the	DET
ajfa-5326	68	48	cross	cross	ADJ
ajfa-5326	68	49	-	-	ADJ
ajfa-5326	68	50	sectional	sectional	ADJ
ajfa-5326	68	51	average	average	ADJ
ajfa-5326	68	52	return	return	NOUN
ajfa-5326	68	53	of	of	ADP
ajfa-5326	68	54	the	the	DET
ajfa-5326	68	55	n	n	PRON
ajfa-5326	68	56	stock	stock	NOUN
ajfa-5326	68	57	returns	return	NOUN
ajfa-5326	68	58	in	in	ADP
ajfa-5326	68	59	the	the	DET
ajfa-5326	68	60	stock	stock	NOUN
ajfa-5326	68	61	market	market	NOUN
ajfa-5326	68	62	at	at	ADP
ajfa-5326	68	63	time	time	NOUN
ajfa-5326	68	64	t.	t.	PROPN
ajfa-5326	68	65	n	n	PROPN
ajfa-5326	68	66	is	be	AUX
ajfa-5326	68	67	the	the	DET
ajfa-5326	68	68	number	number	NOUN
ajfa-5326	68	69	of	of	ADP
ajfa-5326	68	70	stocks	stock	NOUN
ajfa-5326	68	71	in	in	ADP
ajfa-5326	68	72	the	the	DET
ajfa-5326	68	73	market	market	NOUN
ajfa-5326	68	74	asian	asian	ADJ
ajfa-5326	68	75	journal	journal	NOUN
ajfa-5326	68	76	of	of	ADP
ajfa-5326	68	77	finance	finance	PROPN
ajfa-5326	68	78	&	&	CCONJ
ajfa-5326	68	79	accounting	accounting	PROPN
ajfa-5326	68	80	issn	issn	PROPN
ajfa-5326	68	81	1946	1946	NUM
ajfa-5326	68	82	-	-	PUNCT
ajfa-5326	68	83	052x	052x	PROPN
ajfa-5326	68	84	2014	2014	NUM
ajfa-5326	68	85	,	,	PUNCT
ajfa-5326	68	86	vol	vol	NOUN
ajfa-5326	68	87	.	.	PROPN
ajfa-5326	68	88	6	6	NUM
ajfa-5326	68	89	,	,	PUNCT
ajfa-5326	68	90	no	no	INTJ
ajfa-5326	68	91	.	.	NOUN
ajfa-5326	68	92	1	1	NUM
ajfa-5326	68	93	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5326	68	94	467	467	NUM
ajfa-5326	68	95	portfolio	portfolio	NOUN
ajfa-5326	68	96	.	.	PUNCT
ajfa-5326	69	1	in	in	ADP
ajfa-5326	69	2	other	other	ADJ
ajfa-5326	69	3	words	word	NOUN
ajfa-5326	69	4	,	,	PUNCT
ajfa-5326	69	5	cssdt	cssdt	NOUN
ajfa-5326	69	6	is	be	AUX
ajfa-5326	69	7	the	the	DET
ajfa-5326	69	8	standard	standard	ADJ
ajfa-5326	69	9	deviation	deviation	NOUN
ajfa-5326	69	10	of	of	ADP
ajfa-5326	69	11	stocks	stock	NOUN
ajfa-5326	69	12	’	'	PUNCT
ajfa-5326	69	13	returns	return	NOUN
ajfa-5326	69	14	at	at	ADP
ajfa-5326	69	15	time	time	NOUN
ajfa-5326	69	16	t	t	NOUN
ajfa-5326	69	17	in	in	ADP
ajfa-5326	69	18	the	the	DET
ajfa-5326	69	19	stock	stock	NOUN
ajfa-5326	69	20	market	market	NOUN
ajfa-5326	69	21	when	when	SCONJ
ajfa-5326	69	22	we	we	PRON
ajfa-5326	69	23	consider	consider	VERB
ajfa-5326	69	24	the	the	DET
ajfa-5326	69	25	stock	stock	NOUN
ajfa-5326	69	26	market	market	NOUN
ajfa-5326	69	27	is	be	AUX
ajfa-5326	69	28	a	a	DET
ajfa-5326	69	29	sample	sample	NOUN
ajfa-5326	69	30	.	.	PUNCT
ajfa-5326	70	1	ch	ch	NOUN
ajfa-5326	70	2	(	(	PUNCT
ajfa-5326	70	3	1995	1995	NUM
ajfa-5326	70	4	)	)	PUNCT
ajfa-5326	70	5	also	also	ADV
ajfa-5326	70	6	stated	state	VERB
ajfa-5326	70	7	that	that	SCONJ
ajfa-5326	70	8	rational	rational	ADJ
ajfa-5326	70	9	asset	asset	NOUN
ajfa-5326	70	10	pricing	pricing	NOUN
ajfa-5326	70	11	models	model	NOUN
ajfa-5326	70	12	forecast	forecast	VERB
ajfa-5326	70	13	that	that	DET
ajfa-5326	70	14	dispersion	dispersion	NOUN
ajfa-5326	70	15	will	will	AUX
ajfa-5326	70	16	go	go	VERB
ajfa-5326	70	17	up	up	ADP
ajfa-5326	70	18	with	with	ADP
ajfa-5326	70	19	the	the	DET
ajfa-5326	70	20	absolute	absolute	ADJ
ajfa-5326	70	21	value	value	NOUN
ajfa-5326	70	22	of	of	ADP
ajfa-5326	70	23	the	the	DET
ajfa-5326	70	24	market	market	NOUN
ajfa-5326	70	25	return	return	NOUN
ajfa-5326	70	26	.	.	PUNCT
ajfa-5326	71	1	it	it	PRON
ajfa-5326	71	2	is	be	AUX
ajfa-5326	71	3	because	because	SCONJ
ajfa-5326	71	4	individual	individual	ADJ
ajfa-5326	71	5	stocks	stock	NOUN
ajfa-5326	71	6	differ	differ	VERB
ajfa-5326	71	7	in	in	ADP
ajfa-5326	71	8	their	their	PRON
ajfa-5326	71	9	sensitivity	sensitivity	NOUN
ajfa-5326	71	10	to	to	ADP
ajfa-5326	71	11	the	the	DET
ajfa-5326	71	12	market	market	NOUN
ajfa-5326	71	13	return	return	NOUN
ajfa-5326	71	14	.	.	PUNCT
ajfa-5326	72	1	ch	ch	NOUN
ajfa-5326	72	2	(	(	PUNCT
ajfa-5326	72	3	1995	1995	NUM
ajfa-5326	72	4	)	)	PUNCT
ajfa-5326	72	5	proposed	propose	VERB
ajfa-5326	72	6	that	that	SCONJ
ajfa-5326	72	7	in	in	ADP
ajfa-5326	72	8	the	the	DET
ajfa-5326	72	9	extreme	extreme	ADJ
ajfa-5326	72	10	market	market	NOUN
ajfa-5326	72	11	movements	movement	NOUN
ajfa-5326	72	12	(	(	PUNCT
ajfa-5326	72	13	up	up	ADV
ajfa-5326	72	14	or	or	CCONJ
ajfa-5326	72	15	down	down	ADV
ajfa-5326	72	16	)	)	PUNCT
ajfa-5326	72	17	individual	individual	ADJ
ajfa-5326	72	18	investors	investor	NOUN
ajfa-5326	72	19	are	be	AUX
ajfa-5326	72	20	highly	highly	ADV
ajfa-5326	72	21	probable	probable	ADJ
ajfa-5326	72	22	to	to	PART
ajfa-5326	72	23	follow	follow	VERB
ajfa-5326	72	24	the	the	DET
ajfa-5326	72	25	market	market	NOUN
ajfa-5326	72	26	consensus	consensus	NOUN
ajfa-5326	72	27	.	.	PUNCT
ajfa-5326	73	1	they	they	PRON
ajfa-5326	73	2	wanted	want	VERB
ajfa-5326	73	3	to	to	PART
ajfa-5326	73	4	do	do	VERB
ajfa-5326	73	5	an	an	DET
ajfa-5326	73	6	empirical	empirical	ADJ
ajfa-5326	73	7	test	test	NOUN
ajfa-5326	73	8	in	in	ADP
ajfa-5326	73	9	order	order	NOUN
ajfa-5326	73	10	to	to	PART
ajfa-5326	73	11	find	find	VERB
ajfa-5326	73	12	out	out	ADP
ajfa-5326	73	13	whether	whether	SCONJ
ajfa-5326	73	14	asset	asset	NOUN
ajfa-5326	73	15	return	return	NOUN
ajfa-5326	73	16	spreads	spread	NOUN
ajfa-5326	73	17	during	during	ADP
ajfa-5326	73	18	extremely	extremely	ADV
ajfa-5326	73	19	bullish	bullish	ADJ
ajfa-5326	73	20	and	and	CCONJ
ajfa-5326	73	21	bearish	bearish	ADJ
ajfa-5326	73	22	periods	period	NOUN
ajfa-5326	73	23	are	be	AUX
ajfa-5326	73	24	significantly	significantly	ADV
ajfa-5326	73	25	lower	low	ADJ
ajfa-5326	73	26	than	than	ADP
ajfa-5326	73	27	in	in	ADP
ajfa-5326	73	28	average	average	ADJ
ajfa-5326	73	29	.	.	PUNCT
ajfa-5326	74	1	therefore	therefore	ADV
ajfa-5326	74	2	,	,	PUNCT
ajfa-5326	74	3	they	they	PRON
ajfa-5326	74	4	estimated	estimate	VERB
ajfa-5326	74	5	this	this	DET
ajfa-5326	74	6	difference	difference	NOUN
ajfa-5326	74	7	through	through	ADP
ajfa-5326	74	8	the	the	DET
ajfa-5326	74	9	following	follow	VERB
ajfa-5326	74	10	formula	formula	NOUN
ajfa-5326	74	11	:	:	PUNCT
ajfa-5326	75	1	l	l	X
ajfa-5326	75	2	l	l	PUNCT
ajfa-5326	75	3	u	u	X
ajfa-5326	75	4	u	u	NOUN
ajfa-5326	75	5	t	t	PROPN
ajfa-5326	75	6	t	t	PROPN
ajfa-5326	75	7	t	t	PROPN
ajfa-5326	75	8	tcssd	tcssd	PROPN
ajfa-5326	76	1	d	d	INTJ
ajfa-5326	76	2	d	d	ADV
ajfa-5326	76	3			PROPN
ajfa-5326	76	4			PROPN
ajfa-5326	76	5			PROPN
ajfa-5326	76	6			ADV
ajfa-5326	76	7			PUNCT
ajfa-5326	76	8			X
ajfa-5326	76	9	(	(	PUNCT
ajfa-5326	76	10	2	2	NUM
ajfa-5326	76	11	)	)	PUNCT
ajfa-5326	76	12	dt	dt	NOUN
ajfa-5326	77	1	l	l	NOUN
ajfa-5326	77	2	and	and	CCONJ
ajfa-5326	77	3	dt	dt	X
ajfa-5326	77	4	u	u	NOUN
ajfa-5326	77	5	are	be	AUX
ajfa-5326	77	6	dummy	dummy	ADJ
ajfa-5326	77	7	variables	variable	NOUN
ajfa-5326	77	8	.	.	PUNCT
ajfa-5326	78	1	dt	dt	PUNCT
ajfa-5326	79	1	l	l	NOUN
ajfa-5326	79	2	=	=	PUNCT
ajfa-5326	79	3	1	1	NUM
ajfa-5326	79	4	if	if	SCONJ
ajfa-5326	79	5	the	the	DET
ajfa-5326	79	6	market	market	NOUN
ajfa-5326	79	7	return	return	NOUN
ajfa-5326	79	8	of	of	ADP
ajfa-5326	79	9	day	day	NOUN
ajfa-5326	79	10	t	t	PROPN
ajfa-5326	79	11	belongs	belong	VERB
ajfa-5326	79	12	to	to	ADP
ajfa-5326	79	13	the	the	DET
ajfa-5326	79	14	intense	intense	ADJ
ajfa-5326	79	15	lower	low	ADJ
ajfa-5326	79	16	tail	tail	NOUN
ajfa-5326	79	17	of	of	ADP
ajfa-5326	79	18	the	the	DET
ajfa-5326	79	19	market	market	NOUN
ajfa-5326	79	20	return	return	NOUN
ajfa-5326	79	21	distribution	distribution	NOUN
ajfa-5326	79	22	and	and	CCONJ
ajfa-5326	79	23	of	of	ADP
ajfa-5326	79	24	course	course	NOUN
ajfa-5326	79	25	dt	dt	X
ajfa-5326	79	26	l	l	NOUN
ajfa-5326	79	27	=	=	PUNCT
ajfa-5326	79	28	0	0	PUNCT
ajfa-5326	79	29	if	if	SCONJ
ajfa-5326	79	30	not	not	PART
ajfa-5326	79	31	.	.	PUNCT
ajfa-5326	80	1	dt	dt	PUNCT
ajfa-5326	81	1	u	u	NOUN
ajfa-5326	81	2	=	=	NOUN
ajfa-5326	81	3	1	1	NUM
ajfa-5326	81	4	when	when	SCONJ
ajfa-5326	81	5	the	the	DET
ajfa-5326	81	6	market	market	NOUN
ajfa-5326	81	7	return	return	NOUN
ajfa-5326	81	8	of	of	ADP
ajfa-5326	81	9	day	day	NOUN
ajfa-5326	81	10	t	t	PROPN
ajfa-5326	81	11	lies	lie	VERB
ajfa-5326	81	12	in	in	ADP
ajfa-5326	81	13	the	the	DET
ajfa-5326	81	14	intense	intense	ADJ
ajfa-5326	81	15	upper	upper	ADJ
ajfa-5326	81	16	tail	tail	NOUN
ajfa-5326	81	17	of	of	ADP
ajfa-5326	81	18	the	the	DET
ajfa-5326	81	19	market	market	NOUN
ajfa-5326	81	20	distribution	distribution	NOUN
ajfa-5326	81	21	and	and	CCONJ
ajfa-5326	81	22	dt	dt	X
ajfa-5326	81	23	u	u	NOUN
ajfa-5326	81	24	=	=	NOUN
ajfa-5326	81	25	0	0	NUM
ajfa-5326	82	1	otherwise	otherwise	ADV
ajfa-5326	82	2	.	.	PUNCT
ajfa-5326	83	1	these	these	DET
ajfa-5326	83	2	variables	variable	NOUN
ajfa-5326	83	3	are	be	AUX
ajfa-5326	83	4	created	create	VERB
ajfa-5326	83	5	to	to	PART
ajfa-5326	83	6	capture	capture	VERB
ajfa-5326	83	7	differences	difference	NOUN
ajfa-5326	83	8	of	of	ADP
ajfa-5326	83	9	investors	investor	NOUN
ajfa-5326	83	10	’	’	PART
ajfa-5326	83	11	actions	action	NOUN
ajfa-5326	83	12	between	between	ADP
ajfa-5326	83	13	intense	intense	ADJ
ajfa-5326	83	14	movement	movement	NOUN
ajfa-5326	83	15	and	and	CCONJ
ajfa-5326	83	16	normal	normal	ADJ
ajfa-5326	83	17	conditions	condition	NOUN
ajfa-5326	83	18	of	of	ADP
ajfa-5326	83	19	the	the	DET
ajfa-5326	83	20	market	market	NOUN
ajfa-5326	83	21	.	.	PUNCT
ajfa-5326	84	1	as	as	SCONJ
ajfa-5326	84	2	the	the	DET
ajfa-5326	84	3	statistical	statistical	ADJ
ajfa-5326	84	4	coefficients	coefficient	NOUN
ajfa-5326	84	5	of	of	ADP
ajfa-5326	84	6	βl	βl	NOUN
ajfa-5326	84	7	and	and	CCONJ
ajfa-5326	84	8	βu	βu	NOUN
ajfa-5326	84	9	are	be	AUX
ajfa-5326	84	10	significantly	significantly	ADV
ajfa-5326	84	11	negative	negative	ADJ
ajfa-5326	84	12	,	,	PUNCT
ajfa-5326	84	13	they	they	PRON
ajfa-5326	84	14	indicate	indicate	VERB
ajfa-5326	84	15	the	the	DET
ajfa-5326	84	16	presence	presence	NOUN
ajfa-5326	84	17	of	of	ADP
ajfa-5326	84	18	herd	herd	NOUN
ajfa-5326	84	19	behavior	behavior	NOUN
ajfa-5326	84	20	.	.	PUNCT
ajfa-5326	85	1	to	to	PART
ajfa-5326	85	2	define	define	VERB
ajfa-5326	85	3	periods	period	NOUN
ajfa-5326	85	4	of	of	ADP
ajfa-5326	85	5	extreme	extreme	ADJ
ajfa-5326	85	6	bull	bull	NOUN
ajfa-5326	85	7	and	and	CCONJ
ajfa-5326	85	8	bear	bear	NOUN
ajfa-5326	85	9	market	market	NOUN
ajfa-5326	85	10	,	,	PUNCT
ajfa-5326	85	11	ch	ch	NOUN
ajfa-5326	85	12	(	(	PUNCT
ajfa-5326	85	13	1995	1995	NUM
ajfa-5326	85	14	)	)	PUNCT
ajfa-5326	85	15	used	use	VERB
ajfa-5326	85	16	one	one	NUM
ajfa-5326	85	17	or	or	CCONJ
ajfa-5326	85	18	five	five	NUM
ajfa-5326	85	19	per	per	ADP
ajfa-5326	85	20	cent	cent	NOUN
ajfa-5326	85	21	of	of	ADP
ajfa-5326	85	22	the	the	DET
ajfa-5326	85	23	lowest	low	ADJ
ajfa-5326	85	24	and	and	CCONJ
ajfa-5326	85	25	highest	high	ADJ
ajfa-5326	85	26	observations	observation	NOUN
ajfa-5326	85	27	in	in	ADP
ajfa-5326	85	28	terms	term	NOUN
ajfa-5326	85	29	of	of	ADP
ajfa-5326	85	30	market	market	NOUN
ajfa-5326	85	31	return	return	NOUN
ajfa-5326	85	32	.	.	PUNCT
ajfa-5326	86	1	3.2	3.2	NUM
ajfa-5326	86	2	.	.	PUNCT
ajfa-5326	86	3	method	method	NOUN
ajfa-5326	86	4	of	of	ADP
ajfa-5326	86	5	chang	chang	PROPN
ajfa-5326	86	6	,	,	PUNCT
ajfa-5326	86	7	cheng	cheng	PROPN
ajfa-5326	86	8	and	and	CCONJ
ajfa-5326	86	9	khorana	khorana	PROPN
ajfa-5326	86	10	(	(	PUNCT
ajfa-5326	86	11	2000	2000	NUM
ajfa-5326	86	12	)	)	PUNCT
ajfa-5326	86	13	adopting	adopt	VERB
ajfa-5326	86	14	the	the	DET
ajfa-5326	86	15	same	same	ADJ
ajfa-5326	86	16	idea	idea	NOUN
ajfa-5326	86	17	with	with	ADP
ajfa-5326	86	18	christie	christie	PROPN
ajfa-5326	86	19	and	and	CCONJ
ajfa-5326	86	20	huang	huang	PROPN
ajfa-5326	86	21	(	(	PUNCT
ajfa-5326	86	22	1995	1995	NUM
ajfa-5326	86	23	)	)	PUNCT
ajfa-5326	86	24	,	,	PUNCT
ajfa-5326	86	25	chang	chang	PROPN
ajfa-5326	86	26	,	,	PUNCT
ajfa-5326	86	27	cheng	cheng	PROPN
ajfa-5326	86	28	and	and	CCONJ
ajfa-5326	86	29	khorana	khorana	PROPN
ajfa-5326	86	30	(	(	PUNCT
ajfa-5326	86	31	2000	2000	NUM
ajfa-5326	86	32	)	)	PUNCT
ajfa-5326	86	33	also	also	ADV
ajfa-5326	86	34	used	use	VERB
ajfa-5326	86	35	cross	cross	ADJ
ajfa-5326	86	36	-	-	ADJ
ajfa-5326	86	37	sectional	sectional	ADJ
ajfa-5326	86	38	dispersion	dispersion	NOUN
ajfa-5326	86	39	to	to	PART
ajfa-5326	86	40	detect	detect	VERB
ajfa-5326	86	41	herd	herd	NOUN
ajfa-5326	86	42	behavior	behavior	NOUN
ajfa-5326	86	43	and	and	CCONJ
ajfa-5326	86	44	developed	develop	VERB
ajfa-5326	86	45	cck	cck	ADJ
ajfa-5326	86	46	model	model	NOUN
ajfa-5326	86	47	.	.	PUNCT
ajfa-5326	87	1	however	however	ADV
ajfa-5326	87	2	,	,	PUNCT
ajfa-5326	87	3	instead	instead	ADV
ajfa-5326	87	4	of	of	ADP
ajfa-5326	87	5	cssd	cssd	NOUN
ajfa-5326	87	6	,	,	PUNCT
ajfa-5326	87	7	chang	chang	PROPN
ajfa-5326	87	8	et	et	PROPN
ajfa-5326	87	9	al	al	PROPN
ajfa-5326	87	10	.	.	PROPN
ajfa-5326	88	1	(	(	PUNCT
ajfa-5326	88	2	2000	2000	NUM
ajfa-5326	88	3	)	)	PUNCT
ajfa-5326	88	4	used	use	VERB
ajfa-5326	88	5	the	the	DET
ajfa-5326	88	6	cross	cross	ADJ
ajfa-5326	88	7	-	-	ADJ
ajfa-5326	88	8	sectional	sectional	ADJ
ajfa-5326	88	9	absolute	absolute	ADJ
ajfa-5326	88	10	deviation	deviation	NOUN
ajfa-5326	88	11	of	of	ADP
ajfa-5326	88	12	returns	return	NOUN
ajfa-5326	88	13	(	(	PUNCT
ajfa-5326	88	14	csad	csad	NOUN
ajfa-5326	88	15	)	)	PUNCT
ajfa-5326	88	16	as	as	ADP
ajfa-5326	88	17	a	a	DET
ajfa-5326	88	18	measure	measure	NOUN
ajfa-5326	88	19	of	of	ADP
ajfa-5326	88	20	spread	spread	NOUN
ajfa-5326	88	21	.	.	PUNCT
ajfa-5326	89	1	the	the	DET
ajfa-5326	89	2	cross	cross	ADJ
ajfa-5326	89	3	-	-	ADJ
ajfa-5326	89	4	sectional	sectional	ADJ
ajfa-5326	89	5	absolute	absolute	ADJ
ajfa-5326	89	6	deviation	deviation	NOUN
ajfa-5326	89	7	as	as	ADP
ajfa-5326	89	8	a	a	DET
ajfa-5326	89	9	better	well	ADJ
ajfa-5326	89	10	measure	measure	NOUN
ajfa-5326	89	11	of	of	ADP
ajfa-5326	89	12	spread	spread	NOUN
ajfa-5326	89	13	compared	compare	VERB
ajfa-5326	89	14	to	to	ADP
ajfa-5326	89	15	the	the	DET
ajfa-5326	89	16	cssd	cssd	NOUN
ajfa-5326	89	17	is	be	AUX
ajfa-5326	89	18	defined	define	VERB
ajfa-5326	89	19	as	as	ADP
ajfa-5326	89	20	follow	follow	NOUN
ajfa-5326	89	21	:	:	PUNCT
ajfa-5326	89	22	,	,	PUNCT
ajfa-5326	89	23	,	,	PUNCT
ajfa-5326	90	1	1	1	NUM
ajfa-5326	90	2	n	n	NOUN
ajfa-5326	91	1	i	i	PRON
ajfa-5326	91	2	t	t	PROPN
ajfa-5326	91	3	m	m	VERB
ajfa-5326	91	4	t	t	NOUN
ajfa-5326	92	1	i	i	PRON
ajfa-5326	92	2	t	t	NOUN
ajfa-5326	92	3	r	r	NOUN
ajfa-5326	92	4	r	r	NOUN
ajfa-5326	92	5	csad	csad	NOUN
ajfa-5326	92	6	n	n	CCONJ
ajfa-5326	92	7			PROPN
ajfa-5326	92	8			PROPN
ajfa-5326	92	9			NOUN
ajfa-5326	92	10			X
ajfa-5326	92	11	(	(	PUNCT
ajfa-5326	92	12	3	3	X
ajfa-5326	92	13	)	)	PUNCT
ajfa-5326	92	14	where	where	SCONJ
ajfa-5326	92	15	csadt	csadt	NOUN
ajfa-5326	92	16	is	be	AUX
ajfa-5326	92	17	the	the	DET
ajfa-5326	92	18	cross	cross	ADJ
ajfa-5326	92	19	-	-	ADJ
ajfa-5326	92	20	sectional	sectional	ADJ
ajfa-5326	92	21	absolute	absolute	ADJ
ajfa-5326	92	22	deviation	deviation	NOUN
ajfa-5326	92	23	of	of	ADP
ajfa-5326	92	24	market	market	NOUN
ajfa-5326	92	25	return	return	NOUN
ajfa-5326	92	26	at	at	ADP
ajfa-5326	92	27	time	time	NOUN
ajfa-5326	92	28	t.	t.	PROPN
ajfa-5326	92	29	ri	ri	PROPN
ajfa-5326	92	30	,	,	PUNCT
ajfa-5326	92	31	t	t	PROPN
ajfa-5326	92	32	is	be	AUX
ajfa-5326	92	33	observed	observe	VERB
ajfa-5326	92	34	stock	stock	NOUN
ajfa-5326	92	35	return	return	NOUN
ajfa-5326	92	36	of	of	ADP
ajfa-5326	92	37	company	company	NOUN
ajfa-5326	92	38	i	i	PRON
ajfa-5326	92	39	at	at	ADP
ajfa-5326	92	40	time	time	NOUN
ajfa-5326	92	41	t.	t.	PROPN
ajfa-5326	92	42	,	,	PUNCT
ajfa-5326	92	43	m	m	VERB
ajfa-5326	92	44	tr	tr	VERB
ajfa-5326	92	45	is	be	AUX
ajfa-5326	92	46	the	the	DET
ajfa-5326	92	47	cross	cross	ADJ
ajfa-5326	92	48	-	-	ADJ
ajfa-5326	92	49	sectional	sectional	ADJ
ajfa-5326	92	50	average	average	ADJ
ajfa-5326	92	51	return	return	NOUN
ajfa-5326	92	52	of	of	ADP
ajfa-5326	92	53	stocks	stock	NOUN
ajfa-5326	92	54	in	in	ADP
ajfa-5326	92	55	the	the	DET
ajfa-5326	92	56	market	market	NOUN
ajfa-5326	92	57	at	at	ADP
ajfa-5326	92	58	time	time	NOUN
ajfa-5326	92	59	t.	t.	PROPN
ajfa-5326	92	60	n	n	PROPN
ajfa-5326	92	61	is	be	AUX
ajfa-5326	92	62	the	the	DET
ajfa-5326	92	63	number	number	NOUN
ajfa-5326	92	64	of	of	ADP
ajfa-5326	92	65	stocks	stock	NOUN
ajfa-5326	92	66	in	in	ADP
ajfa-5326	92	67	the	the	DET
ajfa-5326	92	68	market	market	NOUN
ajfa-5326	92	69	portfolio	portfolio	NOUN
ajfa-5326	92	70	.	.	PUNCT
ajfa-5326	93	1	in	in	ADP
ajfa-5326	93	2	other	other	ADJ
ajfa-5326	93	3	words	word	NOUN
ajfa-5326	93	4	,	,	PUNCT
ajfa-5326	93	5	csadt	csadt	NOUN
ajfa-5326	93	6	is	be	AUX
ajfa-5326	93	7	the	the	DET
ajfa-5326	93	8	average	average	NOUN
ajfa-5326	93	9	of	of	ADP
ajfa-5326	93	10	absolute	absolute	ADJ
ajfa-5326	93	11	differences	difference	NOUN
ajfa-5326	93	12	of	of	ADP
ajfa-5326	93	13	market	market	NOUN
ajfa-5326	93	14	return	return	NOUN
ajfa-5326	93	15	and	and	CCONJ
ajfa-5326	93	16	each	each	DET
ajfa-5326	93	17	stock	stock	NOUN
ajfa-5326	93	18	return	return	NOUN
ajfa-5326	93	19	.	.	PUNCT
ajfa-5326	94	1	this	this	DET
ajfa-5326	94	2	measure	measure	NOUN
ajfa-5326	94	3	is	be	AUX
ajfa-5326	94	4	also	also	ADV
ajfa-5326	94	5	applied	apply	VERB
ajfa-5326	94	6	to	to	ADP
ajfa-5326	94	7	the	the	DET
ajfa-5326	94	8	ch	ch	NOUN
ajfa-5326	94	9	(	(	PUNCT
ajfa-5326	94	10	1995	1995	NUM
ajfa-5326	94	11	)	)	PUNCT
ajfa-5326	94	12	’s	’s	PART
ajfa-5326	94	13	method	method	NOUN
ajfa-5326	94	14	via	via	ADP
ajfa-5326	94	15	the	the	DET
ajfa-5326	94	16	equation	equation	NOUN
ajfa-5326	94	17	:	:	PUNCT
ajfa-5326	94	18	l	l	X
ajfa-5326	94	19	l	l	PUNCT
ajfa-5326	94	20	u	u	X
ajfa-5326	94	21	u	u	NOUN
ajfa-5326	94	22	t	t	PROPN
ajfa-5326	94	23	t	t	PROPN
ajfa-5326	94	24	t	t	PROPN
ajfa-5326	94	25	tcsad	tcsad	VERB
ajfa-5326	95	1	d	d	ADP
ajfa-5326	95	2	d	d	ADJ
ajfa-5326	95	3			PROPN
ajfa-5326	95	4			PROPN
ajfa-5326	95	5			PROPN
ajfa-5326	95	6			ADV
ajfa-5326	95	7			PUNCT
ajfa-5326	95	8			X
ajfa-5326	95	9	(	(	PUNCT
ajfa-5326	95	10	4	4	X
ajfa-5326	95	11	)	)	PUNCT
ajfa-5326	95	12	the	the	DET
ajfa-5326	95	13	consequence	consequence	NOUN
ajfa-5326	95	14	is	be	AUX
ajfa-5326	95	15	the	the	DET
ajfa-5326	95	16	same	same	ADJ
ajfa-5326	95	17	with	with	ADP
ajfa-5326	95	18	equation	equation	NOUN
ajfa-5326	95	19	(	(	PUNCT
ajfa-5326	95	20	2	2	NUM
ajfa-5326	95	21	)	)	PUNCT
ajfa-5326	95	22	.	.	PUNCT
ajfa-5326	96	1	βl	βl	NOUN
ajfa-5326	96	2	and	and	CCONJ
ajfa-5326	96	3	βu	βu	NOUN
ajfa-5326	96	4	are	be	AUX
ajfa-5326	96	5	significantly	significantly	ADV
ajfa-5326	96	6	negative	negative	ADJ
ajfa-5326	96	7	when	when	SCONJ
ajfa-5326	96	8	they	they	PRON
ajfa-5326	96	9	estimate	estimate	VERB
ajfa-5326	96	10	coefficients	coefficient	NOUN
ajfa-5326	96	11	.	.	PUNCT
ajfa-5326	97	1	they	they	PRON
ajfa-5326	97	2	illustrate	illustrate	VERB
ajfa-5326	97	3	the	the	DET
ajfa-5326	97	4	presence	presence	NOUN
ajfa-5326	97	5	of	of	ADP
ajfa-5326	97	6	herd	herd	NOUN
ajfa-5326	97	7	behavior	behavior	NOUN
ajfa-5326	97	8	.	.	PUNCT
ajfa-5326	98	1	3.3	3.3	NUM
ajfa-5326	98	2	.	.	PUNCT
ajfa-5326	99	1	the	the	DET
ajfa-5326	99	2	new	new	ADJ
ajfa-5326	99	3	method	method	NOUN
ajfa-5326	99	4	finding	find	VERB
ajfa-5326	99	5	herd	herd	NOUN
ajfa-5326	99	6	in	in	ADP
ajfa-5326	99	7	a	a	DET
ajfa-5326	99	8	specific	specific	ADJ
ajfa-5326	99	9	day	day	NOUN
ajfa-5326	99	10	asian	asian	ADJ
ajfa-5326	99	11	journal	journal	NOUN
ajfa-5326	99	12	of	of	ADP
ajfa-5326	99	13	finance	finance	PROPN
ajfa-5326	99	14	&	&	CCONJ
ajfa-5326	99	15	accounting	accounting	PROPN
ajfa-5326	99	16	issn	issn	PROPN
ajfa-5326	99	17	1946	1946	NUM
ajfa-5326	99	18	-	-	PUNCT
ajfa-5326	99	19	052x	052x	PROPN
ajfa-5326	99	20	2014	2014	NUM
ajfa-5326	99	21	,	,	PUNCT
ajfa-5326	99	22	vol	vol	NOUN
ajfa-5326	99	23	.	.	PROPN
ajfa-5326	99	24	6	6	NUM
ajfa-5326	99	25	,	,	PUNCT
ajfa-5326	99	26	no	no	INTJ
ajfa-5326	99	27	.	.	NOUN
ajfa-5326	99	28	1	1	NUM
ajfa-5326	99	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5326	99	30	468	468	NUM
ajfa-5326	99	31	christie	christie	NOUN
ajfa-5326	99	32	and	and	CCONJ
ajfa-5326	99	33	huang	huang	PROPN
ajfa-5326	99	34	(	(	PUNCT
ajfa-5326	99	35	1995	1995	NUM
ajfa-5326	99	36	)	)	PUNCT
ajfa-5326	99	37	and	and	CCONJ
ajfa-5326	99	38	chang	chang	PROPN
ajfa-5326	99	39	et	et	PROPN
ajfa-5326	99	40	al	al	PROPN
ajfa-5326	99	41	.	.	PROPN
ajfa-5326	99	42	(	(	PUNCT
ajfa-5326	99	43	2000	2000	NUM
ajfa-5326	99	44	)	)	PUNCT
ajfa-5326	99	45	could	could	AUX
ajfa-5326	99	46	only	only	ADV
ajfa-5326	99	47	detect	detect	VERB
ajfa-5326	99	48	herd	herd	NOUN
ajfa-5326	99	49	behavior	behavior	NOUN
ajfa-5326	99	50	during	during	ADP
ajfa-5326	99	51	a	a	DET
ajfa-5326	99	52	period	period	NOUN
ajfa-5326	99	53	of	of	ADP
ajfa-5326	99	54	time	time	NOUN
ajfa-5326	99	55	while	while	SCONJ
ajfa-5326	99	56	this	this	DET
ajfa-5326	99	57	present	present	ADJ
ajfa-5326	99	58	research	research	NOUN
ajfa-5326	99	59	suggests	suggest	VERB
ajfa-5326	99	60	a	a	DET
ajfa-5326	99	61	new	new	ADJ
ajfa-5326	99	62	simple	simple	ADJ
ajfa-5326	99	63	method	method	NOUN
ajfa-5326	99	64	which	which	PRON
ajfa-5326	99	65	can	can	AUX
ajfa-5326	99	66	capture	capture	VERB
ajfa-5326	99	67	herd	herd	NOUN
ajfa-5326	99	68	in	in	ADP
ajfa-5326	99	69	a	a	DET
ajfa-5326	99	70	specific	specific	ADJ
ajfa-5326	99	71	day	day	NOUN
ajfa-5326	99	72	.	.	PUNCT
ajfa-5326	100	1	this	this	DET
ajfa-5326	100	2	new	new	ADJ
ajfa-5326	100	3	method	method	NOUN
ajfa-5326	100	4	is	be	AUX
ajfa-5326	100	5	also	also	ADV
ajfa-5326	100	6	based	base	VERB
ajfa-5326	100	7	on	on	ADP
ajfa-5326	100	8	the	the	DET
ajfa-5326	100	9	relation	relation	NOUN
ajfa-5326	100	10	between	between	ADP
ajfa-5326	100	11	market	market	NOUN
ajfa-5326	100	12	return	return	NOUN
ajfa-5326	100	13	and	and	CCONJ
ajfa-5326	100	14	market	market	NOUN
ajfa-5326	100	15	volatility	volatility	NOUN
ajfa-5326	100	16	as	as	ADV
ajfa-5326	100	17	same	same	ADJ
ajfa-5326	100	18	as	as	ADP
ajfa-5326	100	19	ch	ch	NOUN
ajfa-5326	100	20	(	(	PUNCT
ajfa-5326	100	21	1995	1995	NUM
ajfa-5326	100	22	)	)	PUNCT
ajfa-5326	100	23	and	and	CCONJ
ajfa-5326	100	24	ckk	ckk	VERB
ajfa-5326	100	25	(	(	PUNCT
ajfa-5326	100	26	2000	2000	NUM
ajfa-5326	100	27	)	)	PUNCT
ajfa-5326	100	28	did	do	VERB
ajfa-5326	100	29	.	.	PUNCT
ajfa-5326	101	1	nevertheless	nevertheless	ADV
ajfa-5326	101	2	,	,	PUNCT
ajfa-5326	101	3	the	the	DET
ajfa-5326	101	4	new	new	ADJ
ajfa-5326	101	5	method	method	NOUN
ajfa-5326	101	6	uses	use	VERB
ajfa-5326	101	7	probability	probability	NOUN
ajfa-5326	101	8	approach	approach	NOUN
ajfa-5326	101	9	instead	instead	ADV
ajfa-5326	101	10	of	of	ADP
ajfa-5326	101	11	using	use	VERB
ajfa-5326	101	12	statistic	statistic	ADJ
ajfa-5326	101	13	approach	approach	NOUN
ajfa-5326	101	14	like	like	ADP
ajfa-5326	101	15	ch	ch	NOUN
ajfa-5326	101	16	(	(	PUNCT
ajfa-5326	101	17	1995	1995	NUM
ajfa-5326	101	18	)	)	PUNCT
ajfa-5326	101	19	and	and	CCONJ
ajfa-5326	101	20	ckk	ckk	VERB
ajfa-5326	101	21	(	(	PUNCT
ajfa-5326	101	22	2000	2000	NUM
ajfa-5326	101	23	)	)	PUNCT
ajfa-5326	101	24	.	.	PUNCT
ajfa-5326	102	1	usually	usually	ADV
ajfa-5326	102	2	,	,	PUNCT
ajfa-5326	102	3	the	the	DET
ajfa-5326	102	4	relationship	relationship	NOUN
ajfa-5326	102	5	between	between	ADP
ajfa-5326	102	6	market	market	NOUN
ajfa-5326	102	7	return	return	NOUN
ajfa-5326	102	8	and	and	CCONJ
ajfa-5326	102	9	market	market	NOUN
ajfa-5326	102	10	dispersion	dispersion	NOUN
ajfa-5326	102	11	belongs	belong	VERB
ajfa-5326	102	12	to	to	ADP
ajfa-5326	102	13	a	a	DET
ajfa-5326	102	14	particular	particular	ADJ
ajfa-5326	102	15	interval	interval	NOUN
ajfa-5326	102	16	.	.	PUNCT
ajfa-5326	103	1	however	however	ADV
ajfa-5326	103	2	,	,	PUNCT
ajfa-5326	103	3	it	it	PRON
ajfa-5326	103	4	will	will	AUX
ajfa-5326	103	5	be	be	AUX
ajfa-5326	103	6	outside	outside	ADP
ajfa-5326	103	7	this	this	DET
ajfa-5326	103	8	interval	interval	NOUN
ajfa-5326	103	9	if	if	SCONJ
ajfa-5326	103	10	there	there	PRON
ajfa-5326	103	11	is	be	VERB
ajfa-5326	103	12	herd	herd	ADJ
ajfa-5326	103	13	behavior	behavior	NOUN
ajfa-5326	103	14	.	.	PUNCT
ajfa-5326	104	1	therefore	therefore	ADV
ajfa-5326	104	2	we	we	PRON
ajfa-5326	104	3	can	can	AUX
ajfa-5326	104	4	measure	measure	VERB
ajfa-5326	104	5	the	the	DET
ajfa-5326	104	6	probability	probability	NOUN
ajfa-5326	104	7	of	of	ADP
ajfa-5326	104	8	this	this	DET
ajfa-5326	104	9	relationship	relationship	NOUN
ajfa-5326	104	10	to	to	PART
ajfa-5326	104	11	detect	detect	VERB
ajfa-5326	104	12	herding	herding	NOUN
ajfa-5326	104	13	.	.	PUNCT
ajfa-5326	105	1	there	there	PRON
ajfa-5326	105	2	are	be	VERB
ajfa-5326	105	3	two	two	NUM
ajfa-5326	105	4	ways	way	NOUN
ajfa-5326	105	5	to	to	PART
ajfa-5326	105	6	calculate	calculate	VERB
ajfa-5326	105	7	market	market	NOUN
ajfa-5326	105	8	return	return	NOUN
ajfa-5326	105	9	.	.	PUNCT
ajfa-5326	106	1	the	the	DET
ajfa-5326	106	2	first	first	ADJ
ajfa-5326	106	3	one	one	NOUN
ajfa-5326	106	4	is	be	AUX
ajfa-5326	106	5	using	use	VERB
ajfa-5326	106	6	cross	cross	ADJ
ajfa-5326	106	7	-	-	ADJ
ajfa-5326	106	8	sectional	sectional	ADJ
ajfa-5326	106	9	average	average	ADJ
ajfa-5326	106	10	stocks	stock	NOUN
ajfa-5326	106	11	returns	return	VERB
ajfa-5326	106	12	in	in	ADP
ajfa-5326	106	13	the	the	DET
ajfa-5326	106	14	market	market	NOUN
ajfa-5326	106	15	.	.	PUNCT
ajfa-5326	107	1	this	this	DET
ajfa-5326	107	2	way	way	NOUN
ajfa-5326	107	3	is	be	AUX
ajfa-5326	107	4	implemented	implement	VERB
ajfa-5326	107	5	in	in	ADP
ajfa-5326	107	6	christie	christie	PROPN
ajfa-5326	107	7	and	and	CCONJ
ajfa-5326	107	8	huang	huang	PROPN
ajfa-5326	107	9	(	(	PUNCT
ajfa-5326	107	10	1995	1995	NUM
ajfa-5326	107	11	)	)	PUNCT
ajfa-5326	107	12	and	and	CCONJ
ajfa-5326	107	13	chang	chang	PROPN
ajfa-5326	107	14	et	et	PROPN
ajfa-5326	107	15	al	al	PROPN
ajfa-5326	107	16	.	.	PROPN
ajfa-5326	108	1	(	(	PUNCT
ajfa-5326	108	2	2000	2000	NUM
ajfa-5326	108	3	)	)	PUNCT
ajfa-5326	108	4	.	.	PUNCT
ajfa-5326	109	1	another	another	DET
ajfa-5326	109	2	one	one	NOUN
ajfa-5326	109	3	is	be	AUX
ajfa-5326	109	4	using	use	VERB
ajfa-5326	109	5	market	market	NOUN
ajfa-5326	109	6	indexes	index	NOUN
ajfa-5326	109	7	.	.	PUNCT
ajfa-5326	110	1	the	the	DET
ajfa-5326	110	2	latter	latter	ADJ
ajfa-5326	110	3	is	be	AUX
ajfa-5326	110	4	adopted	adopt	VERB
ajfa-5326	110	5	in	in	ADP
ajfa-5326	110	6	the	the	DET
ajfa-5326	110	7	new	new	ADJ
ajfa-5326	110	8	method	method	NOUN
ajfa-5326	110	9	as	as	ADP
ajfa-5326	110	10	follow	follow	VERB
ajfa-5326	110	11	:	:	PUNCT
ajfa-5326	110	12	,	,	PUNCT
ajfa-5326	110	13	,	,	PUNCT
ajfa-5326	110	14	,	,	PUNCT
ajfa-5326	110	15	1	1	NUM
ajfa-5326	110	16	ln	ln	NOUN
ajfa-5326	110	17	m	m	PROPN
ajfa-5326	110	18	t	t	NOUN
ajfa-5326	110	19	index	index	NOUN
ajfa-5326	110	20	t	t	PROPN
ajfa-5326	110	21	m	m	PROPN
ajfa-5326	110	22	t	t	NOUN
ajfa-5326	110	23	p	p	NOUN
ajfa-5326	110	24	r	r	NOUN
ajfa-5326	110	25	p	p	X
ajfa-5326	111	1			PROPN
ajfa-5326	111	2			NOUN
ajfa-5326	111	3			NOUN
ajfa-5326	111	4			PROPN
ajfa-5326	111	5			PROPN
ajfa-5326	112	1			NOUN
ajfa-5326	112	2			PROPN
ajfa-5326	113	1			ADJ
ajfa-5326	113	2			NOUN
ajfa-5326	113	3	(	(	PUNCT
ajfa-5326	113	4	5	5	NUM
ajfa-5326	113	5	)	)	PUNCT
ajfa-5326	113	6	where	where	SCONJ
ajfa-5326	113	7	rindex	rindex	NOUN
ajfa-5326	113	8	,	,	PUNCT
ajfa-5326	113	9	t	t	PROPN
ajfa-5326	113	10	(	(	PUNCT
ajfa-5326	113	11	or	or	CCONJ
ajfa-5326	113	12	market	market	NOUN
ajfa-5326	113	13	index	index	NOUN
ajfa-5326	113	14	return	return	NOUN
ajfa-5326	113	15	)	)	PUNCT
ajfa-5326	113	16	is	be	AUX
ajfa-5326	113	17	the	the	DET
ajfa-5326	113	18	market	market	NOUN
ajfa-5326	113	19	return	return	NOUN
ajfa-5326	113	20	which	which	PRON
ajfa-5326	113	21	is	be	AUX
ajfa-5326	113	22	calculated	calculate	VERB
ajfa-5326	113	23	by	by	ADP
ajfa-5326	113	24	using	use	VERB
ajfa-5326	113	25	market	market	NOUN
ajfa-5326	113	26	index	index	NOUN
ajfa-5326	113	27	;	;	PUNCT
ajfa-5326	113	28	ln	ln	PROPN
ajfa-5326	113	29	(	(	PUNCT
ajfa-5326	113	30	.	.	PUNCT
ajfa-5326	113	31	)	)	PUNCT
ajfa-5326	113	32	is	be	AUX
ajfa-5326	113	33	natural	natural	ADJ
ajfa-5326	113	34	logarithm	logarithm	NOUN
ajfa-5326	113	35	function	function	NOUN
ajfa-5326	113	36	;	;	PUNCT
ajfa-5326	113	37	pm	pm	NOUN
ajfa-5326	113	38	,	,	PUNCT
ajfa-5326	113	39	t	t	PROPN
ajfa-5326	113	40	and	and	CCONJ
ajfa-5326	113	41	pm	pm	PROPN
ajfa-5326	113	42	,	,	PUNCT
ajfa-5326	113	43	t-1	t-1	PROPN
ajfa-5326	113	44	are	be	AUX
ajfa-5326	113	45	market	market	NOUN
ajfa-5326	113	46	index	index	NOUN
ajfa-5326	113	47	at	at	ADP
ajfa-5326	113	48	time	time	NOUN
ajfa-5326	113	49	t	t	PROPN
ajfa-5326	113	50	and	and	CCONJ
ajfa-5326	113	51	(	(	PUNCT
ajfa-5326	113	52	t-1	t-1	PROPN
ajfa-5326	113	53	)	)	PUNCT
ajfa-5326	113	54	,	,	PUNCT
ajfa-5326	113	55	respectively	respectively	ADV
ajfa-5326	113	56	.	.	PUNCT
ajfa-5326	114	1	it	it	PRON
ajfa-5326	114	2	is	be	AUX
ajfa-5326	114	3	assumed	assume	VERB
ajfa-5326	114	4	that	that	SCONJ
ajfa-5326	114	5	the	the	DET
ajfa-5326	114	6	market	market	NOUN
ajfa-5326	114	7	return	return	NOUN
ajfa-5326	114	8	is	be	AUX
ajfa-5326	114	9	the	the	DET
ajfa-5326	114	10	market	market	NOUN
ajfa-5326	114	11	index	index	NOUN
ajfa-5326	114	12	return	return	NOUN
ajfa-5326	114	13	in	in	ADP
ajfa-5326	114	14	this	this	DET
ajfa-5326	114	15	case	case	NOUN
ajfa-5326	114	16	,	,	PUNCT
ajfa-5326	114	17	has	have	VERB
ajfa-5326	114	18	a	a	DET
ajfa-5326	114	19	normal	normal	ADJ
ajfa-5326	114	20	distribution	distribution	NOUN
ajfa-5326	114	21	with	with	ADP
ajfa-5326	114	22	its	its	PRON
ajfa-5326	114	23	own	own	ADJ
ajfa-5326	114	24	mean	mean	NOUN
ajfa-5326	114	25	(	(	PUNCT
ajfa-5326	114	26	µ	µ	NOUN
ajfa-5326	114	27	)	)	PUNCT
ajfa-5326	114	28	and	and	CCONJ
ajfa-5326	114	29	variance	variance	NOUN
ajfa-5326	114	30	(	(	PUNCT
ajfa-5326	114	31	σ2	σ2	NOUN
ajfa-5326	114	32	)	)	PUNCT
ajfa-5326	114	33	.	.	PUNCT
ajfa-5326	115	1	its	its	PRON
ajfa-5326	115	2	distribution	distribution	NOUN
ajfa-5326	115	3	or	or	CCONJ
ajfa-5326	115	4	“	"	PUNCT
ajfa-5326	115	5	probability	probability	NOUN
ajfa-5326	115	6	density	density	NOUN
ajfa-5326	115	7	function	function	NOUN
ajfa-5326	115	8	”	"	PUNCT
ajfa-5326	115	9	is	be	AUX
ajfa-5326	115	10	a	a	DET
ajfa-5326	115	11	bell	bell	NOUN
ajfa-5326	115	12	-	-	PUNCT
ajfa-5326	115	13	shaped	shape	VERB
ajfa-5326	115	14	which	which	PRON
ajfa-5326	115	15	is	be	AUX
ajfa-5326	115	16	symmetric	symmetric	ADJ
ajfa-5326	115	17	with	with	ADP
ajfa-5326	115	18	its	its	PRON
ajfa-5326	115	19	mean	mean	NOUN
ajfa-5326	115	20	at	at	ADP
ajfa-5326	115	21	the	the	DET
ajfa-5326	115	22	center	center	NOUN
ajfa-5326	115	23	.	.	PUNCT
ajfa-5326	116	1	this	this	DET
ajfa-5326	116	2	function	function	NOUN
ajfa-5326	116	3	is	be	AUX
ajfa-5326	116	4	also	also	ADV
ajfa-5326	116	5	known	know	VERB
ajfa-5326	116	6	as	as	ADP
ajfa-5326	116	7	gaussian	gaussian	ADJ
ajfa-5326	116	8	function	function	NOUN
ajfa-5326	116	9	.	.	PUNCT
ajfa-5326	117	1	it	it	PRON
ajfa-5326	117	2	is	be	AUX
ajfa-5326	117	3	as	as	SCONJ
ajfa-5326	117	4	follows	follow	VERB
ajfa-5326	117	5	:	:	PUNCT
ajfa-5326	117	6			NOUN
ajfa-5326	117	7			SYM
ajfa-5326	117	8	2	2	NUM
ajfa-5326	117	9	1	1	NUM
ajfa-5326	117	10	2	2	NUM
ajfa-5326	117	11	21	21	NUM
ajfa-5326	117	12	;	;	PUNCT
ajfa-5326	117	13	,	,	PUNCT
ajfa-5326	117	14	2	2	X
ajfa-5326	117	15	x	x	SYM
ajfa-5326	117	16	f	f	NOUN
ajfa-5326	117	17	x	x	PUNCT
ajfa-5326	117	18	e	e	NOUN
ajfa-5326	117	19			NOUN
ajfa-5326	117	20			NOUN
ajfa-5326	117	21			X
ajfa-5326	117	22			X
ajfa-5326	117	23			PROPN
ajfa-5326	117	24			PROPN
ajfa-5326	117	25			ADJ
ajfa-5326	117	26			PROPN
ajfa-5326	117	27			PROPN
ajfa-5326	118	1			PROPN
ajfa-5326	118	2			PROPN
ajfa-5326	118	3	(	(	PUNCT
ajfa-5326	118	4	6	6	NUM
ajfa-5326	118	5	)	)	PUNCT
ajfa-5326	118	6	where	where	SCONJ
ajfa-5326	118	7	µ	µ	NOUN
ajfa-5326	118	8	is	be	AUX
ajfa-5326	118	9	the	the	DET
ajfa-5326	118	10	mean	mean	NOUN
ajfa-5326	118	11	or	or	CCONJ
ajfa-5326	118	12	expectation	expectation	NOUN
ajfa-5326	118	13	(	(	PUNCT
ajfa-5326	118	14	location	location	NOUN
ajfa-5326	118	15	of	of	ADP
ajfa-5326	118	16	the	the	DET
ajfa-5326	118	17	peak	peak	NOUN
ajfa-5326	118	18	)	)	PUNCT
ajfa-5326	118	19	;	;	PUNCT
ajfa-5326	118	20	σ2	σ2	NOUN
ajfa-5326	118	21	is	be	AUX
ajfa-5326	118	22	the	the	DET
ajfa-5326	118	23	variance	variance	NOUN
ajfa-5326	118	24	;	;	PUNCT
ajfa-5326	118	25	σ	σ	PROPN
ajfa-5326	118	26	is	be	AUX
ajfa-5326	118	27	standard	standard	ADJ
ajfa-5326	118	28	deviation	deviation	NOUN
ajfa-5326	118	29	;	;	PUNCT
ajfa-5326	118	30	e	e	X
ajfa-5326	118	31	is	be	AUX
ajfa-5326	118	32	an	an	DET
ajfa-5326	118	33	irrational	irrational	ADJ
ajfa-5326	118	34	and	and	CCONJ
ajfa-5326	118	35	transcendental	transcendental	ADJ
ajfa-5326	118	36	constant	constant	ADJ
ajfa-5326	118	37	approximately	approximately	ADV
ajfa-5326	118	38	equal	equal	ADJ
ajfa-5326	118	39	to	to	ADP
ajfa-5326	118	40	2.718	2.718	NUM
ajfa-5326	118	41	;	;	PUNCT
ajfa-5326	118	42	π	π	X
ajfa-5326	118	43	is	be	AUX
ajfa-5326	118	44	a	a	DET
ajfa-5326	118	45	mathematical	mathematical	ADJ
ajfa-5326	118	46	constant	constant	NOUN
ajfa-5326	118	47	that	that	PRON
ajfa-5326	118	48	is	be	AUX
ajfa-5326	118	49	the	the	DET
ajfa-5326	118	50	ratio	ratio	NOUN
ajfa-5326	118	51	of	of	ADP
ajfa-5326	118	52	a	a	DET
ajfa-5326	118	53	circle	circle	NOUN
ajfa-5326	118	54	’s	’s	PART
ajfa-5326	118	55	circumference	circumference	NOUN
ajfa-5326	118	56	to	to	ADP
ajfa-5326	118	57	its	its	PRON
ajfa-5326	118	58	diameter	diameter	NOUN
ajfa-5326	118	59	,	,	PUNCT
ajfa-5326	118	60	and	and	CCONJ
ajfa-5326	118	61	is	be	AUX
ajfa-5326	118	62	equal	equal	ADJ
ajfa-5326	118	63	to	to	ADP
ajfa-5326	118	64	3.14	3.14	NUM
ajfa-5326	118	65	(	(	PUNCT
ajfa-5326	118	66	mcclave	mcclave	PROPN
ajfa-5326	118	67	,	,	PUNCT
ajfa-5326	118	68	2011	2011	NUM
ajfa-5326	118	69	)	)	PUNCT
ajfa-5326	118	70	.	.	PUNCT
ajfa-5326	119	1	when	when	SCONJ
ajfa-5326	119	2	the	the	DET
ajfa-5326	119	3	market	market	NOUN
ajfa-5326	119	4	return	return	NOUN
ajfa-5326	119	5	is	be	AUX
ajfa-5326	119	6	a	a	DET
ajfa-5326	119	7	fairly	fairly	ADV
ajfa-5326	119	8	stochastic	stochastic	ADJ
ajfa-5326	119	9	process	process	NOUN
ajfa-5326	119	10	(	(	PUNCT
ajfa-5326	119	11	or	or	CCONJ
ajfa-5326	119	12	a	a	DET
ajfa-5326	119	13	random	random	ADJ
ajfa-5326	119	14	process	process	NOUN
ajfa-5326	119	15	)	)	PUNCT
ajfa-5326	119	16	,	,	PUNCT
ajfa-5326	119	17	it	it	PRON
ajfa-5326	119	18	follows	follow	VERB
ajfa-5326	119	19	a	a	DET
ajfa-5326	119	20	normal	normal	ADJ
ajfa-5326	119	21	distribution	distribution	NOUN
ajfa-5326	119	22	with	with	ADP
ajfa-5326	119	23	zero	zero	NUM
ajfa-5326	119	24	or	or	CCONJ
ajfa-5326	119	25	rindex	rindex	NOUN
ajfa-5326	119	26	~	~	PUNCT
ajfa-5326	119	27	n	n	CCONJ
ajfa-5326	119	28	(	(	PUNCT
ajfa-5326	119	29	0	0	NUM
ajfa-5326	119	30	,	,	PUNCT
ajfa-5326	119	31	σ2	σ2	NOUN
ajfa-5326	119	32	)	)	PUNCT
ajfa-5326	119	33	as	as	ADP
ajfa-5326	119	34	the	the	DET
ajfa-5326	119	35	mean	mean	NOUN
ajfa-5326	119	36	,	,	PUNCT
ajfa-5326	119	37	which	which	PRON
ajfa-5326	119	38	can	can	AUX
ajfa-5326	119	39	be	be	AUX
ajfa-5326	119	40	tested	test	VERB
ajfa-5326	119	41	with	with	ADP
ajfa-5326	119	42	a	a	DET
ajfa-5326	119	43	null	null	ADJ
ajfa-5326	119	44	hypothesis	hypothesis	NOUN
ajfa-5326	119	45	h0	h0	NOUN
ajfa-5326	119	46	:	:	PUNCT
ajfa-5326	119	47	μrindex	μrindex	NOUN
ajfa-5326	119	48	=	=	NOUN
ajfa-5326	119	49	0	0	PROPN
ajfa-5326	119	50	.	.	PUNCT
ajfa-5326	119	51	base	base	NOUN
ajfa-5326	119	52	on	on	ADP
ajfa-5326	119	53	these	these	DET
ajfa-5326	119	54	assumptions	assumption	NOUN
ajfa-5326	119	55	,	,	PUNCT
ajfa-5326	119	56	it	it	PRON
ajfa-5326	119	57	is	be	AUX
ajfa-5326	119	58	not	not	PART
ajfa-5326	119	59	difficult	difficult	ADJ
ajfa-5326	119	60	to	to	PART
ajfa-5326	119	61	standardize	standardize	VERB
ajfa-5326	119	62	market	market	NOUN
ajfa-5326	119	63	return	return	NOUN
ajfa-5326	119	64	distribution	distribution	NOUN
ajfa-5326	119	65	.	.	PUNCT
ajfa-5326	120	1	it	it	PRON
ajfa-5326	120	2	means	mean	VERB
ajfa-5326	120	3	transferring	transfer	VERB
ajfa-5326	120	4	market	market	NOUN
ajfa-5326	120	5	return	return	NOUN
ajfa-5326	120	6	from	from	ADP
ajfa-5326	120	7	normal	normal	ADJ
ajfa-5326	120	8	distribution	distribution	NOUN
ajfa-5326	120	9	(	(	PUNCT
ajfa-5326	120	10	n	n	CCONJ
ajfa-5326	120	11	(	(	PUNCT
ajfa-5326	120	12	0	0	NUM
ajfa-5326	120	13	,	,	PUNCT
ajfa-5326	120	14	σ2	σ2	NOUN
ajfa-5326	120	15	)	)	PUNCT
ajfa-5326	120	16	)	)	PUNCT
ajfa-5326	120	17	into	into	ADP
ajfa-5326	120	18	standard	standard	ADJ
ajfa-5326	120	19	normal	normal	ADJ
ajfa-5326	120	20	distribution	distribution	NOUN
ajfa-5326	120	21	(	(	PUNCT
ajfa-5326	120	22	n	n	CCONJ
ajfa-5326	120	23	(	(	PUNCT
ajfa-5326	120	24	0	0	NUM
ajfa-5326	120	25	,	,	PUNCT
ajfa-5326	120	26	1	1	NUM
ajfa-5326	120	27	)	)	PUNCT
ajfa-5326	120	28	)	)	PUNCT
ajfa-5326	120	29	.	.	PUNCT
ajfa-5326	121	1	then	then	ADV
ajfa-5326	121	2	,	,	PUNCT
ajfa-5326	121	3	the	the	DET
ajfa-5326	121	4	probability	probability	NOUN
ajfa-5326	121	5	(	(	PUNCT
ajfa-5326	121	6	p	p	NOUN
ajfa-5326	121	7	-	-	PUNCT
ajfa-5326	121	8	value	value	NOUN
ajfa-5326	121	9	)	)	PUNCT
ajfa-5326	121	10	of	of	ADP
ajfa-5326	121	11	the	the	DET
ajfa-5326	121	12	relationship	relationship	NOUN
ajfa-5326	121	13	between	between	ADP
ajfa-5326	121	14	market	market	NOUN
ajfa-5326	121	15	returns	return	NOUN
ajfa-5326	121	16	and	and	CCONJ
ajfa-5326	121	17	market	market	NOUN
ajfa-5326	121	18	dispersions	dispersion	NOUN
ajfa-5326	121	19	in	in	ADP
ajfa-5326	121	20	each	each	DET
ajfa-5326	121	21	day	day	NOUN
ajfa-5326	121	22	can	can	AUX
ajfa-5326	121	23	be	be	AUX
ajfa-5326	121	24	computed	compute	VERB
ajfa-5326	121	25	.	.	PUNCT
ajfa-5326	122	1	the	the	PRON
ajfa-5326	122	2	more	more	ADV
ajfa-5326	122	3	the	the	DET
ajfa-5326	122	4	probability	probability	NOUN
ajfa-5326	122	5	is	be	AUX
ajfa-5326	122	6	,	,	PUNCT
ajfa-5326	122	7	the	the	DET
ajfa-5326	122	8	more	more	ADV
ajfa-5326	122	9	frequently	frequently	ADV
ajfa-5326	122	10	it	it	PRON
ajfa-5326	122	11	happens	happen	VERB
ajfa-5326	122	12	.	.	PUNCT
ajfa-5326	123	1	the	the	DET
ajfa-5326	123	2	method	method	NOUN
ajfa-5326	123	3	’s	’s	PART
ajfa-5326	123	4	principle	principle	NOUN
ajfa-5326	123	5	is	be	AUX
ajfa-5326	123	6	not	not	PART
ajfa-5326	123	7	hard	hard	ADJ
ajfa-5326	123	8	to	to	PART
ajfa-5326	123	9	comprehend	comprehend	VERB
ajfa-5326	123	10	.	.	PUNCT
ajfa-5326	124	1	if	if	SCONJ
ajfa-5326	124	2	the	the	DET
ajfa-5326	124	3	daily	daily	ADJ
ajfa-5326	124	4	market	market	NOUN
ajfa-5326	124	5	return	return	NOUN
ajfa-5326	124	6	has	have	VERB
ajfa-5326	124	7	an	an	DET
ajfa-5326	124	8	up	up	ADJ
ajfa-5326	124	9	-	-	PUNCT
ajfa-5326	124	10	jump	jump	NOUN
ajfa-5326	124	11	over	over	ADP
ajfa-5326	124	12	a	a	DET
ajfa-5326	124	13	particular	particular	ADJ
ajfa-5326	124	14	upper	upper	ADJ
ajfa-5326	124	15	limit	limit	NOUN
ajfa-5326	124	16	and	and	CCONJ
ajfa-5326	124	17	the	the	DET
ajfa-5326	124	18	market	market	NOUN
ajfa-5326	124	19	dispersion	dispersion	NOUN
ajfa-5326	124	20	is	be	AUX
ajfa-5326	124	21	relatively	relatively	ADV
ajfa-5326	124	22	small	small	ADJ
ajfa-5326	124	23	,	,	PUNCT
ajfa-5326	124	24	then	then	ADV
ajfa-5326	124	25	this	this	DET
ajfa-5326	124	26	jump	jump	NOUN
ajfa-5326	124	27	seems	seem	VERB
ajfa-5326	124	28	to	to	PART
ajfa-5326	124	29	be	be	AUX
ajfa-5326	124	30	a	a	DET
ajfa-5326	124	31	rare	rare	ADJ
ajfa-5326	124	32	event	event	NOUN
ajfa-5326	124	33	due	due	ADP
ajfa-5326	124	34	to	to	ADP
ajfa-5326	124	35	its	its	PRON
ajfa-5326	124	36	tiny	tiny	ADJ
ajfa-5326	124	37	p	p	NOUN
ajfa-5326	124	38	-	-	PUNCT
ajfa-5326	124	39	value	value	NOUN
ajfa-5326	124	40	.	.	PUNCT
ajfa-5326	125	1	therefore	therefore	ADV
ajfa-5326	125	2	,	,	PUNCT
ajfa-5326	125	3	we	we	PRON
ajfa-5326	125	4	can	can	AUX
ajfa-5326	125	5	implement	implement	VERB
ajfa-5326	125	6	this	this	DET
ajfa-5326	125	7	logical	logical	ADJ
ajfa-5326	125	8	idea	idea	NOUN
ajfa-5326	125	9	to	to	PART
ajfa-5326	125	10	capture	capture	VERB
ajfa-5326	125	11	herd	herd	NOUN
ajfa-5326	125	12	in	in	ADP
ajfa-5326	125	13	a	a	DET
ajfa-5326	125	14	specific	specific	ADJ
ajfa-5326	125	15	day	day	NOUN
ajfa-5326	125	16	.	.	PUNCT
ajfa-5326	126	1	a	a	DET
ajfa-5326	126	2	daily	daily	ADJ
ajfa-5326	126	3	herd	herd	NOUN
ajfa-5326	126	4	will	will	AUX
ajfa-5326	126	5	be	be	AUX
ajfa-5326	126	6	detected	detect	VERB
ajfa-5326	126	7	through	through	ADP
ajfa-5326	126	8	the	the	DET
ajfa-5326	126	9	daily	daily	ADJ
ajfa-5326	126	10	market	market	NOUN
ajfa-5326	126	11	return	return	NOUN
ajfa-5326	126	12	and	and	CCONJ
ajfa-5326	126	13	the	the	DET
ajfa-5326	126	14	daily	daily	ADJ
ajfa-5326	126	15	market	market	NOUN
ajfa-5326	126	16	volatility	volatility	NOUN
ajfa-5326	126	17	.	.	PUNCT
ajfa-5326	127	1	to	to	PART
ajfa-5326	127	2	be	be	AUX
ajfa-5326	127	3	more	more	ADV
ajfa-5326	127	4	concrete	concrete	ADJ
ajfa-5326	127	5	,	,	PUNCT
ajfa-5326	127	6	if	if	SCONJ
ajfa-5326	127	7	market	market	NOUN
ajfa-5326	127	8	return	return	NOUN
ajfa-5326	127	9	is	be	AUX
ajfa-5326	127	10	higher	high	ADJ
ajfa-5326	127	11	(	(	PUNCT
ajfa-5326	127	12	smaller	small	ADJ
ajfa-5326	127	13	)	)	PUNCT
ajfa-5326	127	14	than	than	ADP
ajfa-5326	127	15	upper	upper	ADJ
ajfa-5326	127	16	(	(	PUNCT
ajfa-5326	127	17	lower	low	ADJ
ajfa-5326	127	18	)	)	PUNCT
ajfa-5326	127	19	limitation	limitation	NOUN
ajfa-5326	127	20	and	and	CCONJ
ajfa-5326	127	21	market	market	NOUN
ajfa-5326	127	22	dispersion	dispersion	NOUN
ajfa-5326	127	23	is	be	AUX
ajfa-5326	127	24	small	small	ADJ
ajfa-5326	127	25	enough	enough	ADV
ajfa-5326	127	26	,	,	PUNCT
ajfa-5326	127	27	herding	herding	NOUN
ajfa-5326	127	28	is	be	AUX
ajfa-5326	127	29	presented	present	VERB
ajfa-5326	127	30	,	,	PUNCT
ajfa-5326	127	31	or	or	CCONJ
ajfa-5326	127	32	vice	vice	ADV
ajfa-5326	127	33	versa	versa	ADV
ajfa-5326	127	34	.	.	PUNCT
ajfa-5326	128	1	asian	asian	ADJ
ajfa-5326	128	2	journal	journal	PROPN
ajfa-5326	128	3	of	of	ADP
ajfa-5326	128	4	finance	finance	PROPN
ajfa-5326	128	5	&	&	CCONJ
ajfa-5326	128	6	accounting	accounting	PROPN
ajfa-5326	128	7	issn	issn	PROPN
ajfa-5326	128	8	1946	1946	NUM
ajfa-5326	128	9	-	-	PUNCT
ajfa-5326	128	10	052x	052x	PROPN
ajfa-5326	128	11	2014	2014	NUM
ajfa-5326	128	12	,	,	PUNCT
ajfa-5326	128	13	vol	vol	NOUN
ajfa-5326	128	14	.	.	PROPN
ajfa-5326	129	1	6	6	NUM
ajfa-5326	129	2	,	,	PUNCT
ajfa-5326	129	3	no	no	INTJ
ajfa-5326	129	4	.	.	NOUN
ajfa-5326	129	5	1	1	NUM
ajfa-5326	129	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5326	129	7	469	469	NUM
ajfa-5326	129	8	by	by	ADP
ajfa-5326	129	9	implementing	implement	VERB
ajfa-5326	129	10	this	this	DET
ajfa-5326	129	11	method	method	NOUN
ajfa-5326	129	12	,	,	PUNCT
ajfa-5326	129	13	analysts	analyst	NOUN
ajfa-5326	129	14	can	can	AUX
ajfa-5326	129	15	capture	capture	VERB
ajfa-5326	129	16	herd	herd	NOUN
ajfa-5326	129	17	in	in	ADP
ajfa-5326	129	18	specific	specific	ADJ
ajfa-5326	129	19	days	day	NOUN
ajfa-5326	129	20	and	and	CCONJ
ajfa-5326	129	21	count	count	VERB
ajfa-5326	129	22	number	number	NOUN
ajfa-5326	129	23	of	of	ADP
ajfa-5326	129	24	days	day	NOUN
ajfa-5326	129	25	which	which	DET
ajfa-5326	129	26	herd	herd	NOUN
ajfa-5326	129	27	happens	happen	VERB
ajfa-5326	129	28	in	in	ADP
ajfa-5326	129	29	a	a	DET
ajfa-5326	129	30	period	period	NOUN
ajfa-5326	129	31	.	.	PUNCT
ajfa-5326	130	1	moreover	moreover	ADV
ajfa-5326	130	2	,	,	PUNCT
ajfa-5326	130	3	the	the	DET
ajfa-5326	130	4	method	method	NOUN
ajfa-5326	130	5	allows	allow	VERB
ajfa-5326	130	6	investors	investor	NOUN
ajfa-5326	130	7	to	to	PART
ajfa-5326	130	8	compare	compare	VERB
ajfa-5326	130	9	herd	herd	NOUN
ajfa-5326	130	10	’s	’s	PART
ajfa-5326	130	11	effect	effect	NOUN
ajfa-5326	130	12	between	between	ADP
ajfa-5326	130	13	up	up	ADP
ajfa-5326	130	14	and	and	CCONJ
ajfa-5326	130	15	down	down	ADP
ajfa-5326	130	16	market	market	NOUN
ajfa-5326	130	17	.	.	PUNCT
ajfa-5326	131	1	this	this	DET
ajfa-5326	131	2	method	method	NOUN
ajfa-5326	131	3	seems	seem	VERB
ajfa-5326	131	4	to	to	PART
ajfa-5326	131	5	be	be	AUX
ajfa-5326	131	6	better	well	ADJ
ajfa-5326	131	7	than	than	ADP
ajfa-5326	131	8	the	the	DET
ajfa-5326	131	9	previous	previous	ADJ
ajfa-5326	131	10	statistic	statistic	ADJ
ajfa-5326	131	11	approach	approach	NOUN
ajfa-5326	131	12	methods	method	NOUN
ajfa-5326	131	13	.	.	PUNCT
ajfa-5326	132	1	it	it	PRON
ajfa-5326	132	2	eliminates	eliminate	VERB
ajfa-5326	132	3	disadvantages	disadvantage	NOUN
ajfa-5326	132	4	of	of	ADP
ajfa-5326	132	5	these	these	DET
ajfa-5326	132	6	methods	method	NOUN
ajfa-5326	132	7	in	in	ADP
ajfa-5326	132	8	terms	term	NOUN
ajfa-5326	132	9	of	of	ADP
ajfa-5326	132	10	model	model	NOUN
ajfa-5326	132	11	fitness	fitness	NOUN
ajfa-5326	132	12	.	.	PUNCT
ajfa-5326	133	1	in	in	ADP
ajfa-5326	133	2	additions	addition	NOUN
ajfa-5326	133	3	,	,	PUNCT
ajfa-5326	133	4	it	it	PRON
ajfa-5326	133	5	provides	provide	VERB
ajfa-5326	133	6	a	a	DET
ajfa-5326	133	7	clearer	clear	ADJ
ajfa-5326	133	8	picture	picture	NOUN
ajfa-5326	133	9	about	about	ADP
ajfa-5326	133	10	herd	herd	NOUN
ajfa-5326	133	11	behavior	behavior	NOUN
ajfa-5326	133	12	in	in	ADP
ajfa-5326	133	13	stock	stock	NOUN
ajfa-5326	133	14	markets	market	NOUN
ajfa-5326	133	15	.	.	PUNCT
ajfa-5326	134	1	all	all	PRON
ajfa-5326	134	2	of	of	ADP
ajfa-5326	134	3	these	these	DET
ajfa-5326	134	4	advantages	advantage	NOUN
ajfa-5326	134	5	will	will	AUX
ajfa-5326	134	6	be	be	AUX
ajfa-5326	134	7	illustrated	illustrate	VERB
ajfa-5326	134	8	in	in	ADP
ajfa-5326	134	9	detail	detail	NOUN
ajfa-5326	134	10	in	in	ADP
ajfa-5326	134	11	the	the	DET
ajfa-5326	134	12	results	result	NOUN
ajfa-5326	134	13	section	section	NOUN
ajfa-5326	134	14	.	.	PUNCT
ajfa-5326	135	1	the	the	DET
ajfa-5326	135	2	raw	raw	ADJ
ajfa-5326	135	3	data	datum	NOUN
ajfa-5326	135	4	are	be	AUX
ajfa-5326	135	5	the	the	DET
ajfa-5326	135	6	daily	daily	ADJ
ajfa-5326	135	7	closed	closed	ADJ
ajfa-5326	135	8	prices	price	NOUN
ajfa-5326	135	9	of	of	ADP
ajfa-5326	135	10	stocks	stock	NOUN
ajfa-5326	135	11	issued	issue	VERB
ajfa-5326	135	12	in	in	ADP
ajfa-5326	135	13	ho	ho	PROPN
ajfa-5326	135	14	chi	chi	PROPN
ajfa-5326	135	15	minh	minh	PROPN
ajfa-5326	135	16	city	city	PROPN
ajfa-5326	135	17	stock	stock	NOUN
ajfa-5326	135	18	market	market	NOUN
ajfa-5326	135	19	and	and	CCONJ
ajfa-5326	135	20	closed	closed	ADJ
ajfa-5326	135	21	index	index	NOUN
ajfa-5326	135	22	of	of	ADP
ajfa-5326	135	23	vn	vn	PROPN
ajfa-5326	135	24	-	-	PUNCT
ajfa-5326	135	25	index	index	NOUN
ajfa-5326	135	26	.	.	PUNCT
ajfa-5326	136	1	data	datum	NOUN
ajfa-5326	136	2	sample	sample	NOUN
ajfa-5326	136	3	is	be	AUX
ajfa-5326	136	4	collected	collect	VERB
ajfa-5326	136	5	from	from	ADP
ajfa-5326	136	6	01	01	NUM
ajfa-5326	136	7	january	january	PROPN
ajfa-5326	136	8	,	,	PUNCT
ajfa-5326	136	9	2006	2006	NUM
ajfa-5326	136	10	to	to	ADP
ajfa-5326	136	11	30	30	NUM
ajfa-5326	136	12	june	june	PROPN
ajfa-5326	136	13	,	,	PUNCT
ajfa-5326	136	14	2012	2012	NUM
ajfa-5326	136	15	.	.	PUNCT
ajfa-5326	137	1	4	4	X
ajfa-5326	137	2	.	.	X
ajfa-5326	137	3	empirical	empirical	ADJ
ajfa-5326	137	4	results	result	NOUN
ajfa-5326	137	5	this	this	DET
ajfa-5326	137	6	section	section	NOUN
ajfa-5326	137	7	shows	show	VERB
ajfa-5326	137	8	the	the	DET
ajfa-5326	137	9	result	result	NOUN
ajfa-5326	137	10	analyses	analysis	NOUN
ajfa-5326	137	11	of	of	ADP
ajfa-5326	137	12	three	three	NUM
ajfa-5326	137	13	methods	method	NOUN
ajfa-5326	137	14	.	.	PUNCT
ajfa-5326	138	1	4.1	4.1	NUM
ajfa-5326	138	2	.	.	PUNCT
ajfa-5326	139	1	the	the	DET
ajfa-5326	139	2	two	two	NUM
ajfa-5326	139	3	models	model	NOUN
ajfa-5326	139	4	ch	ch	NOUN
ajfa-5326	139	5	(	(	PUNCT
ajfa-5326	139	6	1995	1995	NUM
ajfa-5326	139	7	)	)	PUNCT
ajfa-5326	139	8	and	and	CCONJ
ajfa-5326	139	9	cck	cck	NOUN
ajfa-5326	139	10	(	(	PUNCT
ajfa-5326	139	11	2000	2000	NUM
ajfa-5326	139	12	)	)	PUNCT
ajfa-5326	139	13	4.1.1	4.1.1	NUM
ajfa-5326	139	14	.	.	PUNCT
ajfa-5326	140	1	sample	sample	NOUN
ajfa-5326	140	2	data	datum	NOUN
ajfa-5326	140	3	the	the	DET
ajfa-5326	140	4	investigating	investigate	VERB
ajfa-5326	140	5	presence	presence	NOUN
ajfa-5326	140	6	of	of	ADP
ajfa-5326	140	7	herd	herd	NOUN
ajfa-5326	140	8	behaviour	behaviour	NOUN
ajfa-5326	140	9	in	in	ADP
ajfa-5326	140	10	vietnamese	vietnamese	ADJ
ajfa-5326	140	11	stock	stock	NOUN
ajfa-5326	140	12	market	market	NOUN
ajfa-5326	140	13	begins	begin	VERB
ajfa-5326	140	14	by	by	ADP
ajfa-5326	140	15	using	use	VERB
ajfa-5326	140	16	dummy	dummy	ADJ
ajfa-5326	140	17	variables	variable	NOUN
ajfa-5326	140	18	in	in	ADP
ajfa-5326	140	19	regression	regression	NOUN
ajfa-5326	140	20	tests	test	NOUN
ajfa-5326	140	21	which	which	PRON
ajfa-5326	140	22	are	be	AUX
ajfa-5326	140	23	the	the	DET
ajfa-5326	140	24	same	same	ADJ
ajfa-5326	140	25	as	as	ADP
ajfa-5326	140	26	the	the	DET
ajfa-5326	140	27	methods	method	NOUN
ajfa-5326	140	28	of	of	ADP
ajfa-5326	140	29	christie	christie	PROPN
ajfa-5326	140	30	and	and	CCONJ
ajfa-5326	140	31	huang	huang	PROPN
ajfa-5326	140	32	(	(	PUNCT
ajfa-5326	140	33	1995	1995	NUM
ajfa-5326	140	34	)	)	PUNCT
ajfa-5326	140	35	and	and	CCONJ
ajfa-5326	140	36	chang	chang	PROPN
ajfa-5326	140	37	,	,	PUNCT
ajfa-5326	140	38	cheng	cheng	PROPN
ajfa-5326	140	39	and	and	CCONJ
ajfa-5326	140	40	khorana	khorana	PROPN
ajfa-5326	140	41	(	(	PUNCT
ajfa-5326	140	42	2000	2000	NUM
ajfa-5326	140	43	)	)	PUNCT
ajfa-5326	140	44	(	(	PUNCT
ajfa-5326	140	45	henceforth	henceforth	ADV
ajfa-5326	140	46	referred	refer	VERB
ajfa-5326	140	47	as	as	ADP
ajfa-5326	140	48	ch	ch	NOUN
ajfa-5326	140	49	(	(	PUNCT
ajfa-5326	140	50	1995	1995	NUM
ajfa-5326	140	51	)	)	PUNCT
ajfa-5326	140	52	and	and	CCONJ
ajfa-5326	140	53	cck	cck	NOUN
ajfa-5326	140	54	(	(	PUNCT
ajfa-5326	140	55	2000	2000	NUM
ajfa-5326	140	56	)	)	PUNCT
ajfa-5326	140	57	)	)	PUNCT
ajfa-5326	140	58	.	.	PUNCT
ajfa-5326	141	1	both	both	PRON
ajfa-5326	141	2	of	of	ADP
ajfa-5326	141	3	cross	cross	ADJ
ajfa-5326	141	4	-	-	ADJ
ajfa-5326	141	5	sectional	sectional	ADJ
ajfa-5326	141	6	standard	standard	ADJ
ajfa-5326	141	7	deviation	deviation	NOUN
ajfa-5326	141	8	(	(	PUNCT
ajfa-5326	141	9	cssd	cssd	NOUN
ajfa-5326	141	10	)	)	PUNCT
ajfa-5326	141	11	and	and	CCONJ
ajfa-5326	141	12	cross	cross	ADJ
ajfa-5326	141	13	-	-	ADJ
ajfa-5326	141	14	sectional	sectional	ADJ
ajfa-5326	141	15	absolute	absolute	ADJ
ajfa-5326	141	16	deviation	deviation	NOUN
ajfa-5326	141	17	(	(	PUNCT
ajfa-5326	141	18	csad	csad	PROPN
ajfa-5326	141	19	)	)	PUNCT
ajfa-5326	141	20	are	be	AUX
ajfa-5326	141	21	used	use	VERB
ajfa-5326	141	22	as	as	ADP
ajfa-5326	141	23	measures	measure	NOUN
ajfa-5326	141	24	of	of	ADP
ajfa-5326	141	25	dispersion	dispersion	NOUN
ajfa-5326	141	26	.	.	PUNCT
ajfa-5326	142	1	the	the	DET
ajfa-5326	142	2	coefficients	coefficient	NOUN
ajfa-5326	142	3	of	of	ADP
ajfa-5326	142	4	dummy	dummy	ADJ
ajfa-5326	142	5	variables	variable	NOUN
ajfa-5326	142	6	interpret	interpret	VERB
ajfa-5326	142	7	differences	difference	NOUN
ajfa-5326	142	8	in	in	ADP
ajfa-5326	142	9	dependent	dependent	ADJ
ajfa-5326	142	10	variables	variable	NOUN
ajfa-5326	142	11	and	and	CCONJ
ajfa-5326	142	12	cast	cast	VERB
ajfa-5326	142	13	light	light	NOUN
ajfa-5326	142	14	on	on	ADP
ajfa-5326	142	15	the	the	DET
ajfa-5326	142	16	range	range	NOUN
ajfa-5326	142	17	of	of	ADP
ajfa-5326	142	18	herd	herd	NOUN
ajfa-5326	142	19	behavior	behavior	NOUN
ajfa-5326	142	20	via	via	ADP
ajfa-5326	142	21	extremely	extremely	ADV
ajfa-5326	142	22	bullish	bullish	ADJ
ajfa-5326	142	23	and	and	CCONJ
ajfa-5326	142	24	bearish	bearish	ADJ
ajfa-5326	142	25	trading	trading	NOUN
ajfa-5326	142	26	day	day	NOUN
ajfa-5326	142	27	.	.	PUNCT
ajfa-5326	143	1	equation	equation	NOUN
ajfa-5326	143	2	(	(	PUNCT
ajfa-5326	143	3	2	2	NUM
ajfa-5326	143	4	)	)	PUNCT
ajfa-5326	143	5	and	and	CCONJ
ajfa-5326	143	6	(	(	PUNCT
ajfa-5326	143	7	4	4	X
ajfa-5326	143	8	)	)	PUNCT
ajfa-5326	143	9	are	be	AUX
ajfa-5326	143	10	estimated	estimate	VERB
ajfa-5326	143	11	by	by	ADP
ajfa-5326	143	12	using	use	VERB
ajfa-5326	143	13	3	3	NUM
ajfa-5326	143	14	%	%	NOUN
ajfa-5326	143	15	of	of	ADP
ajfa-5326	143	16	the	the	DET
ajfa-5326	143	17	price	price	NOUN
ajfa-5326	143	18	movement	movement	NOUN
ajfa-5326	143	19	days	day	NOUN
ajfa-5326	143	20	following	follow	VERB
ajfa-5326	143	21	the	the	DET
ajfa-5326	143	22	definition	definition	NOUN
ajfa-5326	143	23	of	of	ADP
ajfa-5326	143	24	extremely	extremely	ADV
ajfa-5326	143	25	bullish	bullish	ADJ
ajfa-5326	143	26	and	and	CCONJ
ajfa-5326	143	27	bearish	bearish	ADJ
ajfa-5326	143	28	days	day	NOUN
ajfa-5326	143	29	.	.	PUNCT
ajfa-5326	144	1	table	table	NOUN
ajfa-5326	144	2	1	1	NUM
ajfa-5326	144	3	shows	show	VERB
ajfa-5326	144	4	the	the	DET
ajfa-5326	144	5	parameters	parameter	NOUN
ajfa-5326	144	6	estimated	estimate	VERB
ajfa-5326	144	7	by	by	ADP
ajfa-5326	144	8	t	t	PROPN
ajfa-5326	144	9	-	-	PUNCT
ajfa-5326	144	10	statistics	statistic	NOUN
ajfa-5326	144	11	value	value	NOUN
ajfa-5326	144	12	and	and	CCONJ
ajfa-5326	144	13	p	p	NOUN
ajfa-5326	144	14	-	-	PUNCT
ajfa-5326	144	15	value	value	NOUN
ajfa-5326	144	16	pertaining	pertain	VERB
ajfa-5326	144	17	to	to	ADP
ajfa-5326	144	18	the	the	DET
ajfa-5326	144	19	daily	daily	ADJ
ajfa-5326	144	20	data	datum	NOUN
ajfa-5326	144	21	.	.	PUNCT
ajfa-5326	145	1	the	the	DET
ajfa-5326	145	2	results	result	NOUN
ajfa-5326	145	3	of	of	ADP
ajfa-5326	145	4	these	these	DET
ajfa-5326	145	5	equations	equation	NOUN
ajfa-5326	145	6	suggest	suggest	VERB
ajfa-5326	145	7	the	the	DET
ajfa-5326	145	8	same	same	ADJ
ajfa-5326	145	9	feature	feature	NOUN
ajfa-5326	145	10	.	.	PUNCT
ajfa-5326	146	1	this	this	PRON
ajfa-5326	146	2	is	be	AUX
ajfa-5326	146	3	an	an	DET
ajfa-5326	146	4	appearance	appearance	NOUN
ajfa-5326	146	5	of	of	ADP
ajfa-5326	146	6	herd	herd	NOUN
ajfa-5326	146	7	behavior	behavior	NOUN
ajfa-5326	146	8	in	in	ADP
ajfa-5326	146	9	the	the	DET
ajfa-5326	146	10	stock	stock	NOUN
ajfa-5326	146	11	market	market	NOUN
ajfa-5326	146	12	.	.	PUNCT
ajfa-5326	147	1	the	the	DET
ajfa-5326	147	2	coefficients	coefficient	NOUN
ajfa-5326	147	3	of	of	ADP
ajfa-5326	147	4	βl	βl	NOUN
ajfa-5326	147	5	and	and	CCONJ
ajfa-5326	147	6	βu	βu	NOUN
ajfa-5326	147	7	are	be	AUX
ajfa-5326	147	8	negative	negative	ADJ
ajfa-5326	147	9	and	and	CCONJ
ajfa-5326	147	10	the	the	DET
ajfa-5326	147	11	p	p	NOUN
ajfa-5326	147	12	-	-	PUNCT
ajfa-5326	147	13	values	value	NOUN
ajfa-5326	147	14	are	be	AUX
ajfa-5326	147	15	much	much	ADV
ajfa-5326	147	16	smaller	small	ADJ
ajfa-5326	147	17	than	than	ADP
ajfa-5326	147	18	0.05	0.05	NUM
ajfa-5326	147	19	.	.	PUNCT
ajfa-5326	148	1	it	it	PRON
ajfa-5326	148	2	means	mean	VERB
ajfa-5326	148	3	βl	βl	NOUN
ajfa-5326	148	4	and	and	CCONJ
ajfa-5326	148	5	βu	βu	NOUN
ajfa-5326	148	6	are	be	AUX
ajfa-5326	148	7	significantly	significantly	ADV
ajfa-5326	148	8	negative	negative	ADJ
ajfa-5326	148	9	.	.	PUNCT
ajfa-5326	149	1	however	however	ADV
ajfa-5326	149	2	,	,	PUNCT
ajfa-5326	149	3	when	when	SCONJ
ajfa-5326	149	4	we	we	PRON
ajfa-5326	149	5	look	look	VERB
ajfa-5326	149	6	at	at	ADP
ajfa-5326	149	7	the	the	DET
ajfa-5326	149	8	results	result	NOUN
ajfa-5326	149	9	carefully	carefully	ADV
ajfa-5326	149	10	,	,	PUNCT
ajfa-5326	149	11	we	we	PRON
ajfa-5326	149	12	can	can	AUX
ajfa-5326	149	13	see	see	VERB
ajfa-5326	149	14	differences	difference	NOUN
ajfa-5326	149	15	between	between	ADP
ajfa-5326	149	16	the	the	DET
ajfa-5326	149	17	coefficients	coefficient	NOUN
ajfa-5326	149	18	of	of	ADP
ajfa-5326	149	19	βl	βl	NOUN
ajfa-5326	149	20	and	and	CCONJ
ajfa-5326	149	21	βu	βu	X
ajfa-5326	149	22	in	in	ADP
ajfa-5326	149	23	cssd	cssd	NOUN
ajfa-5326	149	24	model	model	NOUN
ajfa-5326	149	25	(	(	PUNCT
ajfa-5326	149	26	-0.0056	-0.0056	PROPN
ajfa-5326	149	27	and	and	CCONJ
ajfa-5326	149	28	-0.0075	-0.0075	PROPN
ajfa-5326	149	29	,	,	PUNCT
ajfa-5326	149	30	respectively	respectively	ADV
ajfa-5326	149	31	)	)	PUNCT
ajfa-5326	149	32	and	and	CCONJ
ajfa-5326	149	33	csad	csad	ADJ
ajfa-5326	149	34	model	model	NOUN
ajfa-5326	149	35	(	(	PUNCT
ajfa-5326	149	36	-0.0080	-0.0080	NOUN
ajfa-5326	149	37	and	and	CCONJ
ajfa-5326	149	38	-0.0084	-0.0084	NOUN
ajfa-5326	149	39	,	,	PUNCT
ajfa-5326	149	40	respectively	respectively	ADV
ajfa-5326	149	41	)	)	PUNCT
ajfa-5326	149	42	.	.	PUNCT
ajfa-5326	150	1	only	only	ADV
ajfa-5326	150	2	one	one	NUM
ajfa-5326	150	3	data	datum	NOUN
ajfa-5326	150	4	is	be	AUX
ajfa-5326	150	5	considered	consider	VERB
ajfa-5326	150	6	being	be	AUX
ajfa-5326	150	7	used	use	VERB
ajfa-5326	150	8	for	for	ADP
ajfa-5326	150	9	these	these	DET
ajfa-5326	150	10	models	model	NOUN
ajfa-5326	150	11	.	.	PUNCT
ajfa-5326	151	1	so	so	ADV
ajfa-5326	151	2	it	it	PRON
ajfa-5326	151	3	can	can	AUX
ajfa-5326	151	4	be	be	AUX
ajfa-5326	151	5	said	say	VERB
ajfa-5326	151	6	that	that	SCONJ
ajfa-5326	151	7	the	the	DET
ajfa-5326	151	8	csad	csad	ADJ
ajfa-5326	151	9	model	model	NOUN
ajfa-5326	151	10	is	be	AUX
ajfa-5326	151	11	more	more	ADV
ajfa-5326	151	12	sensitive	sensitive	ADJ
ajfa-5326	151	13	than	than	ADP
ajfa-5326	151	14	another	another	PRON
ajfa-5326	151	15	in	in	ADP
ajfa-5326	151	16	terms	term	NOUN
ajfa-5326	151	17	of	of	ADP
ajfa-5326	151	18	capturing	capture	VERB
ajfa-5326	151	19	herd	herd	ADJ
ajfa-5326	151	20	behavior	behavior	NOUN
ajfa-5326	151	21	.	.	PUNCT
ajfa-5326	152	1	in	in	ADP
ajfa-5326	152	2	addition	addition	NOUN
ajfa-5326	152	3	,	,	PUNCT
ajfa-5326	152	4	the	the	DET
ajfa-5326	152	5	r	r	NOUN
ajfa-5326	152	6	-	-	PUNCT
ajfa-5326	152	7	squared	square	VERB
ajfa-5326	152	8	(	(	PUNCT
ajfa-5326	152	9	r2	r2	PROPN
ajfa-5326	152	10	)	)	PUNCT
ajfa-5326	152	11	in	in	ADP
ajfa-5326	152	12	csad	csad	ADJ
ajfa-5326	152	13	model	model	NOUN
ajfa-5326	152	14	is	be	AUX
ajfa-5326	152	15	much	much	ADV
ajfa-5326	152	16	higher	high	ADJ
ajfa-5326	152	17	than	than	ADP
ajfa-5326	152	18	r2	r2	PROPN
ajfa-5326	152	19	in	in	ADP
ajfa-5326	152	20	cssd	cssd	NOUN
ajfa-5326	152	21	model	model	NOUN
ajfa-5326	152	22	(	(	PUNCT
ajfa-5326	152	23	0.107	0.107	NUM
ajfa-5326	152	24	compares	compare	VERB
ajfa-5326	152	25	to	to	ADP
ajfa-5326	152	26	0.056	0.056	NUM
ajfa-5326	152	27	)	)	PUNCT
ajfa-5326	152	28	.	.	PUNCT
ajfa-5326	153	1	it	it	PRON
ajfa-5326	153	2	means	mean	VERB
ajfa-5326	153	3	that	that	SCONJ
ajfa-5326	153	4	in	in	ADP
ajfa-5326	153	5	csad	csad	PROPN
ajfa-5326	153	6	model	model	NOUN
ajfa-5326	153	7	,	,	PUNCT
ajfa-5326	153	8	regression	regression	NOUN
ajfa-5326	153	9	line	line	NOUN
ajfa-5326	153	10	fits	fit	VERB
ajfa-5326	153	11	a	a	DET
ajfa-5326	153	12	set	set	NOUN
ajfa-5326	153	13	of	of	ADP
ajfa-5326	153	14	data	datum	NOUN
ajfa-5326	153	15	better	well	ADV
ajfa-5326	153	16	than	than	ADP
ajfa-5326	153	17	one	one	NUM
ajfa-5326	153	18	in	in	ADP
ajfa-5326	153	19	cssd	cssd	NOUN
ajfa-5326	153	20	model	model	NOUN
ajfa-5326	153	21	.	.	PUNCT
ajfa-5326	154	1	table	table	NOUN
ajfa-5326	154	2	1	1	NUM
ajfa-5326	154	3	.	.	PUNCT
ajfa-5326	154	4	estimated	estimate	VERB
ajfa-5326	154	5	coefficients	coefficient	NOUN
ajfa-5326	154	6	of	of	ADP
ajfa-5326	154	7	christie	christie	PROPN
ajfa-5326	154	8	and	and	CCONJ
ajfa-5326	154	9	huang	huang	PROPN
ajfa-5326	154	10	(	(	PUNCT
ajfa-5326	154	11	1995	1995	NUM
ajfa-5326	154	12	)	)	PUNCT
ajfa-5326	154	13	’s	’s	NOUN
ajfa-5326	154	14	and	and	CCONJ
ajfa-5326	154	15	chang	chang	PROPN
ajfa-5326	154	16	et	et	PROPN
ajfa-5326	154	17	al	al	PROPN
ajfa-5326	154	18	.	.	PROPN
ajfa-5326	155	1	(	(	PUNCT
ajfa-5326	155	2	2000	2000	NUM
ajfa-5326	155	3	)	)	PUNCT
ajfa-5326	155	4	’s	’s	PART
ajfa-5326	155	5	methods	method	NOUN
ajfa-5326	155	6	cssd	cssd	PROPN
ajfa-5326	155	7	csad	csad	PROPN
ajfa-5326	156	1	βl	βl	ADP
ajfa-5326	156	2	βu	βu	PROPN
ajfa-5326	156	3	r2	r2	PROPN
ajfa-5326	156	4	βl	βl	PROPN
ajfa-5326	156	5	βu	βu	PROPN
ajfa-5326	156	6	r2	r2	PROPN
ajfa-5326	156	7	coefficients	coefficient	NOUN
ajfa-5326	156	8	-.0056	-.0056	PUNCT
ajfa-5326	156	9	*	*	PUNCT
ajfa-5326	156	10	*	*	PUNCT
ajfa-5326	156	11	*	*	PUNCT
ajfa-5326	156	12	-.0075	-.0075	ADJ
ajfa-5326	156	13	*	*	PUNCT
ajfa-5326	156	14	*	*	PUNCT
ajfa-5326	156	15	*	*	PUNCT
ajfa-5326	156	16	.0556	.0556	PROPN
ajfa-5326	156	17	-.0080	-.0080	PUNCT
ajfa-5326	156	18	*	*	PUNCT
ajfa-5326	156	19	*	*	PUNCT
ajfa-5326	156	20	*	*	PUNCT
ajfa-5326	156	21	-.0084	-.0084	PUNCT
ajfa-5326	156	22	*	*	PUNCT
ajfa-5326	156	23	*	*	PUNCT
ajfa-5326	156	24	*	*	NOUN
ajfa-5326	156	25	.107	.107	NUM
ajfa-5326	156	26	t	t	PROPN
ajfa-5326	156	27	-	-	PUNCT
ajfa-5326	156	28	statistics	statistic	NOUN
ajfa-5326	156	29	-5.968	-5.968	PUNCT
ajfa-5326	156	30	-7.904	-7.904	VERB
ajfa-5326	156	31	-9.659	-9.659	NUM
ajfa-5326	156	32	-10.306	-10.306	ADJ
ajfa-5326	156	33	note	note	NOUN
ajfa-5326	156	34	:	:	PUNCT
ajfa-5326	156	35	*	*	PUNCT
ajfa-5326	156	36	significant	significant	ADJ
ajfa-5326	156	37	at	at	ADP
ajfa-5326	156	38	10	10	NUM
ajfa-5326	156	39	%	%	NOUN
ajfa-5326	156	40	;	;	PUNCT
ajfa-5326	156	41	*	*	PUNCT
ajfa-5326	156	42	*	*	PUNCT
ajfa-5326	156	43	significant	significant	ADJ
ajfa-5326	156	44	at	at	ADP
ajfa-5326	156	45	5	5	NUM
ajfa-5326	156	46	%	%	NOUN
ajfa-5326	156	47	;	;	PUNCT
ajfa-5326	156	48	*	*	PUNCT
ajfa-5326	156	49	*	*	PUNCT
ajfa-5326	156	50	*	*	PUNCT
ajfa-5326	156	51	significant	significant	ADJ
ajfa-5326	156	52	at	at	ADP
ajfa-5326	156	53	1	1	NUM
ajfa-5326	156	54	%	%	NOUN
ajfa-5326	156	55	.	.	PUNCT
ajfa-5326	157	1	csad	csad	PROPN
ajfa-5326	157	2	:	:	PUNCT
ajfa-5326	157	3	cross	cross	ADJ
ajfa-5326	157	4	-	-	ADJ
ajfa-5326	157	5	sectional	sectional	ADJ
ajfa-5326	157	6	absolute	absolute	ADJ
ajfa-5326	157	7	deviation	deviation	NOUN
ajfa-5326	157	8	cssd	cssd	NOUN
ajfa-5326	157	9	:	:	PUNCT
ajfa-5326	157	10	cross	cross	ADJ
ajfa-5326	157	11	-	-	ADJ
ajfa-5326	157	12	sectional	sectional	ADJ
ajfa-5326	157	13	standard	standard	ADJ
ajfa-5326	157	14	deviation	deviation	NOUN
ajfa-5326	157	15	however	however	ADV
ajfa-5326	157	16	,	,	PUNCT
ajfa-5326	157	17	in	in	ADP
ajfa-5326	157	18	both	both	DET
ajfa-5326	157	19	models	model	NOUN
ajfa-5326	157	20	,	,	PUNCT
ajfa-5326	157	21	the	the	DET
ajfa-5326	157	22	values	value	NOUN
ajfa-5326	157	23	of	of	ADP
ajfa-5326	157	24	r2	r2	PROPN
ajfa-5326	157	25	are	be	AUX
ajfa-5326	157	26	too	too	ADV
ajfa-5326	157	27	small	small	ADJ
ajfa-5326	157	28	(	(	PUNCT
ajfa-5326	157	29	less	less	ADJ
ajfa-5326	157	30	than	than	ADP
ajfa-5326	157	31	0.2	0.2	NUM
ajfa-5326	157	32	)	)	PUNCT
ajfa-5326	157	33	.	.	PUNCT
ajfa-5326	158	1	r2	r2	PROPN
ajfa-5326	158	2	is	be	AUX
ajfa-5326	158	3	used	use	VERB
ajfa-5326	158	4	to	to	PART
ajfa-5326	158	5	describe	describe	VERB
ajfa-5326	158	6	how	how	SCONJ
ajfa-5326	158	7	well	well	ADV
ajfa-5326	158	8	the	the	DET
ajfa-5326	158	9	data	datum	NOUN
ajfa-5326	158	10	fit	fit	VERB
ajfa-5326	158	11	a	a	DET
ajfa-5326	158	12	model	model	NOUN
ajfa-5326	158	13	is	be	AUX
ajfa-5326	158	14	.	.	PUNCT
ajfa-5326	159	1	r2	r2	PROPN
ajfa-5326	159	2	is	be	AUX
ajfa-5326	159	3	between	between	ADP
ajfa-5326	159	4	0	0	NUM
ajfa-5326	159	5	and	and	CCONJ
ajfa-5326	159	6	1	1	NUM
ajfa-5326	159	7	,	,	PUNCT
ajfa-5326	159	8	and	and	CCONJ
ajfa-5326	159	9	the	the	DET
ajfa-5326	159	10	bigger	big	ADJ
ajfa-5326	159	11	r2	r2	NOUN
ajfa-5326	159	12	is	be	AUX
ajfa-5326	159	13	,	,	PUNCT
ajfa-5326	159	14	the	the	PRON
ajfa-5326	159	15	better	well	ADJ
ajfa-5326	159	16	the	the	DET
ajfa-5326	159	17	asian	asian	ADJ
ajfa-5326	159	18	journal	journal	NOUN
ajfa-5326	159	19	of	of	ADP
ajfa-5326	159	20	finance	finance	PROPN
ajfa-5326	159	21	&	&	CCONJ
ajfa-5326	159	22	accounting	accounting	PROPN
ajfa-5326	159	23	issn	issn	PROPN
ajfa-5326	159	24	1946	1946	NUM
ajfa-5326	159	25	-	-	PUNCT
ajfa-5326	159	26	052x	052x	PROPN
ajfa-5326	159	27	2014	2014	NUM
ajfa-5326	159	28	,	,	PUNCT
ajfa-5326	159	29	vol	vol	NOUN
ajfa-5326	159	30	.	.	PROPN
ajfa-5326	160	1	6	6	NUM
ajfa-5326	160	2	,	,	PUNCT
ajfa-5326	160	3	no	no	INTJ
ajfa-5326	160	4	.	.	NOUN
ajfa-5326	160	5	1	1	NUM
ajfa-5326	160	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5326	160	7	470	470	NUM
ajfa-5326	160	8	data	datum	NOUN
ajfa-5326	160	9	fit	fit	VERB
ajfa-5326	160	10	the	the	DET
ajfa-5326	160	11	model	model	NOUN
ajfa-5326	160	12	.	.	PUNCT
ajfa-5326	161	1	therefore	therefore	ADV
ajfa-5326	161	2	,	,	PUNCT
ajfa-5326	161	3	in	in	ADP
ajfa-5326	161	4	this	this	DET
ajfa-5326	161	5	case	case	NOUN
ajfa-5326	161	6	,	,	PUNCT
ajfa-5326	161	7	the	the	DET
ajfa-5326	161	8	models	model	NOUN
ajfa-5326	161	9	do	do	AUX
ajfa-5326	161	10	not	not	PART
ajfa-5326	161	11	fit	fit	VERB
ajfa-5326	161	12	the	the	DET
ajfa-5326	161	13	data	datum	NOUN
ajfa-5326	161	14	well	well	ADV
ajfa-5326	161	15	.	.	PUNCT
ajfa-5326	162	1	it	it	PRON
ajfa-5326	162	2	is	be	AUX
ajfa-5326	162	3	not	not	PART
ajfa-5326	162	4	difficult	difficult	ADJ
ajfa-5326	162	5	to	to	PART
ajfa-5326	162	6	explain	explain	VERB
ajfa-5326	162	7	this	this	DET
ajfa-5326	162	8	problem	problem	NOUN
ajfa-5326	162	9	.	.	PUNCT
ajfa-5326	163	1	actually	actually	ADV
ajfa-5326	163	2	,	,	PUNCT
ajfa-5326	163	3	herd	herd	NOUN
ajfa-5326	163	4	behavior	behavior	NOUN
ajfa-5326	163	5	is	be	AUX
ajfa-5326	163	6	not	not	PART
ajfa-5326	163	7	only	only	ADV
ajfa-5326	163	8	a	a	DET
ajfa-5326	163	9	reason	reason	NOUN
ajfa-5326	163	10	which	which	PRON
ajfa-5326	163	11	leads	lead	VERB
ajfa-5326	163	12	to	to	ADP
ajfa-5326	163	13	changes	change	NOUN
ajfa-5326	163	14	in	in	ADP
ajfa-5326	163	15	market	market	NOUN
ajfa-5326	163	16	dispersion	dispersion	NOUN
ajfa-5326	163	17	in	in	ADP
ajfa-5326	163	18	extreme	extreme	ADJ
ajfa-5326	163	19	price	price	NOUN
ajfa-5326	163	20	movement	movement	NOUN
ajfa-5326	163	21	periods	period	NOUN
ajfa-5326	163	22	.	.	PUNCT
ajfa-5326	164	1	there	there	PRON
ajfa-5326	164	2	are	be	VERB
ajfa-5326	164	3	also	also	ADV
ajfa-5326	164	4	fundamental	fundamental	ADJ
ajfa-5326	164	5	factors	factor	NOUN
ajfa-5326	164	6	of	of	ADP
ajfa-5326	164	7	the	the	DET
ajfa-5326	164	8	market	market	NOUN
ajfa-5326	164	9	which	which	PRON
ajfa-5326	164	10	affect	affect	VERB
ajfa-5326	164	11	the	the	DET
ajfa-5326	164	12	market	market	NOUN
ajfa-5326	164	13	in	in	ADP
ajfa-5326	164	14	the	the	DET
ajfa-5326	164	15	same	same	ADJ
ajfa-5326	164	16	way	way	NOUN
ajfa-5326	164	17	.	.	PUNCT
ajfa-5326	165	1	nevertheless	nevertheless	ADV
ajfa-5326	165	2	,	,	PUNCT
ajfa-5326	165	3	these	these	DET
ajfa-5326	165	4	factors	factor	NOUN
ajfa-5326	165	5	are	be	AUX
ajfa-5326	165	6	not	not	PART
ajfa-5326	165	7	involved	involve	VERB
ajfa-5326	165	8	in	in	ADP
ajfa-5326	165	9	the	the	DET
ajfa-5326	165	10	models	model	NOUN
ajfa-5326	165	11	,	,	PUNCT
ajfa-5326	165	12	so	so	ADV
ajfa-5326	165	13	small	small	ADJ
ajfa-5326	165	14	r2	r2	NOUN
ajfa-5326	165	15	is	be	AUX
ajfa-5326	165	16	a	a	DET
ajfa-5326	165	17	reason	reason	NOUN
ajfa-5326	165	18	.	.	PUNCT
ajfa-5326	166	1	unfortunately	unfortunately	ADV
ajfa-5326	166	2	,	,	PUNCT
ajfa-5326	166	3	it	it	PRON
ajfa-5326	166	4	is	be	AUX
ajfa-5326	166	5	not	not	PART
ajfa-5326	166	6	easy	easy	ADJ
ajfa-5326	166	7	to	to	PART
ajfa-5326	166	8	increase	increase	VERB
ajfa-5326	166	9	r2	r2	NOUN
ajfa-5326	166	10	by	by	ADP
ajfa-5326	166	11	adding	add	VERB
ajfa-5326	166	12	variables	variable	NOUN
ajfa-5326	166	13	into	into	ADP
ajfa-5326	166	14	the	the	DET
ajfa-5326	166	15	models	model	NOUN
ajfa-5326	166	16	.	.	PUNCT
ajfa-5326	167	1	this	this	DET
ajfa-5326	167	2	problem	problem	NOUN
ajfa-5326	167	3	also	also	ADV
ajfa-5326	167	4	caused	cause	VERB
ajfa-5326	167	5	inaccuracy	inaccuracy	NOUN
ajfa-5326	167	6	of	of	ADP
ajfa-5326	167	7	the	the	DET
ajfa-5326	167	8	two	two	NUM
ajfa-5326	167	9	methods	method	NOUN
ajfa-5326	167	10	of	of	ADP
ajfa-5326	167	11	christie	christie	PROPN
ajfa-5326	167	12	and	and	CCONJ
ajfa-5326	167	13	huang	huang	PROPN
ajfa-5326	167	14	(	(	PUNCT
ajfa-5326	167	15	1995	1995	NUM
ajfa-5326	167	16	)	)	PUNCT
ajfa-5326	167	17	and	and	CCONJ
ajfa-5326	167	18	chang	chang	PROPN
ajfa-5326	167	19	et	et	PROPN
ajfa-5326	167	20	al	al	PROPN
ajfa-5326	167	21	.	.	PROPN
ajfa-5326	168	1	(	(	PUNCT
ajfa-5326	168	2	2000	2000	NUM
ajfa-5326	168	3	)	)	PUNCT
ajfa-5326	168	4	in	in	ADP
ajfa-5326	168	5	terms	term	NOUN
ajfa-5326	168	6	of	of	ADP
ajfa-5326	168	7	detecting	detect	VERB
ajfa-5326	168	8	herd	herd	NOUN
ajfa-5326	168	9	behavior	behavior	NOUN
ajfa-5326	168	10	.	.	PUNCT
ajfa-5326	169	1	4.1.2	4.1.2	NUM
ajfa-5326	169	2	.	.	NOUN
ajfa-5326	169	3	yearly	yearly	ADJ
ajfa-5326	169	4	periods	period	NOUN
ajfa-5326	169	5	according	accord	VERB
ajfa-5326	169	6	to	to	ADP
ajfa-5326	169	7	the	the	DET
ajfa-5326	169	8	integrated	integrate	VERB
ajfa-5326	169	9	results	result	NOUN
ajfa-5326	169	10	in	in	ADP
ajfa-5326	169	11	table	table	NOUN
ajfa-5326	169	12	2	2	NUM
ajfa-5326	169	13	,	,	PUNCT
ajfa-5326	169	14	once	once	ADV
ajfa-5326	169	15	again	again	ADV
ajfa-5326	169	16	we	we	PRON
ajfa-5326	169	17	can	can	AUX
ajfa-5326	169	18	see	see	VERB
ajfa-5326	169	19	the	the	DET
ajfa-5326	169	20	advantage	advantage	NOUN
ajfa-5326	169	21	of	of	ADP
ajfa-5326	169	22	csad	csad	NOUN
ajfa-5326	169	23	in	in	ADP
ajfa-5326	169	24	comparison	comparison	NOUN
ajfa-5326	169	25	to	to	ADP
ajfa-5326	169	26	cssd	cssd	NOUN
ajfa-5326	169	27	to	to	PART
ajfa-5326	169	28	represent	represent	VERB
ajfa-5326	169	29	market	market	NOUN
ajfa-5326	169	30	variation	variation	NOUN
ajfa-5326	169	31	because	because	SCONJ
ajfa-5326	169	32	the	the	DET
ajfa-5326	169	33	coefficients	coefficient	NOUN
ajfa-5326	169	34	in	in	ADP
ajfa-5326	169	35	csad	csad	ADJ
ajfa-5326	169	36	model	model	NOUN
ajfa-5326	169	37	are	be	AUX
ajfa-5326	169	38	always	always	ADV
ajfa-5326	169	39	higher	high	ADJ
ajfa-5326	169	40	than	than	ADP
ajfa-5326	169	41	ones	one	NOUN
ajfa-5326	169	42	in	in	ADP
ajfa-5326	169	43	cssd	cssd	NOUN
ajfa-5326	169	44	model	model	NOUN
ajfa-5326	169	45	.	.	PUNCT
ajfa-5326	170	1	it	it	PRON
ajfa-5326	170	2	means	mean	VERB
ajfa-5326	170	3	that	that	SCONJ
ajfa-5326	170	4	csad	csad	NOUN
ajfa-5326	170	5	is	be	AUX
ajfa-5326	170	6	more	more	ADV
ajfa-5326	170	7	sensitive	sensitive	ADJ
ajfa-5326	170	8	than	than	ADP
ajfa-5326	170	9	cssd	cssd	NOUN
ajfa-5326	170	10	regarding	regard	VERB
ajfa-5326	170	11	to	to	ADP
ajfa-5326	170	12	changes	change	NOUN
ajfa-5326	170	13	in	in	ADP
ajfa-5326	170	14	dl	dl	PROPN
ajfa-5326	170	15	and	and	CCONJ
ajfa-5326	170	16	du	du	PROPN
ajfa-5326	170	17	.	.	PROPN
ajfa-5326	170	18	table	table	NOUN
ajfa-5326	170	19	2	2	NUM
ajfa-5326	170	20	.	.	PUNCT
ajfa-5326	170	21	estimated	estimate	VERB
ajfa-5326	170	22	coefficients	coefficient	NOUN
ajfa-5326	170	23	of	of	ADP
ajfa-5326	170	24	christie	christie	PROPN
ajfa-5326	170	25	and	and	CCONJ
ajfa-5326	170	26	huang	huang	PROPN
ajfa-5326	170	27	(	(	PUNCT
ajfa-5326	170	28	1995	1995	NUM
ajfa-5326	170	29	)	)	PUNCT
ajfa-5326	170	30	and	and	CCONJ
ajfa-5326	170	31	chang	chang	PROPN
ajfa-5326	170	32	et	et	PROPN
ajfa-5326	170	33	al	al	PROPN
ajfa-5326	170	34	.	.	PROPN
ajfa-5326	171	1	(	(	PUNCT
ajfa-5326	171	2	2000	2000	NUM
ajfa-5326	171	3	)	)	PUNCT
ajfa-5326	171	4	method	method	NOUN
ajfa-5326	171	5	in	in	ADP
ajfa-5326	171	6	each	each	DET
ajfa-5326	171	7	year	year	NOUN
ajfa-5326	171	8	cssd	cssd	NOUN
ajfa-5326	171	9	csad	csad	PROPN
ajfa-5326	172	1	βl	βl	INTJ
ajfa-5326	172	2	βu	βu	INTJ
ajfa-5326	172	3	βl	βl	INTJ
ajfa-5326	172	4	βu	βu	SYM
ajfa-5326	172	5	2006	2006	NUM
ajfa-5326	172	6	coefficient	coefficient	NOUN
ajfa-5326	172	7	t	t	NOUN
ajfa-5326	172	8	-	-	PUNCT
ajfa-5326	172	9	value	value	NOUN
ajfa-5326	172	10	-0.0008	-0.0008	NOUN
ajfa-5326	172	11	*	*	PUNCT
ajfa-5326	172	12	-0.2105	-0.2105	PROPN
ajfa-5326	172	13	-0.0056	-0.0056	PROPN
ajfa-5326	172	14	*	*	PUNCT
ajfa-5326	172	15	-1.5534	-1.5534	PROPN
ajfa-5326	173	1	-0.0036	-0.0036	NOUN
ajfa-5326	173	2	*	*	PUNCT
ajfa-5326	173	3	-1.3503	-1.3503	NOUN
ajfa-5326	173	4	-0.0063	-0.0063	PROPN
ajfa-5326	173	5	*	*	PUNCT
ajfa-5326	173	6	-2.3477	-2.3477	NOUN
ajfa-5326	173	7	2007	2007	NUM
ajfa-5326	173	8	coefficient	coefficient	PROPN
ajfa-5326	173	9	t	t	NOUN
ajfa-5326	173	10	-	-	PUNCT
ajfa-5326	173	11	value	value	NOUN
ajfa-5326	173	12	-0.0026	-0.0026	NOUN
ajfa-5326	173	13	*	*	NOUN
ajfa-5326	174	1	-0.9974	-0.9974	X
ajfa-5326	174	2	-0.0027	-0.0027	NOUN
ajfa-5326	174	3	*	*	PUNCT
ajfa-5326	174	4	-1.0263	-1.0263	ADJ
ajfa-5326	174	5	-0.0038	-0.0038	PROPN
ajfa-5326	174	6	*	*	PUNCT
ajfa-5326	174	7	-1.7651	-1.7651	PROPN
ajfa-5326	175	1	-0.0045	-0.0045	PROPN
ajfa-5326	175	2	*	*	PUNCT
ajfa-5326	175	3	-2.0756	-2.0756	PROPN
ajfa-5326	175	4	2008	2008	NUM
ajfa-5326	175	5	coefficient	coefficient	PROPN
ajfa-5326	175	6	t	t	NOUN
ajfa-5326	175	7	-	-	PUNCT
ajfa-5326	175	8	value	value	NOUN
ajfa-5326	175	9	-0.0047	-0.0047	NOUN
ajfa-5326	175	10	*	*	PUNCT
ajfa-5326	175	11	-1.4841	-1.4841	PROPN
ajfa-5326	175	12	-0.0103	-0.0103	PROPN
ajfa-5326	175	13	*	*	PROPN
ajfa-5326	175	14	-3.2909	-3.2909	PROPN
ajfa-5326	175	15	-0.0092	-0.0092	PROPN
ajfa-5326	175	16	*	*	PUNCT
ajfa-5326	175	17	-3.0025	-3.0025	PROPN
ajfa-5326	176	1	-0.0120	-0.0120	INTJ
ajfa-5326	176	2	*	*	PUNCT
ajfa-5326	177	1	-3.9017	-3.9017	X
ajfa-5326	177	2	2009	2009	NUM
ajfa-5326	177	3	coefficient	coefficient	NOUN
ajfa-5326	177	4	t	t	NOUN
ajfa-5326	177	5	-	-	PUNCT
ajfa-5326	177	6	value	value	NOUN
ajfa-5326	177	7	-0.0097	-0.0097	NOUN
ajfa-5326	177	8	*	*	PUNCT
ajfa-5326	177	9	-5.2489	-5.2489	NOUN
ajfa-5326	177	10	-0.0158	-0.0158	NOUN
ajfa-5326	177	11	*	*	PUNCT
ajfa-5326	177	12	-8.5562	-8.5562	ADJ
ajfa-5326	177	13	-0.0122	-0.0122	X
ajfa-5326	177	14	*	*	PUNCT
ajfa-5326	177	15	-6.7142	-6.7142	PROPN
ajfa-5326	178	1	-0.0155	-0.0155	PROPN
ajfa-5326	178	2	*	*	PROPN
ajfa-5326	178	3	-8.5245	-8.5245	PROPN
ajfa-5326	179	1	2010	2010	NUM
ajfa-5326	179	2	coefficient	coefficient	NOUN
ajfa-5326	179	3	t	t	NOUN
ajfa-5326	179	4	-	-	PUNCT
ajfa-5326	179	5	value	value	NOUN
ajfa-5326	179	6	-0.0020	-0.0020	NOUN
ajfa-5326	179	7	*	*	PUNCT
ajfa-5326	179	8	-1.7267	-1.7267	NOUN
ajfa-5326	179	9	-0.0041	-0.0041	PROPN
ajfa-5326	179	10	*	*	PUNCT
ajfa-5326	179	11	-3.4977	-3.4977	PROPN
ajfa-5326	180	1	-0.0022	-0.0022	NOUN
ajfa-5326	180	2	*	*	PUNCT
ajfa-5326	180	3	-1.9522	-1.9522	PROPN
ajfa-5326	180	4	-0.0035	-0.0035	PROPN
ajfa-5326	180	5	*	*	PUNCT
ajfa-5326	181	1	-3.1033	-3.1033	PROPN
ajfa-5326	181	2	2011	2011	NUM
ajfa-5326	181	3	coefficient	coefficient	VERB
ajfa-5326	181	4	t	t	NOUN
ajfa-5326	181	5	-	-	PUNCT
ajfa-5326	181	6	value	value	NOUN
ajfa-5326	181	7	-0.0003	-0.0003	NOUN
ajfa-5326	181	8	*	*	PROPN
ajfa-5326	181	9	-0.2856	-0.2856	NOUN
ajfa-5326	182	1	0.0009	0.0009	NUM
ajfa-5326	182	2	*	*	NUM
ajfa-5326	182	3	0.9160	0.9160	NUM
ajfa-5326	182	4	0.0002	0.0002	NUM
ajfa-5326	182	5	0.2460	0.2460	NUM
ajfa-5326	182	6	0.0016	0.0016	NUM
ajfa-5326	182	7	1.6492	1.6492	NUM
ajfa-5326	182	8	first	first	ADJ
ajfa-5326	182	9	half	half	NOUN
ajfa-5326	182	10	of	of	ADP
ajfa-5326	182	11	2012	2012	NUM
ajfa-5326	182	12	coefficient	coefficient	NOUN
ajfa-5326	182	13	t	t	NOUN
ajfa-5326	182	14	-	-	PUNCT
ajfa-5326	182	15	value	value	NOUN
ajfa-5326	182	16	-0.0015	-0.0015	NOUN
ajfa-5326	182	17	*	*	PUNCT
ajfa-5326	182	18	-1.0623	-1.0623	VERB
ajfa-5326	182	19	-0.0047	-0.0047	ADJ
ajfa-5326	182	20	*	*	PUNCT
ajfa-5326	182	21	-3.2562	-3.2562	ADJ
ajfa-5326	182	22	-0.0008	-0.0008	NOUN
ajfa-5326	182	23	*	*	PUNCT
ajfa-5326	182	24	-0.5928	-0.5928	PROPN
ajfa-5326	182	25	-0.0053	-0.0053	NOUN
ajfa-5326	182	26	*	*	PUNCT
ajfa-5326	182	27	-3.6976	-3.6976	NOUN
ajfa-5326	182	28	note	note	NOUN
ajfa-5326	182	29	:	:	PUNCT
ajfa-5326	182	30	*	*	PUNCT
ajfa-5326	182	31	significant	significant	ADJ
ajfa-5326	182	32	at	at	ADP
ajfa-5326	182	33	1	1	NUM
ajfa-5326	182	34	%	%	NOUN
ajfa-5326	182	35	.	.	PUNCT
ajfa-5326	183	1	csad	csad	PROPN
ajfa-5326	183	2	:	:	PUNCT
ajfa-5326	183	3	cross	cross	ADJ
ajfa-5326	183	4	-	-	ADJ
ajfa-5326	183	5	sectional	sectional	ADJ
ajfa-5326	183	6	absolute	absolute	ADJ
ajfa-5326	183	7	deviation	deviation	NOUN
ajfa-5326	183	8	cssd	cssd	NOUN
ajfa-5326	183	9	:	:	PUNCT
ajfa-5326	183	10	cross	cross	ADJ
ajfa-5326	183	11	-	-	ADJ
ajfa-5326	183	12	sectional	sectional	ADJ
ajfa-5326	183	13	standard	standard	ADJ
ajfa-5326	183	14	deviation	deviation	NOUN
ajfa-5326	183	15	the	the	DET
ajfa-5326	183	16	presence	presence	NOUN
ajfa-5326	183	17	of	of	ADP
ajfa-5326	183	18	herd	herd	NOUN
ajfa-5326	183	19	behavior	behavior	NOUN
ajfa-5326	183	20	can	can	AUX
ajfa-5326	183	21	be	be	AUX
ajfa-5326	183	22	detected	detect	VERB
ajfa-5326	183	23	only	only	ADV
ajfa-5326	183	24	in	in	ADP
ajfa-5326	183	25	2009	2009	NUM
ajfa-5326	183	26	by	by	ADP
ajfa-5326	183	27	using	use	VERB
ajfa-5326	183	28	cssd	cssd	NOUN
ajfa-5326	183	29	measures	measure	NOUN
ajfa-5326	183	30	.	.	PUNCT
ajfa-5326	184	1	however	however	ADV
ajfa-5326	184	2	,	,	PUNCT
ajfa-5326	184	3	when	when	SCONJ
ajfa-5326	184	4	using	use	VERB
ajfa-5326	184	5	csad	csad	NOUN
ajfa-5326	184	6	to	to	PART
ajfa-5326	184	7	measure	measure	VERB
ajfa-5326	184	8	the	the	DET
ajfa-5326	184	9	dispersion	dispersion	NOUN
ajfa-5326	184	10	,	,	PUNCT
ajfa-5326	184	11	herding	herding	NOUN
ajfa-5326	184	12	is	be	AUX
ajfa-5326	184	13	found	find	VERB
ajfa-5326	184	14	in	in	ADP
ajfa-5326	184	15	2008	2008	NUM
ajfa-5326	184	16	and	and	CCONJ
ajfa-5326	184	17	2009	2009	NUM
ajfa-5326	184	18	at	at	ADP
ajfa-5326	184	19	1	1	NUM
ajfa-5326	184	20	%	%	NOUN
ajfa-5326	184	21	significant	significant	ADJ
ajfa-5326	184	22	level	level	NOUN
ajfa-5326	184	23	because	because	SCONJ
ajfa-5326	184	24	both	both	DET
ajfa-5326	184	25	βl	βl	NOUN
ajfa-5326	184	26	and	and	CCONJ
ajfa-5326	184	27	βu	βu	NOUN
ajfa-5326	184	28	are	be	AUX
ajfa-5326	184	29	significantly	significantly	ADV
ajfa-5326	184	30	negative	negative	ADJ
ajfa-5326	184	31	at	at	ADP
ajfa-5326	184	32	alpha	alpha	NOUN
ajfa-5326	184	33	is	be	AUX
ajfa-5326	184	34	1	1	NUM
ajfa-5326	184	35	%	%	NOUN
ajfa-5326	184	36	.	.	PUNCT
ajfa-5326	185	1	4.2	4.2	NUM
ajfa-5326	185	2	.	.	PUNCT
ajfa-5326	186	1	the	the	DET
ajfa-5326	186	2	new	new	ADJ
ajfa-5326	186	3	method	method	NOUN
ajfa-5326	186	4	this	this	DET
ajfa-5326	186	5	method	method	NOUN
ajfa-5326	186	6	is	be	AUX
ajfa-5326	186	7	based	base	VERB
ajfa-5326	186	8	on	on	ADP
ajfa-5326	186	9	a	a	DET
ajfa-5326	186	10	simple	simple	ADJ
ajfa-5326	186	11	principle	principle	NOUN
ajfa-5326	186	12	;	;	PUNCT
ajfa-5326	186	13	however	however	ADV
ajfa-5326	186	14	,	,	PUNCT
ajfa-5326	186	15	to	to	PART
ajfa-5326	186	16	be	be	AUX
ajfa-5326	186	17	reliable	reliable	ADJ
ajfa-5326	186	18	,	,	PUNCT
ajfa-5326	186	19	the	the	DET
ajfa-5326	186	20	data	datum	NOUN
ajfa-5326	186	21	has	have	VERB
ajfa-5326	186	22	to	to	PART
ajfa-5326	186	23	satisfy	satisfy	VERB
ajfa-5326	186	24	some	some	DET
ajfa-5326	186	25	assumptions	assumption	NOUN
ajfa-5326	186	26	which	which	PRON
ajfa-5326	186	27	are	be	AUX
ajfa-5326	186	28	concerned	concern	VERB
ajfa-5326	186	29	in	in	ADP
ajfa-5326	186	30	the	the	DET
ajfa-5326	186	31	previous	previous	ADJ
ajfa-5326	186	32	sections	section	NOUN
ajfa-5326	186	33	.	.	PUNCT
ajfa-5326	187	1	some	some	DET
ajfa-5326	187	2	tables	table	NOUN
ajfa-5326	187	3	and	and	CCONJ
ajfa-5326	187	4	graphs	graph	NOUN
ajfa-5326	187	5	for	for	ADP
ajfa-5326	187	6	describing	describe	VERB
ajfa-5326	187	7	the	the	DET
ajfa-5326	187	8	data	datum	NOUN
ajfa-5326	187	9	are	be	AUX
ajfa-5326	187	10	showed	show	VERB
ajfa-5326	187	11	in	in	ADP
ajfa-5326	187	12	order	order	NOUN
ajfa-5326	187	13	to	to	PART
ajfa-5326	187	14	provide	provide	VERB
ajfa-5326	187	15	a	a	DET
ajfa-5326	187	16	clear	clear	ADJ
ajfa-5326	187	17	picture	picture	NOUN
ajfa-5326	187	18	of	of	ADP
ajfa-5326	187	19	stock	stock	NOUN
ajfa-5326	187	20	market	market	NOUN
ajfa-5326	187	21	data	datum	NOUN
ajfa-5326	187	22	in	in	ADP
ajfa-5326	187	23	vietnam	vietnam	PROPN
ajfa-5326	187	24	.	.	PUNCT
ajfa-5326	188	1	4.2.1	4.2.1	NUM
ajfa-5326	188	2	.	.	PUNCT
ajfa-5326	189	1	descriptive	descriptive	ADJ
ajfa-5326	189	2	analysis	analysis	NOUN
ajfa-5326	189	3	asian	asian	ADJ
ajfa-5326	189	4	journal	journal	NOUN
ajfa-5326	189	5	of	of	ADP
ajfa-5326	189	6	finance	finance	PROPN
ajfa-5326	189	7	&	&	CCONJ
ajfa-5326	189	8	accounting	accounting	PROPN
ajfa-5326	189	9	issn	issn	PROPN
ajfa-5326	189	10	1946	1946	NUM
ajfa-5326	189	11	-	-	PUNCT
ajfa-5326	189	12	052x	052x	PROPN
ajfa-5326	189	13	2014	2014	NUM
ajfa-5326	189	14	,	,	PUNCT
ajfa-5326	189	15	vol	vol	NOUN
ajfa-5326	189	16	.	.	PROPN
ajfa-5326	189	17	6	6	NUM
ajfa-5326	189	18	,	,	PUNCT
ajfa-5326	189	19	no	no	INTJ
ajfa-5326	189	20	.	.	NOUN
ajfa-5326	189	21	1	1	NUM
ajfa-5326	189	22	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5326	189	23	471	471	NUM
ajfa-5326	189	24	descriptive	descriptive	ADJ
ajfa-5326	189	25	statistics	statistic	NOUN
ajfa-5326	189	26	in	in	ADP
ajfa-5326	189	27	table	table	NOUN
ajfa-5326	189	28	3	3	NUM
ajfa-5326	189	29	illustrates	illustrate	VERB
ajfa-5326	189	30	essential	essential	ADJ
ajfa-5326	189	31	statistics	statistic	NOUN
ajfa-5326	189	32	of	of	ADP
ajfa-5326	189	33	data	datum	NOUN
ajfa-5326	189	34	which	which	PRON
ajfa-5326	189	35	include	include	VERB
ajfa-5326	189	36	min	min	PROPN
ajfa-5326	189	37	,	,	PUNCT
ajfa-5326	189	38	max	max	PROPN
ajfa-5326	189	39	,	,	PUNCT
ajfa-5326	189	40	mean	mean	ADJ
ajfa-5326	189	41	,	,	PUNCT
ajfa-5326	189	42	median	median	ADJ
ajfa-5326	189	43	,	,	PUNCT
ajfa-5326	189	44	standard	standard	ADJ
ajfa-5326	189	45	deviation	deviation	NOUN
ajfa-5326	189	46	,	,	PUNCT
ajfa-5326	189	47	kurtosis	kurtosis	NOUN
ajfa-5326	189	48	,	,	PUNCT
ajfa-5326	189	49	skewness	skewness	NOUN
ajfa-5326	189	50	,	,	PUNCT
ajfa-5326	189	51	and	and	CCONJ
ajfa-5326	189	52	n	n	CCONJ
ajfa-5326	189	53	(	(	PUNCT
ajfa-5326	189	54	number	number	NOUN
ajfa-5326	189	55	of	of	ADP
ajfa-5326	189	56	observation	observation	NOUN
ajfa-5326	189	57	)	)	PUNCT
ajfa-5326	189	58	.	.	PUNCT
ajfa-5326	190	1	the	the	DET
ajfa-5326	190	2	largest	large	ADJ
ajfa-5326	190	3	range	range	NOUN
ajfa-5326	190	4	of	of	ADP
ajfa-5326	190	5	market	market	NOUN
ajfa-5326	190	6	returns	return	NOUN
ajfa-5326	190	7	is	be	AUX
ajfa-5326	190	8	around	around	ADP
ajfa-5326	190	9	0.096	0.096	NUM
ajfa-5326	190	10	in	in	ADP
ajfa-5326	190	11	2006	2006	NUM
ajfa-5326	190	12	and	and	CCONJ
ajfa-5326	190	13	the	the	DET
ajfa-5326	190	14	smallest	small	ADJ
ajfa-5326	190	15	one	one	NUM
ajfa-5326	190	16	is	be	AUX
ajfa-5326	190	17	0.070	0.070	NUM
ajfa-5326	190	18	in	in	ADP
ajfa-5326	190	19	2012	2012	NUM
ajfa-5326	190	20	.	.	PUNCT
ajfa-5326	191	1	however	however	ADV
ajfa-5326	191	2	,	,	PUNCT
ajfa-5326	191	3	in	in	ADP
ajfa-5326	191	4	total	total	NOUN
ajfa-5326	191	5	,	,	PUNCT
ajfa-5326	191	6	the	the	DET
ajfa-5326	191	7	distribution	distribution	NOUN
ajfa-5326	191	8	of	of	ADP
ajfa-5326	191	9	data	datum	NOUN
ajfa-5326	191	10	,	,	PUNCT
ajfa-5326	191	11	which	which	PRON
ajfa-5326	191	12	is	be	AUX
ajfa-5326	191	13	symmetric	symmetric	ADJ
ajfa-5326	191	14	with	with	ADP
ajfa-5326	191	15	the	the	DET
ajfa-5326	191	16	skewness	skewness	NOUN
ajfa-5326	191	17	(	(	PUNCT
ajfa-5326	191	18	-0.0511	-0.0511	PROPN
ajfa-5326	191	19	)	)	PUNCT
ajfa-5326	191	20	,	,	PUNCT
ajfa-5326	191	21	is	be	AUX
ajfa-5326	191	22	closed	close	VERB
ajfa-5326	191	23	to	to	ADP
ajfa-5326	191	24	0	0	NUM
ajfa-5326	191	25	,	,	PUNCT
ajfa-5326	191	26	and	and	CCONJ
ajfa-5326	191	27	is	be	AUX
ajfa-5326	191	28	equal	equal	ADJ
ajfa-5326	191	29	to	to	ADP
ajfa-5326	191	30	the	the	DET
ajfa-5326	191	31	mean	mean	NOUN
ajfa-5326	191	32	(	(	PUNCT
ajfa-5326	191	33	0.0002	0.0002	NUM
ajfa-5326	191	34	)	)	PUNCT
ajfa-5326	191	35	and	and	CCONJ
ajfa-5326	191	36	the	the	DET
ajfa-5326	191	37	median	median	NOUN
ajfa-5326	191	38	(	(	PUNCT
ajfa-5326	191	39	0.0002	0.0002	NUM
ajfa-5326	191	40	)	)	PUNCT
ajfa-5326	191	41	.	.	PUNCT
ajfa-5326	192	1	table	table	NOUN
ajfa-5326	192	2	3	3	NUM
ajfa-5326	192	3	.	.	PUNCT
ajfa-5326	192	4	descriptive	descriptive	ADJ
ajfa-5326	192	5	statistics	statistic	NOUN
ajfa-5326	192	6	of	of	ADP
ajfa-5326	192	7	market	market	NOUN
ajfa-5326	192	8	index	index	NOUN
ajfa-5326	192	9	return	return	NOUN
ajfa-5326	192	10	min	min	PROPN
ajfa-5326	192	11	max	max	PROPN
ajfa-5326	192	12	mean	mean	PROPN
ajfa-5326	192	13	median	median	PROPN
ajfa-5326	192	14	s.d	s.d	PROPN
ajfa-5326	192	15	kurt	kurt	PROPN
ajfa-5326	192	16	skew	skew	NOUN
ajfa-5326	192	17	n	n	PRON
ajfa-5326	192	18	2006	2006	NUM
ajfa-5326	192	19	-0.0497	-0.0497	NOUN
ajfa-5326	193	1	0.0465	0.0465	NUM
ajfa-5326	193	2	0.0036	0.0036	NUM
ajfa-5326	193	3	0.0026	0.0026	NUM
ajfa-5326	193	4	0.0202	0.0202	NUM
ajfa-5326	193	5	0.1036	0.1036	NUM
ajfa-5326	193	6	-0.2437	-0.2437	PUNCT
ajfa-5326	193	7	250	250	NUM
ajfa-5326	193	8	2007	2007	NUM
ajfa-5326	193	9	-0.0447	-0.0447	NOUN
ajfa-5326	193	10	0.0414	0.0414	NUM
ajfa-5326	193	11	0.0008	0.0008	NUM
ajfa-5326	193	12	-0.0007	-0.0007	NOUN
ajfa-5326	193	13	0.0172	0.0172	NUM
ajfa-5326	193	14	-0.0629	-0.0629	PUNCT
ajfa-5326	194	1	0.1840	0.1840	NUM
ajfa-5326	194	2	248	248	NUM
ajfa-5326	194	3	2008	2008	NUM
ajfa-5326	194	4	-0.0480	-0.0480	NOUN
ajfa-5326	194	5	0.0464	0.0464	NUM
ajfa-5326	194	6	-0.0043	-0.0043	PROPN
ajfa-5326	194	7	-0.0058	-0.0058	NOUN
ajfa-5326	194	8	0.0233	0.0233	NUM
ajfa-5326	194	9	-0.6393	-0.6393	VERB
ajfa-5326	194	10	0.1007	0.1007	NUM
ajfa-5326	194	11	248	248	NUM
ajfa-5326	194	12	2009	2009	NUM
ajfa-5326	194	13	-0.0467	-0.0467	NOUN
ajfa-5326	195	1	0.0465	0.0465	NUM
ajfa-5326	195	2	0.0018	0.0018	NUM
ajfa-5326	195	3	0.0018	0.0018	NUM
ajfa-5326	195	4	0.0218	0.0218	NUM
ajfa-5326	195	5	-0.5127	-0.5127	NOUN
ajfa-5326	195	6	-0.0893	-0.0893	PROPN
ajfa-5326	195	7	251	251	NUM
ajfa-5326	195	8	2010	2010	NUM
ajfa-5326	195	9	-0.0402	-0.0402	NOUN
ajfa-5326	195	10	0.0440	0.0440	NUM
ajfa-5326	195	11	-0.0001	-0.0001	NOUN
ajfa-5326	195	12	0.0005	0.0005	NUM
ajfa-5326	195	13	0.0132	0.0132	NUM
ajfa-5326	195	14	0.8954	0.8954	NUM
ajfa-5326	195	15	-0.1276	-0.1276	NOUN
ajfa-5326	195	16	250	250	NUM
ajfa-5326	195	17	2011	2011	NUM
ajfa-5326	195	18	-0.0411	-0.0411	NOUN
ajfa-5326	195	19	0.0336	0.0336	NOUN
ajfa-5326	195	20	-0.0013	-0.0013	PUNCT
ajfa-5326	195	21	-0.0013	-0.0013	PUNCT
ajfa-5326	195	22	0.0133	0.0133	NUM
ajfa-5326	195	23	0.2362	0.2362	NUM
ajfa-5326	195	24	-0.0116	-0.0116	PUNCT
ajfa-5326	195	25	248	248	NUM
ajfa-5326	195	26	2012	2012	NUM
ajfa-5326	195	27	-0.0303	-0.0303	X
ajfa-5326	196	1	0.0393	0.0393	NUM
ajfa-5326	196	2	0.0015	0.0015	NUM
ajfa-5326	196	3	0.0003	0.0003	NUM
ajfa-5326	196	4	0.0141	0.0141	NUM
ajfa-5326	196	5	-0.0599	-0.0599	NOUN
ajfa-5326	196	6	-0.0403	-0.0403	NOUN
ajfa-5326	196	7	121	121	NUM
ajfa-5326	196	8	total	total	ADJ
ajfa-5326	196	9	-0.0497	-0.0497	NOUN
ajfa-5326	197	1	0.0465	0.0465	NUM
ajfa-5326	197	2	0.0002	0.0002	NUM
ajfa-5326	197	3	0.0002	0.0002	NUM
ajfa-5326	197	4	0.0184	0.0184	NUM
ajfa-5326	197	5	0.1209	0.1209	NUM
ajfa-5326	197	6	-0.0511	-0.0511	NOUN
ajfa-5326	197	7	1616	1616	NUM
ajfa-5326	197	8	besides	besides	SCONJ
ajfa-5326	197	9	,	,	PUNCT
ajfa-5326	197	10	figure	figure	NOUN
ajfa-5326	197	11	1	1	NUM
ajfa-5326	197	12	also	also	ADV
ajfa-5326	197	13	gives	give	VERB
ajfa-5326	197	14	us	we	PRON
ajfa-5326	197	15	a	a	DET
ajfa-5326	197	16	visual	visual	ADJ
ajfa-5326	197	17	way	way	NOUN
ajfa-5326	197	18	to	to	PART
ajfa-5326	197	19	capture	capture	VERB
ajfa-5326	197	20	the	the	DET
ajfa-5326	197	21	total	total	ADJ
ajfa-5326	197	22	data	datum	NOUN
ajfa-5326	197	23	.	.	PUNCT
ajfa-5326	198	1	intuitively	intuitively	ADV
ajfa-5326	198	2	,	,	PUNCT
ajfa-5326	198	3	market	market	NOUN
ajfa-5326	198	4	return	return	NOUN
ajfa-5326	198	5	distribution	distribution	NOUN
ajfa-5326	198	6	is	be	AUX
ajfa-5326	198	7	symmetric	symmetric	ADJ
ajfa-5326	198	8	and	and	CCONJ
ajfa-5326	198	9	seems	seem	VERB
ajfa-5326	198	10	to	to	PART
ajfa-5326	198	11	be	be	AUX
ajfa-5326	198	12	a	a	DET
ajfa-5326	198	13	normal	normal	ADJ
ajfa-5326	198	14	distribution	distribution	NOUN
ajfa-5326	198	15	with	with	ADP
ajfa-5326	198	16	a	a	DET
ajfa-5326	198	17	mean	mean	NOUN
ajfa-5326	198	18	is	be	AUX
ajfa-5326	198	19	0	0	NUM
ajfa-5326	198	20	.	.	PUNCT
ajfa-5326	198	21	figure	figure	NOUN
ajfa-5326	198	22	1	1	NUM
ajfa-5326	198	23	.	.	PUNCT
ajfa-5326	199	1	distribution	distribution	NOUN
ajfa-5326	199	2	of	of	ADP
ajfa-5326	199	3	market	market	NOUN
ajfa-5326	199	4	index	index	NOUN
ajfa-5326	199	5	return	return	NOUN
ajfa-5326	199	6	in	in	ADP
ajfa-5326	199	7	addition	addition	NOUN
ajfa-5326	199	8	,	,	PUNCT
ajfa-5326	199	9	daily	daily	ADJ
ajfa-5326	199	10	statistic	statistic	ADJ
ajfa-5326	199	11	information	information	NOUN
ajfa-5326	199	12	of	of	ADP
ajfa-5326	199	13	stocks	stock	NOUN
ajfa-5326	199	14	in	in	ADP
ajfa-5326	199	15	the	the	DET
ajfa-5326	199	16	market	market	NOUN
ajfa-5326	199	17	is	be	AUX
ajfa-5326	199	18	provided	provide	VERB
ajfa-5326	199	19	to	to	ADP
ajfa-5326	199	20	market	market	NOUN
ajfa-5326	199	21	index	index	NOUN
ajfa-5326	199	22	returns	return	NOUN
ajfa-5326	199	23	.	.	PUNCT
ajfa-5326	200	1	table	table	NOUN
ajfa-5326	200	2	4	4	NUM
ajfa-5326	200	3	shows	show	VERB
ajfa-5326	200	4	descriptive	descriptive	ADJ
ajfa-5326	200	5	statistics	statistic	NOUN
ajfa-5326	200	6	of	of	ADP
ajfa-5326	200	7	all	all	DET
ajfa-5326	200	8	stocks	stock	NOUN
ajfa-5326	200	9	in	in	ADP
ajfa-5326	200	10	september	september	PROPN
ajfa-5326	200	11	2008	2008	NUM
ajfa-5326	200	12	.	.	PUNCT
ajfa-5326	201	1	according	accord	VERB
ajfa-5326	201	2	to	to	ADP
ajfa-5326	201	3	these	these	DET
ajfa-5326	201	4	results	result	NOUN
ajfa-5326	201	5	,	,	PUNCT
ajfa-5326	201	6	differences	difference	NOUN
ajfa-5326	201	7	between	between	ADP
ajfa-5326	201	8	the	the	DET
ajfa-5326	201	9	highest	high	ADJ
ajfa-5326	201	10	and	and	CCONJ
ajfa-5326	201	11	lowest	low	ADJ
ajfa-5326	201	12	daily	daily	ADJ
ajfa-5326	201	13	stocks	stock	NOUN
ajfa-5326	201	14	returns	return	NOUN
ajfa-5326	201	15	are	be	AUX
ajfa-5326	201	16	relatively	relatively	ADV
ajfa-5326	201	17	high	high	ADJ
ajfa-5326	201	18	(	(	PUNCT
ajfa-5326	201	19	less	less	ADJ
ajfa-5326	201	20	than	than	ADP
ajfa-5326	201	21	10	10	NUM
ajfa-5326	201	22	%	%	NOUN
ajfa-5326	201	23	)	)	PUNCT
ajfa-5326	201	24	.	.	PUNCT
ajfa-5326	202	1	daily	daily	ADJ
ajfa-5326	202	2	stocks	stock	NOUN
ajfa-5326	202	3	returns	return	NOUN
ajfa-5326	202	4	distributions	distribution	NOUN
ajfa-5326	202	5	seem	seem	VERB
ajfa-5326	202	6	to	to	PART
ajfa-5326	202	7	be	be	AUX
ajfa-5326	202	8	asymmetric	asymmetric	ADJ
ajfa-5326	202	9	because	because	SCONJ
ajfa-5326	202	10	absolute	absolute	ADJ
ajfa-5326	202	11	skewness	skewness	NOUN
ajfa-5326	202	12	statistics	statistic	NOUN
ajfa-5326	202	13	are	be	AUX
ajfa-5326	202	14	quite	quite	ADV
ajfa-5326	202	15	high	high	ADJ
ajfa-5326	202	16	.	.	PUNCT
ajfa-5326	203	1	especially	especially	ADV
ajfa-5326	203	2	,	,	PUNCT
ajfa-5326	203	3	there	there	PRON
ajfa-5326	203	4	are	be	VERB
ajfa-5326	203	5	three	three	NUM
ajfa-5326	203	6	days	day	NOUN
ajfa-5326	203	7	,	,	PUNCT
ajfa-5326	203	8	19th	19th	ADJ
ajfa-5326	203	9	,	,	PUNCT
ajfa-5326	203	10	22nd	22nd	NOUN
ajfa-5326	203	11	and	and	CCONJ
ajfa-5326	203	12	30th	30th	NOUN
ajfa-5326	203	13	whereas	whereas	SCONJ
ajfa-5326	203	14	the	the	DET
ajfa-5326	203	15	kurtosis	kurtosis	NOUN
ajfa-5326	203	16	was	be	AUX
ajfa-5326	203	17	extremely	extremely	ADV
ajfa-5326	203	18	high	high	ADJ
ajfa-5326	203	19	(	(	PUNCT
ajfa-5326	203	20	14.2	14.2	NUM
ajfa-5326	203	21	,	,	PUNCT
ajfa-5326	203	22	30.9	30.9	NUM
ajfa-5326	203	23	and	and	CCONJ
ajfa-5326	203	24	23.4	23.4	NUM
ajfa-5326	203	25	)	)	PUNCT
ajfa-5326	203	26	respectively	respectively	ADV
ajfa-5326	203	27	.	.	PUNCT
ajfa-5326	204	1	it	it	PRON
ajfa-5326	204	2	demonstrates	demonstrate	VERB
ajfa-5326	204	3	that	that	SCONJ
ajfa-5326	204	4	there	there	PRON
ajfa-5326	204	5	are	be	VERB
ajfa-5326	204	6	unusual	unusual	ADJ
ajfa-5326	204	7	features	feature	NOUN
ajfa-5326	204	8	that	that	PRON
ajfa-5326	204	9	occurred	occur	VERB
ajfa-5326	204	10	in	in	ADP
ajfa-5326	204	11	those	those	DET
ajfa-5326	204	12	days	day	NOUN
ajfa-5326	204	13	.	.	PUNCT
ajfa-5326	205	1	asian	asian	ADJ
ajfa-5326	205	2	journal	journal	PROPN
ajfa-5326	205	3	of	of	ADP
ajfa-5326	205	4	finance	finance	PROPN
ajfa-5326	205	5	&	&	CCONJ
ajfa-5326	205	6	accounting	accounting	PROPN
ajfa-5326	205	7	issn	issn	PROPN
ajfa-5326	205	8	1946	1946	NUM
ajfa-5326	205	9	-	-	PUNCT
ajfa-5326	205	10	052x	052x	PROPN
ajfa-5326	205	11	2014	2014	NUM
ajfa-5326	205	12	,	,	PUNCT
ajfa-5326	205	13	vol	vol	NOUN
ajfa-5326	205	14	.	.	PROPN
ajfa-5326	206	1	6	6	NUM
ajfa-5326	206	2	,	,	PUNCT
ajfa-5326	206	3	no	no	INTJ
ajfa-5326	206	4	.	.	NOUN
ajfa-5326	206	5	1	1	NUM
ajfa-5326	206	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5326	206	7	472	472	NUM
ajfa-5326	206	8	table	table	NOUN
ajfa-5326	206	9	4	4	NUM
ajfa-5326	206	10	.	.	PUNCT
ajfa-5326	207	1	descriptive	descriptive	ADJ
ajfa-5326	207	2	statistics	statistic	NOUN
ajfa-5326	207	3	of	of	ADP
ajfa-5326	207	4	stocks	stock	NOUN
ajfa-5326	207	5	’	'	PUNCT
ajfa-5326	207	6	returns	return	NOUN
ajfa-5326	207	7	in	in	ADP
ajfa-5326	207	8	september	september	PROPN
ajfa-5326	207	9	2008	2008	NUM
ajfa-5326	207	10	year	year	NOUN
ajfa-5326	207	11	min	min	NOUN
ajfa-5326	207	12	max	max	PROPN
ajfa-5326	207	13	mean	mean	PROPN
ajfa-5326	207	14	range	range	PROPN
ajfa-5326	207	15	s.d	s.d	PROPN
ajfa-5326	207	16	kurt	kurt	PROPN
ajfa-5326	207	17	skew	skew	NOUN
ajfa-5326	207	18	n	n	PRON
ajfa-5326	207	19	20080903	20080903	NUM
ajfa-5326	207	20	-0.050	-0.050	PUNCT
ajfa-5326	208	1	0.065	0.065	NUM
ajfa-5326	208	2	0.036	0.036	NUM
ajfa-5326	208	3	0.116	0.116	NUM
ajfa-5326	208	4	0.024	0.024	NUM
ajfa-5326	208	5	5.236	5.236	NUM
ajfa-5326	208	6	-2.456	-2.456	NUM
ajfa-5326	208	7	141	141	NUM
ajfa-5326	208	8	20080904	20080904	NUM
ajfa-5326	208	9	-0.073	-0.073	PUNCT
ajfa-5326	208	10	0.057	0.057	NUM
ajfa-5326	208	11	0.015	0.015	NUM
ajfa-5326	208	12	0.131	0.131	NUM
ajfa-5326	208	13	0.035	0.035	NUM
ajfa-5326	208	14	-0.930	-0.930	NOUN
ajfa-5326	208	15	-0.665	-0.665	PUNCT
ajfa-5326	208	16	141	141	NUM
ajfa-5326	208	17	20080905	20080905	NUM
ajfa-5326	208	18	-0.077	-0.077	PUNCT
ajfa-5326	208	19	0.066	0.066	NUM
ajfa-5326	208	20	-0.001	-0.001	NOUN
ajfa-5326	208	21	0.143	0.143	NUM
ajfa-5326	208	22	0.042	0.042	NUM
ajfa-5326	208	23	-1.723	-1.723	SYM
ajfa-5326	208	24	-0.007	-0.007	NUM
ajfa-5326	208	25	141	141	NUM
ajfa-5326	208	26	20080908	20080908	NUM
ajfa-5326	208	27	-0.072	-0.072	NOUN
ajfa-5326	208	28	0.062	0.062	NUM
ajfa-5326	208	29	-0.008	-0.008	NUM
ajfa-5326	208	30	0.134	0.134	NUM
ajfa-5326	208	31	0.039	0.039	NUM
ajfa-5326	208	32	-1.489	-1.489	NUM
ajfa-5326	208	33	0.370	0.370	NUM
ajfa-5326	208	34	141	141	NUM
ajfa-5326	208	35	20080909	20080909	NUM
ajfa-5326	208	36	-0.051	-0.051	PROPN
ajfa-5326	208	37	0.063	0.063	NUM
ajfa-5326	208	38	-0.006	-0.006	PROPN
ajfa-5326	208	39	0.115	0.115	NUM
ajfa-5326	208	40	0.037	0.037	NUM
ajfa-5326	208	41	-1.432	-1.432	NUM
ajfa-5326	209	1	0.256	0.256	NUM
ajfa-5326	209	2	141	141	NUM
ajfa-5326	209	3	20080910	20080910	NUM
ajfa-5326	209	4	-0.052	-0.052	PROPN
ajfa-5326	209	5	0.048	0.048	NUM
ajfa-5326	209	6	-0.029	-0.029	PROPN
ajfa-5326	209	7	0.101	0.101	NUM
ajfa-5326	209	8	0.027	0.027	NUM
ajfa-5326	209	9	0.554	0.554	NUM
ajfa-5326	209	10	1.226	1.226	NUM
ajfa-5326	209	11	143	143	NUM
ajfa-5326	209	12	20080911	20080911	NUM
ajfa-5326	209	13	-0.075	-0.075	NUM
ajfa-5326	209	14	0.053	0.053	NUM
ajfa-5326	209	15	-0.040	-0.040	NUM
ajfa-5326	209	16	0.129	0.129	NUM
ajfa-5326	209	17	0.020	0.020	NUM
ajfa-5326	209	18	6.524	6.524	NUM
ajfa-5326	209	19	2.440	2.440	NUM
ajfa-5326	209	20	143	143	NUM
ajfa-5326	209	21	20080912	20080912	NUM
ajfa-5326	209	22	-0.074	-0.074	PROPN
ajfa-5326	210	1	0.042	0.042	NUM
ajfa-5326	210	2	-0.043	-0.043	NUM
ajfa-5326	210	3	0.116	0.116	NUM
ajfa-5326	210	4	0.016	0.016	NUM
ajfa-5326	210	5	9.289	9.289	NUM
ajfa-5326	210	6	2.727	2.727	NUM
ajfa-5326	210	7	143	143	NUM
ajfa-5326	210	8	20080915	20080915	NUM
ajfa-5326	210	9	-0.063	-0.063	NOUN
ajfa-5326	210	10	0.064	0.064	NUM
ajfa-5326	210	11	-0.009	-0.009	NUM
ajfa-5326	210	12	0.127	0.127	NUM
ajfa-5326	210	13	0.039	0.039	NUM
ajfa-5326	210	14	-1.505	-1.505	NUM
ajfa-5326	210	15	0.325	0.325	NUM
ajfa-5326	210	16	143	143	NUM
ajfa-5326	210	17	20080916	20080916	NUM
ajfa-5326	210	18	-0.132	-0.132	NUM
ajfa-5326	210	19	0.047	0.047	NUM
ajfa-5326	210	20	-0.046	-0.046	NUM
ajfa-5326	210	21	0.179	0.179	NUM
ajfa-5326	210	22	0.019	0.019	NUM
ajfa-5326	210	23	8.902	8.902	NUM
ajfa-5326	210	24	1.081	1.081	NUM
ajfa-5326	210	25	143	143	NUM
ajfa-5326	210	26	20080917	20080917	NUM
ajfa-5326	210	27	-0.065	-0.065	NUM
ajfa-5326	210	28	0.047	0.047	NUM
ajfa-5326	210	29	-0.040	-0.040	NUM
ajfa-5326	210	30	0.112	0.112	NUM
ajfa-5326	210	31	0.021	0.021	NUM
ajfa-5326	210	32	7.281	7.281	NUM
ajfa-5326	210	33	2.788	2.788	NUM
ajfa-5326	210	34	143	143	NUM
ajfa-5326	210	35	20080918	20080918	NUM
ajfa-5326	210	36	-0.091	-0.091	NUM
ajfa-5326	210	37	0.045	0.045	NUM
ajfa-5326	210	38	-0.042	-0.042	NUM
ajfa-5326	210	39	0.136	0.136	NUM
ajfa-5326	210	40	0.021	0.021	NUM
ajfa-5326	210	41	7.835	7.835	NUM
ajfa-5326	210	42	2.680	2.680	NUM
ajfa-5326	210	43	144	144	NUM
ajfa-5326	210	44	20080919	20080919	NUM
ajfa-5326	210	45	0.001	0.001	NUM
ajfa-5326	210	46	0.094	0.094	NUM
ajfa-5326	210	47	0.046	0.046	NUM
ajfa-5326	210	48	0.094	0.094	NUM
ajfa-5326	210	49	0.009	0.009	NUM
ajfa-5326	210	50	14.202	14.202	NUM
ajfa-5326	210	51	-0.685	-0.685	PUNCT
ajfa-5326	210	52	145	145	NUM
ajfa-5326	210	53	20080922	20080922	NUM
ajfa-5326	210	54	0.015	0.015	NUM
ajfa-5326	210	55	0.093	0.093	NUM
ajfa-5326	210	56	0.046	0.046	NUM
ajfa-5326	210	57	0.078	0.078	NUM
ajfa-5326	210	58	0.006	0.006	NUM
ajfa-5326	210	59	30.900	30.900	NUM
ajfa-5326	210	60	2.341	2.341	NUM
ajfa-5326	210	61	145	145	NUM
ajfa-5326	210	62	20080923	20080923	NUM
ajfa-5326	210	63	-0.070	-0.070	SYM
ajfa-5326	210	64	0.060	0.060	NUM
ajfa-5326	210	65	-0.006	-0.006	X
ajfa-5326	210	66	0.131	0.131	NUM
ajfa-5326	210	67	0.037	0.037	NUM
ajfa-5326	210	68	-1.458	-1.458	NUM
ajfa-5326	210	69	0.157	0.157	NUM
ajfa-5326	210	70	145	145	NUM
ajfa-5326	210	71	20080924	20080924	NUM
ajfa-5326	210	72	-0.058	-0.058	NUM
ajfa-5326	210	73	0.050	0.050	NUM
ajfa-5326	210	74	-0.024	-0.024	NUM
ajfa-5326	210	75	0.108	0.108	NUM
ajfa-5326	210	76	0.027	0.027	NUM
ajfa-5326	210	77	0.398	0.398	NUM
ajfa-5326	210	78	1.128	1.128	NUM
ajfa-5326	210	79	145	145	NUM
ajfa-5326	210	80	20080925	20080925	NUM
ajfa-5326	210	81	-0.050	-0.050	PUNCT
ajfa-5326	210	82	0.072	0.072	NUM
ajfa-5326	210	83	0.025	0.025	NUM
ajfa-5326	210	84	0.122	0.122	NUM
ajfa-5326	210	85	0.028	0.028	NUM
ajfa-5326	210	86	0.822	0.822	NUM
ajfa-5326	210	87	-1.307	-1.307	NUM
ajfa-5326	210	88	145	145	NUM
ajfa-5326	210	89	20080926	20080926	NUM
ajfa-5326	210	90	-0.051	-0.051	NUM
ajfa-5326	210	91	0.048	0.048	NUM
ajfa-5326	210	92	0.015	0.015	NUM
ajfa-5326	210	93	0.100	0.100	NUM
ajfa-5326	210	94	0.028	0.028	NUM
ajfa-5326	210	95	-0.580	-0.580	NUM
ajfa-5326	210	96	-0.604	-0.604	PUNCT
ajfa-5326	210	97	145	145	NUM
ajfa-5326	210	98	20080929	20080929	NUM
ajfa-5326	210	99	-0.051	-0.051	PROPN
ajfa-5326	210	100	0.048	0.048	NUM
ajfa-5326	210	101	-0.020	-0.020	NUM
ajfa-5326	210	102	0.099	0.099	NUM
ajfa-5326	210	103	0.029	0.029	NUM
ajfa-5326	210	104	-0.066	-0.066	NUM
ajfa-5326	210	105	0.970	0.970	NUM
ajfa-5326	210	106	145	145	NUM
ajfa-5326	210	107	20080930	20080930	NUM
ajfa-5326	210	108	-0.087	-0.087	NOUN
ajfa-5326	210	109	0.000	0.000	NUM
ajfa-5326	210	110	-0.048	-0.048	NOUN
ajfa-5326	210	111	0.087	0.087	NUM
ajfa-5326	210	112	0.007	0.007	NUM
ajfa-5326	210	113	23.474	23.474	NUM
ajfa-5326	210	114	1.701	1.701	NUM
ajfa-5326	210	115	145	145	NUM
ajfa-5326	210	116	the	the	DET
ajfa-5326	210	117	market	market	NOUN
ajfa-5326	210	118	index	index	NOUN
ajfa-5326	210	119	return	return	NOUN
ajfa-5326	210	120	and	and	CCONJ
ajfa-5326	210	121	market	market	NOUN
ajfa-5326	210	122	dispersion	dispersion	NOUN
ajfa-5326	210	123	are	be	AUX
ajfa-5326	210	124	illustrated	illustrate	VERB
ajfa-5326	210	125	in	in	ADP
ajfa-5326	210	126	the	the	DET
ajfa-5326	210	127	figure	figure	NOUN
ajfa-5326	210	128	2	2	NUM
ajfa-5326	210	129	.	.	PUNCT
ajfa-5326	211	1	in	in	ADP
ajfa-5326	211	2	september	september	PROPN
ajfa-5326	211	3	2008	2008	NUM
ajfa-5326	211	4	,	,	PUNCT
ajfa-5326	211	5	the	the	DET
ajfa-5326	211	6	market	market	NOUN
ajfa-5326	211	7	return	return	NOUN
ajfa-5326	211	8	fluctuated	fluctuate	VERB
ajfa-5326	211	9	with	with	ADP
ajfa-5326	211	10	large	large	ADJ
ajfa-5326	211	11	ranges	range	NOUN
ajfa-5326	211	12	,	,	PUNCT
ajfa-5326	211	13	while	while	SCONJ
ajfa-5326	211	14	in	in	ADP
ajfa-5326	211	15	some	some	DET
ajfa-5326	211	16	days	day	NOUN
ajfa-5326	211	17	market	market	NOUN
ajfa-5326	211	18	dispersion	dispersion	NOUN
ajfa-5326	211	19	was	be	AUX
ajfa-5326	211	20	quite	quite	ADV
ajfa-5326	211	21	small	small	ADJ
ajfa-5326	211	22	.	.	PUNCT
ajfa-5326	212	1	therefore	therefore	ADV
ajfa-5326	212	2	,	,	PUNCT
ajfa-5326	212	3	it	it	PRON
ajfa-5326	212	4	is	be	AUX
ajfa-5326	212	5	not	not	PART
ajfa-5326	212	6	difficult	difficult	ADJ
ajfa-5326	212	7	to	to	PART
ajfa-5326	212	8	realize	realize	VERB
ajfa-5326	212	9	that	that	SCONJ
ajfa-5326	212	10	there	there	PRON
ajfa-5326	212	11	were	be	VERB
ajfa-5326	212	12	some	some	DET
ajfa-5326	212	13	herding	herd	VERB
ajfa-5326	212	14	days	day	NOUN
ajfa-5326	212	15	in	in	ADP
ajfa-5326	212	16	which	which	PRON
ajfa-5326	212	17	market	market	NOUN
ajfa-5326	212	18	deviation	deviation	NOUN
ajfa-5326	212	19	was	be	AUX
ajfa-5326	212	20	fairly	fairly	ADV
ajfa-5326	212	21	small	small	ADJ
ajfa-5326	212	22	whereas	whereas	SCONJ
ajfa-5326	212	23	return	return	NOUN
ajfa-5326	212	24	was	be	AUX
ajfa-5326	212	25	relatively	relatively	ADV
ajfa-5326	212	26	high	high	ADJ
ajfa-5326	212	27	.	.	PUNCT
ajfa-5326	213	1	for	for	ADP
ajfa-5326	213	2	instance	instance	NOUN
ajfa-5326	213	3	,	,	PUNCT
ajfa-5326	213	4	on	on	ADP
ajfa-5326	213	5	12th	12th	ADJ
ajfa-5326	213	6	,	,	PUNCT
ajfa-5326	213	7	16th	16th	ADJ
ajfa-5326	213	8	,	,	PUNCT
ajfa-5326	213	9	19th	19th	ADJ
ajfa-5326	213	10	,	,	PUNCT
ajfa-5326	213	11	22nd	22nd	NOUN
ajfa-5326	213	12	and	and	CCONJ
ajfa-5326	213	13	30th	30th	NOUN
ajfa-5326	213	14	,	,	PUNCT
ajfa-5326	213	15	the	the	DET
ajfa-5326	213	16	absolute	absolute	ADJ
ajfa-5326	213	17	market	market	NOUN
ajfa-5326	213	18	index	index	NOUN
ajfa-5326	213	19	return	return	NOUN
ajfa-5326	213	20	was	be	AUX
ajfa-5326	213	21	over	over	ADP
ajfa-5326	213	22	4	4	NUM
ajfa-5326	213	23	percent	percent	NOUN
ajfa-5326	213	24	and	and	CCONJ
ajfa-5326	213	25	the	the	DET
ajfa-5326	213	26	market	market	NOUN
ajfa-5326	213	27	dispersion	dispersion	NOUN
ajfa-5326	213	28	was	be	AUX
ajfa-5326	213	29	really	really	ADV
ajfa-5326	213	30	small	small	ADJ
ajfa-5326	213	31	(	(	PUNCT
ajfa-5326	213	32	less	less	ADJ
ajfa-5326	213	33	than	than	ADP
ajfa-5326	213	34	2	2	NUM
ajfa-5326	213	35	percent	percent	NOUN
ajfa-5326	213	36	)	)	PUNCT
ajfa-5326	213	37	.	.	PUNCT
ajfa-5326	214	1	it	it	PRON
ajfa-5326	214	2	means	mean	VERB
ajfa-5326	214	3	,	,	PUNCT
ajfa-5326	214	4	based	base	VERB
ajfa-5326	214	5	on	on	ADP
ajfa-5326	214	6	the	the	DET
ajfa-5326	214	7	new	new	ADJ
ajfa-5326	214	8	method	method	NOUN
ajfa-5326	214	9	’s	’s	PART
ajfa-5326	214	10	principle	principle	NOUN
ajfa-5326	214	11	,	,	PUNCT
ajfa-5326	214	12	herd	herd	NOUN
ajfa-5326	214	13	obviously	obviously	ADV
ajfa-5326	214	14	happened	happen	VERB
ajfa-5326	214	15	in	in	ADP
ajfa-5326	214	16	these	these	DET
ajfa-5326	214	17	days	day	NOUN
ajfa-5326	214	18	.	.	PUNCT
ajfa-5326	215	1	hence	hence	ADV
ajfa-5326	215	2	,	,	PUNCT
ajfa-5326	215	3	looking	look	VERB
ajfa-5326	215	4	the	the	DET
ajfa-5326	215	5	figure	figure	NOUN
ajfa-5326	215	6	can	can	AUX
ajfa-5326	215	7	be	be	AUX
ajfa-5326	215	8	a	a	DET
ajfa-5326	215	9	simple	simple	ADJ
ajfa-5326	215	10	way	way	NOUN
ajfa-5326	215	11	to	to	PART
ajfa-5326	215	12	capture	capture	VERB
ajfa-5326	215	13	herd	herd	NOUN
ajfa-5326	215	14	,	,	PUNCT
ajfa-5326	215	15	even	even	ADV
ajfa-5326	215	16	though	though	SCONJ
ajfa-5326	215	17	it	it	PRON
ajfa-5326	215	18	is	be	AUX
ajfa-5326	215	19	a	a	DET
ajfa-5326	215	20	visual	visual	ADJ
ajfa-5326	215	21	way	way	NOUN
ajfa-5326	215	22	.	.	PUNCT
ajfa-5326	216	1	figure	figure	NOUN
ajfa-5326	216	2	2	2	NUM
ajfa-5326	216	3	.	.	PUNCT
ajfa-5326	216	4	market	market	NOUN
ajfa-5326	216	5	index	index	NOUN
ajfa-5326	216	6	return	return	NOUN
ajfa-5326	216	7	and	and	CCONJ
ajfa-5326	216	8	market	market	NOUN
ajfa-5326	216	9	dispersion	dispersion	NOUN
ajfa-5326	216	10	in	in	ADP
ajfa-5326	216	11	september	september	PROPN
ajfa-5326	216	12	2008	2008	NUM
ajfa-5326	216	13	asian	asian	ADJ
ajfa-5326	216	14	journal	journal	NOUN
ajfa-5326	216	15	of	of	ADP
ajfa-5326	216	16	finance	finance	PROPN
ajfa-5326	216	17	&	&	CCONJ
ajfa-5326	216	18	accounting	accounting	PROPN
ajfa-5326	216	19	issn	issn	PROPN
ajfa-5326	216	20	1946	1946	NUM
ajfa-5326	216	21	-	-	PUNCT
ajfa-5326	216	22	052x	052x	PROPN
ajfa-5326	216	23	2014	2014	NUM
ajfa-5326	216	24	,	,	PUNCT
ajfa-5326	216	25	vol	vol	NOUN
ajfa-5326	216	26	.	.	PROPN
ajfa-5326	217	1	6	6	NUM
ajfa-5326	217	2	,	,	PUNCT
ajfa-5326	217	3	no	no	INTJ
ajfa-5326	217	4	.	.	NOUN
ajfa-5326	217	5	1	1	NUM
ajfa-5326	217	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5326	217	7	473	473	NUM
ajfa-5326	217	8	4.2.2	4.2.2	NUM
ajfa-5326	217	9	.	.	PUNCT
ajfa-5326	218	1	testing	test	VERB
ajfa-5326	218	2	the	the	DET
ajfa-5326	218	3	null	null	ADJ
ajfa-5326	218	4	hypothesis	hypothesis	NOUN
ajfa-5326	218	5	the	the	DET
ajfa-5326	218	6	result	result	NOUN
ajfa-5326	218	7	of	of	ADP
ajfa-5326	218	8	testing	test	VERB
ajfa-5326	218	9	the	the	DET
ajfa-5326	218	10	null	null	ADJ
ajfa-5326	218	11	hypothesis	hypothesis	NOUN
ajfa-5326	218	12	is	be	AUX
ajfa-5326	218	13	demonstrated	demonstrate	VERB
ajfa-5326	218	14	in	in	ADP
ajfa-5326	218	15	table	table	NOUN
ajfa-5326	218	16	5	5	NUM
ajfa-5326	218	17	.	.	PUNCT
ajfa-5326	219	1	according	accord	VERB
ajfa-5326	219	2	to	to	ADP
ajfa-5326	219	3	the	the	DET
ajfa-5326	219	4	p	p	NOUN
ajfa-5326	219	5	-	-	PUNCT
ajfa-5326	219	6	value	value	NOUN
ajfa-5326	219	7	(	(	PUNCT
ajfa-5326	219	8	0.6622	0.6622	NUM
ajfa-5326	219	9	)	)	PUNCT
ajfa-5326	219	10	which	which	PRON
ajfa-5326	219	11	is	be	AUX
ajfa-5326	219	12	much	much	ADV
ajfa-5326	219	13	higher	high	ADJ
ajfa-5326	219	14	than	than	ADP
ajfa-5326	219	15	0.05	0.05	NUM
ajfa-5326	219	16	,	,	PUNCT
ajfa-5326	219	17	the	the	DET
ajfa-5326	219	18	null	null	ADJ
ajfa-5326	219	19	hypothesis	hypothesis	NOUN
ajfa-5326	219	20	is	be	AUX
ajfa-5326	219	21	not	not	PART
ajfa-5326	219	22	rejected	reject	VERB
ajfa-5326	219	23	.	.	PUNCT
ajfa-5326	220	1	in	in	ADP
ajfa-5326	220	2	other	other	ADJ
ajfa-5326	220	3	words	word	NOUN
ajfa-5326	220	4	,	,	PUNCT
ajfa-5326	220	5	the	the	DET
ajfa-5326	220	6	market	market	NOUN
ajfa-5326	220	7	index	index	NOUN
ajfa-5326	220	8	return	return	NOUN
ajfa-5326	220	9	has	have	VERB
ajfa-5326	220	10	a	a	DET
ajfa-5326	220	11	zero	zero	NUM
ajfa-5326	220	12	mean	mean	NOUN
ajfa-5326	220	13	.	.	PUNCT
ajfa-5326	221	1	the	the	DET
ajfa-5326	221	2	market	market	NOUN
ajfa-5326	221	3	return	return	NOUN
ajfa-5326	221	4	distribution	distribution	NOUN
ajfa-5326	221	5	follows	follow	VERB
ajfa-5326	221	6	the	the	DET
ajfa-5326	221	7	normal	normal	ADJ
ajfa-5326	221	8	distribution	distribution	NOUN
ajfa-5326	221	9	with	with	ADP
ajfa-5326	221	10	the	the	DET
ajfa-5326	221	11	mean	mean	NOUN
ajfa-5326	221	12	is	be	AUX
ajfa-5326	221	13	equal	equal	ADJ
ajfa-5326	221	14	zero	zero	NUM
ajfa-5326	221	15	or	or	CCONJ
ajfa-5326	221	16	rindex	rindex	NOUN
ajfa-5326	221	17	~	~	PUNCT
ajfa-5326	221	18	n	n	CCONJ
ajfa-5326	221	19	(	(	PUNCT
ajfa-5326	221	20	0	0	NUM
ajfa-5326	221	21	,	,	PUNCT
ajfa-5326	221	22	σ2	σ2	NOUN
ajfa-5326	221	23	)	)	PUNCT
ajfa-5326	221	24	.	.	PUNCT
ajfa-5326	222	1	it	it	PRON
ajfa-5326	222	2	means	mean	VERB
ajfa-5326	222	3	the	the	DET
ajfa-5326	222	4	data	data	NOUN
ajfa-5326	222	5	satisfies	satisfy	VERB
ajfa-5326	222	6	assumptions	assumption	NOUN
ajfa-5326	222	7	of	of	ADP
ajfa-5326	222	8	the	the	DET
ajfa-5326	222	9	method	method	NOUN
ajfa-5326	222	10	.	.	PUNCT
ajfa-5326	223	1	hence	hence	ADV
ajfa-5326	223	2	,	,	PUNCT
ajfa-5326	223	3	the	the	DET
ajfa-5326	223	4	new	new	ADJ
ajfa-5326	223	5	method	method	NOUN
ajfa-5326	223	6	is	be	AUX
ajfa-5326	223	7	applicable	applicable	ADJ
ajfa-5326	223	8	to	to	PART
ajfa-5326	223	9	detect	detect	VERB
ajfa-5326	223	10	herd	herd	NOUN
ajfa-5326	223	11	.	.	PUNCT
ajfa-5326	224	1	table	table	NOUN
ajfa-5326	224	2	5	5	NUM
ajfa-5326	224	3	.	.	PUNCT
ajfa-5326	225	1	the	the	DET
ajfa-5326	225	2	result	result	NOUN
ajfa-5326	225	3	of	of	ADP
ajfa-5326	225	4	testing	test	VERB
ajfa-5326	225	5	the	the	DET
ajfa-5326	225	6	null	null	ADJ
ajfa-5326	225	7	hypothesis	hypothesis	NOUN
ajfa-5326	225	8	mean	mean	NOUN
ajfa-5326	225	9	of	of	ADP
ajfa-5326	225	10	rindex	rindex	NOUN
ajfa-5326	225	11	std.dev	std.dev	NOUN
ajfa-5326	225	12	of	of	ADP
ajfa-5326	225	13	rindex	rindex	NOUN
ajfa-5326	225	14	n	n	PROPN
ajfa-5326	225	15	t	t	NOUN
ajfa-5326	225	16	-	-	PUNCT
ajfa-5326	225	17	value	value	NOUN
ajfa-5326	225	18	p	p	NOUN
ajfa-5326	225	19	-	-	PUNCT
ajfa-5326	225	20	value	value	NOUN
ajfa-5326	225	21	0.0002	0.0002	NUM
ajfa-5326	225	22	0.018	0.018	NUM
ajfa-5326	225	23	1616	1616	NUM
ajfa-5326	225	24	0.437	0.437	NUM
ajfa-5326	225	25	0.6622	0.6622	NUM
ajfa-5326	225	26	4.2.3	4.2.3	NUM
ajfa-5326	225	27	.	.	PUNCT
ajfa-5326	226	1	detecting	detect	VERB
ajfa-5326	226	2	herd	herd	NOUN
ajfa-5326	226	3	results	result	VERB
ajfa-5326	226	4	the	the	DET
ajfa-5326	226	5	results	result	NOUN
ajfa-5326	226	6	in	in	ADP
ajfa-5326	226	7	table	table	NOUN
ajfa-5326	226	8	6	6	NUM
ajfa-5326	226	9	show	show	VERB
ajfa-5326	226	10	the	the	DET
ajfa-5326	226	11	number	number	NOUN
ajfa-5326	226	12	of	of	ADP
ajfa-5326	226	13	herding	herd	VERB
ajfa-5326	226	14	days	day	NOUN
ajfa-5326	226	15	in	in	ADP
ajfa-5326	226	16	the	the	DET
ajfa-5326	226	17	market	market	NOUN
ajfa-5326	226	18	during	during	ADP
ajfa-5326	226	19	each	each	DET
ajfa-5326	226	20	year	year	NOUN
ajfa-5326	226	21	and	and	CCONJ
ajfa-5326	226	22	the	the	DET
ajfa-5326	226	23	whole	whole	ADJ
ajfa-5326	226	24	period	period	NOUN
ajfa-5326	226	25	.	.	PUNCT
ajfa-5326	227	1	herd	herd	NOUN
ajfa-5326	227	2	is	be	AUX
ajfa-5326	227	3	detected	detect	VERB
ajfa-5326	227	4	in	in	ADP
ajfa-5326	227	5	two	two	NUM
ajfa-5326	227	6	levels	level	NOUN
ajfa-5326	227	7	of	of	ADP
ajfa-5326	227	8	significance	significance	NOUN
ajfa-5326	227	9	at	at	ADP
ajfa-5326	227	10	alpha	alpha	NOUN
ajfa-5326	227	11	is	be	AUX
ajfa-5326	227	12	5	5	NUM
ajfa-5326	227	13	percent	percent	NOUN
ajfa-5326	227	14	and	and	CCONJ
ajfa-5326	227	15	1	1	NUM
ajfa-5326	227	16	percent	percent	NOUN
ajfa-5326	227	17	.	.	PUNCT
ajfa-5326	228	1	the	the	DET
ajfa-5326	228	2	smaller	small	ADJ
ajfa-5326	228	3	alpha	alpha	NOUN
ajfa-5326	228	4	is	be	AUX
ajfa-5326	228	5	,	,	PUNCT
ajfa-5326	228	6	the	the	DET
ajfa-5326	228	7	less	less	ADV
ajfa-5326	228	8	herding	herding	NOUN
ajfa-5326	228	9	days	day	NOUN
ajfa-5326	228	10	are	be	AUX
ajfa-5326	228	11	found	find	VERB
ajfa-5326	228	12	.	.	PUNCT
ajfa-5326	229	1	in	in	ADP
ajfa-5326	229	2	total	total	NOUN
ajfa-5326	229	3	,	,	PUNCT
ajfa-5326	229	4	the	the	DET
ajfa-5326	229	5	number	number	NOUN
ajfa-5326	229	6	of	of	ADP
ajfa-5326	229	7	herding	herd	VERB
ajfa-5326	229	8	days	day	NOUN
ajfa-5326	229	9	at	at	ADP
ajfa-5326	229	10	5	5	NUM
ajfa-5326	229	11	percent	percent	NOUN
ajfa-5326	229	12	of	of	ADP
ajfa-5326	229	13	alpha	alpha	NOUN
ajfa-5326	229	14	is	be	AUX
ajfa-5326	229	15	double	double	ADJ
ajfa-5326	229	16	at	at	ADP
ajfa-5326	229	17	1	1	NUM
ajfa-5326	229	18	percent	percent	NOUN
ajfa-5326	229	19	of	of	ADP
ajfa-5326	229	20	alpha	alpha	NOUN
ajfa-5326	229	21	.	.	PUNCT
ajfa-5326	230	1	in	in	ADP
ajfa-5326	230	2	additions	addition	NOUN
ajfa-5326	230	3	,	,	PUNCT
ajfa-5326	230	4	the	the	DET
ajfa-5326	230	5	market	market	NOUN
ajfa-5326	230	6	is	be	AUX
ajfa-5326	230	7	fairly	fairly	ADV
ajfa-5326	230	8	symmetric	symmetric	ADJ
ajfa-5326	230	9	with	with	ADP
ajfa-5326	230	10	number	number	NOUN
ajfa-5326	230	11	of	of	ADP
ajfa-5326	230	12	herding	herding	NOUN
ajfa-5326	230	13	days	day	NOUN
ajfa-5326	230	14	is	be	AUX
ajfa-5326	230	15	almost	almost	ADV
ajfa-5326	230	16	the	the	DET
ajfa-5326	230	17	same	same	ADJ
ajfa-5326	230	18	in	in	ADP
ajfa-5326	230	19	both	both	CCONJ
ajfa-5326	230	20	up	up	ADP
ajfa-5326	230	21	and	and	CCONJ
ajfa-5326	230	22	down	down	ADP
ajfa-5326	230	23	market	market	NOUN
ajfa-5326	230	24	.	.	PUNCT
ajfa-5326	231	1	herd	herd	NOUN
ajfa-5326	231	2	happened	happen	VERB
ajfa-5326	231	3	mostly	mostly	ADV
ajfa-5326	231	4	in	in	ADP
ajfa-5326	231	5	2008	2008	NUM
ajfa-5326	231	6	and	and	CCONJ
ajfa-5326	231	7	2009	2009	NUM
ajfa-5326	231	8	and	and	CCONJ
ajfa-5326	231	9	were	be	AUX
ajfa-5326	231	10	not	not	PART
ajfa-5326	231	11	frequent	frequent	ADJ
ajfa-5326	231	12	since	since	SCONJ
ajfa-5326	231	13	2010	2010	NUM
ajfa-5326	231	14	,	,	PUNCT
ajfa-5326	231	15	regardless	regardless	ADV
ajfa-5326	231	16	of	of	ADP
ajfa-5326	231	17	market	market	NOUN
ajfa-5326	231	18	direction	direction	NOUN
ajfa-5326	231	19	.	.	PUNCT
ajfa-5326	232	1	hence	hence	ADV
ajfa-5326	232	2	,	,	PUNCT
ajfa-5326	232	3	the	the	DET
ajfa-5326	232	4	new	new	ADJ
ajfa-5326	232	5	method	method	NOUN
ajfa-5326	232	6	illustrates	illustrate	VERB
ajfa-5326	232	7	herd	herd	NOUN
ajfa-5326	232	8	in	in	ADP
ajfa-5326	232	9	the	the	DET
ajfa-5326	232	10	vietnamese	vietnamese	ADJ
ajfa-5326	232	11	stock	stock	NOUN
ajfa-5326	232	12	market	market	NOUN
ajfa-5326	232	13	.	.	PUNCT
ajfa-5326	233	1	a	a	DET
ajfa-5326	233	2	conclusion	conclusion	NOUN
ajfa-5326	233	3	is	be	AUX
ajfa-5326	233	4	similar	similar	ADJ
ajfa-5326	233	5	to	to	ADP
ajfa-5326	233	6	previous	previous	ADJ
ajfa-5326	233	7	studies	study	NOUN
ajfa-5326	233	8	of	of	ADP
ajfa-5326	233	9	ch	ch	NOUN
ajfa-5326	233	10	(	(	PUNCT
ajfa-5326	233	11	1995	1995	NUM
ajfa-5326	233	12	)	)	PUNCT
ajfa-5326	233	13	and	and	CCONJ
ajfa-5326	233	14	ckk	ckk	VERB
ajfa-5326	233	15	(	(	PUNCT
ajfa-5326	233	16	2000	2000	NUM
ajfa-5326	233	17	)	)	PUNCT
ajfa-5326	233	18	.	.	PUNCT
ajfa-5326	234	1	however	however	ADV
ajfa-5326	234	2	,	,	PUNCT
ajfa-5326	234	3	it	it	PRON
ajfa-5326	234	4	provides	provide	VERB
ajfa-5326	234	5	a	a	DET
ajfa-5326	234	6	more	more	ADV
ajfa-5326	234	7	concrete	concrete	ADJ
ajfa-5326	234	8	picture	picture	NOUN
ajfa-5326	234	9	about	about	ADP
ajfa-5326	234	10	herd	herd	NOUN
ajfa-5326	234	11	compare	compare	VERB
ajfa-5326	234	12	to	to	ADP
ajfa-5326	234	13	the	the	DET
ajfa-5326	234	14	others	other	NOUN
ajfa-5326	234	15	.	.	PUNCT
ajfa-5326	235	1	according	accord	VERB
ajfa-5326	235	2	to	to	ADP
ajfa-5326	235	3	this	this	DET
ajfa-5326	235	4	result	result	NOUN
ajfa-5326	235	5	,	,	PUNCT
ajfa-5326	235	6	the	the	DET
ajfa-5326	235	7	frequency	frequency	NOUN
ajfa-5326	235	8	of	of	ADP
ajfa-5326	235	9	herd	herd	NOUN
ajfa-5326	235	10	behavior	behavior	NOUN
ajfa-5326	235	11	is	be	AUX
ajfa-5326	235	12	relatively	relatively	ADV
ajfa-5326	235	13	high	high	ADJ
ajfa-5326	235	14	in	in	ADP
ajfa-5326	235	15	the	the	DET
ajfa-5326	235	16	market	market	NOUN
ajfa-5326	235	17	.	.	PUNCT
ajfa-5326	236	1	especially	especially	ADV
ajfa-5326	236	2	,	,	PUNCT
ajfa-5326	236	3	the	the	DET
ajfa-5326	236	4	frequency	frequency	NOUN
ajfa-5326	236	5	of	of	ADP
ajfa-5326	236	6	herd	herd	NOUN
ajfa-5326	236	7	behavior	behavior	NOUN
ajfa-5326	236	8	at	at	ADP
ajfa-5326	236	9	5	5	NUM
ajfa-5326	236	10	%	%	NOUN
ajfa-5326	236	11	of	of	ADP
ajfa-5326	236	12	alpha	alpha	NOUN
ajfa-5326	236	13	are	be	AUX
ajfa-5326	236	14	used	use	VERB
ajfa-5326	236	15	to	to	PART
ajfa-5326	236	16	detect	detect	VERB
ajfa-5326	236	17	herding	herding	NOUN
ajfa-5326	236	18	days	day	NOUN
ajfa-5326	236	19	(	(	PUNCT
ajfa-5326	236	20	114	114	NUM
ajfa-5326	236	21	herding	herding	NOUN
ajfa-5326	236	22	days	day	NOUN
ajfa-5326	236	23	in	in	ADP
ajfa-5326	236	24	1616	1616	NUM
ajfa-5326	236	25	trading	trading	NOUN
ajfa-5326	236	26	days	day	NOUN
ajfa-5326	236	27	)	)	PUNCT
ajfa-5326	236	28	.	.	PUNCT
ajfa-5326	237	1	table	table	NOUN
ajfa-5326	237	2	6	6	NUM
ajfa-5326	237	3	.	.	PUNCT
ajfa-5326	238	1	number	number	NOUN
ajfa-5326	238	2	of	of	ADP
ajfa-5326	238	3	herd	herd	NOUN
ajfa-5326	238	4	days	day	NOUN
ajfa-5326	238	5	in	in	ADP
ajfa-5326	238	6	the	the	DET
ajfa-5326	238	7	market	market	NOUN
ajfa-5326	238	8	year	year	NOUN
ajfa-5326	238	9	up	up	ADP
ajfa-5326	238	10	market	market	NOUN
ajfa-5326	238	11	down	down	ADP
ajfa-5326	238	12	market	market	NOUN
ajfa-5326	238	13	total	total	NOUN
ajfa-5326	238	14	α	α	NOUN
ajfa-5326	238	15	=	=	SYM
ajfa-5326	238	16	5	5	NUM
ajfa-5326	238	17	%	%	NOUN
ajfa-5326	238	18	α	α	NOUN
ajfa-5326	238	19	=	=	SYM
ajfa-5326	238	20	1	1	NUM
ajfa-5326	238	21	%	%	NOUN
ajfa-5326	238	22	α	α	NOUN
ajfa-5326	238	23	=	=	SYM
ajfa-5326	238	24	5	5	NUM
ajfa-5326	238	25	%	%	NOUN
ajfa-5326	238	26	α	α	NOUN
ajfa-5326	238	27	=	=	SYM
ajfa-5326	238	28	1	1	NUM
ajfa-5326	238	29	%	%	NOUN
ajfa-5326	238	30	α	α	NOUN
ajfa-5326	238	31	=	=	SYM
ajfa-5326	238	32	5	5	NUM
ajfa-5326	238	33	%	%	NOUN
ajfa-5326	238	34	α	α	NOUN
ajfa-5326	238	35	=	=	SYM
ajfa-5326	238	36	1	1	NUM
ajfa-5326	238	37	%	%	NOUN
ajfa-5326	238	38	2006	2006	NUM
ajfa-5326	238	39	13	13	NUM
ajfa-5326	238	40	8	8	NUM
ajfa-5326	238	41	9	9	NUM
ajfa-5326	238	42	5	5	NUM
ajfa-5326	238	43	22	22	NUM
ajfa-5326	238	44	13	13	NUM
ajfa-5326	238	45	2007	2007	NUM
ajfa-5326	238	46	6	6	NUM
ajfa-5326	238	47	1	1	NUM
ajfa-5326	238	48	3	3	NUM
ajfa-5326	238	49	1	1	NUM
ajfa-5326	238	50	9	9	NUM
ajfa-5326	238	51	2	2	NUM
ajfa-5326	238	52	2008	2008	NUM
ajfa-5326	238	53	13	13	NUM
ajfa-5326	238	54	9	9	NUM
ajfa-5326	238	55	24	24	NUM
ajfa-5326	238	56	14	14	NUM
ajfa-5326	238	57	37	37	NUM
ajfa-5326	238	58	23	23	NUM
ajfa-5326	238	59	2009	2009	NUM
ajfa-5326	238	60	23	23	NUM
ajfa-5326	238	61	9	9	NUM
ajfa-5326	238	62	14	14	NUM
ajfa-5326	238	63	5	5	NUM
ajfa-5326	238	64	37	37	NUM
ajfa-5326	238	65	14	14	NUM
ajfa-5326	238	66	2010	2010	NUM
ajfa-5326	238	67	4	4	NUM
ajfa-5326	238	68	1	1	NUM
ajfa-5326	238	69	2	2	NUM
ajfa-5326	238	70	1	1	NUM
ajfa-5326	238	71	6	6	NUM
ajfa-5326	238	72	2	2	NUM
ajfa-5326	238	73	2011	2011	NUM
ajfa-5326	238	74	0	0	NUM
ajfa-5326	238	75	0	0	NUM
ajfa-5326	239	1	2	2	NUM
ajfa-5326	239	2	0	0	NUM
ajfa-5326	239	3	2	2	NUM
ajfa-5326	239	4	0	0	NUM
ajfa-5326	239	5	2012	2012	NUM
ajfa-5326	239	6	1	1	NUM
ajfa-5326	239	7	0	0	NUM
ajfa-5326	239	8	0	0	NUM
ajfa-5326	239	9	0	0	NUM
ajfa-5326	239	10	1	1	NUM
ajfa-5326	239	11	0	0	NUM
ajfa-5326	239	12	total	total	NOUN
ajfa-5326	239	13	60	60	NUM
ajfa-5326	239	14	28	28	NUM
ajfa-5326	239	15	54	54	NUM
ajfa-5326	239	16	26	26	NUM
ajfa-5326	239	17	114	114	NUM
ajfa-5326	239	18	54	54	NUM
ajfa-5326	239	19	as	as	ADP
ajfa-5326	239	20	the	the	DET
ajfa-5326	239	21	result	result	NOUN
ajfa-5326	239	22	shows	show	VERB
ajfa-5326	239	23	,	,	PUNCT
ajfa-5326	239	24	herd	herd	NOUN
ajfa-5326	239	25	behavior	behavior	NOUN
ajfa-5326	239	26	appeared	appear	VERB
ajfa-5326	239	27	frequently	frequently	ADV
ajfa-5326	239	28	from	from	ADP
ajfa-5326	239	29	2006	2006	NUM
ajfa-5326	239	30	to	to	ADP
ajfa-5326	239	31	2009	2009	NUM
ajfa-5326	239	32	.	.	PUNCT
ajfa-5326	240	1	in	in	ADP
ajfa-5326	240	2	such	such	ADJ
ajfa-5326	240	3	period	period	NOUN
ajfa-5326	240	4	,	,	PUNCT
ajfa-5326	240	5	the	the	DET
ajfa-5326	240	6	stock	stock	NOUN
ajfa-5326	240	7	market	market	NOUN
ajfa-5326	240	8	developed	develop	VERB
ajfa-5326	240	9	dramatically	dramatically	ADV
ajfa-5326	240	10	,	,	PUNCT
ajfa-5326	240	11	and	and	CCONJ
ajfa-5326	240	12	then	then	ADV
ajfa-5326	240	13	dropped	drop	VERB
ajfa-5326	240	14	significantly	significantly	ADV
ajfa-5326	240	15	.	.	PUNCT
ajfa-5326	241	1	stocks	stock	NOUN
ajfa-5326	241	2	’	'	PUNCT
ajfa-5326	241	3	price	price	NOUN
ajfa-5326	241	4	and	and	CCONJ
ajfa-5326	241	5	the	the	DET
ajfa-5326	241	6	market	market	NOUN
ajfa-5326	241	7	index	index	NOUN
ajfa-5326	241	8	were	be	AUX
ajfa-5326	241	9	much	much	ADV
ajfa-5326	241	10	over	over	ADP
ajfa-5326	241	11	their	their	PRON
ajfa-5326	241	12	real	real	ADJ
ajfa-5326	241	13	value	value	NOUN
ajfa-5326	241	14	.	.	PUNCT
ajfa-5326	242	1	however	however	ADV
ajfa-5326	242	2	,	,	PUNCT
ajfa-5326	242	3	since	since	SCONJ
ajfa-5326	242	4	2010	2010	NUM
ajfa-5326	242	5	,	,	PUNCT
ajfa-5326	242	6	herd	herd	NOUN
ajfa-5326	242	7	behavior	behavior	NOUN
ajfa-5326	242	8	rarely	rarely	ADV
ajfa-5326	242	9	happened	happen	VERB
ajfa-5326	242	10	.	.	PUNCT
ajfa-5326	243	1	investors	investor	NOUN
ajfa-5326	243	2	have	have	AUX
ajfa-5326	243	3	become	become	VERB
ajfa-5326	243	4	more	more	ADV
ajfa-5326	243	5	rational	rational	ADJ
ajfa-5326	243	6	.	.	PUNCT
ajfa-5326	244	1	stocks	stock	NOUN
ajfa-5326	244	2	’	'	PUNCT
ajfa-5326	244	3	price	price	NOUN
ajfa-5326	244	4	came	come	VERB
ajfa-5326	244	5	back	back	ADV
ajfa-5326	244	6	to	to	ADP
ajfa-5326	244	7	their	their	PRON
ajfa-5326	244	8	true	true	ADJ
ajfa-5326	244	9	values	value	NOUN
ajfa-5326	244	10	without	without	ADP
ajfa-5326	244	11	any	any	DET
ajfa-5326	244	12	rapid	rapid	ADJ
ajfa-5326	244	13	development	development	NOUN
ajfa-5326	244	14	or	or	CCONJ
ajfa-5326	244	15	crash	crash	NOUN
ajfa-5326	244	16	.	.	PUNCT
ajfa-5326	245	1	it	it	PRON
ajfa-5326	245	2	means	mean	VERB
ajfa-5326	245	3	that	that	SCONJ
ajfa-5326	245	4	the	the	DET
ajfa-5326	245	5	stock	stock	NOUN
ajfa-5326	245	6	market	market	NOUN
ajfa-5326	245	7	seems	seem	VERB
ajfa-5326	245	8	to	to	PART
ajfa-5326	245	9	operate	operate	VERB
ajfa-5326	245	10	more	more	ADV
ajfa-5326	245	11	efficiently	efficiently	ADV
ajfa-5326	245	12	and	and	CCONJ
ajfa-5326	245	13	stably	stably	ADV
ajfa-5326	245	14	.	.	PUNCT
ajfa-5326	246	1	asian	asian	ADJ
ajfa-5326	246	2	journal	journal	PROPN
ajfa-5326	246	3	of	of	ADP
ajfa-5326	246	4	finance	finance	PROPN
ajfa-5326	246	5	&	&	CCONJ
ajfa-5326	246	6	accounting	accounting	PROPN
ajfa-5326	246	7	issn	issn	PROPN
ajfa-5326	246	8	1946	1946	NUM
ajfa-5326	246	9	-	-	PUNCT
ajfa-5326	246	10	052x	052x	PROPN
ajfa-5326	246	11	2014	2014	NUM
ajfa-5326	246	12	,	,	PUNCT
ajfa-5326	246	13	vol	vol	NOUN
ajfa-5326	246	14	.	.	PROPN
ajfa-5326	246	15	6	6	NUM
ajfa-5326	246	16	,	,	PUNCT
ajfa-5326	246	17	no	no	INTJ
ajfa-5326	246	18	.	.	NOUN
ajfa-5326	246	19	1	1	NUM
ajfa-5326	246	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5326	246	21	474	474	NUM
ajfa-5326	246	22	5	5	NUM
ajfa-5326	246	23	.	.	PUNCT
ajfa-5326	247	1	conclusion	conclusion	VERB
ajfa-5326	247	2	the	the	DET
ajfa-5326	247	3	main	main	ADJ
ajfa-5326	247	4	purpose	purpose	NOUN
ajfa-5326	247	5	of	of	ADP
ajfa-5326	247	6	this	this	DET
ajfa-5326	247	7	research	research	NOUN
ajfa-5326	247	8	is	be	AUX
ajfa-5326	247	9	not	not	PART
ajfa-5326	247	10	only	only	ADV
ajfa-5326	247	11	proving	prove	VERB
ajfa-5326	247	12	whether	whether	SCONJ
ajfa-5326	247	13	herd	herd	ADJ
ajfa-5326	247	14	behavior	behavior	NOUN
ajfa-5326	247	15	exists	exist	VERB
ajfa-5326	247	16	or	or	CCONJ
ajfa-5326	247	17	not	not	PART
ajfa-5326	247	18	in	in	ADP
ajfa-5326	247	19	vietnamese	vietnamese	ADJ
ajfa-5326	247	20	stock	stock	NOUN
ajfa-5326	247	21	market	market	NOUN
ajfa-5326	247	22	.	.	PUNCT
ajfa-5326	248	1	the	the	DET
ajfa-5326	248	2	fact	fact	NOUN
ajfa-5326	248	3	is	be	AUX
ajfa-5326	248	4	that	that	SCONJ
ajfa-5326	248	5	herd	herd	NOUN
ajfa-5326	248	6	behavior	behavior	NOUN
ajfa-5326	248	7	usually	usually	ADV
ajfa-5326	248	8	exists	exist	VERB
ajfa-5326	248	9	in	in	ADP
ajfa-5326	248	10	a	a	DET
ajfa-5326	248	11	financial	financial	ADJ
ajfa-5326	248	12	market	market	NOUN
ajfa-5326	248	13	,	,	PUNCT
ajfa-5326	248	14	especially	especially	ADV
ajfa-5326	248	15	in	in	ADP
ajfa-5326	248	16	an	an	DET
ajfa-5326	248	17	immature	immature	ADJ
ajfa-5326	248	18	market	market	NOUN
ajfa-5326	248	19	like	like	ADP
ajfa-5326	248	20	vietnamese	vietnamese	ADJ
ajfa-5326	248	21	stock	stock	NOUN
ajfa-5326	248	22	market	market	NOUN
ajfa-5326	248	23	.	.	PUNCT
ajfa-5326	249	1	people	people	NOUN
ajfa-5326	249	2	can	can	AUX
ajfa-5326	249	3	easily	easily	ADV
ajfa-5326	249	4	realize	realize	VERB
ajfa-5326	249	5	the	the	DET
ajfa-5326	249	6	presence	presence	NOUN
ajfa-5326	249	7	of	of	ADP
ajfa-5326	249	8	herd	herd	NOUN
ajfa-5326	249	9	cognitively	cognitively	ADV
ajfa-5326	249	10	.	.	PUNCT
ajfa-5326	250	1	in	in	ADP
ajfa-5326	250	2	this	this	DET
ajfa-5326	250	3	study	study	NOUN
ajfa-5326	250	4	,	,	PUNCT
ajfa-5326	250	5	the	the	DET
ajfa-5326	250	6	crucial	crucial	ADJ
ajfa-5326	250	7	objective	objective	NOUN
ajfa-5326	250	8	is	be	AUX
ajfa-5326	250	9	introducing	introduce	VERB
ajfa-5326	250	10	the	the	DET
ajfa-5326	250	11	new	new	ADJ
ajfa-5326	250	12	method	method	NOUN
ajfa-5326	250	13	to	to	PART
ajfa-5326	250	14	detect	detect	VERB
ajfa-5326	250	15	herd	herd	ADJ
ajfa-5326	250	16	behavior	behavior	NOUN
ajfa-5326	250	17	.	.	PUNCT
ajfa-5326	251	1	through	through	ADP
ajfa-5326	251	2	empirical	empirical	ADJ
ajfa-5326	251	3	tests	test	NOUN
ajfa-5326	251	4	and	and	CCONJ
ajfa-5326	251	5	results	result	VERB
ajfa-5326	251	6	comparison	comparison	NOUN
ajfa-5326	251	7	between	between	ADP
ajfa-5326	251	8	this	this	DET
ajfa-5326	251	9	new	new	ADJ
ajfa-5326	251	10	method	method	NOUN
ajfa-5326	251	11	with	with	ADP
ajfa-5326	251	12	the	the	DET
ajfa-5326	251	13	two	two	NUM
ajfa-5326	251	14	methods	method	NOUN
ajfa-5326	251	15	of	of	ADP
ajfa-5326	251	16	ch	ch	NOUN
ajfa-5326	251	17	(	(	PUNCT
ajfa-5326	251	18	1995	1995	NUM
ajfa-5326	251	19	)	)	PUNCT
ajfa-5326	251	20	and	and	CCONJ
ajfa-5326	251	21	cck	cck	NOUN
ajfa-5326	251	22	(	(	PUNCT
ajfa-5326	251	23	2000	2000	NUM
ajfa-5326	251	24	)	)	PUNCT
ajfa-5326	251	25	,	,	PUNCT
ajfa-5326	251	26	a	a	DET
ajfa-5326	251	27	deeper	deep	ADJ
ajfa-5326	251	28	comprehension	comprehension	NOUN
ajfa-5326	251	29	about	about	ADP
ajfa-5326	251	30	herd	herd	NOUN
ajfa-5326	251	31	is	be	AUX
ajfa-5326	251	32	provided	provide	VERB
ajfa-5326	251	33	.	.	PUNCT
ajfa-5326	252	1	therefore	therefore	ADV
ajfa-5326	252	2	,	,	PUNCT
ajfa-5326	252	3	this	this	DET
ajfa-5326	252	4	research	research	NOUN
ajfa-5326	252	5	can	can	AUX
ajfa-5326	252	6	be	be	AUX
ajfa-5326	252	7	deemed	deem	VERB
ajfa-5326	252	8	as	as	ADP
ajfa-5326	252	9	an	an	DET
ajfa-5326	252	10	angle	angle	NOUN
ajfa-5326	252	11	of	of	ADP
ajfa-5326	252	12	new	new	ADJ
ajfa-5326	252	13	interest	interest	NOUN
ajfa-5326	252	14	for	for	ADP
ajfa-5326	252	15	researchers	researcher	NOUN
ajfa-5326	252	16	or	or	CCONJ
ajfa-5326	252	17	potential	potential	ADJ
ajfa-5326	252	18	researchers	researcher	NOUN
ajfa-5326	252	19	who	who	PRON
ajfa-5326	252	20	are	be	AUX
ajfa-5326	252	21	working	work	VERB
ajfa-5326	252	22	or	or	CCONJ
ajfa-5326	252	23	going	go	VERB
ajfa-5326	252	24	to	to	PART
ajfa-5326	252	25	work	work	VERB
ajfa-5326	252	26	in	in	ADP
ajfa-5326	252	27	the	the	DET
ajfa-5326	252	28	same	same	ADJ
ajfa-5326	252	29	field	field	NOUN
ajfa-5326	252	30	,	,	PUNCT
ajfa-5326	252	31	same	same	ADJ
ajfa-5326	252	32	topic	topic	NOUN
ajfa-5326	252	33	or	or	CCONJ
ajfa-5326	252	34	topics	topic	NOUN
ajfa-5326	252	35	related	relate	VERB
ajfa-5326	252	36	to	to	ADP
ajfa-5326	252	37	herd	herd	NOUN
ajfa-5326	252	38	behavior	behavior	NOUN
ajfa-5326	252	39	detecting	detect	VERB
ajfa-5326	252	40	.	.	PUNCT
ajfa-5326	253	1	there	there	PRON
ajfa-5326	253	2	have	have	AUX
ajfa-5326	253	3	been	be	AUX
ajfa-5326	253	4	many	many	ADJ
ajfa-5326	253	5	methodologies	methodology	NOUN
ajfa-5326	253	6	used	use	VERB
ajfa-5326	253	7	to	to	PART
ajfa-5326	253	8	detect	detect	VERB
ajfa-5326	253	9	herd	herd	NOUN
ajfa-5326	253	10	behavior	behavior	NOUN
ajfa-5326	253	11	in	in	ADP
ajfa-5326	253	12	the	the	DET
ajfa-5326	253	13	world	world	NOUN
ajfa-5326	253	14	.	.	PUNCT
ajfa-5326	254	1	they	they	PRON
ajfa-5326	254	2	used	use	VERB
ajfa-5326	254	3	data	datum	NOUN
ajfa-5326	254	4	in	in	ADP
ajfa-5326	254	5	the	the	DET
ajfa-5326	254	6	past	past	NOUN
ajfa-5326	254	7	to	to	PART
ajfa-5326	254	8	test	test	VERB
ajfa-5326	254	9	whether	whether	SCONJ
ajfa-5326	254	10	herd	herd	NOUN
ajfa-5326	254	11	happened	happen	VERB
ajfa-5326	254	12	.	.	PUNCT
ajfa-5326	255	1	therefore	therefore	ADV
ajfa-5326	255	2	,	,	PUNCT
ajfa-5326	255	3	it	it	PRON
ajfa-5326	255	4	does	do	AUX
ajfa-5326	255	5	not	not	PART
ajfa-5326	255	6	make	make	VERB
ajfa-5326	255	7	sense	sense	NOUN
ajfa-5326	255	8	for	for	ADP
ajfa-5326	255	9	realistic	realistic	ADJ
ajfa-5326	255	10	researchers	researcher	NOUN
ajfa-5326	255	11	for	for	ADP
ajfa-5326	255	12	it	it	PRON
ajfa-5326	255	13	may	may	AUX
ajfa-5326	255	14	conflict	conflict	VERB
ajfa-5326	255	15	with	with	ADP
ajfa-5326	255	16	the	the	DET
ajfa-5326	255	17	time	time	NOUN
ajfa-5326	255	18	framed	frame	VERB
ajfa-5326	255	19	context	context	NOUN
ajfa-5326	255	20	and	and	CCONJ
ajfa-5326	255	21	reference	reference	NOUN
ajfa-5326	255	22	.	.	PUNCT
ajfa-5326	256	1	the	the	DET
ajfa-5326	256	2	present	present	ADJ
ajfa-5326	256	3	research	research	NOUN
ajfa-5326	256	4	particularly	particularly	ADV
ajfa-5326	256	5	contributes	contribute	VERB
ajfa-5326	256	6	to	to	ADP
ajfa-5326	256	7	fundamental	fundamental	ADJ
ajfa-5326	256	8	studies	study	NOUN
ajfa-5326	256	9	of	of	ADP
ajfa-5326	256	10	herd	herd	NOUN
ajfa-5326	256	11	behavior	behavior	NOUN
ajfa-5326	256	12	for	for	ADP
ajfa-5326	256	13	future	future	ADJ
ajfa-5326	256	14	researches	research	NOUN
ajfa-5326	256	15	.	.	PUNCT
ajfa-5326	257	1	it	it	PRON
ajfa-5326	257	2	provides	provide	VERB
ajfa-5326	257	3	basic	basic	ADJ
ajfa-5326	257	4	and	and	CCONJ
ajfa-5326	257	5	moderately	moderately	ADV
ajfa-5326	257	6	significant	significant	ADJ
ajfa-5326	257	7	theory	theory	NOUN
ajfa-5326	257	8	and	and	CCONJ
ajfa-5326	257	9	empirical	empirical	ADJ
ajfa-5326	257	10	exploration	exploration	NOUN
ajfa-5326	257	11	about	about	ADP
ajfa-5326	257	12	herd	herd	NOUN
ajfa-5326	257	13	behavior	behavior	NOUN
ajfa-5326	257	14	detecting	detect	VERB
ajfa-5326	257	15	method	method	NOUN
ajfa-5326	257	16	.	.	PUNCT
ajfa-5326	258	1	thus	thus	ADV
ajfa-5326	258	2	,	,	PUNCT
ajfa-5326	258	3	this	this	DET
ajfa-5326	258	4	research	research	NOUN
ajfa-5326	258	5	can	can	AUX
ajfa-5326	258	6	be	be	AUX
ajfa-5326	258	7	noted	note	VERB
ajfa-5326	258	8	to	to	PART
ajfa-5326	258	9	prove	prove	VERB
ajfa-5326	258	10	a	a	DET
ajfa-5326	258	11	new	new	ADJ
ajfa-5326	258	12	method	method	NOUN
ajfa-5326	258	13	which	which	PRON
ajfa-5326	258	14	can	can	AUX
ajfa-5326	258	15	predict	predict	VERB
ajfa-5326	258	16	herd	herd	NOUN
ajfa-5326	258	17	in	in	ADP
ajfa-5326	258	18	the	the	DET
ajfa-5326	258	19	near	near	ADJ
ajfa-5326	258	20	future	future	NOUN
ajfa-5326	258	21	by	by	ADP
ajfa-5326	258	22	using	use	VERB
ajfa-5326	258	23	daily	daily	ADJ
ajfa-5326	258	24	data	datum	NOUN
ajfa-5326	258	25	.	.	PUNCT
ajfa-5326	259	1	the	the	DET
ajfa-5326	259	2	method	method	NOUN
ajfa-5326	259	3	’s	’s	PART
ajfa-5326	259	4	object	object	NOUN
ajfa-5326	259	5	is	be	AUX
ajfa-5326	259	6	more	more	ADV
ajfa-5326	259	7	specific	specific	ADJ
ajfa-5326	259	8	and	and	CCONJ
ajfa-5326	259	9	concrete	concrete	ADJ
ajfa-5326	259	10	.	.	PUNCT
ajfa-5326	260	1	it	it	PRON
ajfa-5326	260	2	is	be	AUX
ajfa-5326	260	3	a	a	DET
ajfa-5326	260	4	stock	stock	NOUN
ajfa-5326	260	5	or	or	CCONJ
ajfa-5326	260	6	a	a	DET
ajfa-5326	260	7	group	group	NOUN
ajfa-5326	260	8	of	of	ADP
ajfa-5326	260	9	stocks	stock	NOUN
ajfa-5326	260	10	instead	instead	ADV
ajfa-5326	260	11	of	of	ADP
ajfa-5326	260	12	a	a	DET
ajfa-5326	260	13	whole	whole	ADJ
ajfa-5326	260	14	market	market	NOUN
ajfa-5326	260	15	like	like	ADP
ajfa-5326	260	16	the	the	DET
ajfa-5326	260	17	previous	previous	ADJ
ajfa-5326	260	18	researchers	researcher	NOUN
ajfa-5326	260	19	did	do	VERB
ajfa-5326	260	20	.	.	PUNCT
ajfa-5326	261	1	with	with	ADP
ajfa-5326	261	2	the	the	DET
ajfa-5326	261	3	new	new	ADJ
ajfa-5326	261	4	method	method	NOUN
ajfa-5326	261	5	,	,	PUNCT
ajfa-5326	261	6	herd	herd	NOUN
ajfa-5326	261	7	trend	trend	NOUN
ajfa-5326	261	8	of	of	ADP
ajfa-5326	261	9	individual	individual	ADJ
ajfa-5326	261	10	stocks	stock	NOUN
ajfa-5326	261	11	or	or	CCONJ
ajfa-5326	261	12	groups	group	NOUN
ajfa-5326	261	13	of	of	ADP
ajfa-5326	261	14	stocks	stock	NOUN
ajfa-5326	261	15	can	can	AUX
ajfa-5326	261	16	be	be	AUX
ajfa-5326	261	17	detected	detect	VERB
ajfa-5326	261	18	in	in	ADP
ajfa-5326	261	19	advance	advance	NOUN
ajfa-5326	261	20	.	.	PUNCT
ajfa-5326	262	1	such	such	ADJ
ajfa-5326	262	2	result	result	NOUN
ajfa-5326	262	3	can	can	AUX
ajfa-5326	262	4	help	help	VERB
ajfa-5326	262	5	investors	investor	NOUN
ajfa-5326	262	6	earn	earn	VERB
ajfa-5326	262	7	profit	profit	NOUN
ajfa-5326	262	8	as	as	ADV
ajfa-5326	262	9	well	well	ADV
ajfa-5326	262	10	as	as	SCONJ
ajfa-5326	262	11	authorities	authority	NOUN
ajfa-5326	262	12	prevent	prevent	VERB
ajfa-5326	262	13	price	price	NOUN
ajfa-5326	262	14	bubbles	bubble	NOUN
ajfa-5326	262	15	in	in	ADP
ajfa-5326	262	16	the	the	DET
ajfa-5326	262	17	future	future	NOUN
ajfa-5326	262	18	.	.	PUNCT
ajfa-5326	263	1	references	reference	NOUN
ajfa-5326	263	2	bikhchandani	bikhchandani	PROPN
ajfa-5326	263	3	,	,	PUNCT
ajfa-5326	263	4	s.	s.	PROPN
ajfa-5326	263	5	,	,	PUNCT
ajfa-5326	263	6	&	&	CCONJ
ajfa-5326	263	7	sharma	sharma	PROPN
ajfa-5326	263	8	,	,	PUNCT
ajfa-5326	263	9	s.	s.	PROPN
ajfa-5326	263	10	(	(	PUNCT
ajfa-5326	263	11	2001	2001	NUM
ajfa-5326	263	12	)	)	PUNCT
ajfa-5326	263	13	.	.	PUNCT
ajfa-5326	264	1	herd	herd	NOUN
ajfa-5326	264	2	behavior	behavior	NOUN
ajfa-5326	264	3	in	in	ADP
ajfa-5326	264	4	financial	financial	ADJ
ajfa-5326	264	5	markets	market	NOUN
ajfa-5326	264	6	.	.	PUNCT
ajfa-5326	265	1	imf	imf	PROPN
ajfa-5326	265	2	staff	staff	NOUN
ajfa-5326	265	3	papers	paper	NOUN
ajfa-5326	265	4	,	,	PUNCT
ajfa-5326	265	5	47(3	47(3	NOUN
ajfa-5326	265	6	)	)	PUNCT
ajfa-5326	265	7	,	,	PUNCT
ajfa-5326	265	8	279	279	NUM
ajfa-5326	265	9	-	-	SYM
ajfa-5326	265	10	310	310	NUM
ajfa-5326	265	11	.	.	PUNCT
ajfa-5326	266	1	chang	chang	PROPN
ajfa-5326	266	2	,	,	PUNCT
ajfa-5326	266	3	e.	e.	PROPN
ajfa-5326	266	4	,	,	PUNCT
ajfa-5326	266	5	cheng	cheng	PROPN
ajfa-5326	266	6	,	,	PUNCT
ajfa-5326	266	7	j.	j.	PROPN
ajfa-5326	266	8	,	,	PUNCT
ajfa-5326	266	9	&	&	CCONJ
ajfa-5326	266	10	khorana	khorana	PROPN
ajfa-5326	266	11	,	,	PUNCT
ajfa-5326	266	12	a.	a.	NOUN
ajfa-5326	266	13	(	(	PUNCT
ajfa-5326	266	14	2000	2000	NUM
ajfa-5326	266	15	)	)	PUNCT
ajfa-5326	266	16	.	.	PUNCT
ajfa-5326	267	1	an	an	DET
ajfa-5326	267	2	examination	examination	NOUN
ajfa-5326	267	3	of	of	ADP
ajfa-5326	267	4	herd	herd	NOUN
ajfa-5326	267	5	behavior	behavior	NOUN
ajfa-5326	267	6	in	in	ADP
ajfa-5326	267	7	equity	equity	NOUN
ajfa-5326	267	8	markets	market	NOUN
ajfa-5326	267	9	:	:	PUNCT
ajfa-5326	267	10	an	an	DET
ajfa-5326	267	11	international	international	ADJ
ajfa-5326	267	12	perspective	perspective	NOUN
ajfa-5326	267	13	.	.	PUNCT
ajfa-5326	268	1	journal	journal	NOUN
ajfa-5326	268	2	of	of	ADP
ajfa-5326	268	3	banking	banking	NOUN
ajfa-5326	268	4	and	and	CCONJ
ajfa-5326	268	5	finance	finance	NOUN
ajfa-5326	268	6	,	,	PUNCT
ajfa-5326	268	7	24(10	24(10	NUM
ajfa-5326	268	8	)	)	PUNCT
ajfa-5326	268	9	,	,	PUNCT
ajfa-5326	268	10	1651	1651	NUM
ajfa-5326	268	11	-	-	SYM
ajfa-5326	268	12	1679	1679	NUM
ajfa-5326	268	13	.	.	PUNCT
ajfa-5326	269	1	http://dx.doi.org/10.1016/s0378-4266(99)00096-5	http://dx.doi.org/10.1016/s0378-4266(99)00096-5	PROPN
ajfa-5326	269	2	christie	christie	PROPN
ajfa-5326	269	3	,	,	PUNCT
ajfa-5326	269	4	w.	w.	PROPN
ajfa-5326	269	5	g.	g.	PROPN
ajfa-5326	269	6	,	,	PUNCT
ajfa-5326	269	7	&	&	CCONJ
ajfa-5326	269	8	huang	huang	PROPN
ajfa-5326	269	9	,	,	PUNCT
ajfa-5326	269	10	r.	r.	PROPN
ajfa-5326	269	11	d.	d.	PROPN
ajfa-5326	269	12	(	(	PUNCT
ajfa-5326	269	13	1995	1995	NUM
ajfa-5326	269	14	)	)	PUNCT
ajfa-5326	269	15	.	.	PUNCT
ajfa-5326	270	1	following	follow	VERB
ajfa-5326	270	2	the	the	DET
ajfa-5326	270	3	pied	pied	ADJ
ajfa-5326	270	4	piper	piper	NOUN
ajfa-5326	270	5	:	:	PUNCT
ajfa-5326	270	6	do	do	VERB
ajfa-5326	270	7	individual	individual	ADJ
ajfa-5326	270	8	returns	return	NOUN
ajfa-5326	270	9	herd	herd	VERB
ajfa-5326	270	10	around	around	ADP
ajfa-5326	270	11	the	the	DET
ajfa-5326	270	12	market	market	NOUN
ajfa-5326	270	13	?	?	PUNCT
ajfa-5326	271	1	financial	financial	ADJ
ajfa-5326	271	2	analysts	analyst	NOUN
ajfa-5326	271	3	journal	journal	NOUN
ajfa-5326	271	4	,	,	PUNCT
ajfa-5326	271	5	51(4	51(4	NUM
ajfa-5326	271	6	)	)	PUNCT
ajfa-5326	271	7	,	,	PUNCT
ajfa-5326	271	8	31	31	NUM
ajfa-5326	271	9	-	-	SYM
ajfa-5326	271	10	37	37	NUM
ajfa-5326	271	11	.	.	PUNCT
ajfa-5326	272	1	http://dx.doi.org/10.2469/faj.v51.n4.1918	http://dx.doi.org/10.2469/faj.v51.n4.1918	PROPN
ajfa-5326	272	2	demirer	demirer	PROPN
ajfa-5326	272	3	,	,	PUNCT
ajfa-5326	272	4	r.	r.	PROPN
ajfa-5326	272	5	,	,	PUNCT
ajfa-5326	272	6	&	&	CCONJ
ajfa-5326	272	7	kutan	kutan	PROPN
ajfa-5326	272	8	,	,	PUNCT
ajfa-5326	272	9	a.	a.	NOUN
ajfa-5326	272	10	m.	m.	NOUN
ajfa-5326	272	11	(	(	PUNCT
ajfa-5326	272	12	2006	2006	NUM
ajfa-5326	272	13	)	)	PUNCT
ajfa-5326	272	14	.	.	PUNCT
ajfa-5326	273	1	does	do	AUX
ajfa-5326	273	2	herd	herd	NOUN
ajfa-5326	273	3	behavior	behavior	NOUN
ajfa-5326	273	4	exist	exist	VERB
ajfa-5326	273	5	in	in	ADP
ajfa-5326	273	6	chinese	chinese	ADJ
ajfa-5326	273	7	stock	stock	NOUN
ajfa-5326	273	8	markets	market	NOUN
ajfa-5326	273	9	?	?	PUNCT
ajfa-5326	274	1	international	international	ADJ
ajfa-5326	274	2	financial	financial	ADJ
ajfa-5326	274	3	markets	market	NOUN
ajfa-5326	274	4	,	,	PUNCT
ajfa-5326	274	5	institutions	institution	NOUN
ajfa-5326	274	6	and	and	CCONJ
ajfa-5326	274	7	money	money	NOUN
ajfa-5326	274	8	,	,	PUNCT
ajfa-5326	274	9	16(2	16(2	NUM
ajfa-5326	274	10	)	)	PUNCT
ajfa-5326	274	11	,	,	PUNCT
ajfa-5326	274	12	123	123	NUM
ajfa-5326	274	13	-	-	SYM
ajfa-5326	274	14	142	142	NUM
ajfa-5326	274	15	.	.	PUNCT
ajfa-5326	275	1	http://dx.doi.org/10.1016/j.intfin.2005.01.002	http://dx.doi.org/10.1016/j.intfin.2005.01.002	PROPN
ajfa-5326	275	2	gleason	gleason	PROPN
ajfa-5326	275	3	,	,	PUNCT
ajfa-5326	275	4	k.	k.	PROPN
ajfa-5326	275	5	c.	c.	PROPN
ajfa-5326	275	6	,	,	PUNCT
ajfa-5326	275	7	mathur	mathur	PROPN
ajfa-5326	275	8	,	,	PUNCT
ajfa-5326	275	9	i.	i.	PROPN
ajfa-5326	275	10	,	,	PUNCT
ajfa-5326	275	11	&	&	CCONJ
ajfa-5326	275	12	peterson	peterson	PROPN
ajfa-5326	275	13	,	,	PUNCT
ajfa-5326	275	14	m.	m.	NOUN
ajfa-5326	275	15	a.	a.	PROPN
ajfa-5326	275	16	(	(	PUNCT
ajfa-5326	275	17	2004	2004	NUM
ajfa-5326	275	18	)	)	PUNCT
ajfa-5326	275	19	.	.	PUNCT
ajfa-5326	276	1	analysis	analysis	NOUN
ajfa-5326	276	2	of	of	ADP
ajfa-5326	276	3	intraday	intraday	NOUN
ajfa-5326	276	4	herding	herding	NOUN
ajfa-5326	276	5	behavior	behavior	NOUN
ajfa-5326	276	6	among	among	ADP
ajfa-5326	276	7	the	the	DET
ajfa-5326	276	8	sector	sector	NOUN
ajfa-5326	276	9	etfs	etfs	PROPN
ajfa-5326	276	10	.	.	PUNCT
ajfa-5326	277	1	journal	journal	PROPN
ajfa-5326	277	2	of	of	ADP
ajfa-5326	277	3	empirical	empirical	ADJ
ajfa-5326	277	4	finance	finance	NOUN
ajfa-5326	277	5	,	,	PUNCT
ajfa-5326	277	6	11(5	11(5	NUM
ajfa-5326	277	7	)	)	PUNCT
ajfa-5326	277	8	,	,	PUNCT
ajfa-5326	277	9	681–694	681–694	NUM
ajfa-5326	277	10	.	.	PUNCT
ajfa-5326	278	1	http://dx.doi.org/10.1016/j.jempfin.2003.06.003	http://dx.doi.org/10.1016/j.jempfin.2003.06.003	PROPN
ajfa-5326	278	2	grinblatt	grinblatt	NOUN
ajfa-5326	278	3	,	,	PUNCT
ajfa-5326	278	4	m.	m.	NOUN
ajfa-5326	278	5	,	,	PUNCT
ajfa-5326	278	6	titman	titman	NOUN
ajfa-5326	278	7	,	,	PUNCT
ajfa-5326	278	8	s.	s.	PROPN
ajfa-5326	278	9	,	,	PUNCT
ajfa-5326	278	10	&	&	CCONJ
ajfa-5326	278	11	wermers	wermer	NOUN
ajfa-5326	278	12	,	,	PUNCT
ajfa-5326	278	13	r.	r.	PROPN
ajfa-5326	278	14	(	(	PUNCT
ajfa-5326	278	15	1995	1995	NUM
ajfa-5326	278	16	)	)	PUNCT
ajfa-5326	278	17	.	.	PUNCT
ajfa-5326	279	1	momentum	momentum	NOUN
ajfa-5326	279	2	investment	investment	NOUN
ajfa-5326	279	3	strategies	strategy	NOUN
ajfa-5326	279	4	,	,	PUNCT
ajfa-5326	279	5	portfolio	portfolio	NOUN
ajfa-5326	279	6	performance	performance	NOUN
ajfa-5326	279	7	,	,	PUNCT
ajfa-5326	279	8	and	and	CCONJ
ajfa-5326	279	9	herding	herd	VERB
ajfa-5326	279	10	:	:	PUNCT
ajfa-5326	279	11	a	a	DET
ajfa-5326	279	12	study	study	NOUN
ajfa-5326	279	13	of	of	ADP
ajfa-5326	279	14	mutual	mutual	ADJ
ajfa-5326	279	15	fund	fund	NOUN
ajfa-5326	279	16	behavior	behavior	NOUN
ajfa-5326	279	17	.	.	PUNCT
ajfa-5326	280	1	the	the	DET
ajfa-5326	280	2	american	american	PROPN
ajfa-5326	280	3	economic	economic	PROPN
ajfa-5326	280	4	review	review	PROPN
ajfa-5326	280	5	,	,	PUNCT
ajfa-5326	280	6	85(5	85(5	NUM
ajfa-5326	280	7	)	)	PUNCT
ajfa-5326	280	8	,	,	PUNCT
ajfa-5326	280	9	1088	1088	NUM
ajfa-5326	280	10	-	-	SYM
ajfa-5326	280	11	1105	1105	NUM
ajfa-5326	280	12	.	.	PUNCT
ajfa-5326	281	1	hirshleifer	hirshleifer	NOUN
ajfa-5326	281	2	,	,	PUNCT
ajfa-5326	281	3	d.	d.	PROPN
ajfa-5326	281	4	,	,	PUNCT
ajfa-5326	281	5	&	&	CCONJ
ajfa-5326	281	6	teoh	teoh	PROPN
ajfa-5326	281	7	,	,	PUNCT
ajfa-5326	281	8	s.	s.	PROPN
ajfa-5326	281	9	(	(	PUNCT
ajfa-5326	281	10	2003	2003	NUM
ajfa-5326	281	11	)	)	PUNCT
ajfa-5326	281	12	.	.	PUNCT
ajfa-5326	282	1	limited	limited	ADJ
ajfa-5326	282	2	attention	attention	NOUN
ajfa-5326	282	3	,	,	PUNCT
ajfa-5326	282	4	information	information	NOUN
ajfa-5326	282	5	disclosure	disclosure	NOUN
ajfa-5326	282	6	,	,	PUNCT
ajfa-5326	282	7	and	and	CCONJ
ajfa-5326	282	8	financial	financial	ADJ
ajfa-5326	282	9	reporting	reporting	NOUN
ajfa-5326	282	10	.	.	PUNCT
ajfa-5326	283	1	journal	journal	NOUN
ajfa-5326	283	2	of	of	ADP
ajfa-5326	283	3	accounting	accounting	NOUN
ajfa-5326	283	4	and	and	CCONJ
ajfa-5326	283	5	economics	economic	NOUN
ajfa-5326	283	6	,	,	PUNCT
ajfa-5326	283	7	36(1	36(1	NUM
ajfa-5326	283	8	-	-	SYM
ajfa-5326	283	9	3	3	NUM
ajfa-5326	283	10	)	)	PUNCT
ajfa-5326	283	11	,	,	PUNCT
ajfa-5326	283	12	337	337	NUM
ajfa-5326	283	13	-	-	SYM
ajfa-5326	283	14	386	386	NUM
ajfa-5326	283	15	.	.	PUNCT
ajfa-5326	284	1	http://dx.doi.org/10.1016/j.jacceco.2003.10.002	http://dx.doi.org/10.1016/j.jacceco.2003.10.002	PROPN
ajfa-5326	284	2	asian	asian	PROPN
ajfa-5326	284	3	journal	journal	PROPN
ajfa-5326	284	4	of	of	ADP
ajfa-5326	284	5	finance	finance	PROPN
ajfa-5326	284	6	&	&	CCONJ
ajfa-5326	284	7	accounting	accounting	PROPN
ajfa-5326	284	8	issn	issn	PROPN
ajfa-5326	284	9	1946	1946	NUM
ajfa-5326	284	10	-	-	PUNCT
ajfa-5326	284	11	052x	052x	PROPN
ajfa-5326	284	12	2014	2014	NUM
ajfa-5326	284	13	,	,	PUNCT
ajfa-5326	284	14	vol	vol	NOUN
ajfa-5326	284	15	.	.	PROPN
ajfa-5326	284	16	6	6	NUM
ajfa-5326	284	17	,	,	PUNCT
ajfa-5326	284	18	no	no	INTJ
ajfa-5326	284	19	.	.	NOUN
ajfa-5326	284	20	1	1	NUM
ajfa-5326	284	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5326	284	22	475	475	NUM
ajfa-5326	284	23	hwang	hwang	PROPN
ajfa-5326	284	24	,	,	PUNCT
ajfa-5326	284	25	s.	s.	PROPN
ajfa-5326	284	26	,	,	PUNCT
ajfa-5326	284	27	&	&	CCONJ
ajfa-5326	284	28	salmon	salmon	PROPN
ajfa-5326	284	29	,	,	PUNCT
ajfa-5326	284	30	m.	m.	NOUN
ajfa-5326	284	31	(	(	PUNCT
ajfa-5326	284	32	2001	2001	NUM
ajfa-5326	284	33	)	)	PUNCT
ajfa-5326	284	34	.	.	PUNCT
ajfa-5326	285	1	a	a	DET
ajfa-5326	285	2	new	new	ADJ
ajfa-5326	285	3	measure	measure	NOUN
ajfa-5326	285	4	of	of	ADP
ajfa-5326	285	5	herding	herding	NOUN
ajfa-5326	285	6	and	and	CCONJ
ajfa-5326	285	7	empirical	empirical	ADJ
ajfa-5326	285	8	evidence	evidence	NOUN
ajfa-5326	285	9	.	.	PUNCT
ajfa-5326	286	1	warwick	warwick	PROPN
ajfa-5326	286	2	business	business	PROPN
ajfa-5326	286	3	school	school	PROPN
ajfa-5326	286	4	:	:	PUNCT
ajfa-5326	286	5	financial	financial	ADJ
ajfa-5326	286	6	econometrics	econometrics	NOUN
ajfa-5326	286	7	reserach	reserach	NOUN
ajfa-5326	286	8	centre	centre	NOUN
ajfa-5326	286	9	.	.	PUNCT
ajfa-5326	287	1	hwang	hwang	PROPN
ajfa-5326	287	2	,	,	PUNCT
ajfa-5326	287	3	s.	s.	PROPN
ajfa-5326	287	4	,	,	PUNCT
ajfa-5326	287	5	&	&	CCONJ
ajfa-5326	287	6	salmon	salmon	PROPN
ajfa-5326	287	7	,	,	PUNCT
ajfa-5326	287	8	m.	m.	NOUN
ajfa-5326	287	9	(	(	PUNCT
ajfa-5326	287	10	2004	2004	NUM
ajfa-5326	287	11	)	)	PUNCT
ajfa-5326	287	12	.	.	PUNCT
ajfa-5326	288	1	market	market	NOUN
ajfa-5326	288	2	stress	stress	NOUN
ajfa-5326	288	3	and	and	CCONJ
ajfa-5326	288	4	herding	herding	NOUN
ajfa-5326	288	5	.	.	PUNCT
ajfa-5326	289	1	empirical	empirical	ADJ
ajfa-5326	289	2	finance	finance	NOUN
ajfa-5326	289	3	,	,	PUNCT
ajfa-5326	289	4	11(4	11(4	NUM
ajfa-5326	289	5	)	)	PUNCT
ajfa-5326	289	6	,	,	PUNCT
ajfa-5326	289	7	585	585	NUM
ajfa-5326	289	8	-	-	SYM
ajfa-5326	289	9	616	616	NUM
ajfa-5326	289	10	.	.	PUNCT
ajfa-5326	290	1	http://dx.doi.org/10.1016/j.jempfin.2004.04.003	http://dx.doi.org/10.1016/j.jempfin.2004.04.003	PROPN
ajfa-5326	290	2	khan	khan	PROPN
ajfa-5326	290	3	,	,	PUNCT
ajfa-5326	290	4	h.	h.	PROPN
ajfa-5326	290	5	,	,	PUNCT
ajfa-5326	290	6	hassairi	hassairi	PROPN
ajfa-5326	290	7	,	,	PUNCT
ajfa-5326	290	8	s.	s.	PROPN
ajfa-5326	290	9	,	,	PUNCT
ajfa-5326	290	10	&	&	CCONJ
ajfa-5326	290	11	viviani	viviani	PROPN
ajfa-5326	290	12	,	,	PUNCT
ajfa-5326	290	13	j.	j.	PROPN
ajfa-5326	290	14	(	(	PUNCT
ajfa-5326	290	15	2011	2011	NUM
ajfa-5326	290	16	)	)	PUNCT
ajfa-5326	290	17	.	.	PUNCT
ajfa-5326	291	1	herd	herd	NOUN
ajfa-5326	291	2	behavior	behavior	NOUN
ajfa-5326	291	3	and	and	CCONJ
ajfa-5326	291	4	market	market	NOUN
ajfa-5326	291	5	stress	stress	NOUN
ajfa-5326	291	6	:	:	PUNCT
ajfa-5326	291	7	the	the	DET
ajfa-5326	291	8	case	case	NOUN
ajfa-5326	291	9	of	of	ADP
ajfa-5326	291	10	four	four	NUM
ajfa-5326	291	11	european	european	ADJ
ajfa-5326	291	12	countries	country	NOUN
ajfa-5326	291	13	.	.	PUNCT
ajfa-5326	292	1	international	international	ADJ
ajfa-5326	292	2	business	business	NOUN
ajfa-5326	292	3	research	research	NOUN
ajfa-5326	292	4	,	,	PUNCT
ajfa-5326	292	5	4(3	4(3	NUM
ajfa-5326	292	6	)	)	PUNCT
ajfa-5326	292	7	,	,	PUNCT
ajfa-5326	292	8	53	53	NUM
ajfa-5326	292	9	-	-	SYM
ajfa-5326	292	10	67	67	NUM
ajfa-5326	292	11	.	.	PUNCT
ajfa-5326	293	1	http://dx.doi.org/10.5539/ibr.v4n3p53	http://dx.doi.org/10.5539/ibr.v4n3p53	PROPN
ajfa-5326	293	2	kremer	kremer	PROPN
ajfa-5326	293	3	,	,	PUNCT
ajfa-5326	293	4	s.	s.	PROPN
ajfa-5326	293	5	,	,	PUNCT
ajfa-5326	293	6	&	&	CCONJ
ajfa-5326	293	7	nautz	nautz	PROPN
ajfa-5326	293	8	,	,	PUNCT
ajfa-5326	293	9	d.	d.	PROPN
ajfa-5326	293	10	(	(	PUNCT
ajfa-5326	293	11	2011	2011	NUM
ajfa-5326	293	12	)	)	PUNCT
ajfa-5326	293	13	.	.	PUNCT
ajfa-5326	294	1	short	short	ADJ
ajfa-5326	294	2	-	-	PUNCT
ajfa-5326	294	3	term	term	NOUN
ajfa-5326	294	4	herding	herding	NOUN
ajfa-5326	294	5	of	of	ADP
ajfa-5326	294	6	institutional	institutional	ADJ
ajfa-5326	294	7	traders	trader	NOUN
ajfa-5326	294	8	:	:	PUNCT
ajfa-5326	294	9	new	new	ADJ
ajfa-5326	294	10	evidence	evidence	NOUN
ajfa-5326	294	11	from	from	ADP
ajfa-5326	294	12	the	the	DET
ajfa-5326	294	13	german	german	ADJ
ajfa-5326	294	14	stock	stock	NOUN
ajfa-5326	294	15	market	market	NOUN
ajfa-5326	294	16	.	.	PUNCT
ajfa-5326	295	1	27	27	NUM
ajfa-5326	295	2	pages	page	NOUN
ajfa-5326	295	3	,	,	PUNCT
ajfa-5326	295	4	berlin	berlin	PROPN
ajfa-5326	295	5	:	:	PUNCT
ajfa-5326	295	6	sfb	sfb	PROPN
ajfa-5326	295	7	649	649	NUM
ajfa-5326	295	8	economic	economic	ADJ
ajfa-5326	295	9	risk	risk	NOUN
ajfa-5326	295	10	.	.	PUNCT
ajfa-5326	296	1	lakonishok	lakonishok	PROPN
ajfa-5326	296	2	,	,	PUNCT
ajfa-5326	296	3	j.	j.	PROPN
ajfa-5326	296	4	,	,	PUNCT
ajfa-5326	296	5	shleifer	shleifer	PROPN
ajfa-5326	296	6	,	,	PUNCT
ajfa-5326	296	7	a.	a.	PROPN
ajfa-5326	296	8	,	,	PUNCT
ajfa-5326	296	9	&	&	CCONJ
ajfa-5326	296	10	vishny	vishny	PROPN
ajfa-5326	296	11	,	,	PUNCT
ajfa-5326	296	12	r.	r.	PROPN
ajfa-5326	296	13	(	(	PUNCT
ajfa-5326	296	14	1992	1992	NUM
ajfa-5326	296	15	)	)	PUNCT
ajfa-5326	296	16	.	.	PUNCT
ajfa-5326	297	1	the	the	DET
ajfa-5326	297	2	impact	impact	NOUN
ajfa-5326	297	3	of	of	ADP
ajfa-5326	297	4	institutional	institutional	ADJ
ajfa-5326	297	5	trading	trading	NOUN
ajfa-5326	297	6	on	on	ADP
ajfa-5326	297	7	stock	stock	NOUN
ajfa-5326	297	8	prices	price	NOUN
ajfa-5326	297	9	.	.	PUNCT
ajfa-5326	298	1	journal	journal	NOUN
ajfa-5326	298	2	of	of	ADP
ajfa-5326	298	3	financial	financial	ADJ
ajfa-5326	298	4	economics	economic	NOUN
ajfa-5326	298	5	,	,	PUNCT
ajfa-5326	298	6	32(1	32(1	NUM
ajfa-5326	298	7	)	)	PUNCT
ajfa-5326	298	8	,	,	PUNCT
ajfa-5326	298	9	23	23	NUM
ajfa-5326	298	10	-	-	SYM
ajfa-5326	298	11	43	43	NUM
ajfa-5326	298	12	.	.	PUNCT
ajfa-5326	299	1	http://dx.doi.org/10.1016/0304-405x(92)90023-q	http://dx.doi.org/10.1016/0304-405x(92)90023-q	NOUN
ajfa-5326	299	2	mcclave	mcclave	VERB
ajfa-5326	299	3	,	,	PUNCT
ajfa-5326	299	4	j.	j.	PROPN
ajfa-5326	299	5	b.	b.	PROPN
ajfa-5326	299	6	(	(	PUNCT
ajfa-5326	299	7	2011	2011	NUM
ajfa-5326	299	8	)	)	PUNCT
ajfa-5326	299	9	.	.	PUNCT
ajfa-5326	300	1	statistics	statistic	NOUN
ajfa-5326	300	2	for	for	ADP
ajfa-5326	300	3	business	business	NOUN
ajfa-5326	300	4	and	and	CCONJ
ajfa-5326	300	5	economics	economic	NOUN
ajfa-5326	300	6	.	.	PUNCT
ajfa-5326	301	1	pearson	pearson	PROPN
ajfa-5326	301	2	education	education	PROPN
ajfa-5326	301	3	inc	inc	PROPN
ajfa-5326	301	4	.	.	PROPN
ajfa-5326	301	5	nofsinger	nofsinger	PROPN
ajfa-5326	301	6	,	,	PUNCT
ajfa-5326	301	7	j.	j.	PROPN
ajfa-5326	301	8	r.	r.	PROPN
ajfa-5326	301	9	,	,	PUNCT
ajfa-5326	301	10	&	&	CCONJ
ajfa-5326	301	11	sias	sias	PROPN
ajfa-5326	301	12	,	,	PUNCT
ajfa-5326	301	13	r.	r.	PROPN
ajfa-5326	301	14	(	(	PUNCT
ajfa-5326	301	15	1999	1999	NUM
ajfa-5326	301	16	)	)	PUNCT
ajfa-5326	301	17	.	.	PUNCT
ajfa-5326	302	1	herding	herding	NOUN
ajfa-5326	302	2	and	and	CCONJ
ajfa-5326	302	3	feedback	feedback	NOUN
ajfa-5326	302	4	trading	trading	NOUN
ajfa-5326	302	5	by	by	ADP
ajfa-5326	302	6	institutional	institutional	ADJ
ajfa-5326	302	7	and	and	CCONJ
ajfa-5326	302	8	individual	individual	ADJ
ajfa-5326	302	9	investors	investor	NOUN
ajfa-5326	302	10	.	.	PUNCT
ajfa-5326	303	1	the	the	DET
ajfa-5326	303	2	journal	journal	PROPN
ajfa-5326	303	3	of	of	ADP
ajfa-5326	303	4	finance	finance	NOUN
ajfa-5326	303	5	,	,	PUNCT
ajfa-5326	303	6	54(6	54(6	NOUN
ajfa-5326	303	7	)	)	PUNCT
ajfa-5326	303	8	,	,	PUNCT
ajfa-5326	303	9	2263	2263	NUM
ajfa-5326	303	10	-	-	SYM
ajfa-5326	303	11	2295	2295	NUM
ajfa-5326	303	12	.	.	PUNCT
ajfa-5326	304	1	http://dx.doi.org/10.1111/0022-1082.00188	http://dx.doi.org/10.1111/0022-1082.00188	PROPN
ajfa-5326	304	2	ohlson	ohlson	PROPN
ajfa-5326	304	3	,	,	PUNCT
ajfa-5326	304	4	p.	p.	NOUN
ajfa-5326	304	5	(	(	PUNCT
ajfa-5326	304	6	2010	2010	NUM
ajfa-5326	304	7	)	)	PUNCT
ajfa-5326	304	8	.	.	PUNCT
ajfa-5326	305	1	herd	herd	NOUN
ajfa-5326	305	2	behavior	behavior	NOUN
ajfa-5326	305	3	on	on	ADP
ajfa-5326	305	4	the	the	DET
ajfa-5326	305	5	swedish	swedish	PROPN
ajfa-5326	305	6	stock	stock	PROPN
ajfa-5326	305	7	exchange	exchange	NOUN
ajfa-5326	305	8	.	.	PUNCT
ajfa-5326	306	1	master	master	NOUN
ajfa-5326	306	2	thesis	thesis	NOUN
ajfa-5326	306	3	,	,	PUNCT
ajfa-5326	306	4	36	36	NUM
ajfa-5326	306	5	pages	page	NOUN
ajfa-5326	306	6	,	,	PUNCT
ajfa-5326	306	7	jönköping	jönköpe	VERB
ajfa-5326	306	8	international	international	ADJ
ajfa-5326	306	9	business	business	NOUN
ajfa-5326	306	10	school	school	PROPN
ajfa-5326	306	11	.	.	PUNCT
ajfa-5326	307	1	welch	welch	PROPN
ajfa-5326	307	2	,	,	PUNCT
ajfa-5326	307	3	i.	i.	PROPN
ajfa-5326	307	4	(	(	PUNCT
ajfa-5326	307	5	2000	2000	NUM
ajfa-5326	307	6	)	)	PUNCT
ajfa-5326	307	7	.	.	PUNCT
ajfa-5326	308	1	herding	herd	VERB
ajfa-5326	308	2	among	among	ADP
ajfa-5326	308	3	security	security	NOUN
ajfa-5326	308	4	analysts	analyst	NOUN
ajfa-5326	308	5	.	.	PUNCT
ajfa-5326	309	1	journal	journal	NOUN
ajfa-5326	309	2	of	of	ADP
ajfa-5326	309	3	financial	financial	ADJ
ajfa-5326	309	4	economics	economic	NOUN
ajfa-5326	309	5	,	,	PUNCT
ajfa-5326	309	6	58(3	58(3	NUM
ajfa-5326	309	7	)	)	PUNCT
ajfa-5326	309	8	,	,	PUNCT
ajfa-5326	309	9	369	369	NUM
ajfa-5326	309	10	-	-	SYM
ajfa-5326	309	11	396	396	NUM
ajfa-5326	309	12	.	.	PUNCT
ajfa-5326	310	1	http://dx.doi.org/10.1016/s0304-405x(00)00076-3	http://dx.doi.org/10.1016/s0304-405x(00)00076-3	NOUN
ajfa-5326	310	2	wermers	wermer	NOUN
ajfa-5326	310	3	,	,	PUNCT
ajfa-5326	310	4	r.	r.	PROPN
ajfa-5326	310	5	(	(	PUNCT
ajfa-5326	310	6	1999	1999	NUM
ajfa-5326	310	7	)	)	PUNCT
ajfa-5326	310	8	.	.	PUNCT
ajfa-5326	311	1	mutual	mutual	ADJ
ajfa-5326	311	2	fund	fund	NOUN
ajfa-5326	311	3	herding	herding	NOUN
ajfa-5326	311	4	and	and	CCONJ
ajfa-5326	311	5	the	the	DET
ajfa-5326	311	6	impact	impact	NOUN
ajfa-5326	311	7	on	on	ADP
ajfa-5326	311	8	stock	stock	NOUN
ajfa-5326	311	9	prices	price	NOUN
ajfa-5326	311	10	.	.	PUNCT
ajfa-5326	312	1	journal	journal	PROPN
ajfa-5326	312	2	of	of	ADP
ajfa-5326	312	3	finance	finance	NOUN
ajfa-5326	312	4	,	,	PUNCT
ajfa-5326	312	5	54(2	54(2	NUM
ajfa-5326	312	6	)	)	PUNCT
ajfa-5326	312	7	,	,	PUNCT
ajfa-5326	312	8	581	581	NUM
ajfa-5326	312	9	-	-	SYM
ajfa-5326	312	10	622	622	NUM
ajfa-5326	312	11	.	.	PUNCT
ajfa-5326	313	1	http://dx.doi.org/10.1111/0022-1082.00118	http://dx.doi.org/10.1111/0022-1082.00118	PROPN