id	sid	tid	token	lemma	pos
cjfa-33340	1	1	date	date	NOUN
cjfa-33340	1	2	of	of	ADP
cjfa-33340	1	3	submission	submission	NOUN
cjfa-33340	1	4	:	:	PUNCT
cjfa-33340	1	5	july	july	PROPN
cjfa-33340	1	6	19	19	NUM
cjfa-33340	1	7	,	,	PUNCT
cjfa-33340	1	8	2020	2020	NUM
cjfa-33340	1	9	;	;	PUNCT
cjfa-33340	1	10	date	date	NOUN
cjfa-33340	1	11	of	of	ADP
cjfa-33340	1	12	acceptance	acceptance	NOUN
cjfa-33340	1	13	:	:	PUNCT
cjfa-33340	1	14	october	october	PROPN
cjfa-33340	1	15	4	4	NUM
cjfa-33340	1	16	,	,	PUNCT
cjfa-33340	1	17	2020	2020	NUM
cjfa-33340	1	18	.	.	PUNCT
cjfa-33340	2	1	*	*	PUNCT
cjfa-33340	2	2	contact	contact	NOUN
cjfa-33340	2	3	information	information	NOUN
cjfa-33340	2	4	:	:	PUNCT
cjfa-33340	2	5	m_haa60@yahoo.com	m_haa60@yahoo.com	PROPN
cjfa-33340	2	6	,	,	PUNCT
cjfa-33340	2	7	department	department	NOUN
cjfa-33340	2	8	of	of	ADP
cjfa-33340	2	9	business	business	PROPN
cjfa-33340	2	10	administration	administration	PROPN
cjfa-33340	2	11	,	,	PUNCT
cjfa-33340	2	12	ain	ain	PROPN
cjfa-33340	2	13	shams	shams	PROPN
cjfa-33340	2	14	university	university	PROPN
cjfa-33340	2	15	,	,	PUNCT
cjfa-33340	2	16	cairo	cairo	PROPN
cjfa-33340	2	17	,	,	PUNCT
cjfa-33340	2	18	egypt	egypt	PROPN
cjfa-33340	2	19	,	,	PUNCT
cjfa-33340	2	20	phone	phone	NOUN
cjfa-33340	2	21	:	:	PUNCT
cjfa-33340	2	22	00201099195459	00201099195459	NUM
cjfa-33340	2	23	;	;	PUNCT
cjfa-33340	2	24	orcid	orcid	PROPN
cjfa-33340	3	1	i	i	NOUN
cjfa-33340	3	2	d	d	PROPN
cjfa-33340	3	3	:	:	PUNCT
cjfa-33340	3	4	https://	https://	PROPN
cjfa-33340	3	5	orcid.org/0000-0002-0531-6325	orcid.org/0000-0002-0531-6325	PROPN
cjfa-33340	3	6	.	.	PUNCT
cjfa-33340	4	1	copernican	copernican	PROPN
cjfa-33340	4	2	journal	journal	PROPN
cjfa-33340	4	3	of	of	ADP
cjfa-33340	4	4	finance	finance	PROPN
cjfa-33340	4	5	&	&	CCONJ
cjfa-33340	4	6	accounting	accounting	PROPN
cjfa-33340	4	7	e	e	PROPN
cjfa-33340	4	8	-	-	PROPN
cjfa-33340	4	9	issn	issn	PROPN
cjfa-33340	4	10	2300	2300	NUM
cjfa-33340	4	11	-	-	SYM
cjfa-33340	4	12	3065	3065	NUM
cjfa-33340	4	13	p	p	PROPN
cjfa-33340	4	14	-	-	PUNCT
cjfa-33340	4	15	issn	issn	PROPN
cjfa-33340	4	16	2300	2300	NUM
cjfa-33340	4	17	-	-	SYM
cjfa-33340	4	18	12402020	12402020	NUM
cjfa-33340	4	19	,	,	PUNCT
cjfa-33340	4	20	volume	volume	NOUN
cjfa-33340	4	21	9	9	NUM
cjfa-33340	4	22	,	,	PUNCT
cjfa-33340	4	23	issue	issue	NOUN
cjfa-33340	4	24	3	3	NUM
cjfa-33340	4	25	abd	abd	PROPN
cjfa-33340	4	26	-	-	PUNCT
cjfa-33340	4	27	alla	alla	NOUN
cjfa-33340	4	28	,	,	PUNCT
cjfa-33340	4	29	m.h	m.h	PROPN
cjfa-33340	4	30	.	.	PROPN
cjfa-33340	4	31	(	(	PUNCT
cjfa-33340	4	32	2020	2020	NUM
cjfa-33340	4	33	)	)	PUNCT
cjfa-33340	4	34	.	.	PUNCT
cjfa-33340	5	1	sentimental	sentimental	ADJ
cjfa-33340	5	2	herding	herding	NOUN
cjfa-33340	5	3	:	:	PUNCT
cjfa-33340	5	4	the	the	DET
cjfa-33340	5	5	role	role	NOUN
cjfa-33340	5	6	of	of	ADP
cjfa-33340	5	7	covid-19	covid-19	PROPN
cjfa-33340	5	8	crisis	crisis	NOUN
cjfa-33340	5	9	in	in	ADP
cjfa-33340	5	10	the	the	DET
cjfa-33340	5	11	egyptian	egyptian	ADJ
cjfa-33340	5	12	stock	stock	NOUN
cjfa-33340	5	13	market	market	NOUN
cjfa-33340	5	14	.	.	PUNCT
cjfa-33340	6	1	copernican	copernican	PROPN
cjfa-33340	6	2	journal	journal	PROPN
cjfa-33340	6	3	of	of	ADP
cjfa-33340	6	4	finance	finance	PROPN
cjfa-33340	6	5	&	&	CCONJ
cjfa-33340	6	6	accounting	accounting	PROPN
cjfa-33340	6	7	,	,	PUNCT
cjfa-33340	6	8	9(3	9(3	NUM
cjfa-33340	6	9	)	)	PUNCT
cjfa-33340	6	10	,	,	PUNCT
cjfa-33340	6	11	9–23	9–23	PROPN
cjfa-33340	6	12	.	.	PUNCT
cjfa-33340	7	1	http://dx.doi.org/10.12775/	http://dx.doi.org/10.12775/	PROPN
cjfa-33340	7	2	cjfa.2020.009	cjfa.2020.009	PROPN
cjfa-33340	7	3	mostafa	mostafa	PROPN
cjfa-33340	7	4	hussein	hussein	PROPN
cjfa-33340	7	5	abd	abd	PROPN
cjfa-33340	7	6	-	-	PUNCT
cjfa-33340	7	7	alla	alla	NOUN
cjfa-33340	7	8	*	*	PUNCT
cjfa-33340	7	9	ain	ain	PROPN
cjfa-33340	7	10	shams	sham	NOUN
cjfa-33340	7	11	university	university	NOUN
cjfa-33340	7	12	sentimental	sentimental	ADJ
cjfa-33340	7	13	herding	herding	NOUN
cjfa-33340	7	14	:	:	PUNCT
cjfa-33340	7	15	the	the	DET
cjfa-33340	7	16	role	role	NOUN
cjfa-33340	7	17	of	of	ADP
cjfa-33340	7	18	covid-19	covid-19	PROPN
cjfa-33340	7	19	crisis	crisis	NOUN
cjfa-33340	7	20	in	in	ADP
cjfa-33340	7	21	the	the	DET
cjfa-33340	7	22	egyptian	egyptian	ADJ
cjfa-33340	7	23	stock	stock	NOUN
cjfa-33340	7	24	market	market	NOUN
cjfa-33340	7	25	keywords	keyword	NOUN
cjfa-33340	7	26	:	:	PUNCT
cjfa-33340	7	27	covid-19	covid-19	PROPN
cjfa-33340	7	28	crisis	crisis	NOUN
cjfa-33340	7	29	,	,	PUNCT
cjfa-33340	7	30	herding	herding	NOUN
cjfa-33340	7	31	behaviour	behaviour	NOUN
cjfa-33340	7	32	,	,	PUNCT
cjfa-33340	7	33	non	non	ADJ
cjfa-33340	7	34	-	-	ADJ
cjfa-33340	7	35	linear	linear	ADJ
cjfa-33340	7	36	model	model	NOUN
cjfa-33340	7	37	,	,	PUNCT
cjfa-33340	7	38	state	state	NOUN
cjfa-33340	7	39	space	space	NOUN
cjfa-33340	7	40	model	model	NOUN
cjfa-33340	7	41	,	,	PUNCT
cjfa-33340	7	42	egyptian	egyptian	ADJ
cjfa-33340	7	43	stock	stock	NOUN
cjfa-33340	7	44	market	market	NOUN
cjfa-33340	7	45	.	.	PUNCT
cjfa-33340	8	1	j	j	PROPN
cjfa-33340	8	2	e	e	PROPN
cjfa-33340	8	3	l	l	PROPN
cjfa-33340	8	4	classification	classification	NOUN
cjfa-33340	8	5	:	:	PUNCT
cjfa-33340	8	6	g01	g01	NOUN
cjfa-33340	8	7	,	,	PUNCT
cjfa-33340	8	8	g41	g41	NOUN
cjfa-33340	8	9	.	.	PUNCT
cjfa-33340	9	1	abstract	abstract	PROPN
cjfa-33340	9	2	:	:	PUNCT
cjfa-33340	9	3	this	this	DET
cjfa-33340	9	4	study	study	NOUN
cjfa-33340	9	5	aims	aim	VERB
cjfa-33340	9	6	to	to	PART
cjfa-33340	9	7	investigate	investigate	VERB
cjfa-33340	9	8	the	the	DET
cjfa-33340	9	9	existence	existence	NOUN
cjfa-33340	9	10	of	of	ADP
cjfa-33340	9	11	herding	herd	VERB
cjfa-33340	9	12	behaviour	behaviour	NOUN
cjfa-33340	9	13	during	during	ADP
cjfa-33340	9	14	co	co	NOUN
cjfa-33340	9	15	 	 	SPACE
cjfa-33340	9	16	vid-19	vid-19	ADP
cjfa-33340	9	17	crisis	crisis	NOUN
cjfa-33340	9	18	in	in	ADP
cjfa-33340	9	19	the	the	DET
cjfa-33340	9	20	egyptian	egyptian	ADJ
cjfa-33340	9	21	stock	stock	NOUN
cjfa-33340	9	22	market	market	NOUN
cjfa-33340	9	23	by	by	ADP
cjfa-33340	9	24	using	use	VERB
cjfa-33340	9	25	firm	firm	ADJ
cjfa-33340	9	26	-	-	PUNCT
cjfa-33340	9	27	level	level	NOUN
cjfa-33340	9	28	data	datum	NOUN
cjfa-33340	9	29	and	and	CCONJ
cjfa-33340	9	30	employing	employ	VERB
cjfa-33340	9	31	different	different	ADJ
cjfa-33340	9	32	testing	testing	NOUN
cjfa-33340	9	33	methodologies	methodology	NOUN
cjfa-33340	9	34	.	.	PUNCT
cjfa-33340	10	1	the	the	DET
cjfa-33340	10	2	study	study	NOUN
cjfa-33340	10	3	also	also	ADV
cjfa-33340	10	4	investigates	investigate	VERB
cjfa-33340	10	5	the	the	DET
cjfa-33340	10	6	existence	existence	NOUN
cjfa-33340	10	7	of	of	ADP
cjfa-33340	10	8	herding	herd	VERB
cjfa-33340	10	9	behaviour	behaviour	NOUN
cjfa-33340	10	10	during	during	ADP
cjfa-33340	10	11	covid-19	covid-19	PROPN
cjfa-33340	10	12	crisis	crisis	NOUN
cjfa-33340	10	13	at	at	ADP
cjfa-33340	10	14	the	the	DET
cjfa-33340	10	15	level	level	NOUN
cjfa-33340	10	16	of	of	ADP
cjfa-33340	10	17	portfolios	portfolio	NOUN
cjfa-33340	10	18	divided	divide	VERB
cjfa-33340	10	19	based	base	VERB
cjfa-33340	10	20	on	on	ADP
cjfa-33340	10	21	the	the	DET
cjfa-33340	10	22	size	size	NOUN
cjfa-33340	10	23	and	and	CCONJ
cjfa-33340	10	24	the	the	DET
cjfa-33340	10	25	value	value	NOUN
cjfa-33340	10	26	factors	factor	NOUN
cjfa-33340	10	27	.	.	PUNCT
cjfa-33340	11	1	the	the	DET
cjfa-33340	11	2	study	study	NOUN
cjfa-33340	11	3	used	use	VERB
cjfa-33340	11	4	the	the	DET
cjfa-33340	11	5	nonlinear	nonlinear	ADJ
cjfa-33340	11	6	model	model	NOUN
cjfa-33340	11	7	proposed	propose	VERB
cjfa-33340	11	8	by	by	ADP
cjfa-33340	11	9	chang	chang	PROPN
cjfa-33340	11	10	,	,	PUNCT
cjfa-33340	11	11	cheng	cheng	PROPN
cjfa-33340	11	12	and	and	CCONJ
cjfa-33340	11	13	khorana	khorana	PROPN
cjfa-33340	11	14	(	(	PUNCT
cjfa-33340	11	15	2000	2000	NUM
cjfa-33340	11	16	)	)	PUNCT
cjfa-33340	11	17	and	and	CCONJ
cjfa-33340	11	18	the	the	DET
cjfa-33340	11	19	state	state	NOUN
cjfa-33340	11	20	-	-	PUNCT
cjfa-33340	11	21	space	space	NOUN
cjfa-33340	11	22	model	model	NOUN
cjfa-33340	11	23	developed	develop	VERB
cjfa-33340	11	24	by	by	ADP
cjfa-33340	11	25	hwang	hwang	PROPN
cjfa-33340	11	26	and	and	CCONJ
cjfa-33340	11	27	salmon	salmon	NOUN
cjfa-33340	11	28	(	(	PUNCT
cjfa-33340	11	29	2004	2004	NUM
cjfa-33340	11	30	)	)	PUNCT
cjfa-33340	11	31	to	to	PART
cjfa-33340	11	32	measure	measure	VERB
cjfa-33340	11	33	herding	herding	NOUN
cjfa-33340	11	34	behaviour	behaviour	NOUN
cjfa-33340	11	35	.	.	PUNCT
cjfa-33340	12	1	the	the	DET
cjfa-33340	12	2	study	study	NOUN
cjfa-33340	12	3	found	find	VERB
cjfa-33340	12	4	that	that	SCONJ
cjfa-33340	12	5	the	the	DET
cjfa-33340	12	6	nonlinear	nonlinear	ADJ
cjfa-33340	12	7	model	model	NOUN
cjfa-33340	12	8	proposed	propose	VERB
cjfa-33340	12	9	by	by	ADP
cjfa-33340	12	10	chang	chang	PROPN
cjfa-33340	12	11	et	et	PROPN
cjfa-33340	12	12	al	al	PROPN
cjfa-33340	12	13	.	.	PROPN
cjfa-33340	13	1	(	(	PUNCT
cjfa-33340	13	2	2000	2000	NUM
cjfa-33340	13	3	)	)	PUNCT
cjfa-33340	13	4	lead	lead	VERB
cjfa-33340	13	5	to	to	ADP
cjfa-33340	13	6	results	result	NOUN
cjfa-33340	13	7	indicating	indicate	VERB
cjfa-33340	13	8	evidence	evidence	NOUN
cjfa-33340	13	9	of	of	ADP
cjfa-33340	13	10	herding	herd	VERB
cjfa-33340	13	11	during	during	ADP
cjfa-33340	13	12	covid-19	covid-19	PROPN
cjfa-33340	13	13	crisis	crisis	NOUN
cjfa-33340	13	14	.	.	PUNCT
cjfa-33340	14	1	however	however	ADV
cjfa-33340	14	2	,	,	PUNCT
cjfa-33340	14	3	there	there	PRON
cjfa-33340	14	4	was	be	VERB
cjfa-33340	14	5	no	no	DET
cjfa-33340	14	6	evidence	evidence	NOUN
cjfa-33340	14	7	of	of	ADP
cjfa-33340	14	8	herding	herd	VERB
cjfa-33340	14	9	behaviour	behaviour	NOUN
cjfa-33340	14	10	during	during	ADP
cjfa-33340	14	11	covid-19	covid-19	PROPN
cjfa-33340	14	12	crisis	crisis	NOUN
cjfa-33340	14	13	when	when	SCONJ
cjfa-33340	14	14	using	use	VERB
cjfa-33340	14	15	the	the	DET
cjfa-33340	14	16	state	state	NOUN
cjfa-33340	14	17	-	-	PUNCT
cjfa-33340	14	18	space	space	NOUN
cjfa-33340	14	19	model	model	NOUN
cjfa-33340	14	20	developed	develop	VERB
cjfa-33340	14	21	by	by	ADP
cjfa-33340	14	22	hwang	hwang	PROPN
cjfa-33340	14	23	and	and	CCONJ
cjfa-33340	14	24	salmon	salmon	NOUN
cjfa-33340	14	25	(	(	PUNCT
cjfa-33340	14	26	2004	2004	NUM
cjfa-33340	14	27	)	)	PUNCT
cjfa-33340	14	28	.	.	PUNCT
cjfa-33340	15	1	as	as	ADP
cjfa-33340	15	2	for	for	ADP
cjfa-33340	15	3	the	the	DET
cjfa-33340	15	4	level	level	NOUN
cjfa-33340	15	5	of	of	ADP
cjfa-33340	15	6	portfolios	portfolio	NOUN
cjfa-33340	15	7	,	,	PUNCT
cjfa-33340	15	8	the	the	DET
cjfa-33340	15	9	study	study	NOUN
cjfa-33340	15	10	found	find	VERB
cjfa-33340	15	11	evidence	evidence	NOUN
cjfa-33340	15	12	of	of	ADP
cjfa-33340	15	13	herding	herd	VERB
cjfa-33340	15	14	during	during	ADP
cjfa-33340	15	15	covid-19	covid-19	PROPN
cjfa-33340	15	16	crisis	crisis	NOUN
cjfa-33340	15	17	only	only	ADV
cjfa-33340	15	18	when	when	SCONJ
cjfa-33340	15	19	using	use	VERB
cjfa-33340	15	20	(	(	PUNCT
cjfa-33340	15	21	chang	chang	PROPN
cjfa-33340	15	22	et	et	PROPN
cjfa-33340	15	23	al	al	PROPN
cjfa-33340	15	24	.	.	PROPN
cjfa-33340	15	25	,	,	PUNCT
cjfa-33340	15	26	2000	2000	NUM
cjfa-33340	15	27	)	)	PUNCT
cjfa-33340	15	28	methodology	methodology	NOUN
cjfa-33340	15	29	,	,	PUNCT
cjfa-33340	15	30	at	at	ADP
cjfa-33340	15	31	the	the	DET
cjfa-33340	15	32	level	level	NOUN
cjfa-33340	15	33	of	of	ADP
cjfa-33340	15	34	the	the	DET
cjfa-33340	15	35	portfolio	portfolio	NOUN
cjfa-33340	15	36	of	of	ADP
cjfa-33340	15	37	stocks	stock	NOUN
cjfa-33340	15	38	with	with	ADP
cjfa-33340	15	39	low	low	ADJ
cjfa-33340	15	40	and	and	CCONJ
cjfa-33340	15	41	high	high	ADJ
cjfa-33340	15	42	(	(	PUNCT
cjfa-33340	15	43	b	b	X
cjfa-33340	15	44	/	/	SYM
cjfa-33340	15	45	m	m	NOUN
cjfa-33340	15	46	)	)	PUNCT
cjfa-33340	15	47	ratio	ratio	NOUN
cjfa-33340	15	48	and	and	CCONJ
cjfa-33340	15	49	the	the	DET
cjfa-33340	15	50	portfolio	portfolio	NOUN
cjfa-33340	15	51	of	of	ADP
cjfa-33340	15	52	big	big	ADJ
cjfa-33340	15	53	stocks	stock	NOUN
cjfa-33340	15	54	only	only	ADV
cjfa-33340	15	55	during	during	ADP
cjfa-33340	15	56	covid-19	covid-19	PROPN
cjfa-33340	15	57	crisis	crisis	NOUN
cjfa-33340	15	58	.	.	PUNCT
cjfa-33340	16	1	mostafa	mostafa	PROPN
cjfa-33340	16	2	hussein	hussein	PROPN
cjfa-33340	16	3	abd	abd	PROPN
cjfa-33340	16	4	-	-	PUNCT
cjfa-33340	16	5	alla10	alla10	NOUN
cjfa-33340	16	6	 	 	SPACE
cjfa-33340	16	7	introduction	introduction	NOUN
cjfa-33340	16	8	behavioural	behavioural	ADJ
cjfa-33340	16	9	finance	finance	NOUN
cjfa-33340	16	10	is	be	AUX
cjfa-33340	16	11	one	one	NUM
cjfa-33340	16	12	of	of	ADP
cjfa-33340	16	13	the	the	DET
cjfa-33340	16	14	most	most	ADV
cjfa-33340	16	15	important	important	ADJ
cjfa-33340	16	16	topics	topic	NOUN
cjfa-33340	16	17	in	in	ADP
cjfa-33340	16	18	financial	financial	ADJ
cjfa-33340	16	19	literature	literature	NOUN
cjfa-33340	16	20	;	;	PUNCT
cjfa-33340	16	21	this	this	PRON
cjfa-33340	16	22	could	could	AUX
cjfa-33340	16	23	be	be	AUX
cjfa-33340	16	24	due	due	ADJ
cjfa-33340	16	25	to	to	ADP
cjfa-33340	16	26	irrationalities	irrationality	NOUN
cjfa-33340	16	27	in	in	ADP
cjfa-33340	16	28	investment	investment	NOUN
cjfa-33340	16	29	behaviour	behaviour	NOUN
cjfa-33340	16	30	,	,	PUNCT
cjfa-33340	16	31	which	which	PRON
cjfa-33340	16	32	led	lead	VERB
cjfa-33340	16	33	to	to	ADP
cjfa-33340	16	34	a	a	DET
cjfa-33340	16	35	lot	lot	NOUN
cjfa-33340	16	36	of	of	ADP
cjfa-33340	16	37	speculative	speculative	ADJ
cjfa-33340	16	38	bubbles	bubble	NOUN
cjfa-33340	16	39	.	.	PUNCT
cjfa-33340	17	1	behavioural	behavioural	ADJ
cjfa-33340	17	2	finance	finance	NOUN
cjfa-33340	17	3	and	and	CCONJ
cjfa-33340	17	4	the	the	DET
cjfa-33340	17	5	efficient	efficient	ADJ
cjfa-33340	17	6	market	market	NOUN
cjfa-33340	17	7	hypothesis	hypothesis	NOUN
cjfa-33340	17	8	has	have	AUX
cjfa-33340	17	9	been	be	AUX
cjfa-33340	17	10	a	a	DET
cjfa-33340	17	11	subject	subject	NOUN
cjfa-33340	17	12	of	of	ADP
cjfa-33340	17	13	controversy	controversy	NOUN
cjfa-33340	17	14	for	for	ADP
cjfa-33340	17	15	decades	decade	NOUN
cjfa-33340	17	16	,	,	PUNCT
cjfa-33340	17	17	where	where	SCONJ
cjfa-33340	17	18	one	one	NUM
cjfa-33340	17	19	theory	theory	NOUN
cjfa-33340	17	20	supporting	support	VERB
cjfa-33340	17	21	market	market	NOUN
cjfa-33340	17	22	efficiency	efficiency	NOUN
cjfa-33340	17	23	and	and	CCONJ
cjfa-33340	17	24	the	the	DET
cjfa-33340	17	25	other	other	ADJ
cjfa-33340	17	26	attacks	attack	NOUN
cjfa-33340	17	27	it	it	PRON
cjfa-33340	17	28	.	.	PUNCT
cjfa-33340	18	1	the	the	DET
cjfa-33340	18	2	emh	emh	PROPN
cjfa-33340	18	3	hypothesis	hypothesis	NOUN
cjfa-33340	18	4	supposes	suppose	VERB
cjfa-33340	18	5	that	that	SCONJ
cjfa-33340	18	6	investors	investor	NOUN
cjfa-33340	18	7	always	always	ADV
cjfa-33340	18	8	perform	perform	VERB
cjfa-33340	18	9	rationally	rationally	ADV
cjfa-33340	18	10	and	and	CCONJ
cjfa-33340	18	11	stock	stock	NOUN
cjfa-33340	18	12	prices	price	NOUN
cjfa-33340	18	13	rapidly	rapidly	ADV
cjfa-33340	18	14	adjust	adjust	VERB
cjfa-33340	18	15	to	to	ADP
cjfa-33340	18	16	new	new	ADJ
cjfa-33340	18	17	information	information	NOUN
cjfa-33340	18	18	and	and	CCONJ
cjfa-33340	18	19	reflect	reflect	VERB
cjfa-33340	18	20	all	all	DET
cjfa-33340	18	21	available	available	ADJ
cjfa-33340	18	22	information	information	NOUN
cjfa-33340	18	23	.	.	PUNCT
cjfa-33340	19	1	in	in	ADP
cjfa-33340	19	2	contrast	contrast	NOUN
cjfa-33340	19	3	,	,	PUNCT
cjfa-33340	19	4	behavioural	behavioural	ADJ
cjfa-33340	19	5	finance	finance	NOUN
cjfa-33340	19	6	studies	study	VERB
cjfa-33340	19	7	the	the	DET
cjfa-33340	19	8	impact	impact	NOUN
cjfa-33340	19	9	of	of	ADP
cjfa-33340	19	10	psychology	psychology	NOUN
cjfa-33340	19	11	on	on	ADP
cjfa-33340	19	12	the	the	DET
cjfa-33340	19	13	behaviour	behaviour	NOUN
cjfa-33340	19	14	of	of	ADP
cjfa-33340	19	15	investors	investor	NOUN
cjfa-33340	19	16	in	in	ADP
cjfa-33340	19	17	financial	financial	ADJ
cjfa-33340	19	18	markets	market	NOUN
cjfa-33340	19	19	and	and	CCONJ
cjfa-33340	19	20	supposes	suppose	VERB
cjfa-33340	19	21	that	that	SCONJ
cjfa-33340	19	22	the	the	DET
cjfa-33340	19	23	investors	investor	NOUN
cjfa-33340	19	24	are	be	AUX
cjfa-33340	19	25	irrational	irrational	ADJ
cjfa-33340	19	26	and	and	CCONJ
cjfa-33340	19	27	make	make	VERB
cjfa-33340	19	28	unreasonable	unreasonable	ADJ
cjfa-33340	19	29	decisions	decision	NOUN
cjfa-33340	19	30	,	,	PUNCT
cjfa-33340	19	31	which	which	PRON
cjfa-33340	19	32	may	may	AUX
cjfa-33340	19	33	lead	lead	VERB
cjfa-33340	19	34	to	to	ADP
cjfa-33340	19	35	mistaken	mistaken	ADJ
cjfa-33340	19	36	asset	asset	NOUN
cjfa-33340	19	37	pricing	pricing	NOUN
cjfa-33340	19	38	.	.	PUNCT
cjfa-33340	20	1	the	the	DET
cjfa-33340	20	2	science	science	NOUN
cjfa-33340	20	3	of	of	ADP
cjfa-33340	20	4	behavioural	behavioural	ADJ
cjfa-33340	20	5	finance	finance	NOUN
cjfa-33340	20	6	was	be	AUX
cjfa-33340	20	7	originated	originate	VERB
cjfa-33340	20	8	in	in	ADP
cjfa-33340	20	9	the	the	DET
cjfa-33340	20	10	1970s	1970	NOUN
cjfa-33340	20	11	and	and	CCONJ
cjfa-33340	20	12	1980s	1980	NOUN
cjfa-33340	20	13	as	as	ADP
cjfa-33340	20	14	an	an	DET
cjfa-33340	20	15	application	application	NOUN
cjfa-33340	20	16	of	of	ADP
cjfa-33340	20	17	behavioural	behavioural	ADJ
cjfa-33340	20	18	economics	economic	NOUN
cjfa-33340	20	19	to	to	ADP
cjfa-33340	20	20	financial	financial	ADJ
cjfa-33340	20	21	markets	market	NOUN
cjfa-33340	20	22	;	;	PUNCT
cjfa-33340	20	23	it	it	PRON
cjfa-33340	20	24	became	become	VERB
cjfa-33340	20	25	an	an	DET
cjfa-33340	20	26	alternative	alternative	NOUN
cjfa-33340	20	27	to	to	ADP
cjfa-33340	20	28	classical	classical	ADJ
cjfa-33340	20	29	theory	theory	NOUN
cjfa-33340	20	30	.	.	PUNCT
cjfa-33340	21	1	the	the	DET
cjfa-33340	21	2	concept	concept	NOUN
cjfa-33340	21	3	of	of	ADP
cjfa-33340	21	4	cognitive	cognitive	ADJ
cjfa-33340	21	5	psychology	psychology	NOUN
cjfa-33340	21	6	was	be	AUX
cjfa-33340	21	7	used	use	VERB
cjfa-33340	21	8	to	to	PART
cjfa-33340	21	9	explain	explain	VERB
cjfa-33340	21	10	the	the	DET
cjfa-33340	21	11	behaviour	behaviour	NOUN
cjfa-33340	21	12	of	of	ADP
cjfa-33340	21	13	investors	investor	NOUN
cjfa-33340	21	14	in	in	ADP
cjfa-33340	21	15	financial	financial	ADJ
cjfa-33340	21	16	markets	market	NOUN
cjfa-33340	21	17	,	,	PUNCT
cjfa-33340	21	18	which	which	PRON
cjfa-33340	21	19	led	lead	VERB
cjfa-33340	21	20	to	to	ADP
cjfa-33340	21	21	the	the	DET
cjfa-33340	21	22	birth	birth	NOUN
cjfa-33340	21	23	of	of	ADP
cjfa-33340	21	24	what	what	PRON
cjfa-33340	21	25	is	be	AUX
cjfa-33340	21	26	known	know	VERB
cjfa-33340	21	27	today	today	NOUN
cjfa-33340	21	28	as	as	ADP
cjfa-33340	21	29	behavioural	behavioural	ADJ
cjfa-33340	21	30	finance	finance	NOUN
cjfa-33340	21	31	.	.	PUNCT
cjfa-33340	22	1	the	the	DET
cjfa-33340	22	2	goal	goal	NOUN
cjfa-33340	22	3	of	of	ADP
cjfa-33340	22	4	behavioural	behavioural	ADJ
cjfa-33340	22	5	finance	finance	NOUN
cjfa-33340	22	6	was	be	AUX
cjfa-33340	22	7	to	to	PART
cjfa-33340	22	8	analyse	analyse	VERB
cjfa-33340	22	9	financial	financial	ADJ
cjfa-33340	22	10	phenomena	phenomenon	NOUN
cjfa-33340	22	11	in	in	ADP
cjfa-33340	22	12	a	a	DET
cjfa-33340	22	13	more	more	ADV
cjfa-33340	22	14	realistic	realistic	ADJ
cjfa-33340	22	15	way	way	NOUN
cjfa-33340	22	16	to	to	PART
cjfa-33340	22	17	explain	explain	VERB
cjfa-33340	22	18	the	the	DET
cjfa-33340	22	19	actual	actual	ADJ
cjfa-33340	22	20	behaviour	behaviour	NOUN
cjfa-33340	22	21	of	of	ADP
cjfa-33340	22	22	investors	investor	NOUN
cjfa-33340	22	23	in	in	ADP
cjfa-33340	22	24	light	light	NOUN
cjfa-33340	22	25	of	of	ADP
cjfa-33340	22	26	the	the	DET
cjfa-33340	22	27	uncertainty	uncertainty	NOUN
cjfa-33340	22	28	.	.	PUNCT
cjfa-33340	23	1	many	many	ADJ
cjfa-33340	23	2	empirical	empirical	ADJ
cjfa-33340	23	3	studies	study	NOUN
cjfa-33340	23	4	have	have	AUX
cjfa-33340	23	5	shown	show	VERB
cjfa-33340	23	6	that	that	SCONJ
cjfa-33340	23	7	the	the	DET
cjfa-33340	23	8	functioning	functioning	NOUN
cjfa-33340	23	9	of	of	ADP
cjfa-33340	23	10	markets	market	NOUN
cjfa-33340	23	11	often	often	ADV
cjfa-33340	23	12	presents	present	VERB
cjfa-33340	23	13	clear	clear	ADJ
cjfa-33340	23	14	anomalies	anomaly	NOUN
cjfa-33340	23	15	,	,	PUNCT
cjfa-33340	23	16	in	in	ADP
cjfa-33340	23	17	great	great	ADJ
cjfa-33340	23	18	contrast	contrast	NOUN
cjfa-33340	23	19	to	to	ADP
cjfa-33340	23	20	traditional	traditional	ADJ
cjfa-33340	23	21	economic	economic	ADJ
cjfa-33340	23	22	theories	theory	NOUN
cjfa-33340	23	23	assumptions	assumption	NOUN
cjfa-33340	23	24	,	,	PUNCT
cjfa-33340	23	25	which	which	PRON
cjfa-33340	23	26	assume	assume	VERB
cjfa-33340	23	27	the	the	DET
cjfa-33340	23	28	absolute	absolute	ADJ
cjfa-33340	23	29	rationality	rationality	NOUN
cjfa-33340	23	30	of	of	ADP
cjfa-33340	23	31	individuals	individual	NOUN
cjfa-33340	23	32	.	.	PUNCT
cjfa-33340	24	1	investor	investor	NOUN
cjfa-33340	24	2	’s	’s	PART
cjfa-33340	24	3	behaviour	behaviour	NOUN
cjfa-33340	24	4	is	be	AUX
cjfa-33340	24	5	the	the	DET
cjfa-33340	24	6	main	main	ADJ
cjfa-33340	24	7	factor	factor	NOUN
cjfa-33340	24	8	to	to	PART
cjfa-33340	24	9	analyse	analyse	VERB
cjfa-33340	24	10	the	the	DET
cjfa-33340	24	11	mechanism	mechanism	NOUN
cjfa-33340	24	12	of	of	ADP
cjfa-33340	24	13	the	the	DET
cjfa-33340	24	14	operation	operation	NOUN
cjfa-33340	24	15	of	of	ADP
cjfa-33340	24	16	the	the	DET
cjfa-33340	24	17	financial	financial	ADJ
cjfa-33340	24	18	markets	market	NOUN
cjfa-33340	24	19	.	.	PUNCT
cjfa-33340	25	1	the	the	DET
cjfa-33340	25	2	most	most	ADV
cjfa-33340	25	3	known	know	VERB
cjfa-33340	25	4	forms	form	NOUN
cjfa-33340	25	5	of	of	ADP
cjfa-33340	25	6	collective	collective	ADJ
cjfa-33340	25	7	behaviour	behaviour	NOUN
cjfa-33340	25	8	in	in	ADP
cjfa-33340	25	9	capital	capital	NOUN
cjfa-33340	25	10	markets	market	NOUN
cjfa-33340	25	11	is	be	AUX
cjfa-33340	25	12	herding	herd	VERB
cjfa-33340	25	13	behaviour	behaviour	NOUN
cjfa-33340	25	14	,	,	PUNCT
cjfa-33340	25	15	which	which	PRON
cjfa-33340	25	16	considered	consider	VERB
cjfa-33340	25	17	the	the	DET
cjfa-33340	25	18	main	main	ADJ
cjfa-33340	25	19	fields	field	NOUN
cjfa-33340	25	20	of	of	ADP
cjfa-33340	25	21	behavioural	behavioural	ADJ
cjfa-33340	25	22	finance	finance	NOUN
cjfa-33340	25	23	.	.	PUNCT
cjfa-33340	26	1	hwang	hwang	PROPN
cjfa-33340	26	2	and	and	CCONJ
cjfa-33340	26	3	salmon	salmon	NOUN
cjfa-33340	26	4	(	(	PUNCT
cjfa-33340	26	5	2004	2004	NUM
cjfa-33340	26	6	)	)	PUNCT
cjfa-33340	26	7	confirmed	confirm	VERB
cjfa-33340	26	8	that	that	SCONJ
cjfa-33340	26	9	herding	herding	NOUN
cjfa-33340	26	10	behaviour	behaviour	NOUN
cjfa-33340	26	11	is	be	AUX
cjfa-33340	26	12	the	the	DET
cjfa-33340	26	13	phenomenon	phenomenon	NOUN
cjfa-33340	26	14	when	when	SCONJ
cjfa-33340	26	15	investors	investor	NOUN
cjfa-33340	26	16	mimic	mimic	VERB
cjfa-33340	26	17	others	other	NOUN
cjfa-33340	26	18	’	’	PART
cjfa-33340	26	19	decisions	decision	NOUN
cjfa-33340	26	20	rather	rather	ADV
cjfa-33340	26	21	than	than	ADP
cjfa-33340	26	22	following	follow	VERB
cjfa-33340	26	23	their	their	PRON
cjfa-33340	26	24	own	own	ADJ
cjfa-33340	26	25	beliefs	belief	NOUN
cjfa-33340	26	26	.	.	PUNCT
cjfa-33340	27	1	this	this	PRON
cjfa-33340	27	2	means	mean	VERB
cjfa-33340	27	3	that	that	SCONJ
cjfa-33340	27	4	the	the	DET
cjfa-33340	27	5	returns	return	NOUN
cjfa-33340	27	6	on	on	ADP
cjfa-33340	27	7	individual	individual	ADJ
cjfa-33340	27	8	investments	investment	NOUN
cjfa-33340	27	9	will	will	AUX
cjfa-33340	27	10	move	move	VERB
cjfa-33340	27	11	in	in	ADP
cjfa-33340	27	12	the	the	DET
cjfa-33340	27	13	same	same	ADJ
cjfa-33340	27	14	direction	direction	NOUN
cjfa-33340	27	15	as	as	ADP
cjfa-33340	27	16	the	the	DET
cjfa-33340	27	17	market	market	NOUN
cjfa-33340	27	18	portfolio	portfolio	NOUN
cjfa-33340	27	19	.	.	PUNCT
cjfa-33340	28	1	therefore	therefore	ADV
cjfa-33340	28	2	the	the	DET
cjfa-33340	28	3	returns	return	NOUN
cjfa-33340	28	4	on	on	ADP
cjfa-33340	28	5	individual	individual	ADJ
cjfa-33340	28	6	investments	investment	NOUN
cjfa-33340	28	7	tend	tend	VERB
cjfa-33340	28	8	to	to	PART
cjfa-33340	28	9	accumulate	accumulate	VERB
cjfa-33340	28	10	around	around	ADP
cjfa-33340	28	11	the	the	DET
cjfa-33340	28	12	market	market	NOUN
cjfa-33340	28	13	returns	return	NOUN
cjfa-33340	28	14	.	.	PUNCT
cjfa-33340	29	1	devenow	devenow	PROPN
cjfa-33340	29	2	and	and	CCONJ
cjfa-33340	29	3	welch	welch	PROPN
cjfa-33340	29	4	(	(	PUNCT
cjfa-33340	29	5	1996	1996	NUM
cjfa-33340	29	6	)	)	PUNCT
cjfa-33340	29	7	indicated	indicate	VERB
cjfa-33340	29	8	that	that	SCONJ
cjfa-33340	29	9	investors	investor	NOUN
cjfa-33340	29	10	believe	believe	VERB
cjfa-33340	29	11	that	that	SCONJ
cjfa-33340	29	12	imitation	imitation	NOUN
cjfa-33340	29	13	of	of	ADP
cjfa-33340	29	14	others	other	NOUN
cjfa-33340	29	15	allows	allow	VERB
cjfa-33340	29	16	them	they	PRON
cjfa-33340	29	17	to	to	PART
cjfa-33340	29	18	benefit	benefit	VERB
cjfa-33340	29	19	from	from	ADP
cjfa-33340	29	20	the	the	DET
cjfa-33340	29	21	information	information	NOUN
cjfa-33340	29	22	and	and	CCONJ
cjfa-33340	29	23	experiences	experience	NOUN
cjfa-33340	29	24	of	of	ADP
cjfa-33340	29	25	others	other	NOUN
cjfa-33340	29	26	,	,	PUNCT
cjfa-33340	29	27	or	or	CCONJ
cjfa-33340	29	28	perhaps	perhaps	ADV
cjfa-33340	29	29	because	because	SCONJ
cjfa-33340	29	30	of	of	ADP
cjfa-33340	29	31	the	the	DET
cjfa-33340	29	32	low	low	ADJ
cjfa-33340	29	33	quality	quality	NOUN
cjfa-33340	29	34	of	of	ADP
cjfa-33340	29	35	their	their	PRON
cjfa-33340	29	36	information	information	NOUN
cjfa-33340	29	37	,	,	PUNCT
cjfa-33340	29	38	or	or	CCONJ
cjfa-33340	29	39	the	the	DET
cjfa-33340	29	40	inability	inability	NOUN
cjfa-33340	29	41	to	to	PART
cjfa-33340	29	42	analyse	analyse	VERB
cjfa-33340	29	43	information	information	NOUN
cjfa-33340	29	44	efficiently	efficiently	ADV
cjfa-33340	29	45	.	.	PUNCT
cjfa-33340	30	1	many	many	ADJ
cjfa-33340	30	2	researches	research	NOUN
cjfa-33340	30	3	have	have	AUX
cjfa-33340	30	4	been	be	AUX
cjfa-33340	30	5	carried	carry	VERB
cjfa-33340	30	6	out	out	ADP
cjfa-33340	30	7	to	to	PART
cjfa-33340	30	8	measure	measure	VERB
cjfa-33340	30	9	herding	herd	VERB
cjfa-33340	30	10	behaviour	behaviour	NOUN
cjfa-33340	30	11	in	in	ADP
cjfa-33340	30	12	financial	financial	ADJ
cjfa-33340	30	13	markets	market	NOUN
cjfa-33340	30	14	,	,	PUNCT
cjfa-33340	30	15	for	for	ADP
cjfa-33340	30	16	example	example	NOUN
cjfa-33340	30	17	,	,	PUNCT
cjfa-33340	30	18	christie	christie	PROPN
cjfa-33340	30	19	and	and	CCONJ
cjfa-33340	30	20	huang	huang	PROPN
cjfa-33340	30	21	(	(	PUNCT
cjfa-33340	30	22	1995	1995	NUM
cjfa-33340	30	23	)	)	PUNCT
cjfa-33340	30	24	used	use	VERB
cjfa-33340	30	25	the	the	DET
cjfa-33340	30	26	cross	cross	ADJ
cjfa-33340	30	27	-	-	ADJ
cjfa-33340	30	28	sectional	sectional	ADJ
cjfa-33340	30	29	standard	standard	ADJ
cjfa-33340	30	30	deviation	deviation	NOUN
cjfa-33340	30	31	of	of	ADP
cjfa-33340	30	32	returns	return	NOUN
cjfa-33340	30	33	(	(	PUNCT
cjfa-33340	30	34	cssd	cssd	NOUN
cjfa-33340	30	35	)	)	PUNCT
cjfa-33340	30	36	as	as	ADP
cjfa-33340	30	37	a	a	DET
cjfa-33340	30	38	measure	measure	NOUN
cjfa-33340	30	39	of	of	ADP
cjfa-33340	30	40	the	the	DET
cjfa-33340	30	41	average	average	ADJ
cjfa-33340	30	42	closeness	closeness	NOUN
cjfa-33340	30	43	sentimental	sentimental	ADJ
cjfa-33340	30	44	herding	herding	NOUN
cjfa-33340	30	45	:	:	PUNCT
cjfa-33340	30	46	the	the	DET
cjfa-33340	30	47	role	role	NOUN
cjfa-33340	30	48	of	of	ADP
cjfa-33340	30	49	covid-19	covid-19	PROPN
cjfa-33340	30	50	crisis	crisis	NOUN
cjfa-33340	30	51	…	…	PUNCT
cjfa-33340	30	52	11	11	NUM
cjfa-33340	30	53	of	of	ADP
cjfa-33340	30	54	individual	individual	ADJ
cjfa-33340	30	55	stock	stock	NOUN
cjfa-33340	30	56	returns	return	NOUN
cjfa-33340	30	57	to	to	ADP
cjfa-33340	30	58	the	the	DET
cjfa-33340	30	59	achieved	achieve	VERB
cjfa-33340	30	60	market	market	NOUN
cjfa-33340	30	61	average	average	ADJ
cjfa-33340	30	62	returns	return	NOUN
cjfa-33340	30	63	to	to	PART
cjfa-33340	30	64	measure	measure	VERB
cjfa-33340	30	65	herd	herd	NOUN
cjfa-33340	30	66	behaviour	behaviour	NOUN
cjfa-33340	30	67	.	.	PUNCT
cjfa-33340	31	1	chang	chang	PROPN
cjfa-33340	31	2	,	,	PUNCT
cjfa-33340	31	3	cheng	cheng	PROPN
cjfa-33340	31	4	and	and	CCONJ
cjfa-33340	31	5	khorana	khorana	PROPN
cjfa-33340	31	6	(	(	PUNCT
cjfa-33340	31	7	2000	2000	NUM
cjfa-33340	31	8	)	)	PUNCT
cjfa-33340	31	9	developed	develop	VERB
cjfa-33340	31	10	the	the	DET
cjfa-33340	31	11	work	work	NOUN
cjfa-33340	31	12	of	of	ADP
cjfa-33340	31	13	christie	christie	PROPN
cjfa-33340	31	14	and	and	CCONJ
cjfa-33340	31	15	huang	huang	PROPN
cjfa-33340	31	16	(	(	PUNCT
cjfa-33340	31	17	1995	1995	NUM
cjfa-33340	31	18	)	)	PUNCT
cjfa-33340	31	19	;	;	PUNCT
cjfa-33340	31	20	they	they	PRON
cjfa-33340	31	21	use	use	VERB
cjfa-33340	31	22	the	the	DET
cjfa-33340	31	23	cross	cross	ADJ
cjfa-33340	31	24	-	-	ADJ
cjfa-33340	31	25	sectional	sectional	ADJ
cjfa-33340	31	26	absolute	absolute	ADJ
cjfa-33340	31	27	deviation	deviation	NOUN
cjfa-33340	31	28	of	of	ADP
cjfa-33340	31	29	return	return	NOUN
cjfa-33340	31	30	csad	csad	ADJ
cjfa-33340	31	31	in	in	ADP
cjfa-33340	31	32	a	a	DET
cjfa-33340	31	33	non	non	ADJ
cjfa-33340	31	34	-	-	ADJ
cjfa-33340	31	35	linear	linear	ADJ
cjfa-33340	31	36	regression	regression	NOUN
cjfa-33340	31	37	to	to	PART
cjfa-33340	31	38	examine	examine	VERB
cjfa-33340	31	39	the	the	DET
cjfa-33340	31	40	relation	relation	NOUN
cjfa-33340	31	41	between	between	ADP
cjfa-33340	31	42	the	the	DET
cjfa-33340	31	43	level	level	NOUN
cjfa-33340	31	44	of	of	ADP
cjfa-33340	31	45	stock	stock	NOUN
cjfa-33340	31	46	return	return	NOUN
cjfa-33340	31	47	dispersions	dispersion	NOUN
cjfa-33340	31	48	and	and	CCONJ
cjfa-33340	31	49	the	the	DET
cjfa-33340	31	50	overall	overall	ADJ
cjfa-33340	31	51	market	market	NOUN
cjfa-33340	31	52	return	return	NOUN
cjfa-33340	31	53	.	.	PUNCT
cjfa-33340	32	1	hwang	hwang	PROPN
cjfa-33340	32	2	and	and	CCONJ
cjfa-33340	32	3	salmon	salmon	NOUN
cjfa-33340	32	4	(	(	PUNCT
cjfa-33340	32	5	2004	2004	NUM
cjfa-33340	32	6	)	)	PUNCT
cjfa-33340	32	7	developed	develop	VERB
cjfa-33340	32	8	a	a	DET
cjfa-33340	32	9	different	different	ADJ
cjfa-33340	32	10	approach	approach	NOUN
cjfa-33340	32	11	based	base	VERB
cjfa-33340	32	12	on	on	ADP
cjfa-33340	32	13	logarithm	logarithm	PROPN
cjfa-33340	32	14	cross	cross	ADJ
cjfa-33340	32	15	-	-	ADJ
cjfa-33340	32	16	sectional	sectional	ADJ
cjfa-33340	32	17	standard	standard	ADJ
cjfa-33340	32	18	deviation	deviation	NOUN
cjfa-33340	32	19	of	of	ADP
cjfa-33340	32	20	betas	beta	NOUN
cjfa-33340	32	21	log	log	NOUN
cjfa-33340	32	22	[	[	X
cjfa-33340	32	23	std(βb	std(βb	ADV
cjfa-33340	32	24	imt	imt	NOUN
cjfa-33340	32	25	)	)	PUNCT
cjfa-33340	32	26	]	]	PUNCT
cjfa-33340	32	27	to	to	PART
cjfa-33340	32	28	test	test	VERB
cjfa-33340	32	29	herding	herding	NOUN
cjfa-33340	32	30	behaviour	behaviour	NOUN
cjfa-33340	32	31	.	.	PUNCT
cjfa-33340	33	1	the	the	DET
cjfa-33340	33	2	coronavirus	coronavirus	NOUN
cjfa-33340	33	3	or	or	CCONJ
cjfa-33340	33	4	so	so	ADV
cjfa-33340	33	5	-	-	PUNCT
cjfa-33340	33	6	called	call	VERB
cjfa-33340	33	7	covid-19	covid-19	PROPN
cjfa-33340	33	8	discovered	discover	VERB
cjfa-33340	33	9	in	in	ADP
cjfa-33340	33	10	wuhan	wuhan	PROPN
cjfa-33340	33	11	city	city	PROPN
cjfa-33340	33	12	in	in	ADP
cjfa-33340	33	13	china	china	PROPN
cjfa-33340	33	14	in	in	ADP
cjfa-33340	33	15	december	december	PROPN
cjfa-33340	33	16	2019	2019	NUM
cjfa-33340	33	17	,	,	PUNCT
cjfa-33340	33	18	it	it	PRON
cjfa-33340	33	19	soon	soon	ADV
cjfa-33340	33	20	became	become	VERB
cjfa-33340	33	21	a	a	DET
cjfa-33340	33	22	threat	threat	NOUN
cjfa-33340	33	23	to	to	ADP
cjfa-33340	33	24	public	public	ADJ
cjfa-33340	33	25	health	health	NOUN
cjfa-33340	33	26	,	,	PUNCT
cjfa-33340	33	27	the	the	DET
cjfa-33340	33	28	world	world	NOUN
cjfa-33340	33	29	economy	economy	NOUN
cjfa-33340	33	30	,	,	PUNCT
cjfa-33340	33	31	and	and	CCONJ
cjfa-33340	33	32	stock	stock	NOUN
cjfa-33340	33	33	markets	market	NOUN
cjfa-33340	33	34	.	.	PUNCT
cjfa-33340	34	1	the	the	DET
cjfa-33340	34	2	egyptian	egyptian	PROPN
cjfa-33340	34	3	ministry	ministry	PROPN
cjfa-33340	34	4	of	of	ADP
cjfa-33340	34	5	health	health	PROPN
cjfa-33340	34	6	and	and	CCONJ
cjfa-33340	34	7	population	population	NOUN
cjfa-33340	34	8	announced	announce	VERB
cjfa-33340	34	9	on	on	ADP
cjfa-33340	34	10	february	february	PROPN
cjfa-33340	34	11	14th	14th	NUM
cjfa-33340	34	12	,	,	PUNCT
cjfa-33340	34	13	2020	2020	NUM
cjfa-33340	34	14	,	,	PUNCT
cjfa-33340	34	15	the	the	DET
cjfa-33340	34	16	first	first	ADJ
cjfa-33340	34	17	confirmed	confirm	VERB
cjfa-33340	34	18	infection	infection	NOUN
cjfa-33340	34	19	of	of	ADP
cjfa-33340	34	20	the	the	DET
cjfa-33340	34	21	new	new	ADJ
cjfa-33340	34	22	covid-19	covid-19	PROPN
cjfa-33340	34	23	virus	virus	NOUN
cjfa-33340	34	24	.	.	PUNCT
cjfa-33340	35	1	the	the	DET
cjfa-33340	35	2	purpose	purpose	NOUN
cjfa-33340	35	3	of	of	ADP
cjfa-33340	35	4	this	this	DET
cjfa-33340	35	5	study	study	NOUN
cjfa-33340	35	6	is	be	AUX
cjfa-33340	35	7	to	to	PART
cjfa-33340	35	8	examine	examine	VERB
cjfa-33340	35	9	the	the	DET
cjfa-33340	35	10	impact	impact	NOUN
cjfa-33340	35	11	of	of	ADP
cjfa-33340	35	12	covid-19	covid-19	PROPN
cjfa-33340	35	13	crisis	crisis	NOUN
cjfa-33340	35	14	on	on	ADP
cjfa-33340	35	15	investors	investor	NOUN
cjfa-33340	35	16	’	'	PUNCT
cjfa-33340	35	17	herding	herd	VERB
cjfa-33340	35	18	behaviour	behaviour	NOUN
cjfa-33340	35	19	in	in	ADP
cjfa-33340	35	20	the	the	DET
cjfa-33340	35	21	egyptian	egyptian	ADJ
cjfa-33340	35	22	stock	stock	NOUN
cjfa-33340	35	23	market	market	NOUN
cjfa-33340	35	24	.	.	PUNCT
cjfa-33340	36	1	the	the	DET
cjfa-33340	36	2	study	study	NOUN
cjfa-33340	36	3	will	will	AUX
cjfa-33340	36	4	be	be	AUX
cjfa-33340	36	5	organized	organize	VERB
cjfa-33340	36	6	as	as	SCONJ
cjfa-33340	36	7	follows	follow	VERB
cjfa-33340	36	8	.	.	PUNCT
cjfa-33340	37	1	in	in	ADP
cjfa-33340	37	2	section	section	NOUN
cjfa-33340	37	3	two	two	NUM
cjfa-33340	37	4	we	we	PRON
cjfa-33340	37	5	will	will	AUX
cjfa-33340	37	6	provide	provide	VERB
cjfa-33340	37	7	a	a	DET
cjfa-33340	37	8	survey	survey	NOUN
cjfa-33340	37	9	of	of	ADP
cjfa-33340	37	10	the	the	DET
cjfa-33340	37	11	literature	literature	NOUN
cjfa-33340	37	12	.	.	PUNCT
cjfa-33340	38	1	the	the	DET
cjfa-33340	38	2	third	third	ADJ
cjfa-33340	38	3	section	section	NOUN
cjfa-33340	38	4	presents	present	VERB
cjfa-33340	38	5	the	the	DET
cjfa-33340	38	6	data	datum	NOUN
cjfa-33340	38	7	and	and	CCONJ
cjfa-33340	38	8	methodology	methodology	NOUN
cjfa-33340	38	9	.	.	PUNCT
cjfa-33340	39	1	the	the	DET
cjfa-33340	39	2	fourth	fourth	ADJ
cjfa-33340	39	3	section	section	NOUN
cjfa-33340	39	4	presents	present	VERB
cjfa-33340	39	5	empirical	empirical	ADJ
cjfa-33340	39	6	results	result	NOUN
cjfa-33340	39	7	,	,	PUNCT
cjfa-33340	39	8	and	and	CCONJ
cjfa-33340	39	9	finally	finally	ADV
cjfa-33340	39	10	,	,	PUNCT
cjfa-33340	39	11	we	we	PRON
cjfa-33340	39	12	will	will	AUX
cjfa-33340	39	13	provide	provide	VERB
cjfa-33340	39	14	the	the	DET
cjfa-33340	39	15	conclusions	conclusion	NOUN
cjfa-33340	39	16	in	in	ADP
cjfa-33340	39	17	section	section	NOUN
cjfa-33340	39	18	5	5	NUM
cjfa-33340	39	19	.	.	PUNCT
cjfa-33340	39	20	literature	literature	PROPN
cjfa-33340	39	21	review	review	PROPN
cjfa-33340	39	22	christie	christie	PROPN
cjfa-33340	39	23	and	and	CCONJ
cjfa-33340	39	24	huang	huang	PROPN
cjfa-33340	39	25	(	(	PUNCT
cjfa-33340	39	26	1995	1995	NUM
cjfa-33340	39	27	)	)	PUNCT
cjfa-33340	39	28	used	use	VERB
cjfa-33340	39	29	the	the	DET
cjfa-33340	39	30	cross	cross	ADJ
cjfa-33340	39	31	-	-	ADJ
cjfa-33340	39	32	sectional	sectional	ADJ
cjfa-33340	39	33	standard	standard	ADJ
cjfa-33340	39	34	deviation	deviation	NOUN
cjfa-33340	39	35	(	(	PUNCT
cjfa-33340	39	36	cssd	cssd	NOUN
cjfa-33340	39	37	)	)	PUNCT
cjfa-33340	39	38	of	of	ADP
cjfa-33340	39	39	returns	return	NOUN
cjfa-33340	39	40	for	for	ADP
cjfa-33340	39	41	daily	daily	ADJ
cjfa-33340	39	42	data	datum	NOUN
cjfa-33340	39	43	form	form	NOUN
cjfa-33340	39	44	1962	1962	NUM
cjfa-33340	39	45	to	to	ADP
cjfa-33340	39	46	1988	1988	NUM
cjfa-33340	39	47	and	and	CCONJ
cjfa-33340	39	48	monthly	monthly	ADJ
cjfa-33340	39	49	data	datum	NOUN
cjfa-33340	39	50	form	form	NOUN
cjfa-33340	39	51	1925	1925	NUM
cjfa-33340	39	52	to	to	ADP
cjfa-33340	39	53	1988	1988	NUM
cjfa-33340	39	54	for	for	SCONJ
cjfa-33340	39	55	the	the	DET
cjfa-33340	39	56	us	us	PROPN
cjfa-33340	39	57	market	market	NOUN
cjfa-33340	39	58	to	to	PART
cjfa-33340	39	59	examine	examine	VERB
cjfa-33340	39	60	herding	herding	NOUN
cjfa-33340	39	61	behaviour	behaviour	NOUN
cjfa-33340	39	62	.	.	PUNCT
cjfa-33340	40	1	they	they	PRON
cjfa-33340	40	2	found	find	VERB
cjfa-33340	40	3	the	the	DET
cjfa-33340	40	4	absence	absence	NOUN
cjfa-33340	40	5	of	of	ADP
cjfa-33340	40	6	herding	herding	NOUN
cjfa-33340	40	7	behaviour	behaviour	NOUN
cjfa-33340	40	8	.	.	PUNCT
cjfa-33340	41	1	therefore	therefore	ADV
cjfa-33340	41	2	,	,	PUNCT
cjfa-33340	41	3	the	the	DET
cjfa-33340	41	4	christie	christie	PROPN
cjfa-33340	41	5	and	and	CCONJ
cjfa-33340	41	6	huang	huang	PROPN
cjfa-33340	41	7	(	(	PUNCT
cjfa-33340	41	8	1995	1995	NUM
cjfa-33340	41	9	)	)	PUNCT
cjfa-33340	41	10	method	method	NOUN
cjfa-33340	41	11	failed	fail	VERB
cjfa-33340	41	12	to	to	PART
cjfa-33340	41	13	detect	detect	VERB
cjfa-33340	41	14	herd	herd	ADJ
cjfa-33340	41	15	behaviour	behaviour	NOUN
cjfa-33340	41	16	.	.	PUNCT
cjfa-33340	42	1	choe	choe	PROPN
cjfa-33340	42	2	,	,	PUNCT
cjfa-33340	42	3	khoa	khoa	NOUN
cjfa-33340	42	4	and	and	CCONJ
cjfa-33340	42	5	stulz	stulz	ADJ
cjfa-33340	42	6	(	(	PUNCT
cjfa-33340	42	7	1999	1999	NUM
cjfa-33340	42	8	)	)	PUNCT
cjfa-33340	42	9	investigated	investigate	VERB
cjfa-33340	42	10	the	the	DET
cjfa-33340	42	11	presence	presence	NOUN
cjfa-33340	42	12	of	of	ADP
cjfa-33340	42	13	herding	herd	VERB
cjfa-33340	42	14	behaviour	behaviour	NOUN
cjfa-33340	42	15	in	in	ADP
cjfa-33340	42	16	the	the	DET
cjfa-33340	42	17	korean	korean	ADJ
cjfa-33340	42	18	stock	stock	NOUN
cjfa-33340	42	19	market	market	NOUN
cjfa-33340	42	20	during	during	ADP
cjfa-33340	42	21	the	the	DET
cjfa-33340	42	22	1997	1997	NUM
cjfa-33340	42	23	asian	asian	ADJ
cjfa-33340	42	24	financial	financial	ADJ
cjfa-33340	42	25	crisis	crisis	NOUN
cjfa-33340	42	26	.	.	PUNCT
cjfa-33340	43	1	the	the	DET
cjfa-33340	43	2	study	study	NOUN
cjfa-33340	43	3	used	use	VERB
cjfa-33340	43	4	a	a	DET
cjfa-33340	43	5	sample	sample	NOUN
cjfa-33340	43	6	of	of	ADP
cjfa-33340	43	7	414	414	NUM
cjfa-33340	43	8	stocks	stock	NOUN
cjfa-33340	43	9	for	for	ADP
cjfa-33340	43	10	foreign	foreign	ADJ
cjfa-33340	43	11	investors	investor	NOUN
cjfa-33340	43	12	’	'	PUNCT
cjfa-33340	43	13	holdings	holding	NOUN
cjfa-33340	43	14	.	.	PUNCT
cjfa-33340	44	1	they	they	PRON
cjfa-33340	44	2	found	find	VERB
cjfa-33340	44	3	the	the	DET
cjfa-33340	44	4	absence	absence	NOUN
cjfa-33340	44	5	of	of	ADP
cjfa-33340	44	6	herding	herd	VERB
cjfa-33340	44	7	behaviour	behaviour	NOUN
cjfa-33340	44	8	before	before	ADP
cjfa-33340	44	9	the	the	DET
cjfa-33340	44	10	crisis	crisis	NOUN
cjfa-33340	44	11	,	,	PUNCT
cjfa-33340	44	12	whereas	whereas	SCONJ
cjfa-33340	44	13	there	there	PRON
cjfa-33340	44	14	was	be	VERB
cjfa-33340	44	15	little	little	ADJ
cjfa-33340	44	16	evidence	evidence	NOUN
cjfa-33340	44	17	of	of	ADP
cjfa-33340	44	18	herding	herd	VERB
cjfa-33340	44	19	behaviour	behaviour	NOUN
cjfa-33340	44	20	during	during	ADP
cjfa-33340	44	21	the	the	DET
cjfa-33340	44	22	crisis	crisis	NOUN
cjfa-33340	44	23	.	.	PUNCT
cjfa-33340	45	1	chang	chang	PROPN
cjfa-33340	45	2	et	et	PROPN
cjfa-33340	45	3	al	al	PROPN
cjfa-33340	45	4	.	.	PROPN
cjfa-33340	46	1	(	(	PUNCT
cjfa-33340	46	2	2000	2000	NUM
cjfa-33340	46	3	)	)	PUNCT
cjfa-33340	46	4	developed	develop	VERB
cjfa-33340	46	5	the	the	DET
cjfa-33340	46	6	christie	christie	NOUN
cjfa-33340	46	7	and	and	CCONJ
cjfa-33340	46	8	huang	huang	PROPN
cjfa-33340	46	9	(	(	PUNCT
cjfa-33340	46	10	1995	1995	NUM
cjfa-33340	46	11	)	)	PUNCT
cjfa-33340	46	12	method	method	NOUN
cjfa-33340	46	13	.	.	PUNCT
cjfa-33340	47	1	they	they	PRON
cjfa-33340	47	2	used	use	VERB
cjfa-33340	47	3	a	a	DET
cjfa-33340	47	4	new	new	ADJ
cjfa-33340	47	5	approach	approach	NOUN
cjfa-33340	47	6	based	base	VERB
cjfa-33340	47	7	on	on	ADP
cjfa-33340	47	8	the	the	DET
cjfa-33340	47	9	cross	cross	ADJ
cjfa-33340	47	10	-	-	ADJ
cjfa-33340	47	11	sectional	sectional	ADJ
cjfa-33340	47	12	absolute	absolute	ADJ
cjfa-33340	47	13	deviation	deviation	NOUN
cjfa-33340	47	14	(	(	PUNCT
cjfa-33340	47	15	csad	csad	NOUN
cjfa-33340	47	16	)	)	PUNCT
cjfa-33340	47	17	of	of	ADP
cjfa-33340	47	18	returns	return	NOUN
cjfa-33340	47	19	in	in	ADP
cjfa-33340	47	20	a	a	DET
cjfa-33340	47	21	nonlinear	nonlinear	ADJ
cjfa-33340	47	22	regression	regression	NOUN
cjfa-33340	47	23	to	to	PART
cjfa-33340	47	24	investigate	investigate	VERB
cjfa-33340	47	25	the	the	DET
cjfa-33340	47	26	presence	presence	NOUN
cjfa-33340	47	27	of	of	ADP
cjfa-33340	47	28	herding	herd	VERB
cjfa-33340	47	29	in	in	ADP
cjfa-33340	47	30	five	five	NUM
cjfa-33340	47	31	markets	market	NOUN
cjfa-33340	47	32	(	(	PUNCT
cjfa-33340	47	33	hong	hong	PROPN
cjfa-33340	47	34	kong	kong	PROPN
cjfa-33340	47	35	,	,	PUNCT
cjfa-33340	47	36	taiwan	taiwan	PROPN
cjfa-33340	47	37	,	,	PUNCT
cjfa-33340	47	38	u.s	u.s	PROPN
cjfa-33340	47	39	us	we	PRON
cjfa-33340	47	40	.	.	PUNCT
cjfa-33340	47	41	,	,	PUNCT
cjfa-33340	47	42	japan	japan	PROPN
cjfa-33340	47	43	and	and	CCONJ
cjfa-33340	47	44	south	south	PROPN
cjfa-33340	47	45	korea	korea	PROPN
cjfa-33340	47	46	)	)	PUNCT
cjfa-33340	47	47	.	.	PUNCT
cjfa-33340	48	1	they	they	PRON
cjfa-33340	48	2	found	find	VERB
cjfa-33340	48	3	the	the	DET
cjfa-33340	48	4	absence	absence	NOUN
cjfa-33340	48	5	of	of	ADP
cjfa-33340	48	6	herding	herd	VERB
cjfa-33340	48	7	behaviour	behaviour	NOUN
cjfa-33340	48	8	in	in	ADP
cjfa-33340	48	9	developed	develop	VERB
cjfa-33340	48	10	markets	market	NOUN
cjfa-33340	48	11	(	(	PUNCT
cjfa-33340	48	12	us	we	PRON
cjfa-33340	48	13	,	,	PUNCT
cjfa-33340	48	14	hong	hong	PROPN
cjfa-33340	48	15	kong	kong	PROPN
cjfa-33340	48	16	and	and	CCONJ
cjfa-33340	48	17	japan	japan	PROPN
cjfa-33340	48	18	)	)	PUNCT
cjfa-33340	48	19	and	and	CCONJ
cjfa-33340	48	20	they	they	PRON
cjfa-33340	48	21	observed	observe	VERB
cjfa-33340	48	22	the	the	DET
cjfa-33340	48	23	presence	presence	NOUN
cjfa-33340	48	24	of	of	ADP
cjfa-33340	48	25	herding	herd	VERB
cjfa-33340	48	26	behaviour	behaviour	NOUN
cjfa-33340	48	27	in	in	ADP
cjfa-33340	48	28	taiwan	taiwan	PROPN
cjfa-33340	48	29	and	and	CCONJ
cjfa-33340	48	30	south	south	PROPN
cjfa-33340	48	31	korea	korea	PROPN
cjfa-33340	48	32	.	.	PUNCT
cjfa-33340	49	1	mostafa	mostafa	PROPN
cjfa-33340	49	2	hussein	hussein	PROPN
cjfa-33340	50	1	abd	abd	PROPN
cjfa-33340	50	2	-	-	PUNCT
cjfa-33340	50	3	alla12	alla12	NOUN
cjfa-33340	50	4	hwang	hwang	PROPN
cjfa-33340	50	5	and	and	CCONJ
cjfa-33340	50	6	salmon	salmon	NOUN
cjfa-33340	50	7	(	(	PUNCT
cjfa-33340	50	8	2004	2004	NUM
cjfa-33340	50	9	)	)	PUNCT
cjfa-33340	50	10	developed	develop	VERB
cjfa-33340	50	11	a	a	DET
cjfa-33340	50	12	new	new	ADJ
cjfa-33340	50	13	method	method	NOUN
cjfa-33340	50	14	based	base	VERB
cjfa-33340	50	15	on	on	ADP
cjfa-33340	50	16	the	the	DET
cjfa-33340	50	17	cross	cross	ADJ
cjfa-33340	50	18	-	-	ADJ
cjfa-33340	50	19	sectional	sectional	ADJ
cjfa-33340	50	20	standard	standard	ADJ
cjfa-33340	50	21	deviation	deviation	NOUN
cjfa-33340	50	22	of	of	ADP
cjfa-33340	50	23	the	the	DET
cjfa-33340	50	24	beta	beta	NOUN
cjfa-33340	50	25	to	to	PART
cjfa-33340	50	26	test	test	VERB
cjfa-33340	50	27	herding	herd	VERB
cjfa-33340	50	28	behaviour	behaviour	NOUN
cjfa-33340	50	29	in	in	ADP
cjfa-33340	50	30	the	the	DET
cjfa-33340	50	31	united	united	PROPN
cjfa-33340	50	32	states	states	PROPN
cjfa-33340	50	33	and	and	CCONJ
cjfa-33340	50	34	south	south	ADJ
cjfa-33340	50	35	korean	korean	ADJ
cjfa-33340	50	36	markets	market	NOUN
cjfa-33340	50	37	.	.	PUNCT
cjfa-33340	51	1	they	they	PRON
cjfa-33340	51	2	used	use	VERB
cjfa-33340	51	3	daily	daily	ADJ
cjfa-33340	51	4	data	datum	NOUN
cjfa-33340	51	5	from	from	ADP
cjfa-33340	51	6	january	january	PROPN
cjfa-33340	51	7	1	1	NUM
cjfa-33340	51	8	,	,	PUNCT
cjfa-33340	51	9	1993	1993	NUM
cjfa-33340	51	10	,	,	PUNCT
cjfa-33340	51	11	to	to	ADP
cjfa-33340	51	12	november	november	PROPN
cjfa-33340	51	13	30	30	NUM
cjfa-33340	51	14	,	,	PUNCT
cjfa-33340	51	15	2003	2003	NUM
cjfa-33340	51	16	.	.	PUNCT
cjfa-33340	52	1	the	the	DET
cjfa-33340	52	2	study	study	NOUN
cjfa-33340	52	3	also	also	ADV
cjfa-33340	52	4	tested	test	VERB
cjfa-33340	52	5	the	the	DET
cjfa-33340	52	6	herd	herd	NOUN
cjfa-33340	52	7	behaviour	behaviour	NOUN
cjfa-33340	52	8	during	during	ADP
cjfa-33340	52	9	the	the	DET
cjfa-33340	52	10	asian	asian	ADJ
cjfa-33340	52	11	crisis	crisis	NOUN
cjfa-33340	52	12	in	in	ADP
cjfa-33340	52	13	1997	1997	NUM
cjfa-33340	52	14	.	.	PUNCT
cjfa-33340	53	1	they	they	PRON
cjfa-33340	53	2	observed	observe	VERB
cjfa-33340	53	3	the	the	DET
cjfa-33340	53	4	presence	presence	NOUN
cjfa-33340	53	5	of	of	ADP
cjfa-33340	53	6	herding	herd	VERB
cjfa-33340	53	7	behaviour	behaviour	NOUN
cjfa-33340	53	8	in	in	ADP
cjfa-33340	53	9	both	both	CCONJ
cjfa-33340	53	10	the	the	DET
cjfa-33340	53	11	us	us	PROPN
cjfa-33340	53	12	and	and	CCONJ
cjfa-33340	53	13	the	the	DET
cjfa-33340	53	14	south	south	ADJ
cjfa-33340	53	15	korean	korean	ADJ
cjfa-33340	53	16	markets	market	NOUN
cjfa-33340	53	17	in	in	ADP
cjfa-33340	53	18	the	the	DET
cjfa-33340	53	19	normal	normal	ADJ
cjfa-33340	53	20	market	market	NOUN
cjfa-33340	53	21	conditions	condition	NOUN
cjfa-33340	53	22	rather	rather	ADV
cjfa-33340	53	23	than	than	ADP
cjfa-33340	53	24	the	the	DET
cjfa-33340	53	25	market	market	NOUN
cjfa-33340	53	26	stress	stress	NOUN
cjfa-33340	53	27	and	and	CCONJ
cjfa-33340	53	28	also	also	ADV
cjfa-33340	53	29	they	they	PRON
cjfa-33340	53	30	observed	observe	VERB
cjfa-33340	53	31	the	the	DET
cjfa-33340	53	32	presence	presence	NOUN
cjfa-33340	53	33	of	of	ADP
cjfa-33340	53	34	herding	herd	VERB
cjfa-33340	53	35	behaviour	behaviour	NOUN
cjfa-33340	53	36	in	in	ADP
cjfa-33340	53	37	both	both	DET
cjfa-33340	53	38	tow	tow	NOUN
cjfa-33340	53	39	markets	market	NOUN
cjfa-33340	53	40	shortly	shortly	ADV
cjfa-33340	53	41	before	before	ADP
cjfa-33340	53	42	the	the	DET
cjfa-33340	53	43	asian	asian	ADJ
cjfa-33340	53	44	financial	financial	ADJ
cjfa-33340	53	45	crisis	crisis	NOUN
cjfa-33340	53	46	.	.	PUNCT
cjfa-33340	54	1	ouarda	ouarda	PROPN
cjfa-33340	54	2	,	,	PUNCT
cjfa-33340	54	3	el	el	PROPN
cjfa-33340	54	4	bouri	bouri	PROPN
cjfa-33340	54	5	and	and	CCONJ
cjfa-33340	54	6	bernard	bernard	PROPN
cjfa-33340	54	7	(	(	PUNCT
cjfa-33340	54	8	2012	2012	NUM
cjfa-33340	54	9	)	)	PUNCT
cjfa-33340	54	10	examined	examine	VERB
cjfa-33340	54	11	herding	herding	NOUN
cjfa-33340	54	12	behaviour	behaviour	NOUN
cjfa-33340	54	13	of	of	ADP
cjfa-33340	54	14	a	a	DET
cjfa-33340	54	15	sample	sample	NOUN
cjfa-33340	54	16	of	of	ADP
cjfa-33340	54	17	174	174	NUM
cjfa-33340	54	18	stocks	stock	NOUN
cjfa-33340	54	19	included	include	VERB
cjfa-33340	54	20	in	in	ADP
cjfa-33340	54	21	the	the	DET
cjfa-33340	54	22	stoxx	stoxx	PROPN
cjfa-33340	54	23	europe	europe	PROPN
cjfa-33340	54	24	600	600	NUM
cjfa-33340	54	25	index	index	NOUN
cjfa-33340	54	26	from	from	ADP
cjfa-33340	54	27	january	january	PROPN
cjfa-33340	54	28	1998	1998	NUM
cjfa-33340	54	29	to	to	ADP
cjfa-33340	54	30	december	december	PROPN
cjfa-33340	54	31	2010	2010	NUM
cjfa-33340	54	32	.	.	PUNCT
cjfa-33340	55	1	they	they	PRON
cjfa-33340	55	2	used	use	VERB
cjfa-33340	55	3	the	the	DET
cjfa-33340	55	4	chang	chang	PROPN
cjfa-33340	55	5	et	et	PROPN
cjfa-33340	55	6	al	al	PROPN
cjfa-33340	55	7	.	.	PROPN
cjfa-33340	56	1	(	(	PUNCT
cjfa-33340	56	2	2000	2000	NUM
cjfa-33340	56	3	)	)	PUNCT
cjfa-33340	56	4	method	method	NOUN
cjfa-33340	56	5	to	to	PART
cjfa-33340	56	6	measure	measure	VERB
cjfa-33340	56	7	herding	herding	NOUN
cjfa-33340	56	8	behaviour	behaviour	NOUN
cjfa-33340	56	9	.	.	PUNCT
cjfa-33340	57	1	they	they	PRON
cjfa-33340	57	2	observed	observe	VERB
cjfa-33340	57	3	the	the	DET
cjfa-33340	57	4	presence	presence	NOUN
cjfa-33340	57	5	of	of	ADP
cjfa-33340	57	6	herding	herding	NOUN
cjfa-33340	57	7	behaviour	behaviour	NOUN
cjfa-33340	57	8	,	,	PUNCT
cjfa-33340	57	9	especially	especially	ADV
cjfa-33340	57	10	during	during	ADP
cjfa-33340	57	11	crises	crisis	NOUN
cjfa-33340	57	12	,	,	PUNCT
cjfa-33340	57	13	where	where	SCONJ
cjfa-33340	57	14	the	the	DET
cjfa-33340	57	15	herding	herding	NOUN
cjfa-33340	57	16	behaviour	behaviour	NOUN
cjfa-33340	57	17	appeared	appear	VERB
cjfa-33340	57	18	strongly	strongly	ADV
cjfa-33340	57	19	during	during	ADP
cjfa-33340	57	20	the	the	DET
cjfa-33340	57	21	financial	financial	ADJ
cjfa-33340	57	22	crisis	crisis	NOUN
cjfa-33340	57	23	from	from	ADP
cjfa-33340	57	24	2007	2007	NUM
cjfa-33340	57	25	to	to	ADP
cjfa-33340	57	26	2008	2008	NUM
cjfa-33340	57	27	.	.	PUNCT
cjfa-33340	58	1	demir	demir	PROPN
cjfa-33340	58	2	,	,	PUNCT
cjfa-33340	58	3	mahmud	mahmud	PROPN
cjfa-33340	58	4	and	and	CCONJ
cjfa-33340	58	5	solakoglu	solakoglu	PROPN
cjfa-33340	58	6	(	(	PUNCT
cjfa-33340	58	7	2014	2014	NUM
cjfa-33340	58	8	)	)	PUNCT
cjfa-33340	58	9	investigated	investigate	VERB
cjfa-33340	58	10	the	the	DET
cjfa-33340	58	11	presence	presence	NOUN
cjfa-33340	58	12	of	of	ADP
cjfa-33340	58	13	herding	herd	VERB
cjfa-33340	58	14	behaviour	behaviour	NOUN
cjfa-33340	58	15	in	in	ADP
cjfa-33340	58	16	the	the	DET
cjfa-33340	58	17	istanbul	istanbul	PROPN
cjfa-33340	58	18	stock	stock	PROPN
cjfa-33340	58	19	exchange	exchange	PROPN
cjfa-33340	58	20	from	from	ADP
cjfa-33340	58	21	january	january	PROPN
cjfa-33340	58	22	2000	2000	NUM
cjfa-33340	58	23	to	to	ADP
cjfa-33340	58	24	october	october	PROPN
cjfa-33340	58	25	2011	2011	NUM
cjfa-33340	58	26	.	.	PUNCT
cjfa-33340	59	1	they	they	PRON
cjfa-33340	59	2	used	use	VERB
cjfa-33340	59	3	daily	daily	ADJ
cjfa-33340	59	4	stock	stock	NOUN
cjfa-33340	59	5	prices	price	NOUN
cjfa-33340	59	6	of	of	ADP
cjfa-33340	59	7	the	the	DET
cjfa-33340	59	8	stock	stock	NOUN
cjfa-33340	59	9	listed	list	VERB
cjfa-33340	59	10	in	in	ADP
cjfa-33340	59	11	the	the	DET
cjfa-33340	59	12	index	index	NOUN
cjfa-33340	59	13	bist-100	bist-100	NOUN
cjfa-33340	59	14	.	.	PUNCT
cjfa-33340	60	1	the	the	DET
cjfa-33340	60	2	study	study	NOUN
cjfa-33340	60	3	followed	follow	VERB
cjfa-33340	60	4	hwang	hwang	PROPN
cjfa-33340	60	5	and	and	CCONJ
cjfa-33340	60	6	salmon	salmon	NOUN
cjfa-33340	60	7	(	(	PUNCT
cjfa-33340	60	8	2004	2004	NUM
cjfa-33340	60	9	)	)	PUNCT
cjfa-33340	60	10	method	method	NOUN
cjfa-33340	60	11	to	to	PART
cjfa-33340	60	12	test	test	VERB
cjfa-33340	60	13	herding	herding	NOUN
cjfa-33340	60	14	behaviour	behaviour	NOUN
cjfa-33340	60	15	.	.	PUNCT
cjfa-33340	61	1	they	they	PRON
cjfa-33340	61	2	observed	observe	VERB
cjfa-33340	61	3	the	the	DET
cjfa-33340	61	4	presence	presence	NOUN
cjfa-33340	61	5	of	of	ADP
cjfa-33340	61	6	herding	herd	VERB
cjfa-33340	61	7	behaviour	behaviour	NOUN
cjfa-33340	61	8	in	in	ADP
cjfa-33340	61	9	the	the	DET
cjfa-33340	61	10	istanbul	istanbul	PROPN
cjfa-33340	61	11	stock	stock	PROPN
cjfa-33340	61	12	exchange	exchange	PROPN
cjfa-33340	61	13	;	;	PUNCT
cjfa-33340	61	14	the	the	DET
cjfa-33340	61	15	study	study	NOUN
cjfa-33340	61	16	attributed	attribute	VERB
cjfa-33340	61	17	this	this	DET
cjfa-33340	61	18	behaviour	behaviour	NOUN
cjfa-33340	61	19	to	to	ADP
cjfa-33340	61	20	the	the	DET
cjfa-33340	61	21	emotion	emotion	NOUN
cjfa-33340	61	22	and	and	CCONJ
cjfa-33340	61	23	feelings	feeling	NOUN
cjfa-33340	61	24	of	of	ADP
cjfa-33340	61	25	investors	investor	NOUN
cjfa-33340	61	26	and	and	CCONJ
cjfa-33340	61	27	not	not	PART
cjfa-33340	61	28	due	due	ADP
cjfa-33340	61	29	to	to	ADP
cjfa-33340	61	30	market	market	NOUN
cjfa-33340	61	31	conditions	condition	NOUN
cjfa-33340	61	32	such	such	ADJ
cjfa-33340	61	33	as	as	ADP
cjfa-33340	61	34	fluctuations	fluctuation	NOUN
cjfa-33340	61	35	in	in	ADP
cjfa-33340	61	36	stock	stock	NOUN
cjfa-33340	61	37	returns	return	NOUN
cjfa-33340	61	38	and	and	CCONJ
cjfa-33340	61	39	market	market	NOUN
cjfa-33340	61	40	returns	return	NOUN
cjfa-33340	61	41	.	.	PUNCT
cjfa-33340	62	1	elkhaldi	elkhaldi	NOUN
cjfa-33340	62	2	and	and	CCONJ
cjfa-33340	62	3	benabdelfatteh	benabdelfatteh	NOUN
cjfa-33340	62	4	(	(	PUNCT
cjfa-33340	62	5	2014	2014	NUM
cjfa-33340	62	6	)	)	PUNCT
cjfa-33340	62	7	investigated	investigate	VERB
cjfa-33340	62	8	the	the	DET
cjfa-33340	62	9	presence	presence	NOUN
cjfa-33340	62	10	of	of	ADP
cjfa-33340	62	11	herding	herd	VERB
cjfa-33340	62	12	behaviour	behaviour	NOUN
cjfa-33340	62	13	in	in	ADP
cjfa-33340	62	14	the	the	DET
cjfa-33340	62	15	tunisian	tunisian	ADJ
cjfa-33340	62	16	stock	stock	NOUN
cjfa-33340	62	17	market	market	NOUN
cjfa-33340	62	18	using	use	VERB
cjfa-33340	62	19	daily	daily	ADJ
cjfa-33340	62	20	data	datum	NOUN
cjfa-33340	62	21	for	for	ADP
cjfa-33340	62	22	a	a	DET
cjfa-33340	62	23	sample	sample	NOUN
cjfa-33340	62	24	of	of	ADP
cjfa-33340	62	25	10	10	NUM
cjfa-33340	62	26	stocks	stock	NOUN
cjfa-33340	62	27	from	from	ADP
cjfa-33340	62	28	june	june	PROPN
cjfa-33340	62	29	3	3	NUM
cjfa-33340	62	30	,	,	PUNCT
cjfa-33340	62	31	2002	2002	NUM
cjfa-33340	62	32	,	,	PUNCT
cjfa-33340	62	33	to	to	ADP
cjfa-33340	62	34	may	may	PROPN
cjfa-33340	62	35	31	31	NUM
cjfa-33340	62	36	,	,	PUNCT
cjfa-33340	62	37	2013	2013	NUM
cjfa-33340	62	38	.	.	PUNCT
cjfa-33340	63	1	they	they	PRON
cjfa-33340	63	2	used	use	VERB
cjfa-33340	63	3	hwang	hwang	PROPN
cjfa-33340	63	4	and	and	CCONJ
cjfa-33340	63	5	salmon	salmon	PROPN
cjfa-33340	63	6	(	(	PUNCT
cjfa-33340	63	7	2004	2004	NUM
cjfa-33340	63	8	)	)	PUNCT
cjfa-33340	63	9	model	model	NOUN
cjfa-33340	63	10	to	to	PART
cjfa-33340	63	11	measure	measure	VERB
cjfa-33340	63	12	herding	herding	NOUN
cjfa-33340	63	13	behaviour	behaviour	NOUN
cjfa-33340	63	14	.	.	PUNCT
cjfa-33340	64	1	they	they	PRON
cjfa-33340	64	2	found	find	VERB
cjfa-33340	64	3	evidence	evidence	NOUN
cjfa-33340	64	4	of	of	ADP
cjfa-33340	64	5	the	the	DET
cjfa-33340	64	6	herding	herding	NOUN
cjfa-33340	64	7	behaviour	behaviour	NOUN
cjfa-33340	64	8	in	in	ADP
cjfa-33340	64	9	the	the	DET
cjfa-33340	64	10	tunisian	tunisian	ADJ
cjfa-33340	64	11	stock	stock	NOUN
cjfa-33340	64	12	market	market	NOUN
cjfa-33340	64	13	and	and	CCONJ
cjfa-33340	64	14	they	they	PRON
cjfa-33340	64	15	concluded	conclude	VERB
cjfa-33340	64	16	that	that	SCONJ
cjfa-33340	64	17	investors	investor	NOUN
cjfa-33340	64	18	ignore	ignore	VERB
cjfa-33340	64	19	their	their	PRON
cjfa-33340	64	20	information	information	NOUN
cjfa-33340	64	21	and	and	CCONJ
cjfa-33340	64	22	make	make	VERB
cjfa-33340	64	23	their	their	PRON
cjfa-33340	64	24	investment	investment	NOUN
cjfa-33340	64	25	decisions	decision	NOUN
cjfa-33340	64	26	according	accord	VERB
cjfa-33340	64	27	to	to	ADP
cjfa-33340	64	28	general	general	ADJ
cjfa-33340	64	29	market	market	NOUN
cjfa-33340	64	30	tendency	tendency	NOUN
cjfa-33340	64	31	.	.	PUNCT
cjfa-33340	65	1	javaira	javaira	PROPN
cjfa-33340	65	2	and	and	CCONJ
cjfa-33340	65	3	hassan	hassan	PROPN
cjfa-33340	65	4	(	(	PUNCT
cjfa-33340	65	5	2015	2015	NUM
cjfa-33340	65	6	)	)	PUNCT
cjfa-33340	65	7	investigated	investigate	VERB
cjfa-33340	65	8	the	the	DET
cjfa-33340	65	9	presence	presence	NOUN
cjfa-33340	65	10	of	of	ADP
cjfa-33340	65	11	herding	herd	VERB
cjfa-33340	65	12	behaviour	behaviour	NOUN
cjfa-33340	65	13	in	in	ADP
cjfa-33340	65	14	the	the	DET
cjfa-33340	65	15	pakistani	pakistani	ADJ
cjfa-33340	65	16	stock	stock	NOUN
cjfa-33340	65	17	market	market	NOUN
cjfa-33340	65	18	using	use	VERB
cjfa-33340	65	19	daily	daily	ADJ
cjfa-33340	65	20	and	and	CCONJ
cjfa-33340	65	21	monthly	monthly	ADJ
cjfa-33340	65	22	closing	closing	NOUN
cjfa-33340	65	23	prices	price	NOUN
cjfa-33340	65	24	of	of	ADP
cjfa-33340	65	25	the	the	DET
cjfa-33340	65	26	kse-	kse-	NOUN
cjfa-33340	65	27	 	 	SPACE
cjfa-33340	65	28	100	100	NUM
cjfa-33340	65	29	index	index	NOUN
cjfa-33340	65	30	form	form	NOUN
cjfa-33340	65	31	2002	2002	NUM
cjfa-33340	65	32	to	to	ADP
cjfa-33340	65	33	2007	2007	NUM
cjfa-33340	65	34	.	.	PUNCT
cjfa-33340	66	1	they	they	PRON
cjfa-33340	66	2	used	use	VERB
cjfa-33340	66	3	christie	christie	PROPN
cjfa-33340	66	4	and	and	CCONJ
cjfa-33340	66	5	huang	huang	PROPN
cjfa-33340	66	6	(	(	PUNCT
cjfa-33340	66	7	1995	1995	NUM
cjfa-33340	66	8	)	)	PUNCT
cjfa-33340	66	9	and	and	CCONJ
cjfa-33340	66	10	chang	chang	PROPN
cjfa-33340	66	11	et	et	PROPN
cjfa-33340	66	12	al	al	PROPN
cjfa-33340	66	13	.	.	PROPN
cjfa-33340	67	1	(	(	PUNCT
cjfa-33340	67	2	2000	2000	NUM
cjfa-33340	67	3	)	)	PUNCT
cjfa-33340	67	4	method	method	NOUN
cjfa-33340	67	5	to	to	PART
cjfa-33340	67	6	measure	measure	VERB
cjfa-33340	67	7	herding	herding	NOUN
cjfa-33340	67	8	behaviour	behaviour	NOUN
cjfa-33340	67	9	.	.	PUNCT
cjfa-33340	68	1	they	they	PRON
cjfa-33340	68	2	found	find	VERB
cjfa-33340	68	3	the	the	DET
cjfa-33340	68	4	absence	absence	NOUN
cjfa-33340	68	5	of	of	ADP
cjfa-33340	68	6	herding	herd	VERB
cjfa-33340	68	7	behaviour	behaviour	NOUN
cjfa-33340	68	8	in	in	ADP
cjfa-33340	68	9	the	the	DET
cjfa-33340	68	10	pakistani	pakistani	ADJ
cjfa-33340	68	11	stock	stock	NOUN
cjfa-33340	68	12	market	market	NOUN
cjfa-33340	68	13	because	because	SCONJ
cjfa-33340	68	14	of	of	ADP
cjfa-33340	68	15	the	the	DET
cjfa-33340	68	16	asymmetry	asymmetry	NOUN
cjfa-33340	68	17	in	in	ADP
cjfa-33340	68	18	market	market	NOUN
cjfa-33340	68	19	returns	return	NOUN
cjfa-33340	68	20	.	.	PUNCT
cjfa-33340	69	1	lee	lee	PROPN
cjfa-33340	69	2	,	,	PUNCT
cjfa-33340	69	3	liao	liao	PROPN
cjfa-33340	69	4	and	and	CCONJ
cjfa-33340	69	5	hsu	hsu	PROPN
cjfa-33340	69	6	(	(	PUNCT
cjfa-33340	69	7	2015	2015	NUM
cjfa-33340	69	8	)	)	PUNCT
cjfa-33340	69	9	examined	examine	VERB
cjfa-33340	69	10	the	the	DET
cjfa-33340	69	11	herding	herd	VERB
cjfa-33340	69	12	behaviour	behaviour	NOUN
cjfa-33340	69	13	in	in	ADP
cjfa-33340	69	14	the	the	DET
cjfa-33340	69	15	taiwan	taiwan	PROPN
cjfa-33340	69	16	stock	stock	NOUN
cjfa-33340	69	17	market	market	NOUN
cjfa-33340	69	18	from	from	ADP
cjfa-33340	69	19	january	january	PROPN
cjfa-33340	69	20	4	4	NUM
cjfa-33340	69	21	,	,	PUNCT
cjfa-33340	69	22	2000	2000	NUM
cjfa-33340	69	23	,	,	PUNCT
cjfa-33340	69	24	to	to	ADP
cjfa-33340	69	25	december	december	PROPN
cjfa-33340	69	26	28	28	NUM
cjfa-33340	69	27	,	,	PUNCT
cjfa-33340	69	28	2012	2012	NUM
cjfa-33340	69	29	.	.	PUNCT
cjfa-33340	70	1	they	they	PRON
cjfa-33340	70	2	used	use	VERB
cjfa-33340	70	3	christie	christie	PROPN
cjfa-33340	70	4	sentimental	sentimental	ADJ
cjfa-33340	70	5	herding	herding	NOUN
cjfa-33340	70	6	:	:	PUNCT
cjfa-33340	70	7	the	the	DET
cjfa-33340	70	8	role	role	NOUN
cjfa-33340	70	9	of	of	ADP
cjfa-33340	70	10	covid-19	covid-19	PROPN
cjfa-33340	70	11	crisis	crisis	NOUN
cjfa-33340	70	12	…	…	PUNCT
cjfa-33340	70	13	13	13	NUM
cjfa-33340	70	14	and	and	CCONJ
cjfa-33340	70	15	huang	huang	PROPN
cjfa-33340	70	16	(	(	PUNCT
cjfa-33340	70	17	1995	1995	NUM
cjfa-33340	70	18	)	)	PUNCT
cjfa-33340	70	19	and	and	CCONJ
cjfa-33340	70	20	chang	chang	PROPN
cjfa-33340	70	21	et	et	PROPN
cjfa-33340	70	22	al	al	PROPN
cjfa-33340	70	23	.	.	PROPN
cjfa-33340	71	1	(	(	PUNCT
cjfa-33340	71	2	2000	2000	NUM
cjfa-33340	71	3	)	)	PUNCT
cjfa-33340	71	4	method	method	NOUN
cjfa-33340	71	5	to	to	PART
cjfa-33340	71	6	measure	measure	VERB
cjfa-33340	71	7	herding	herding	NOUN
cjfa-33340	71	8	behaviour	behaviour	NOUN
cjfa-33340	71	9	.	.	PUNCT
cjfa-33340	72	1	they	they	PRON
cjfa-33340	72	2	concluded	conclude	VERB
cjfa-33340	72	3	that	that	SCONJ
cjfa-33340	72	4	herding	herd	VERB
cjfa-33340	72	5	behaviour	behaviour	NOUN
cjfa-33340	72	6	increases	increase	NOUN
cjfa-33340	72	7	in	in	ADP
cjfa-33340	72	8	the	the	DET
cjfa-33340	72	9	case	case	NOUN
cjfa-33340	72	10	of	of	ADP
cjfa-33340	72	11	extreme	extreme	ADJ
cjfa-33340	72	12	fluctuations	fluctuation	NOUN
cjfa-33340	72	13	in	in	ADP
cjfa-33340	72	14	the	the	DET
cjfa-33340	72	15	market	market	NOUN
cjfa-33340	72	16	index	index	NOUN
cjfa-33340	72	17	,	,	PUNCT
cjfa-33340	72	18	as	as	SCONJ
cjfa-33340	72	19	large	large	ADJ
cjfa-33340	72	20	fluctuations	fluctuation	NOUN
cjfa-33340	72	21	in	in	ADP
cjfa-33340	72	22	market	market	NOUN
cjfa-33340	72	23	return	return	NOUN
cjfa-33340	72	24	mean	mean	VERB
cjfa-33340	72	25	that	that	SCONJ
cjfa-33340	72	26	investors	investor	NOUN
cjfa-33340	72	27	feel	feel	VERB
cjfa-33340	72	28	panic	panic	NOUN
cjfa-33340	72	29	and	and	CCONJ
cjfa-33340	72	30	this	this	PRON
cjfa-33340	72	31	may	may	AUX
cjfa-33340	72	32	force	force	VERB
cjfa-33340	72	33	them	they	PRON
cjfa-33340	72	34	to	to	PART
cjfa-33340	72	35	choose	choose	VERB
cjfa-33340	72	36	to	to	PART
cjfa-33340	72	37	imitate	imitate	VERB
cjfa-33340	72	38	others	other	NOUN
cjfa-33340	72	39	who	who	PRON
cjfa-33340	72	40	have	have	VERB
cjfa-33340	72	41	more	more	ADJ
cjfa-33340	72	42	information	information	NOUN
cjfa-33340	72	43	.	.	PUNCT
cjfa-33340	73	1	özsu	özsu	NOUN
cjfa-33340	73	2	(	(	PUNCT
cjfa-33340	73	3	2015	2015	NUM
cjfa-33340	73	4	)	)	PUNCT
cjfa-33340	73	5	examined	examine	VERB
cjfa-33340	73	6	the	the	DET
cjfa-33340	73	7	herding	herd	VERB
cjfa-33340	73	8	behaviour	behaviour	NOUN
cjfa-33340	73	9	in	in	ADP
cjfa-33340	73	10	the	the	DET
cjfa-33340	73	11	istanbul	istanbul	PROPN
cjfa-33340	73	12	stock	stock	NOUN
cjfa-33340	73	13	market	market	NOUN
cjfa-33340	73	14	from	from	ADP
cjfa-33340	73	15	january	january	PROPN
cjfa-33340	73	16	14	14	NUM
cjfa-33340	73	17	,	,	PUNCT
cjfa-33340	73	18	1988	1988	NUM
cjfa-33340	73	19	,	,	PUNCT
cjfa-33340	73	20	to	to	ADP
cjfa-33340	73	21	december	december	PROPN
cjfa-33340	73	22	31	31	NUM
cjfa-33340	73	23	,	,	PUNCT
cjfa-33340	73	24	2014	2014	NUM
cjfa-33340	73	25	.	.	PUNCT
cjfa-33340	74	1	they	they	PRON
cjfa-33340	74	2	used	use	VERB
cjfa-33340	74	3	christie	christie	PROPN
cjfa-33340	74	4	and	and	CCONJ
cjfa-33340	74	5	huang	huang	PROPN
cjfa-33340	74	6	(	(	PUNCT
cjfa-33340	74	7	1995	1995	NUM
cjfa-33340	74	8	)	)	PUNCT
cjfa-33340	74	9	and	and	CCONJ
cjfa-33340	74	10	hwang	hwang	PROPN
cjfa-33340	74	11	and	and	CCONJ
cjfa-33340	74	12	salmon	salmon	NOUN
cjfa-33340	74	13	(	(	PUNCT
cjfa-33340	74	14	2004	2004	NUM
cjfa-33340	74	15	)	)	PUNCT
cjfa-33340	74	16	method	method	NOUN
cjfa-33340	74	17	to	to	PART
cjfa-33340	74	18	measure	measure	VERB
cjfa-33340	74	19	herding	herding	NOUN
cjfa-33340	74	20	behaviour	behaviour	NOUN
cjfa-33340	74	21	.	.	PUNCT
cjfa-33340	75	1	he	he	PRON
cjfa-33340	75	2	concluded	conclude	VERB
cjfa-33340	75	3	that	that	SCONJ
cjfa-33340	75	4	herding	herd	VERB
cjfa-33340	75	5	behaviour	behaviour	NOUN
cjfa-33340	75	6	under	under	ADP
cjfa-33340	75	7	normal	normal	ADJ
cjfa-33340	75	8	market	market	NOUN
cjfa-33340	75	9	conditions	condition	NOUN
cjfa-33340	75	10	more	more	ADJ
cjfa-33340	75	11	than	than	ADP
cjfa-33340	75	12	turbulent	turbulent	ADJ
cjfa-33340	75	13	market	market	NOUN
cjfa-33340	75	14	conditions	condition	NOUN
cjfa-33340	75	15	.	.	PUNCT
cjfa-33340	76	1	angela	angela	PROPN
cjfa-33340	76	2	-	-	PUNCT
cjfa-33340	76	3	maria	maria	PROPN
cjfa-33340	76	4	,	,	PUNCT
cjfa-33340	76	5	pece	pece	PROPN
cjfa-33340	76	6	and	and	CCONJ
cjfa-33340	76	7	pochea	pochea	PROPN
cjfa-33340	76	8	(	(	PUNCT
cjfa-33340	76	9	2015	2015	NUM
cjfa-33340	76	10	)	)	PUNCT
cjfa-33340	76	11	examined	examine	VERB
cjfa-33340	76	12	the	the	DET
cjfa-33340	76	13	impact	impact	NOUN
cjfa-33340	76	14	of	of	ADP
cjfa-33340	76	15	the	the	DET
cjfa-33340	76	16	global	global	ADJ
cjfa-33340	76	17	financial	financial	ADJ
cjfa-33340	76	18	crisis	crisis	NOUN
cjfa-33340	76	19	on	on	ADP
cjfa-33340	76	20	herding	herd	VERB
cjfa-33340	76	21	behaviour	behaviour	NOUN
cjfa-33340	76	22	in	in	ADP
cjfa-33340	76	23	10	10	NUM
cjfa-33340	76	24	countries	country	NOUN
cjfa-33340	76	25	in	in	ADP
cjfa-33340	76	26	cee	cee	PROPN
cjfa-33340	76	27	stock	stock	NOUN
cjfa-33340	76	28	markets	market	NOUN
cjfa-33340	76	29	(	(	PUNCT
cjfa-33340	76	30	central	central	ADJ
cjfa-33340	76	31	and	and	CCONJ
cjfa-33340	76	32	eastern	eastern	ADJ
cjfa-33340	76	33	europe	europe	PROPN
cjfa-33340	76	34	)	)	PUNCT
cjfa-33340	76	35	.	.	PUNCT
cjfa-33340	77	1	the	the	DET
cjfa-33340	77	2	study	study	NOUN
cjfa-33340	77	3	used	use	VERB
cjfa-33340	77	4	daily	daily	ADJ
cjfa-33340	77	5	data	datum	NOUN
cjfa-33340	77	6	for	for	ADP
cjfa-33340	77	7	384	384	NUM
cjfa-33340	77	8	firms	firm	NOUN
cjfa-33340	77	9	from	from	ADP
cjfa-33340	77	10	january	january	PROPN
cjfa-33340	77	11	2003	2003	NUM
cjfa-33340	77	12	to	to	ADP
cjfa-33340	77	13	december	december	PROPN
cjfa-33340	77	14	2013	2013	NUM
cjfa-33340	77	15	and	and	CCONJ
cjfa-33340	77	16	used	use	VERB
cjfa-33340	77	17	chang	chang	PROPN
cjfa-33340	77	18	et	et	PROPN
cjfa-33340	77	19	al	al	PROPN
cjfa-33340	77	20	.	.	PROPN
cjfa-33340	78	1	(	(	PUNCT
cjfa-33340	78	2	2000	2000	NUM
cjfa-33340	78	3	)	)	PUNCT
cjfa-33340	78	4	model	model	NOUN
cjfa-33340	78	5	to	to	PART
cjfa-33340	78	6	measure	measure	VERB
cjfa-33340	78	7	herding	herding	NOUN
cjfa-33340	78	8	behaviour	behaviour	NOUN
cjfa-33340	78	9	.	.	PUNCT
cjfa-33340	79	1	they	they	PRON
cjfa-33340	79	2	found	find	VERB
cjfa-33340	79	3	evidence	evidence	NOUN
cjfa-33340	79	4	of	of	ADP
cjfa-33340	79	5	the	the	DET
cjfa-33340	79	6	herding	herding	NOUN
cjfa-33340	79	7	behaviour	behaviour	NOUN
cjfa-33340	79	8	in	in	ADP
cjfa-33340	79	9	4	4	NUM
cjfa-33340	79	10	countries	country	NOUN
cjfa-33340	79	11	in	in	ADP
cjfa-33340	79	12	cee	cee	NOUN
cjfa-33340	79	13	stock	stock	NOUN
cjfa-33340	79	14	markets	market	NOUN
cjfa-33340	79	15	over	over	ADP
cjfa-33340	79	16	the	the	DET
cjfa-33340	79	17	entire	entire	ADJ
cjfa-33340	79	18	period	period	NOUN
cjfa-33340	79	19	.	.	PUNCT
cjfa-33340	80	1	the	the	DET
cjfa-33340	80	2	study	study	NOUN
cjfa-33340	80	3	also	also	ADV
cjfa-33340	80	4	found	find	VERB
cjfa-33340	80	5	evidence	evidence	NOUN
cjfa-33340	80	6	of	of	ADP
cjfa-33340	80	7	the	the	DET
cjfa-33340	80	8	herding	herd	VERB
cjfa-33340	80	9	behaviour	behaviour	NOUN
cjfa-33340	80	10	under	under	ADP
cjfa-33340	80	11	the	the	DET
cjfa-33340	80	12	global	global	ADJ
cjfa-33340	80	13	financial	financial	ADJ
cjfa-33340	80	14	crisis	crisis	NOUN
cjfa-33340	80	15	in	in	ADP
cjfa-33340	80	16	5	5	NUM
cjfa-33340	80	17	countries	country	NOUN
cjfa-33340	80	18	in	in	ADP
cjfa-33340	80	19	cee	cee	PROPN
cjfa-33340	80	20	stock	stock	NOUN
cjfa-33340	80	21	markets	market	NOUN
cjfa-33340	80	22	.	.	PUNCT
cjfa-33340	81	1	vieira	vieira	PROPN
cjfa-33340	81	2	and	and	CCONJ
cjfa-33340	81	3	pereira	pereira	PROPN
cjfa-33340	81	4	(	(	PUNCT
cjfa-33340	81	5	2015	2015	NUM
cjfa-33340	81	6	)	)	PUNCT
cjfa-33340	81	7	examined	examine	VERB
cjfa-33340	81	8	herding	herd	VERB
cjfa-33340	81	9	behaviour	behaviour	NOUN
cjfa-33340	81	10	in	in	ADP
cjfa-33340	81	11	the	the	DET
cjfa-33340	81	12	portuguese	portuguese	ADJ
cjfa-33340	81	13	stock	stock	NOUN
cjfa-33340	81	14	market	market	NOUN
cjfa-33340	81	15	from	from	ADP
cjfa-33340	81	16	january	january	PROPN
cjfa-33340	81	17	2003	2003	NUM
cjfa-33340	81	18	to	to	ADP
cjfa-33340	81	19	december	december	PROPN
cjfa-33340	81	20	2011	2011	NUM
cjfa-33340	81	21	for	for	ADP
cjfa-33340	81	22	a	a	DET
cjfa-33340	81	23	sample	sample	NOUN
cjfa-33340	81	24	of	of	ADP
cjfa-33340	81	25	20	20	NUM
cjfa-33340	81	26	stocks	stock	NOUN
cjfa-33340	81	27	.	.	PUNCT
cjfa-33340	82	1	the	the	DET
cjfa-33340	82	2	study	study	NOUN
cjfa-33340	82	3	followed	follow	VERB
cjfa-33340	82	4	chang	chang	PROPN
cjfa-33340	82	5	et	et	PROPN
cjfa-33340	82	6	al	al	PROPN
cjfa-33340	82	7	.	.	PROPN
cjfa-33340	83	1	(	(	PUNCT
cjfa-33340	83	2	2000	2000	NUM
cjfa-33340	83	3	)	)	PUNCT
cjfa-33340	83	4	and	and	CCONJ
cjfa-33340	83	5	christie	christie	PROPN
cjfa-33340	83	6	and	and	CCONJ
cjfa-33340	83	7	huang	huang	PROPN
cjfa-33340	83	8	(	(	PUNCT
cjfa-33340	83	9	1995	1995	NUM
cjfa-33340	83	10	)	)	PUNCT
cjfa-33340	83	11	method	method	NOUN
cjfa-33340	83	12	to	to	PART
cjfa-33340	83	13	measure	measure	VERB
cjfa-33340	83	14	herding	herding	NOUN
cjfa-33340	83	15	behaviour	behaviour	NOUN
cjfa-33340	83	16	.	.	PUNCT
cjfa-33340	84	1	they	they	PRON
cjfa-33340	84	2	found	find	VERB
cjfa-33340	84	3	the	the	DET
cjfa-33340	84	4	absence	absence	NOUN
cjfa-33340	84	5	of	of	ADP
cjfa-33340	84	6	herding	herd	VERB
cjfa-33340	84	7	behaviour	behaviour	NOUN
cjfa-33340	84	8	in	in	ADP
cjfa-33340	84	9	the	the	DET
cjfa-33340	84	10	portuguese	portuguese	ADJ
cjfa-33340	84	11	stock	stock	NOUN
cjfa-33340	84	12	market	market	NOUN
cjfa-33340	84	13	,	,	PUNCT
cjfa-33340	84	14	which	which	PRON
cjfa-33340	84	15	suggests	suggest	VERB
cjfa-33340	84	16	some	some	DET
cjfa-33340	84	17	evidence	evidence	NOUN
cjfa-33340	84	18	of	of	ADP
cjfa-33340	84	19	the	the	DET
cjfa-33340	84	20	efficiency	efficiency	NOUN
cjfa-33340	84	21	hypothesis	hypothesis	NOUN
cjfa-33340	84	22	of	of	ADP
cjfa-33340	84	23	the	the	DET
cjfa-33340	84	24	portuguese	portuguese	ADJ
cjfa-33340	84	25	market	market	NOUN
cjfa-33340	84	26	.	.	PUNCT
cjfa-33340	85	1	güvercin	güvercin	NOUN
cjfa-33340	85	2	(	(	PUNCT
cjfa-33340	85	3	2016	2016	NUM
cjfa-33340	85	4	)	)	PUNCT
cjfa-33340	85	5	examined	examine	VERB
cjfa-33340	85	6	the	the	DET
cjfa-33340	85	7	impact	impact	NOUN
cjfa-33340	85	8	of	of	ADP
cjfa-33340	85	9	regional	regional	ADJ
cjfa-33340	85	10	and	and	CCONJ
cjfa-33340	85	11	global	global	ADJ
cjfa-33340	85	12	crisis	crisis	NOUN
cjfa-33340	85	13	like	like	ADP
cjfa-33340	85	14	(	(	PUNCT
cjfa-33340	85	15	the	the	DET
cjfa-33340	85	16	global	global	ADJ
cjfa-33340	85	17	financial	financial	ADJ
cjfa-33340	85	18	crisis	crisis	NOUN
cjfa-33340	85	19	,	,	PUNCT
cjfa-33340	85	20	the	the	DET
cjfa-33340	85	21	egyptian	egyptian	ADJ
cjfa-33340	85	22	political	political	ADJ
cjfa-33340	85	23	fluctuations	fluctuation	NOUN
cjfa-33340	85	24	on	on	ADP
cjfa-33340	85	25	july	july	PROPN
cjfa-33340	85	26	3	3	NUM
cjfa-33340	85	27	,	,	PUNCT
cjfa-33340	85	28	2013	2013	NUM
cjfa-33340	85	29	,	,	PUNCT
cjfa-33340	85	30	oil	oil	NOUN
cjfa-33340	85	31	price	price	NOUN
cjfa-33340	85	32	fluctuations	fluctuation	NOUN
cjfa-33340	85	33	and	and	CCONJ
cjfa-33340	85	34	the	the	DET
cjfa-33340	85	35	syrian	syrian	ADJ
cjfa-33340	85	36	conflict	conflict	NOUN
cjfa-33340	85	37	)	)	PUNCT
cjfa-33340	85	38	on	on	ADP
cjfa-33340	85	39	the	the	DET
cjfa-33340	85	40	herding	herd	VERB
cjfa-33340	85	41	behaviour	behaviour	NOUN
cjfa-33340	85	42	in	in	ADP
cjfa-33340	85	43	the	the	DET
cjfa-33340	85	44	egyptian	egyptian	ADJ
cjfa-33340	85	45	and	and	CCONJ
cjfa-33340	85	46	saudi	saudi	ADJ
cjfa-33340	85	47	stock	stock	NOUN
cjfa-33340	85	48	exchange	exchange	NOUN
cjfa-33340	85	49	.	.	PUNCT
cjfa-33340	86	1	he	he	PRON
cjfa-33340	86	2	found	find	VERB
cjfa-33340	86	3	that	that	SCONJ
cjfa-33340	86	4	herd	herd	NOUN
cjfa-33340	86	5	behaviour	behaviour	NOUN
cjfa-33340	86	6	only	only	ADV
cjfa-33340	86	7	exists	exist	VERB
cjfa-33340	86	8	in	in	ADP
cjfa-33340	86	9	the	the	DET
cjfa-33340	86	10	egyptian	egyptian	ADJ
cjfa-33340	86	11	stock	stock	NOUN
cjfa-33340	86	12	market	market	NOUN
cjfa-33340	86	13	.	.	PUNCT
cjfa-33340	87	1	the	the	DET
cjfa-33340	87	2	study	study	NOUN
cjfa-33340	87	3	also	also	ADV
cjfa-33340	87	4	showed	show	VERB
cjfa-33340	87	5	that	that	SCONJ
cjfa-33340	87	6	the	the	DET
cjfa-33340	87	7	global	global	ADJ
cjfa-33340	87	8	financial	financial	ADJ
cjfa-33340	87	9	crisis	crisis	NOUN
cjfa-33340	87	10	and	and	CCONJ
cjfa-33340	87	11	the	the	DET
cjfa-33340	87	12	egyptian	egyptian	ADJ
cjfa-33340	87	13	political	political	ADJ
cjfa-33340	87	14	fluctuations	fluctuation	NOUN
cjfa-33340	87	15	on	on	ADP
cjfa-33340	87	16	july	july	PROPN
cjfa-33340	87	17	3	3	NUM
cjfa-33340	87	18	,	,	PUNCT
cjfa-33340	87	19	2013	2013	NUM
cjfa-33340	87	20	,	,	PUNCT
cjfa-33340	87	21	had	have	VERB
cjfa-33340	87	22	a	a	DET
cjfa-33340	87	23	significant	significant	ADJ
cjfa-33340	87	24	effect	effect	NOUN
cjfa-33340	87	25	on	on	ADP
cjfa-33340	87	26	herding	herd	VERB
cjfa-33340	87	27	behaviour	behaviour	NOUN
cjfa-33340	87	28	.	.	PUNCT
cjfa-33340	88	1	while	while	SCONJ
cjfa-33340	88	2	oil	oil	NOUN
cjfa-33340	88	3	revenues	revenue	NOUN
cjfa-33340	88	4	,	,	PUNCT
cjfa-33340	88	5	the	the	DET
cjfa-33340	88	6	fluctuations	fluctuation	NOUN
cjfa-33340	88	7	in	in	ADP
cjfa-33340	88	8	oil	oil	NOUN
cjfa-33340	88	9	price	price	NOUN
cjfa-33340	88	10	and	and	CCONJ
cjfa-33340	88	11	also	also	ADV
cjfa-33340	88	12	the	the	DET
cjfa-33340	88	13	syrian	syrian	ADJ
cjfa-33340	88	14	conflict	conflict	NOUN
cjfa-33340	88	15	have	have	VERB
cjfa-33340	88	16	n’t	not	PART
cjfa-33340	88	17	any	any	DET
cjfa-33340	88	18	effect	effect	NOUN
cjfa-33340	88	19	on	on	ADP
cjfa-33340	88	20	herding	herd	VERB
cjfa-33340	88	21	behaviour	behaviour	NOUN
cjfa-33340	88	22	.	.	PUNCT
cjfa-33340	89	1	kabir	kabir	PROPN
cjfa-33340	89	2	and	and	CCONJ
cjfa-33340	89	3	shakur	shakur	PROPN
cjfa-33340	89	4	(	(	PUNCT
cjfa-33340	89	5	2017	2017	NUM
cjfa-33340	89	6	)	)	PUNCT
cjfa-33340	89	7	examined	examine	VERB
cjfa-33340	89	8	herding	herd	VERB
cjfa-33340	89	9	behaviour	behaviour	NOUN
cjfa-33340	89	10	in	in	ADP
cjfa-33340	89	11	8	8	NUM
cjfa-33340	89	12	countries	country	NOUN
cjfa-33340	89	13	from	from	ADP
cjfa-33340	89	14	asia	asia	PROPN
cjfa-33340	89	15	(	(	PUNCT
cjfa-33340	89	16	china	china	PROPN
cjfa-33340	89	17	,	,	PUNCT
cjfa-33340	89	18	hong	hong	PROPN
cjfa-33340	89	19	kong	kong	PROPN
cjfa-33340	89	20	,	,	PUNCT
cjfa-33340	89	21	india	india	PROPN
cjfa-33340	89	22	,	,	PUNCT
cjfa-33340	89	23	korea	korea	PROPN
cjfa-33340	89	24	,	,	PUNCT
cjfa-33340	89	25	malaysia	malaysia	PROPN
cjfa-33340	89	26	,	,	PUNCT
cjfa-33340	89	27	singapore	singapore	PROPN
cjfa-33340	89	28	,	,	PUNCT
cjfa-33340	89	29	taiwan	taiwan	PROPN
cjfa-33340	89	30	and	and	CCONJ
cjfa-33340	89	31	thailand	thailand	PROPN
cjfa-33340	89	32	)	)	PUNCT
cjfa-33340	89	33	,	,	PUNCT
cjfa-33340	89	34	and	and	CCONJ
cjfa-33340	89	35	4	4	NUM
cjfa-33340	89	36	from	from	ADP
cjfa-33340	89	37	latin	latin	PROPN
cjfa-33340	89	38	america	america	PROPN
cjfa-33340	89	39	(	(	PUNCT
cjfa-33340	89	40	argentina	argentina	PROPN
cjfa-33340	89	41	,	,	PUNCT
cjfa-33340	89	42	brazil	brazil	PROPN
cjfa-33340	89	43	,	,	PUNCT
cjfa-33340	89	44	chile	chile	PROPN
cjfa-33340	89	45	,	,	PUNCT
cjfa-33340	89	46	and	and	CCONJ
cjfa-33340	89	47	mexico	mexico	PROPN
cjfa-33340	89	48	)	)	PUNCT
cjfa-33340	89	49	.	.	PUNCT
cjfa-33340	90	1	the	the	DET
cjfa-33340	90	2	study	study	NOUN
cjfa-33340	90	3	used	use	VERB
cjfa-33340	90	4	daily	daily	ADJ
cjfa-33340	90	5	returns	return	NOUN
cjfa-33340	90	6	from	from	ADP
cjfa-33340	90	7	january	january	PROPN
cjfa-33340	90	8	1995	1995	NUM
cjfa-33340	90	9	to	to	ADP
cjfa-33340	90	10	december	december	PROPN
cjfa-33340	90	11	2014	2014	NUM
cjfa-33340	90	12	and	and	CCONJ
cjfa-33340	90	13	used	use	VERB
cjfa-33340	90	14	chang	chang	PROPN
cjfa-33340	90	15	et	et	PROPN
cjfa-33340	90	16	al	al	PROPN
cjfa-33340	90	17	.	.	PROPN
cjfa-33340	91	1	(	(	PUNCT
cjfa-33340	91	2	2000	2000	NUM
cjfa-33340	91	3	)	)	PUNCT
cjfa-33340	91	4	model	model	NOUN
cjfa-33340	91	5	to	to	PART
cjfa-33340	91	6	measure	measure	VERB
cjfa-33340	91	7	herding	herding	NOUN
cjfa-33340	91	8	behaviour	behaviour	NOUN
cjfa-33340	91	9	.	.	PUNCT
cjfa-33340	92	1	they	they	PRON
cjfa-33340	92	2	found	find	VERB
cjfa-33340	92	3	that	that	SCONJ
cjfa-33340	92	4	the	the	DET
cjfa-33340	92	5	herdmostafa	herdmostafa	PROPN
cjfa-33340	92	6	hussein	hussein	PROPN
cjfa-33340	92	7	abd	abd	PROPN
cjfa-33340	92	8	-	-	PUNCT
cjfa-33340	92	9	alla14	alla14	PROPN
cjfa-33340	92	10	ing	ing	ADJ
cjfa-33340	92	11	behaviour	behaviour	NOUN
cjfa-33340	92	12	had	have	VERB
cjfa-33340	92	13	a	a	DET
cjfa-33340	92	14	great	great	ADJ
cjfa-33340	92	15	statistical	statistical	ADJ
cjfa-33340	92	16	significance	significance	NOUN
cjfa-33340	92	17	in	in	ADP
cjfa-33340	92	18	china	china	PROPN
cjfa-33340	92	19	,	,	PUNCT
cjfa-33340	92	20	followed	follow	VERB
cjfa-33340	92	21	by	by	ADP
cjfa-33340	92	22	hong	hong	PROPN
cjfa-33340	92	23	kong	kong	PROPN
cjfa-33340	92	24	,	,	PUNCT
cjfa-33340	92	25	malaysia	malaysia	PROPN
cjfa-33340	92	26	,	,	PUNCT
cjfa-33340	92	27	korea	korea	PROPN
cjfa-33340	92	28	and	and	CCONJ
cjfa-33340	92	29	india	india	PROPN
cjfa-33340	92	30	.	.	PUNCT
cjfa-33340	93	1	the	the	DET
cjfa-33340	93	2	results	result	NOUN
cjfa-33340	93	3	also	also	ADV
cjfa-33340	93	4	showed	show	VERB
cjfa-33340	93	5	the	the	DET
cjfa-33340	93	6	reason	reason	NOUN
cjfa-33340	93	7	that	that	PRON
cjfa-33340	93	8	leads	lead	VERB
cjfa-33340	93	9	to	to	ADP
cjfa-33340	93	10	herd	herd	NOUN
cjfa-33340	93	11	behaviour	behaviour	NOUN
cjfa-33340	93	12	is	be	AUX
cjfa-33340	93	13	the	the	DET
cjfa-33340	93	14	high	high	ADJ
cjfa-33340	93	15	level	level	NOUN
cjfa-33340	93	16	of	of	ADP
cjfa-33340	93	17	volatility	volatility	NOUN
cjfa-33340	93	18	.	.	PUNCT
cjfa-33340	94	1	the	the	DET
cjfa-33340	94	2	study	study	NOUN
cjfa-33340	94	3	also	also	ADV
cjfa-33340	94	4	concluded	conclude	VERB
cjfa-33340	94	5	that	that	SCONJ
cjfa-33340	94	6	investors	investor	NOUN
cjfa-33340	94	7	in	in	ADP
cjfa-33340	94	8	india	india	PROPN
cjfa-33340	94	9	and	and	CCONJ
cjfa-33340	94	10	thailand	thailand	PROPN
cjfa-33340	94	11	follow	follow	PROPN
cjfa-33340	94	12	herding	herd	VERB
cjfa-33340	94	13	behaviour	behaviour	NOUN
cjfa-33340	94	14	not	not	PART
cjfa-33340	94	15	only	only	ADV
cjfa-33340	94	16	in	in	ADP
cjfa-33340	94	17	the	the	DET
cjfa-33340	94	18	high	high	ADJ
cjfa-33340	94	19	level	level	NOUN
cjfa-33340	94	20	of	of	ADP
cjfa-33340	94	21	volatility	volatility	NOUN
cjfa-33340	94	22	but	but	CCONJ
cjfa-33340	94	23	also	also	ADV
cjfa-33340	94	24	in	in	ADP
cjfa-33340	94	25	the	the	DET
cjfa-33340	94	26	low	low	ADJ
cjfa-33340	94	27	level	level	NOUN
cjfa-33340	94	28	of	of	ADP
cjfa-33340	94	29	volatility	volatility	NOUN
cjfa-33340	94	30	.	.	PUNCT
cjfa-33340	95	1	they	they	PRON
cjfa-33340	95	2	also	also	ADV
cjfa-33340	95	3	found	find	VERB
cjfa-33340	95	4	a	a	DET
cjfa-33340	95	5	significant	significant	ADJ
cjfa-33340	95	6	level	level	NOUN
cjfa-33340	95	7	of	of	ADP
cjfa-33340	95	8	herd	herd	NOUN
cjfa-33340	95	9	behaviour	behaviour	NOUN
cjfa-33340	95	10	in	in	ADP
cjfa-33340	95	11	hong	hong	PROPN
cjfa-33340	95	12	kong	kong	PROPN
cjfa-33340	95	13	,	,	PUNCT
cjfa-33340	95	14	taiwan	taiwan	PROPN
cjfa-33340	95	15	,	,	PUNCT
cjfa-33340	95	16	chile	chile	PROPN
cjfa-33340	95	17	and	and	CCONJ
cjfa-33340	95	18	mexico	mexico	PROPN
cjfa-33340	95	19	in	in	ADP
cjfa-33340	95	20	the	the	DET
cjfa-33340	95	21	low	low	ADJ
cjfa-33340	95	22	level	level	NOUN
cjfa-33340	95	23	of	of	ADP
cjfa-33340	95	24	volatility	volatility	NOUN
cjfa-33340	95	25	.	.	PUNCT
cjfa-33340	96	1	litimi	litimi	NOUN
cjfa-33340	96	2	(	(	PUNCT
cjfa-33340	96	3	2017	2017	NUM
cjfa-33340	96	4	)	)	PUNCT
cjfa-33340	96	5	examined	examine	VERB
cjfa-33340	96	6	herding	herd	VERB
cjfa-33340	96	7	behaviour	behaviour	NOUN
cjfa-33340	96	8	for	for	ADP
cjfa-33340	96	9	a	a	DET
cjfa-33340	96	10	sample	sample	NOUN
cjfa-33340	96	11	consisting	consist	VERB
cjfa-33340	96	12	of	of	ADP
cjfa-33340	96	13	232	232	NUM
cjfa-33340	96	14	stocks	stock	NOUN
cjfa-33340	96	15	listed	list	VERB
cjfa-33340	96	16	on	on	ADP
cjfa-33340	96	17	the	the	DET
cjfa-33340	96	18	french	french	ADJ
cjfa-33340	96	19	stock	stock	NOUN
cjfa-33340	96	20	market	market	NOUN
cjfa-33340	96	21	,	,	PUNCT
cjfa-33340	96	22	from	from	ADP
cjfa-33340	96	23	january	january	PROPN
cjfa-33340	96	24	1	1	NUM
cjfa-33340	96	25	,	,	PUNCT
cjfa-33340	96	26	2000	2000	NUM
cjfa-33340	96	27	,	,	PUNCT
cjfa-33340	96	28	to	to	ADP
cjfa-33340	96	29	december	december	PROPN
cjfa-33340	96	30	31	31	NUM
cjfa-33340	96	31	,	,	PUNCT
cjfa-33340	96	32	2016	2016	NUM
cjfa-33340	96	33	.	.	PUNCT
cjfa-33340	97	1	he	he	PRON
cjfa-33340	97	2	divided	divide	VERB
cjfa-33340	97	3	the	the	DET
cjfa-33340	97	4	study	study	NOUN
cjfa-33340	97	5	period	period	NOUN
cjfa-33340	97	6	into	into	ADP
cjfa-33340	97	7	4	4	NUM
cjfa-33340	97	8	major	major	ADJ
cjfa-33340	97	9	crises	crisis	NOUN
cjfa-33340	97	10	period	period	NOUN
cjfa-33340	97	11	.	.	PUNCT
cjfa-33340	98	1	the	the	DET
cjfa-33340	98	2	study	study	NOUN
cjfa-33340	98	3	followed	follow	VERB
cjfa-33340	98	4	chang	chang	PROPN
cjfa-33340	98	5	et	et	PROPN
cjfa-33340	98	6	al	al	PROPN
cjfa-33340	98	7	.	.	PROPN
cjfa-33340	99	1	(	(	PUNCT
cjfa-33340	99	2	2000	2000	NUM
cjfa-33340	99	3	)	)	PUNCT
cjfa-33340	99	4	method	method	NOUN
cjfa-33340	99	5	to	to	PART
cjfa-33340	99	6	measure	measure	VERB
cjfa-33340	99	7	herding	herding	NOUN
cjfa-33340	99	8	behaviour	behaviour	NOUN
cjfa-33340	99	9	.	.	PUNCT
cjfa-33340	100	1	they	they	PRON
cjfa-33340	100	2	found	find	VERB
cjfa-33340	100	3	that	that	SCONJ
cjfa-33340	100	4	herding	herding	NOUN
cjfa-33340	100	5	behaviour	behaviour	NOUN
cjfa-33340	100	6	had	have	VERB
cjfa-33340	100	7	a	a	DET
cjfa-33340	100	8	great	great	ADJ
cjfa-33340	100	9	statistical	statistical	ADJ
cjfa-33340	100	10	significance	significance	NOUN
cjfa-33340	100	11	in	in	ADP
cjfa-33340	100	12	the	the	DET
cjfa-33340	100	13	french	french	ADJ
cjfa-33340	100	14	stock	stock	NOUN
cjfa-33340	100	15	market	market	NOUN
cjfa-33340	100	16	during	during	ADP
cjfa-33340	100	17	crises	crisis	NOUN
cjfa-33340	100	18	.	.	PUNCT
cjfa-33340	101	1	mertzanis	mertzanis	PROPN
cjfa-33340	101	2	and	and	CCONJ
cjfa-33340	101	3	allam	allam	PROPN
cjfa-33340	101	4	(	(	PUNCT
cjfa-33340	101	5	2018	2018	NUM
cjfa-33340	101	6	)	)	PUNCT
cjfa-33340	101	7	examined	examine	VERB
cjfa-33340	101	8	the	the	DET
cjfa-33340	101	9	herding	herd	VERB
cjfa-33340	101	10	behaviour	behaviour	NOUN
cjfa-33340	101	11	in	in	ADP
cjfa-33340	101	12	the	the	DET
cjfa-33340	101	13	pre	pre	ADJ
cjfa-33340	101	14	and	and	CCONJ
cjfa-33340	101	15	post	post	ADJ
cjfa-33340	101	16	-	-	ADJ
cjfa-33340	101	17	revolution	revolution	ADJ
cjfa-33340	101	18	period	period	NOUN
cjfa-33340	101	19	of	of	ADP
cjfa-33340	101	20	january	january	PROPN
cjfa-33340	101	21	25	25	NUM
cjfa-33340	101	22	,	,	PUNCT
cjfa-33340	101	23	2011	2011	NUM
cjfa-33340	101	24	,	,	PUNCT
cjfa-33340	101	25	as	as	SCONJ
cjfa-33340	101	26	the	the	DET
cjfa-33340	101	27	pre	pre	ADJ
cjfa-33340	101	28	-	-	ADJ
cjfa-33340	101	29	revolution	revolution	ADJ
cjfa-33340	101	30	period	period	NOUN
cjfa-33340	101	31	begins	begin	VERB
cjfa-33340	101	32	on	on	ADP
cjfa-33340	101	33	january	january	PROPN
cjfa-33340	101	34	14	14	NUM
cjfa-33340	101	35	,	,	PUNCT
cjfa-33340	101	36	2008	2008	NUM
cjfa-33340	101	37	,	,	PUNCT
cjfa-33340	101	38	and	and	CCONJ
cjfa-33340	101	39	ends	end	VERB
cjfa-33340	101	40	on	on	ADP
cjfa-33340	101	41	january	january	PROPN
cjfa-33340	101	42	24	24	NUM
cjfa-33340	101	43	,	,	PUNCT
cjfa-33340	101	44	2011	2011	NUM
cjfa-33340	101	45	,	,	PUNCT
cjfa-33340	101	46	and	and	CCONJ
cjfa-33340	101	47	the	the	DET
cjfa-33340	101	48	post	post	ADJ
cjfa-33340	101	49	-	-	ADJ
cjfa-33340	101	50	revolution	revolution	ADJ
cjfa-33340	101	51	period	period	NOUN
cjfa-33340	101	52	begins	begin	VERB
cjfa-33340	101	53	on	on	ADP
cjfa-33340	101	54	march	march	PROPN
cjfa-33340	101	55	23	23	NUM
cjfa-33340	101	56	,	,	PUNCT
cjfa-33340	101	57	2011	2011	NUM
cjfa-33340	101	58	,	,	PUNCT
cjfa-33340	101	59	and	and	CCONJ
cjfa-33340	101	60	ends	end	VERB
cjfa-33340	101	61	on	on	ADP
cjfa-33340	101	62	april	april	PROPN
cjfa-33340	101	63	15	15	NUM
cjfa-33340	101	64	,	,	PUNCT
cjfa-33340	101	65	2014	2014	NUM
cjfa-33340	101	66	,	,	PUNCT
cjfa-33340	101	67	for	for	ADP
cjfa-33340	101	68	a	a	DET
cjfa-33340	101	69	sample	sample	NOUN
cjfa-33340	101	70	of	of	ADP
cjfa-33340	101	71	stocks	stock	NOUN
cjfa-33340	101	72	listed	list	VERB
cjfa-33340	101	73	in	in	ADP
cjfa-33340	101	74	the	the	DET
cjfa-33340	101	75	egx30	egx30	NOUN
cjfa-33340	101	76	index	index	NOUN
cjfa-33340	101	77	in	in	ADP
cjfa-33340	101	78	the	the	DET
cjfa-33340	101	79	egyptian	egyptian	ADJ
cjfa-33340	101	80	stock	stock	NOUN
cjfa-33340	101	81	market	market	NOUN
cjfa-33340	101	82	.	.	PUNCT
cjfa-33340	102	1	they	they	PRON
cjfa-33340	102	2	used	use	VERB
cjfa-33340	102	3	christie	christie	PROPN
cjfa-33340	102	4	and	and	CCONJ
cjfa-33340	102	5	huang	huang	PROPN
cjfa-33340	102	6	(	(	PUNCT
cjfa-33340	102	7	1995	1995	NUM
cjfa-33340	102	8	)	)	PUNCT
cjfa-33340	102	9	and	and	CCONJ
cjfa-33340	102	10	chang	chang	PROPN
cjfa-33340	102	11	et	et	PROPN
cjfa-33340	102	12	al	al	PROPN
cjfa-33340	102	13	.	.	PROPN
cjfa-33340	103	1	(	(	PUNCT
cjfa-33340	103	2	2000	2000	NUM
cjfa-33340	103	3	)	)	PUNCT
cjfa-33340	103	4	method	method	NOUN
cjfa-33340	103	5	to	to	PART
cjfa-33340	103	6	measure	measure	VERB
cjfa-33340	103	7	herding	herding	NOUN
cjfa-33340	103	8	behaviour	behaviour	NOUN
cjfa-33340	103	9	.	.	PUNCT
cjfa-33340	104	1	the	the	DET
cjfa-33340	104	2	study	study	NOUN
cjfa-33340	104	3	found	find	VERB
cjfa-33340	104	4	a	a	DET
cjfa-33340	104	5	weak	weak	ADJ
cjfa-33340	104	6	presence	presence	NOUN
cjfa-33340	104	7	of	of	ADP
cjfa-33340	104	8	herding	herd	VERB
cjfa-33340	104	9	behaviour	behaviour	NOUN
cjfa-33340	104	10	in	in	ADP
cjfa-33340	104	11	the	the	DET
cjfa-33340	104	12	two	two	NUM
cjfa-33340	104	13	periods	period	NOUN
cjfa-33340	104	14	.	.	PUNCT
cjfa-33340	105	1	youssef	youssef	PROPN
cjfa-33340	105	2	and	and	CCONJ
cjfa-33340	105	3	mokni	mokni	PROPN
cjfa-33340	105	4	(	(	PUNCT
cjfa-33340	105	5	2018	2018	NUM
cjfa-33340	105	6	)	)	PUNCT
cjfa-33340	105	7	examined	examine	VERB
cjfa-33340	105	8	herding	herd	VERB
cjfa-33340	105	9	behaviour	behaviour	NOUN
cjfa-33340	105	10	in	in	ADP
cjfa-33340	105	11	the	the	DET
cjfa-33340	105	12	gulf	gulf	PROPN
cjfa-33340	105	13	cooperation	cooperation	PROPN
cjfa-33340	105	14	council	council	PROPN
cjfa-33340	105	15	(	(	PUNCT
cjfa-33340	105	16	gcc	gcc	NOUN
cjfa-33340	105	17	)	)	PUNCT
cjfa-33340	105	18	group	group	NOUN
cjfa-33340	105	19	which	which	PRON
cjfa-33340	105	20	is	be	AUX
cjfa-33340	105	21	(	(	PUNCT
cjfa-33340	105	22	saudi	saudi	PROPN
cjfa-33340	105	23	arabia	arabia	PROPN
cjfa-33340	105	24	,	,	PUNCT
cjfa-33340	105	25	qatar	qatar	PROPN
cjfa-33340	105	26	,	,	PUNCT
cjfa-33340	105	27	sultanate	sultanate	NOUN
cjfa-33340	105	28	of	of	ADP
cjfa-33340	105	29	oman	oman	NOUN
cjfa-33340	105	30	,	,	PUNCT
cjfa-33340	105	31	bahrain	bahrain	NOUN
cjfa-33340	105	32	,	,	PUNCT
cjfa-33340	105	33	abu	abu	PROPN
cjfa-33340	105	34	dhabi	dhabi	PROPN
cjfa-33340	105	35	,	,	PUNCT
cjfa-33340	105	36	kuwait	kuwait	PROPN
cjfa-33340	105	37	)	)	PUNCT
cjfa-33340	105	38	using	use	VERB
cjfa-33340	105	39	weekly	weekly	ADJ
cjfa-33340	105	40	data	datum	NOUN
cjfa-33340	105	41	from	from	ADP
cjfa-33340	105	42	2003	2003	NUM
cjfa-33340	105	43	-	-	SYM
cjfa-33340	105	44	2017	2017	NUM
cjfa-33340	105	45	and	and	CCONJ
cjfa-33340	105	46	used	use	VERB
cjfa-33340	105	47	chang	chang	PROPN
cjfa-33340	105	48	et	et	PROPN
cjfa-33340	105	49	al	al	PROPN
cjfa-33340	105	50	.	.	PROPN
cjfa-33340	106	1	(	(	PUNCT
cjfa-33340	106	2	2000	2000	NUM
cjfa-33340	106	3	)	)	PUNCT
cjfa-33340	106	4	model	model	NOUN
cjfa-33340	106	5	to	to	PART
cjfa-33340	106	6	measure	measure	VERB
cjfa-33340	106	7	herding	herding	NOUN
cjfa-33340	106	8	behaviour	behaviour	NOUN
cjfa-33340	106	9	.	.	PUNCT
cjfa-33340	107	1	the	the	DET
cjfa-33340	107	2	results	result	NOUN
cjfa-33340	107	3	indicated	indicate	VERB
cjfa-33340	107	4	that	that	SCONJ
cjfa-33340	107	5	there	there	PRON
cjfa-33340	107	6	is	be	VERB
cjfa-33340	107	7	only	only	ADV
cjfa-33340	107	8	herd	herd	NOUN
cjfa-33340	107	9	behaviour	behaviour	NOUN
cjfa-33340	107	10	in	in	ADP
cjfa-33340	107	11	the	the	DET
cjfa-33340	107	12	markets	market	NOUN
cjfa-33340	107	13	of	of	ADP
cjfa-33340	107	14	qatar	qatar	NOUN
cjfa-33340	107	15	,	,	PUNCT
cjfa-33340	107	16	oman	oman	PROPN
cjfa-33340	107	17	and	and	CCONJ
cjfa-33340	107	18	abu	abu	PROPN
cjfa-33340	107	19	dhabi	dhabi	PROPN
cjfa-33340	107	20	and	and	CCONJ
cjfa-33340	107	21	that	that	SCONJ
cjfa-33340	107	22	there	there	PRON
cjfa-33340	107	23	is	be	VERB
cjfa-33340	107	24	no	no	DET
cjfa-33340	107	25	evidence	evidence	NOUN
cjfa-33340	107	26	of	of	ADP
cjfa-33340	107	27	herd	herd	NOUN
cjfa-33340	107	28	behaviour	behaviour	NOUN
cjfa-33340	107	29	in	in	ADP
cjfa-33340	107	30	the	the	DET
cjfa-33340	107	31	bahraini	bahraini	PROPN
cjfa-33340	107	32	and	and	CCONJ
cjfa-33340	107	33	kuwaiti	kuwaiti	PROPN
cjfa-33340	107	34	markets	market	NOUN
cjfa-33340	107	35	.	.	PUNCT
cjfa-33340	108	1	the	the	DET
cjfa-33340	108	2	results	result	NOUN
cjfa-33340	108	3	also	also	ADV
cjfa-33340	108	4	indicated	indicate	VERB
cjfa-33340	108	5	that	that	SCONJ
cjfa-33340	108	6	herding	herding	NOUN
cjfa-33340	108	7	behaviour	behaviour	NOUN
cjfa-33340	108	8	is	be	AUX
cjfa-33340	108	9	present	present	ADJ
cjfa-33340	108	10	in	in	ADP
cjfa-33340	108	11	the	the	DET
cjfa-33340	108	12	saudi	saudi	ADJ
cjfa-33340	108	13	market	market	NOUN
cjfa-33340	108	14	only	only	ADV
cjfa-33340	108	15	during	during	ADP
cjfa-33340	108	16	normal	normal	ADJ
cjfa-33340	108	17	conditions	condition	NOUN
cjfa-33340	108	18	,	,	PUNCT
cjfa-33340	108	19	whereas	whereas	SCONJ
cjfa-33340	108	20	,	,	PUNCT
cjfa-33340	108	21	under	under	ADP
cjfa-33340	108	22	the	the	DET
cjfa-33340	108	23	low	low	ADJ
cjfa-33340	108	24	volatile	volatile	NOUN
cjfa-33340	108	25	,	,	PUNCT
cjfa-33340	108	26	it	it	PRON
cjfa-33340	108	27	is	be	AUX
cjfa-33340	108	28	easy	easy	ADJ
cjfa-33340	108	29	for	for	SCONJ
cjfa-33340	108	30	investors	investor	NOUN
cjfa-33340	108	31	to	to	PART
cjfa-33340	108	32	monitor	monitor	VERB
cjfa-33340	108	33	and	and	CCONJ
cjfa-33340	108	34	imitate	imitate	VERB
cjfa-33340	108	35	each	each	DET
cjfa-33340	108	36	other	other	ADJ
cjfa-33340	108	37	.	.	PUNCT
cjfa-33340	109	1	in	in	ADP
cjfa-33340	109	2	contrast	contrast	NOUN
cjfa-33340	109	3	,	,	PUNCT
cjfa-33340	109	4	in	in	ADP
cjfa-33340	109	5	qatar	qatar	PROPN
cjfa-33340	109	6	,	,	PUNCT
cjfa-33340	109	7	investors	investor	NOUN
cjfa-33340	109	8	follow	follow	VERB
cjfa-33340	109	9	herding	herd	VERB
cjfa-33340	109	10	behaviour	behaviour	NOUN
cjfa-33340	109	11	during	during	ADP
cjfa-33340	109	12	periods	period	NOUN
cjfa-33340	109	13	of	of	ADP
cjfa-33340	109	14	tension	tension	NOUN
cjfa-33340	109	15	(	(	PUNCT
cjfa-33340	109	16	high	high	ADJ
cjfa-33340	109	17	volatility	volatility	NOUN
cjfa-33340	109	18	)	)	PUNCT
cjfa-33340	109	19	due	due	ADP
cjfa-33340	109	20	to	to	ADP
cjfa-33340	109	21	the	the	DET
cjfa-33340	109	22	uncertainty	uncertainty	NOUN
cjfa-33340	109	23	during	during	ADP
cjfa-33340	109	24	this	this	DET
cjfa-33340	109	25	period	period	NOUN
cjfa-33340	109	26	.	.	PUNCT
cjfa-33340	110	1	sentimental	sentimental	ADJ
cjfa-33340	110	2	herding	herding	NOUN
cjfa-33340	110	3	:	:	PUNCT
cjfa-33340	110	4	the	the	DET
cjfa-33340	110	5	role	role	NOUN
cjfa-33340	110	6	of	of	ADP
cjfa-33340	110	7	covid-19	covid-19	PROPN
cjfa-33340	110	8	crisis	crisis	NOUN
cjfa-33340	110	9	…	…	PUNCT
cjfa-33340	110	10	15	15	NUM
cjfa-33340	110	11	data	datum	NOUN
cjfa-33340	110	12	and	and	CCONJ
cjfa-33340	110	13	methodology	methodology	NOUN
cjfa-33340	110	14	data	datum	NOUN
cjfa-33340	110	15	the	the	DET
cjfa-33340	110	16	data	data	NOUN
cjfa-33340	110	17	contains	contain	VERB
cjfa-33340	110	18	daily	daily	ADJ
cjfa-33340	110	19	returns	return	NOUN
cjfa-33340	110	20	of	of	ADP
cjfa-33340	110	21	the	the	DET
cjfa-33340	110	22	egx30	egx30	PROPN
cjfa-33340	110	23	index	index	NOUN
cjfa-33340	110	24	,	,	PUNCT
cjfa-33340	110	25	which	which	PRON
cjfa-33340	110	26	is	be	AUX
cjfa-33340	110	27	used	use	VERB
cjfa-33340	110	28	as	as	ADP
cjfa-33340	110	29	a	a	DET
cjfa-33340	110	30	proxy	proxy	NOUN
cjfa-33340	110	31	for	for	ADP
cjfa-33340	110	32	the	the	DET
cjfa-33340	110	33	market	market	NOUN
cjfa-33340	110	34	portfolio	portfolio	NOUN
cjfa-33340	110	35	and	and	CCONJ
cjfa-33340	110	36	daily	daily	ADJ
cjfa-33340	110	37	stock	stock	NOUN
cjfa-33340	110	38	returns	return	NOUN
cjfa-33340	110	39	for	for	ADP
cjfa-33340	110	40	50	50	NUM
cjfa-33340	110	41	stocks	stock	NOUN
cjfa-33340	110	42	listed	list	VERB
cjfa-33340	110	43	in	in	ADP
cjfa-33340	110	44	egx	egx	PROPN
cjfa-33340	110	45	100	100	NUM
cjfa-33340	110	46	index	index	NOUN
cjfa-33340	110	47	to	to	PART
cjfa-33340	110	48	examine	examine	VERB
cjfa-33340	110	49	herding	herd	VERB
cjfa-33340	110	50	behaviour	behaviour	NOUN
cjfa-33340	110	51	in	in	ADP
cjfa-33340	110	52	the	the	DET
cjfa-33340	110	53	egyptian	egyptian	ADJ
cjfa-33340	110	54	stock	stock	NOUN
cjfa-33340	110	55	market	market	NOUN
cjfa-33340	110	56	under	under	ADP
cjfa-33340	110	57	the	the	DET
cjfa-33340	110	58	covid-19	covid-19	PROPN
cjfa-33340	110	59	crisis	crisis	NOUN
cjfa-33340	110	60	from	from	ADP
cjfa-33340	110	61	february	february	PROPN
cjfa-33340	110	62	14th	14th	NUM
cjfa-33340	110	63	,	,	PUNCT
cjfa-33340	110	64	2020	2020	NUM
cjfa-33340	110	65	to	to	ADP
cjfa-33340	110	66	june	june	PROPN
cjfa-33340	110	67	30	30	NUM
cjfa-33340	110	68	,	,	PUNCT
cjfa-33340	110	69	2020	2020	NUM
cjfa-33340	110	70	,	,	PUNCT
cjfa-33340	110	71	where	where	SCONJ
cjfa-33340	110	72	the	the	DET
cjfa-33340	110	73	first	first	ADJ
cjfa-33340	110	74	infection	infection	NOUN
cjfa-33340	110	75	of	of	ADP
cjfa-33340	110	76	the	the	DET
cjfa-33340	110	77	covid-19	covid-19	PROPN
cjfa-33340	110	78	virus	virus	NOUN
cjfa-33340	110	79	in	in	ADP
cjfa-33340	110	80	egypt	egypt	PROPN
cjfa-33340	110	81	was	be	AUX
cjfa-33340	110	82	confirmed	confirm	VERB
cjfa-33340	110	83	on	on	ADP
cjfa-33340	110	84	february	february	PROPN
cjfa-33340	110	85	14th	14th	NUM
cjfa-33340	110	86	,	,	PUNCT
cjfa-33340	110	87	2020	2020	NUM
cjfa-33340	110	88	.	.	PUNCT
cjfa-33340	111	1	the	the	DET
cjfa-33340	111	2	researcher	researcher	NOUN
cjfa-33340	111	3	also	also	ADV
cjfa-33340	111	4	began	begin	VERB
cjfa-33340	111	5	collecting	collect	VERB
cjfa-33340	111	6	research	research	NOUN
cjfa-33340	111	7	data	datum	NOUN
cjfa-33340	111	8	on	on	ADP
cjfa-33340	111	9	june	june	PROPN
cjfa-33340	111	10	30	30	NUM
cjfa-33340	111	11	,	,	PUNCT
cjfa-33340	111	12	2020	2020	NUM
cjfa-33340	111	13	.	.	PUNCT
cjfa-33340	112	1	the	the	DET
cjfa-33340	112	2	egx	egx	PROPN
cjfa-33340	112	3	100	100	NUM
cjfa-33340	112	4	index	index	NOUN
cjfa-33340	112	5	measures	measure	NOUN
cjfa-33340	112	6	the	the	DET
cjfa-33340	112	7	performance	performance	NOUN
cjfa-33340	112	8	of	of	ADP
cjfa-33340	112	9	the	the	DET
cjfa-33340	112	10	100	100	NUM
cjfa-33340	112	11	most	most	ADV
cjfa-33340	112	12	active	active	ADJ
cjfa-33340	112	13	companies	company	NOUN
cjfa-33340	112	14	in	in	ADP
cjfa-33340	112	15	the	the	DET
cjfa-33340	112	16	egyptian	egyptian	ADJ
cjfa-33340	112	17	market	market	NOUN
cjfa-33340	112	18	,	,	PUNCT
cjfa-33340	112	19	including	include	VERB
cjfa-33340	112	20	the	the	DET
cjfa-33340	112	21	30	30	NUM
cjfa-33340	112	22	most	most	ADV
cjfa-33340	112	23	active	active	ADJ
cjfa-33340	112	24	companies	company	NOUN
cjfa-33340	112	25	that	that	PRON
cjfa-33340	112	26	make	make	VERB
cjfa-33340	112	27	up	up	ADP
cjfa-33340	112	28	the	the	DET
cjfa-33340	112	29	egx	egx	NOUN
cjfa-33340	112	30	30	30	NUM
cjfa-33340	112	31	and	and	CCONJ
cjfa-33340	112	32	the	the	DET
cjfa-33340	112	33	70	70	NUM
cjfa-33340	112	34	companies	company	NOUN
cjfa-33340	112	35	that	that	PRON
cjfa-33340	112	36	make	make	VERB
cjfa-33340	112	37	up	up	ADP
cjfa-33340	112	38	the	the	DET
cjfa-33340	112	39	egx	egx	PROPN
cjfa-33340	112	40	70	70	NUM
cjfa-33340	112	41	.	.	PUNCT
cjfa-33340	113	1	the	the	DET
cjfa-33340	113	2	data	datum	NOUN
cjfa-33340	113	3	also	also	ADV
cjfa-33340	113	4	include	include	VERB
cjfa-33340	113	5	data	datum	NOUN
cjfa-33340	113	6	for	for	ADP
cjfa-33340	113	7	book	book	NOUN
cjfa-33340	113	8	values	value	NOUN
cjfa-33340	113	9	of	of	ADP
cjfa-33340	113	10	equity	equity	NOUN
cjfa-33340	113	11	which	which	PRON
cjfa-33340	113	12	extracted	extract	VERB
cjfa-33340	113	13	from	from	ADP
cjfa-33340	113	14	annual	annual	ADJ
cjfa-33340	113	15	financial	financial	ADJ
cjfa-33340	113	16	statements	statement	NOUN
cjfa-33340	113	17	from	from	ADP
cjfa-33340	113	18	june	june	PROPN
cjfa-33340	113	19	2014	2014	NUM
cjfa-33340	113	20	to	to	ADP
cjfa-33340	113	21	june	june	PROPN
cjfa-33340	113	22	2019	2019	NUM
cjfa-33340	113	23	.	.	PUNCT
cjfa-33340	114	1	methodology	methodology	NOUN
cjfa-33340	114	2	the	the	DET
cjfa-33340	114	3	study	study	NOUN
cjfa-33340	114	4	attempt	attempt	NOUN
cjfa-33340	114	5	to	to	PART
cjfa-33340	114	6	investigate	investigate	VERB
cjfa-33340	114	7	the	the	DET
cjfa-33340	114	8	presence	presence	NOUN
cjfa-33340	114	9	of	of	ADP
cjfa-33340	114	10	herding	herd	VERB
cjfa-33340	114	11	behaviour	behaviour	NOUN
cjfa-33340	114	12	for	for	ADP
cjfa-33340	114	13	50	50	NUM
cjfa-33340	114	14	stocks	stock	NOUN
cjfa-33340	114	15	listed	list	VERB
cjfa-33340	114	16	in	in	ADP
cjfa-33340	114	17	the	the	DET
cjfa-33340	114	18	egyptian	egyptian	ADJ
cjfa-33340	114	19	stock	stock	NOUN
cjfa-33340	114	20	market	market	NOUN
cjfa-33340	114	21	under	under	ADP
cjfa-33340	114	22	the	the	DET
cjfa-33340	114	23	covid-19	covid-19	PROPN
cjfa-33340	114	24	crisis	crisis	NOUN
cjfa-33340	114	25	.	.	PUNCT
cjfa-33340	115	1	the	the	DET
cjfa-33340	115	2	sample	sample	NOUN
cjfa-33340	115	3	is	be	AUX
cjfa-33340	115	4	also	also	ADV
cjfa-33340	115	5	divided	divide	VERB
cjfa-33340	115	6	into	into	ADP
cjfa-33340	115	7	two	two	NUM
cjfa-33340	115	8	groups	group	NOUN
cjfa-33340	115	9	based	base	VERB
cjfa-33340	115	10	on	on	ADP
cjfa-33340	115	11	the	the	DET
cjfa-33340	115	12	size	size	NOUN
cjfa-33340	115	13	(	(	PUNCT
cjfa-33340	115	14	market	market	NOUN
cjfa-33340	115	15	capitalization	capitalization	NOUN
cjfa-33340	115	16	)	)	PUNCT
cjfa-33340	115	17	and	and	CCONJ
cjfa-33340	115	18	value	value	NOUN
cjfa-33340	115	19	(	(	PUNCT
cjfa-33340	115	20	book	book	NOUN
cjfa-33340	115	21	-	-	PUNCT
cjfa-33340	115	22	to	to	ADP
cjfa-33340	115	23	-	-	PUNCT
cjfa-33340	115	24	market	market	NOUN
cjfa-33340	115	25	ratio	ratio	NOUN
cjfa-33340	115	26	)	)	PUNCT
cjfa-33340	115	27	factor	factor	NOUN
cjfa-33340	115	28	.	.	PUNCT
cjfa-33340	116	1	the	the	DET
cjfa-33340	116	2	sample	sample	NOUN
cjfa-33340	116	3	was	be	AUX
cjfa-33340	116	4	divided	divide	VERB
cjfa-33340	116	5	into	into	ADP
cjfa-33340	116	6	big	big	ADJ
cjfa-33340	116	7	and	and	CCONJ
cjfa-33340	116	8	small	small	ADJ
cjfa-33340	116	9	portfolios	portfolio	NOUN
cjfa-33340	116	10	according	accord	VERB
cjfa-33340	116	11	to	to	ADP
cjfa-33340	116	12	the	the	DET
cjfa-33340	116	13	size	size	NOUN
cjfa-33340	116	14	factor	factor	NOUN
cjfa-33340	116	15	and	and	CCONJ
cjfa-33340	116	16	divided	divide	VERB
cjfa-33340	116	17	into	into	ADP
cjfa-33340	116	18	portfolio	portfolio	NOUN
cjfa-33340	116	19	consisting	consist	VERB
cjfa-33340	116	20	of	of	ADP
cjfa-33340	116	21	stocks	stock	NOUN
cjfa-33340	116	22	with	with	ADP
cjfa-33340	116	23	high	high	ADJ
cjfa-33340	116	24	(	(	PUNCT
cjfa-33340	116	25	book	book	NOUN
cjfa-33340	116	26	-	-	PUNCT
cjfa-33340	116	27	to	to	ADP
cjfa-33340	116	28	-	-	PUNCT
cjfa-33340	116	29	market	market	NOUN
cjfa-33340	116	30	)	)	PUNCT
cjfa-33340	116	31	ratio	ratio	NOUN
cjfa-33340	116	32	,	,	PUNCT
cjfa-33340	116	33	a	a	DET
cjfa-33340	116	34	portfolio	portfolio	NOUN
cjfa-33340	116	35	consisting	consist	VERB
cjfa-33340	116	36	of	of	ADP
cjfa-33340	116	37	stocks	stock	NOUN
cjfa-33340	116	38	with	with	ADP
cjfa-33340	116	39	medium	medium	ADJ
cjfa-33340	116	40	(	(	PUNCT
cjfa-33340	116	41	book	book	NOUN
cjfa-33340	116	42	-	-	PUNCT
cjfa-33340	116	43	to	to	ADP
cjfa-33340	116	44	-	-	PUNCT
cjfa-33340	116	45	market	market	NOUN
cjfa-33340	116	46	)	)	PUNCT
cjfa-33340	116	47	ratio	ratio	NOUN
cjfa-33340	116	48	and	and	CCONJ
cjfa-33340	116	49	portfolio	portfolio	NOUN
cjfa-33340	116	50	consisting	consist	VERB
cjfa-33340	116	51	of	of	ADP
cjfa-33340	116	52	stocks	stock	NOUN
cjfa-33340	116	53	with	with	ADP
cjfa-33340	116	54	low	low	ADJ
cjfa-33340	116	55	(	(	PUNCT
cjfa-33340	116	56	book	book	NOUN
cjfa-33340	116	57	-	-	PUNCT
cjfa-33340	116	58	to	to	ADP
cjfa-33340	116	59	-	-	PUNCT
cjfa-33340	116	60	market	market	NOUN
cjfa-33340	116	61	)	)	PUNCT
cjfa-33340	116	62	ratio	ratio	NOUN
cjfa-33340	116	63	.	.	PUNCT
cjfa-33340	117	1	the	the	DET
cjfa-33340	117	2	big	big	ADJ
cjfa-33340	117	3	and	and	CCONJ
cjfa-33340	117	4	small	small	ADJ
cjfa-33340	117	5	portfolios	portfolio	NOUN
cjfa-33340	117	6	are	be	AUX
cjfa-33340	117	7	constructed	construct	VERB
cjfa-33340	117	8	based	base	VERB
cjfa-33340	117	9	on	on	ADP
cjfa-33340	117	10	the	the	DET
cjfa-33340	117	11	firm	firm	ADJ
cjfa-33340	117	12	size	size	NOUN
cjfa-33340	117	13	(	(	PUNCT
cjfa-33340	117	14	market	market	NOUN
cjfa-33340	117	15	capitalization	capitalization	NOUN
cjfa-33340	117	16	in	in	ADP
cjfa-33340	117	17	june	june	PROPN
cjfa-33340	117	18	of	of	ADP
cjfa-33340	117	19	each	each	DET
cjfa-33340	117	20	year	year	NOUN
cjfa-33340	117	21	t	t	PROPN
cjfa-33340	117	22	)	)	PUNCT
cjfa-33340	117	23	.	.	PUNCT
cjfa-33340	118	1	the	the	DET
cjfa-33340	118	2	median	median	ADJ
cjfa-33340	118	3	sample	sample	NOUN
cjfa-33340	118	4	size	size	NOUN
cjfa-33340	118	5	is	be	AUX
cjfa-33340	118	6	used	use	VERB
cjfa-33340	118	7	to	to	PART
cjfa-33340	118	8	construct	construct	VERB
cjfa-33340	118	9	the	the	DET
cjfa-33340	118	10	two	two	NUM
cjfa-33340	118	11	portfolios	portfolio	NOUN
cjfa-33340	118	12	according	accord	VERB
cjfa-33340	118	13	to	to	ADP
cjfa-33340	118	14	50	50	NUM
cjfa-33340	118	15	%	%	NOUN
cjfa-33340	118	16	splitting	splitting	NOUN
cjfa-33340	118	17	point	point	NOUN
cjfa-33340	118	18	,	,	PUNCT
cjfa-33340	118	19	where	where	SCONJ
cjfa-33340	118	20	the	the	DET
cjfa-33340	118	21	big	big	ADJ
cjfa-33340	118	22	stocks	stock	NOUN
cjfa-33340	118	23	portfolio	portfolio	NOUN
cjfa-33340	118	24	consisting	consist	VERB
cjfa-33340	118	25	of	of	ADP
cjfa-33340	118	26	the	the	DET
cjfa-33340	118	27	highest	high	ADJ
cjfa-33340	118	28	50	50	NUM
cjfa-33340	118	29	%	%	NOUN
cjfa-33340	118	30	stocks	stock	NOUN
cjfa-33340	118	31	and	and	CCONJ
cjfa-33340	118	32	the	the	DET
cjfa-33340	118	33	small	small	ADJ
cjfa-33340	118	34	stocks	stock	NOUN
cjfa-33340	118	35	portfolio	portfolio	NOUN
cjfa-33340	118	36	consisting	consist	VERB
cjfa-33340	118	37	of	of	ADP
cjfa-33340	118	38	the	the	DET
cjfa-33340	118	39	lowest	low	ADJ
cjfa-33340	118	40	50	50	NUM
cjfa-33340	118	41	%	%	NOUN
cjfa-33340	118	42	.	.	PUNCT
cjfa-33340	119	1	the	the	DET
cjfa-33340	119	2	sample	sample	NOUN
cjfa-33340	119	3	is	be	AUX
cjfa-33340	119	4	also	also	ADV
cjfa-33340	119	5	ranked	rank	VERB
cjfa-33340	119	6	based	base	VERB
cjfa-33340	119	7	on	on	ADP
cjfa-33340	119	8	(	(	PUNCT
cjfa-33340	119	9	book	book	NOUN
cjfa-33340	119	10	-	-	PUNCT
cjfa-33340	119	11	tomarket	tomarket	NOUN
cjfa-33340	119	12	)	)	PUNCT
cjfa-33340	119	13	ratio	ratio	NOUN
cjfa-33340	119	14	,	,	PUNCT
cjfa-33340	119	15	where	where	SCONJ
cjfa-33340	119	16	the	the	DET
cjfa-33340	119	17	sample	sample	NOUN
cjfa-33340	119	18	is	be	AUX
cjfa-33340	119	19	divided	divide	VERB
cjfa-33340	119	20	into	into	ADP
cjfa-33340	119	21	3	3	NUM
cjfa-33340	119	22	portfolios	portfolio	NOUN
cjfa-33340	119	23	.	.	PUNCT
cjfa-33340	120	1	the	the	DET
cjfa-33340	120	2	first	first	ADJ
cjfa-33340	120	3	portfolio	portfolio	NOUN
cjfa-33340	120	4	is	be	AUX
cjfa-33340	120	5	30	30	NUM
cjfa-33340	120	6	%	%	NOUN
cjfa-33340	120	7	of	of	ADP
cjfa-33340	120	8	the	the	DET
cjfa-33340	120	9	whole	whole	ADJ
cjfa-33340	120	10	sample	sample	NOUN
cjfa-33340	120	11	,	,	PUNCT
cjfa-33340	120	12	which	which	PRON
cjfa-33340	120	13	has	have	VERB
cjfa-33340	120	14	the	the	DET
cjfa-33340	120	15	highest	high	ADJ
cjfa-33340	120	16	(	(	PUNCT
cjfa-33340	120	17	book	book	NOUN
cjfa-33340	120	18	-	-	PUNCT
cjfa-33340	120	19	to	to	ADP
cjfa-33340	120	20	-	-	PUNCT
cjfa-33340	120	21	market	market	NOUN
cjfa-33340	120	22	)	)	PUNCT
cjfa-33340	120	23	ratio	ratio	NOUN
cjfa-33340	120	24	.	.	PUNCT
cjfa-33340	121	1	the	the	DET
cjfa-33340	121	2	second	second	ADJ
cjfa-33340	121	3	portfolio	portfolio	NOUN
cjfa-33340	121	4	is	be	AUX
cjfa-33340	121	5	40	40	NUM
cjfa-33340	121	6	%	%	NOUN
cjfa-33340	121	7	of	of	ADP
cjfa-33340	121	8	the	the	DET
cjfa-33340	121	9	whole	whole	ADJ
cjfa-33340	121	10	sample	sample	NOUN
cjfa-33340	121	11	have	have	AUX
cjfa-33340	121	12	(	(	PUNCT
cjfa-33340	121	13	book	book	NOUN
cjfa-33340	121	14	-	-	PUNCT
cjfa-33340	121	15	to	to	ADP
cjfa-33340	121	16	-	-	PUNCT
cjfa-33340	121	17	market	market	NOUN
cjfa-33340	121	18	)	)	PUNCT
cjfa-33340	121	19	ratio	ratio	NOUN
cjfa-33340	121	20	in	in	ADP
cjfa-33340	121	21	medium	medium	NOUN
cjfa-33340	121	22	and	and	CCONJ
cjfa-33340	121	23	the	the	DET
cjfa-33340	121	24	third	third	ADJ
cjfa-33340	121	25	portfolio	portfolio	NOUN
cjfa-33340	121	26	is	be	AUX
cjfa-33340	121	27	30	30	NUM
cjfa-33340	121	28	%	%	NOUN
cjfa-33340	121	29	of	of	ADP
cjfa-33340	121	30	the	the	DET
cjfa-33340	121	31	whole	whole	ADJ
cjfa-33340	121	32	sample	sample	NOUN
cjfa-33340	121	33	,	,	PUNCT
cjfa-33340	121	34	which	which	PRON
cjfa-33340	121	35	has	have	VERB
cjfa-33340	121	36	the	the	DET
cjfa-33340	121	37	lowest	low	ADJ
cjfa-33340	121	38	(	(	PUNCT
cjfa-33340	121	39	book	book	NOUN
cjfa-33340	121	40	-	-	PUNCT
cjfa-33340	121	41	to	to	ADP
cjfa-33340	121	42	-	-	PUNCT
cjfa-33340	121	43	market	market	NOUN
cjfa-33340	121	44	)	)	PUNCT
cjfa-33340	121	45	ratio	ratio	NOUN
cjfa-33340	121	46	.	.	PUNCT
cjfa-33340	122	1	mostafa	mostafa	PROPN
cjfa-33340	122	2	hussein	hussein	PROPN
cjfa-33340	123	1	abd	abd	PROPN
cjfa-33340	123	2	-	-	PUNCT
cjfa-33340	123	3	alla16	alla16	NOUN
cjfa-33340	123	4	the	the	DET
cjfa-33340	123	5	study	study	NOUN
cjfa-33340	123	6	employs	employ	VERB
cjfa-33340	123	7	hwang	hwang	PROPN
cjfa-33340	123	8	and	and	CCONJ
cjfa-33340	123	9	salmon	salmon	NOUN
cjfa-33340	123	10	(	(	PUNCT
cjfa-33340	123	11	2004	2004	NUM
cjfa-33340	123	12	)	)	PUNCT
cjfa-33340	123	13	and	and	CCONJ
cjfa-33340	123	14	chang	chang	PROPN
cjfa-33340	123	15	et	et	PROPN
cjfa-33340	123	16	al	al	PROPN
cjfa-33340	123	17	.	.	PROPN
cjfa-33340	124	1	(	(	PUNCT
cjfa-33340	124	2	2000	2000	NUM
cjfa-33340	124	3	)	)	PUNCT
cjfa-33340	124	4	method	method	NOUN
cjfa-33340	124	5	to	to	PART
cjfa-33340	124	6	measure	measure	VERB
cjfa-33340	124	7	herding	herding	NOUN
cjfa-33340	124	8	behaviour	behaviour	NOUN
cjfa-33340	124	9	.	.	PUNCT
cjfa-33340	125	1	using	use	VERB
cjfa-33340	125	2	daily	daily	ADJ
cjfa-33340	125	3	stock	stock	NOUN
cjfa-33340	125	4	price	price	NOUN
cjfa-33340	125	5	and	and	CCONJ
cjfa-33340	125	6	egx30	egx30	NOUN
cjfa-33340	125	7	index	index	NOUN
cjfa-33340	125	8	data	datum	NOUN
cjfa-33340	125	9	,	,	PUNCT
cjfa-33340	125	10	beta	beta	NOUN
cjfa-33340	125	11	is	be	AUX
cjfa-33340	125	12	estimated	estimate	VERB
cjfa-33340	125	13	using	use	VERB
cjfa-33340	125	14	the	the	DET
cjfa-33340	125	15	ols	ol	NOUN
cjfa-33340	125	16	method	method	NOUN
cjfa-33340	125	17	,	,	PUNCT
cjfa-33340	125	18	as	as	SCONJ
cjfa-33340	125	19	follows	follow	VERB
cjfa-33340	125	20	:	:	PUNCT
cjfa-33340	125	21	divided	divide	VERB
cjfa-33340	125	22	into	into	ADP
cjfa-33340	125	23	portfolio	portfolio	NOUN
cjfa-33340	125	24	consisting	consist	VERB
cjfa-33340	125	25	of	of	ADP
cjfa-33340	125	26	stocks	stock	NOUN
cjfa-33340	125	27	with	with	ADP
cjfa-33340	125	28	high	high	ADJ
cjfa-33340	125	29	(	(	PUNCT
cjfa-33340	125	30	book	book	NOUN
cjfa-33340	125	31	-	-	PUNCT
cjfa-33340	125	32	to	to	ADP
cjfa-33340	125	33	-	-	PUNCT
cjfa-33340	125	34	market	market	NOUN
cjfa-33340	125	35	)	)	PUNCT
cjfa-33340	125	36	ratio	ratio	NOUN
cjfa-33340	125	37	,	,	PUNCT
cjfa-33340	125	38	a	a	DET
cjfa-33340	125	39	portfolio	portfolio	NOUN
cjfa-33340	125	40	consisting	consist	VERB
cjfa-33340	125	41	of	of	ADP
cjfa-33340	125	42	stocks	stock	NOUN
cjfa-33340	125	43	with	with	ADP
cjfa-33340	125	44	medium	medium	ADJ
cjfa-33340	125	45	(	(	PUNCT
cjfa-33340	125	46	book	book	NOUN
cjfa-33340	125	47	-	-	PUNCT
cjfa-33340	125	48	to	to	ADP
cjfa-33340	125	49	-	-	PUNCT
cjfa-33340	125	50	market	market	NOUN
cjfa-33340	125	51	)	)	PUNCT
cjfa-33340	125	52	ratio	ratio	NOUN
cjfa-33340	125	53	and	and	CCONJ
cjfa-33340	125	54	portfolio	portfolio	NOUN
cjfa-33340	125	55	consisting	consist	VERB
cjfa-33340	125	56	of	of	ADP
cjfa-33340	125	57	stocks	stock	NOUN
cjfa-33340	125	58	with	with	ADP
cjfa-33340	125	59	low	low	ADJ
cjfa-33340	125	60	(	(	PUNCT
cjfa-33340	125	61	book	book	NOUN
cjfa-33340	125	62	-	-	PUNCT
cjfa-33340	125	63	to	to	ADP
cjfa-33340	125	64	-	-	PUNCT
cjfa-33340	125	65	market	market	NOUN
cjfa-33340	125	66	)	)	PUNCT
cjfa-33340	125	67	ratio	ratio	NOUN
cjfa-33340	125	68	.	.	PUNCT
cjfa-33340	126	1	the	the	DET
cjfa-33340	126	2	big	big	ADJ
cjfa-33340	126	3	and	and	CCONJ
cjfa-33340	126	4	small	small	ADJ
cjfa-33340	126	5	portfolios	portfolio	NOUN
cjfa-33340	126	6	are	be	AUX
cjfa-33340	126	7	constructed	construct	VERB
cjfa-33340	126	8	based	base	VERB
cjfa-33340	126	9	on	on	ADP
cjfa-33340	126	10	the	the	DET
cjfa-33340	126	11	firm	firm	ADJ
cjfa-33340	126	12	size	size	NOUN
cjfa-33340	126	13	(	(	PUNCT
cjfa-33340	126	14	market	market	NOUN
cjfa-33340	126	15	capitalization	capitalization	NOUN
cjfa-33340	126	16	in	in	ADP
cjfa-33340	126	17	june	june	PROPN
cjfa-33340	126	18	of	of	ADP
cjfa-33340	126	19	each	each	DET
cjfa-33340	126	20	year	year	NOUN
cjfa-33340	126	21	t	t	PROPN
cjfa-33340	126	22	)	)	PUNCT
cjfa-33340	126	23	.	.	PUNCT
cjfa-33340	127	1	the	the	DET
cjfa-33340	127	2	median	median	ADJ
cjfa-33340	127	3	sample	sample	NOUN
cjfa-33340	127	4	size	size	NOUN
cjfa-33340	127	5	is	be	AUX
cjfa-33340	127	6	used	use	VERB
cjfa-33340	127	7	to	to	PART
cjfa-33340	127	8	construct	construct	VERB
cjfa-33340	127	9	the	the	DET
cjfa-33340	127	10	two	two	NUM
cjfa-33340	127	11	portfolios	portfolio	NOUN
cjfa-33340	127	12	according	accord	VERB
cjfa-33340	127	13	to	to	ADP
cjfa-33340	127	14	50	50	NUM
cjfa-33340	127	15	%	%	NOUN
cjfa-33340	127	16	splitting	splitting	NOUN
cjfa-33340	127	17	point	point	NOUN
cjfa-33340	127	18	,	,	PUNCT
cjfa-33340	127	19	where	where	SCONJ
cjfa-33340	127	20	the	the	DET
cjfa-33340	127	21	big	big	ADJ
cjfa-33340	127	22	stocks	stock	NOUN
cjfa-33340	127	23	portfolio	portfolio	NOUN
cjfa-33340	127	24	consisting	consist	VERB
cjfa-33340	127	25	of	of	ADP
cjfa-33340	127	26	the	the	DET
cjfa-33340	127	27	highest	high	ADJ
cjfa-33340	127	28	50	50	NUM
cjfa-33340	127	29	%	%	NOUN
cjfa-33340	127	30	stocks	stock	NOUN
cjfa-33340	127	31	and	and	CCONJ
cjfa-33340	127	32	the	the	DET
cjfa-33340	127	33	small	small	ADJ
cjfa-33340	127	34	stocks	stock	NOUN
cjfa-33340	127	35	portfolio	portfolio	NOUN
cjfa-33340	127	36	consisting	consist	VERB
cjfa-33340	127	37	of	of	ADP
cjfa-33340	127	38	the	the	DET
cjfa-33340	127	39	lowest	low	ADJ
cjfa-33340	127	40	50	50	NUM
cjfa-33340	127	41	%	%	NOUN
cjfa-33340	127	42	.	.	PUNCT
cjfa-33340	128	1	the	the	DET
cjfa-33340	128	2	sample	sample	NOUN
cjfa-33340	128	3	is	be	AUX
cjfa-33340	128	4	also	also	ADV
cjfa-33340	128	5	ranked	rank	VERB
cjfa-33340	128	6	based	base	VERB
cjfa-33340	128	7	on	on	ADP
cjfa-33340	128	8	(	(	PUNCT
cjfa-33340	128	9	book	book	NOUN
cjfa-33340	128	10	-	-	PUNCT
cjfa-33340	128	11	to	to	ADP
cjfa-33340	128	12	-	-	PUNCT
cjfa-33340	128	13	market	market	NOUN
cjfa-33340	128	14	)	)	PUNCT
cjfa-33340	128	15	ratio	ratio	NOUN
cjfa-33340	128	16	,	,	PUNCT
cjfa-33340	128	17	where	where	SCONJ
cjfa-33340	128	18	the	the	DET
cjfa-33340	128	19	sample	sample	NOUN
cjfa-33340	128	20	is	be	AUX
cjfa-33340	128	21	divided	divide	VERB
cjfa-33340	128	22	into	into	ADP
cjfa-33340	128	23	3	3	NUM
cjfa-33340	128	24	portfolios	portfolio	NOUN
cjfa-33340	128	25	.	.	PUNCT
cjfa-33340	129	1	the	the	DET
cjfa-33340	129	2	first	first	ADJ
cjfa-33340	129	3	portfolio	portfolio	NOUN
cjfa-33340	129	4	is	be	AUX
cjfa-33340	129	5	30	30	NUM
cjfa-33340	129	6	%	%	NOUN
cjfa-33340	129	7	of	of	ADP
cjfa-33340	129	8	the	the	DET
cjfa-33340	129	9	whole	whole	ADJ
cjfa-33340	129	10	sample	sample	NOUN
cjfa-33340	129	11	,	,	PUNCT
cjfa-33340	129	12	which	which	PRON
cjfa-33340	129	13	has	have	VERB
cjfa-33340	129	14	the	the	DET
cjfa-33340	129	15	highest	high	ADJ
cjfa-33340	129	16	(	(	PUNCT
cjfa-33340	129	17	book	book	NOUN
cjfa-33340	129	18	-	-	PUNCT
cjfa-33340	129	19	tomarket	tomarket	NOUN
cjfa-33340	129	20	)	)	PUNCT
cjfa-33340	129	21	ratio	ratio	NOUN
cjfa-33340	129	22	.	.	PUNCT
cjfa-33340	130	1	the	the	DET
cjfa-33340	130	2	second	second	ADJ
cjfa-33340	130	3	portfolio	portfolio	NOUN
cjfa-33340	130	4	is	be	AUX
cjfa-33340	130	5	40	40	NUM
cjfa-33340	130	6	%	%	NOUN
cjfa-33340	130	7	of	of	ADP
cjfa-33340	130	8	the	the	DET
cjfa-33340	130	9	whole	whole	ADJ
cjfa-33340	130	10	sample	sample	NOUN
cjfa-33340	130	11	have	have	AUX
cjfa-33340	130	12	(	(	PUNCT
cjfa-33340	130	13	book	book	NOUN
cjfa-33340	130	14	-	-	PUNCT
cjfa-33340	130	15	to	to	ADP
cjfa-33340	130	16	-	-	PUNCT
cjfa-33340	130	17	market	market	NOUN
cjfa-33340	130	18	)	)	PUNCT
cjfa-33340	130	19	ratio	ratio	NOUN
cjfa-33340	130	20	in	in	ADP
cjfa-33340	130	21	medium	medium	NOUN
cjfa-33340	130	22	and	and	CCONJ
cjfa-33340	130	23	the	the	DET
cjfa-33340	130	24	third	third	ADJ
cjfa-33340	130	25	portfolio	portfolio	NOUN
cjfa-33340	130	26	is	be	AUX
cjfa-33340	130	27	30	30	NUM
cjfa-33340	130	28	%	%	NOUN
cjfa-33340	130	29	of	of	ADP
cjfa-33340	130	30	the	the	DET
cjfa-33340	130	31	whole	whole	ADJ
cjfa-33340	130	32	sample	sample	NOUN
cjfa-33340	130	33	,	,	PUNCT
cjfa-33340	130	34	which	which	PRON
cjfa-33340	130	35	has	have	VERB
cjfa-33340	130	36	the	the	DET
cjfa-33340	130	37	lowest	low	ADJ
cjfa-33340	130	38	(	(	PUNCT
cjfa-33340	130	39	book	book	NOUN
cjfa-33340	130	40	-	-	PUNCT
cjfa-33340	130	41	to	to	ADP
cjfa-33340	130	42	-	-	PUNCT
cjfa-33340	130	43	market	market	NOUN
cjfa-33340	130	44	)	)	PUNCT
cjfa-33340	130	45	ratio	ratio	NOUN
cjfa-33340	130	46	.	.	PUNCT
cjfa-33340	131	1	the	the	DET
cjfa-33340	131	2	study	study	NOUN
cjfa-33340	131	3	employs	employ	VERB
cjfa-33340	131	4	(	(	PUNCT
cjfa-33340	131	5	hwang	hwang	PROPN
cjfa-33340	131	6	&	&	CCONJ
cjfa-33340	131	7	salmon	salmon	PROPN
cjfa-33340	131	8	,	,	PUNCT
cjfa-33340	131	9	2004	2004	NUM
cjfa-33340	131	10	)	)	PUNCT
cjfa-33340	131	11	and	and	CCONJ
cjfa-33340	131	12	(	(	PUNCT
cjfa-33340	131	13	chang	chang	PROPN
cjfa-33340	131	14	et	et	PROPN
cjfa-33340	131	15	al	al	PROPN
cjfa-33340	131	16	.	.	PROPN
cjfa-33340	131	17	,	,	PUNCT
cjfa-33340	131	18	2000	2000	NUM
cjfa-33340	131	19	)	)	PUNCT
cjfa-33340	131	20	method	method	NOUN
cjfa-33340	131	21	to	to	PART
cjfa-33340	131	22	measure	measure	VERB
cjfa-33340	131	23	herding	herding	NOUN
cjfa-33340	131	24	behaviour	behaviour	NOUN
cjfa-33340	131	25	.	.	PUNCT
cjfa-33340	132	1	using	use	VERB
cjfa-33340	132	2	daily	daily	ADJ
cjfa-33340	132	3	stock	stock	NOUN
cjfa-33340	132	4	price	price	NOUN
cjfa-33340	132	5	and	and	CCONJ
cjfa-33340	132	6	egx30	egx30	NOUN
cjfa-33340	132	7	index	index	NOUN
cjfa-33340	132	8	data	datum	NOUN
cjfa-33340	132	9	,	,	PUNCT
cjfa-33340	132	10	beta	beta	NOUN
cjfa-33340	132	11	is	be	AUX
cjfa-33340	132	12	estimated	estimate	VERB
cjfa-33340	132	13	using	use	VERB
cjfa-33340	132	14	the	the	DET
cjfa-33340	132	15	ols	ol	NOUN
cjfa-33340	132	16	method	method	NOUN
cjfa-33340	132	17	,	,	PUNCT
cjfa-33340	132	18	as	as	SCONJ
cjfa-33340	132	19	follows	follow	VERB
cjfa-33340	132	20	:	:	PUNCT
cjfa-33340	132	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	132	22	�	�	PROPN
cjfa-33340	132	23	�	�	PROPN
cjfa-33340	132	24	�	�	PROPN
cjfa-33340	132	25	=	=	SYM
cjfa-33340	132	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	132	27	�	�	PROPN
cjfa-33340	132	28	�	�	PROPN
cjfa-33340	132	29	�	�	PROPN
cjfa-33340	132	30	+	+	CCONJ
cjfa-33340	132	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	132	32	�	�	PROPN
cjfa-33340	132	33	�	�	PROPN
cjfa-33340	132	34	�	�	PROPN
cjfa-33340	132	35	�	�	PROPN
cjfa-33340	132	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	132	37	�	�	PROPN
cjfa-33340	132	38	�	�	PROPN
cjfa-33340	132	39	�	�	PROPN
cjfa-33340	132	40	+	+	CCONJ
cjfa-33340	132	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	132	42	�	�	PROPN
cjfa-33340	132	43	�	�	PROPN
cjfa-33340	132	44	�	�	PROPN
cjfa-33340	132	45	(	(	PUNCT
cjfa-33340	132	46	1	1	NUM
cjfa-33340	132	47	)	)	PUNCT
cjfa-33340	132	48	where	where	SCONJ
cjfa-33340	132	49	(	(	PUNCT
cjfa-33340	132	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	132	51	�	�	PROPN
cjfa-33340	132	52	�	�	PROPN
cjfa-33340	132	53	�	�	PROPN
cjfa-33340	132	54	)	)	PUNCT
cjfa-33340	132	55	is	be	AUX
cjfa-33340	132	56	the	the	DET
cjfa-33340	132	57	excess	excess	ADJ
cjfa-33340	132	58	stock	stock	NOUN
cjfa-33340	132	59	return	return	NOUN
cjfa-33340	132	60	and	and	CCONJ
cjfa-33340	132	61	(	(	PUNCT
cjfa-33340	132	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	132	63	�	�	PROPN
cjfa-33340	132	64	�	�	PROPN
cjfa-33340	132	65	�	�	PROPN
cjfa-33340	132	66	)	)	PUNCT
cjfa-33340	132	67	is	be	AUX
cjfa-33340	132	68	the	the	DET
cjfa-33340	132	69	excess	excess	ADJ
cjfa-33340	132	70	returns	return	NOUN
cjfa-33340	132	71	of	of	ADP
cjfa-33340	132	72	the	the	DET
cjfa-33340	132	73	market	market	NOUN
cjfa-33340	132	74	portfolio	portfolio	NOUN
cjfa-33340	132	75	.	.	PUNCT
cjfa-33340	133	1	returns	return	NOUN
cjfa-33340	133	2	of	of	ADP
cjfa-33340	133	3	individual	individual	ADJ
cjfa-33340	133	4	stocks	stock	NOUN
cjfa-33340	133	5	are	be	AUX
cjfa-33340	133	6	calculated	calculate	VERB
cjfa-33340	133	7	as	as	SCONJ
cjfa-33340	133	8	follows	follow	VERB
cjfa-33340	133	9	:	:	PUNCT
cjfa-33340	133	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	133	11	�	�	PROPN
cjfa-33340	133	12	�	�	PROPN
cjfa-33340	133	13	=	=	SYM
cjfa-33340	133	14	(	(	PUNCT
cjfa-33340	133	15	�	�	PROPN
cjfa-33340	133	16	�	�	PROPN
cjfa-33340	133	17	�	�	PROPN
cjfa-33340	133	18	�	�	PROPN
cjfa-33340	133	19	�	�	PROPN
cjfa-33340	133	20	�	�	PROPN
cjfa-33340	133	21	�	�	PROPN
cjfa-33340	133	22	)	)	PUNCT
cjfa-33340	133	23	�	�	PROPN
cjfa-33340	133	24	�	�	PROPN
cjfa-33340	133	25	�	�	PROPN
cjfa-33340	133	26	�	�	PROPN
cjfa-33340	133	27	(	(	PUNCT
cjfa-33340	133	28	2	2	NUM
cjfa-33340	133	29	)	)	PUNCT
cjfa-33340	133	30	where	where	SCONJ
cjfa-33340	133	31	(	(	PUNCT
cjfa-33340	133	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	133	33	�	�	PROPN
cjfa-33340	133	34	)	)	PUNCT
cjfa-33340	133	35	is	be	AUX
cjfa-33340	133	36	the	the	DET
cjfa-33340	133	37	stock	stock	NOUN
cjfa-33340	133	38	i	i	PRON
cjfa-33340	133	39	closing	closing	NOUN
cjfa-33340	133	40	price	price	NOUN
cjfa-33340	133	41	at	at	ADP
cjfa-33340	133	42	time	time	NOUN
cjfa-33340	133	43	t.	t.	PROPN
cjfa-33340	133	44	the	the	DET
cjfa-33340	133	45	(	(	PUNCT
cjfa-33340	133	46	hwang	hwang	PROPN
cjfa-33340	133	47	&	&	CCONJ
cjfa-33340	133	48	salmon	salmon	PROPN
cjfa-33340	133	49	,	,	PUNCT
cjfa-33340	133	50	2004	2004	NUM
cjfa-33340	133	51	)	)	PUNCT
cjfa-33340	133	52	methodology	methodology	NOUN
cjfa-33340	133	53	is	be	AUX
cjfa-33340	133	54	used	use	VERB
cjfa-33340	133	55	to	to	PART
cjfa-33340	133	56	measure	measure	VERB
cjfa-33340	133	57	herding	herding	NOUN
cjfa-33340	133	58	behaviour	behaviour	NOUN
cjfa-33340	133	59	.	.	PUNCT
cjfa-33340	134	1	this	this	DET
cjfa-33340	134	2	methodology	methodology	NOUN
cjfa-33340	134	3	is	be	AUX
cjfa-33340	134	4	based	base	VERB
cjfa-33340	134	5	on	on	ADP
cjfa-33340	134	6	the	the	DET
cjfa-33340	134	7	cross	cross	ADJ
cjfa-33340	134	8	-	-	ADJ
cjfa-33340	134	9	sectional	sectional	ADJ
cjfa-33340	134	10	volatility	volatility	NOUN
cjfa-33340	134	11	of	of	ADP
cjfa-33340	134	12	beta	beta	NOUN
cjfa-33340	134	13	(	(	PUNCT
cjfa-33340	134	14	ß	ß	NOUN
cjfa-33340	134	15	)	)	PUNCT
cjfa-33340	134	16	,	,	PUNCT
cjfa-33340	134	17	it	it	PRON
cjfa-33340	134	18	also	also	ADV
cjfa-33340	134	19	depends	depend	VERB
cjfa-33340	134	20	on	on	ADP
cjfa-33340	134	21	the	the	DET
cjfa-33340	134	22	relationship	relationship	NOUN
cjfa-33340	134	23	between	between	ADP
cjfa-33340	134	24	the	the	DET
cjfa-33340	134	25	equilibrium	equilibrium	NOUN
cjfa-33340	134	26	beta	beta	NOUN
cjfa-33340	134	27	,	,	PUNCT
cjfa-33340	134	28	which	which	PRON
cjfa-33340	134	29	denoted	denote	VERB
cjfa-33340	134	30	by	by	ADP
cjfa-33340	134	31	the	the	DET
cjfa-33340	134	32	symbol	symbol	NOUN
cjfa-33340	134	33	(	(	PUNCT
cjfa-33340	134	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	134	35	�	�	PROPN
cjfa-33340	134	36	�	�	PROPN
cjfa-33340	134	37	�	�	PROPN
cjfa-33340	134	38	)	)	PUNCT
cjfa-33340	134	39	and	and	CCONJ
cjfa-33340	134	40	its	its	PRON
cjfa-33340	134	41	behaviourally	behaviourally	ADV
cjfa-33340	134	42	biased	biased	ADJ
cjfa-33340	134	43	equivalent	equivalent	NOUN
cjfa-33340	134	44	,	,	PUNCT
cjfa-33340	134	45	which	which	PRON
cjfa-33340	134	46	denoted	denote	VERB
cjfa-33340	134	47	by	by	ADP
cjfa-33340	134	48	the	the	DET
cjfa-33340	134	49	symbol	symbol	NOUN
cjfa-33340	134	50	(	(	PUNCT
cjfa-33340	134	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	134	52	�	�	PROPN
cjfa-33340	134	53	�	�	PROPN
cjfa-33340	134	54	�	�	PROPN
cjfa-33340	134	55	�	�	PROPN
cjfa-33340	134	56	)	)	PUNCT
cjfa-33340	134	57	,	,	PUNCT
cjfa-33340	134	58	as	as	SCONJ
cjfa-33340	134	59	follows	follow	VERB
cjfa-33340	134	60	:	:	PUNCT
cjfa-33340	134	61	�	�	PROPN
cjfa-33340	134	62	�	�	PROPN
cjfa-33340	134	63	�	�	PROPN
cjfa-33340	134	64	(	(	PUNCT
cjfa-33340	134	65	�	�	PROPN
cjfa-33340	134	66	�	�	PROPN
cjfa-33340	134	67	�	�	PROPN
cjfa-33340	134	68	)	)	PUNCT
cjfa-33340	134	69	�	�	PROPN
cjfa-33340	134	70	�	�	PROPN
cjfa-33340	134	71	(	(	PUNCT
cjfa-33340	134	72	�	�	PROPN
cjfa-33340	134	73	�	�	PROPN
cjfa-33340	134	74	�	�	PROPN
cjfa-33340	134	75	)	)	PUNCT
cjfa-33340	134	76	=	=	PUNCT
cjfa-33340	134	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	134	78	�	�	PROPN
cjfa-33340	134	79	�	�	PROPN
cjfa-33340	134	80	�	�	PROPN
cjfa-33340	134	81	�	�	NOUN
cjfa-33340	134	82	=	=	PROPN
cjfa-33340	134	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	134	84	�	�	PROPN
cjfa-33340	134	85	�	�	PROPN
cjfa-33340	134	86	�	�	PROPN
cjfa-33340	134	87			PROPN
cjfa-33340	134	88	ℎ	ℎ	PROPN
cjfa-33340	134	89	�	�	PROPN
cjfa-33340	134	90	�	�	PROPN
cjfa-33340	134	91	(	(	PUNCT
cjfa-33340	134	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	134	93	�	�	PROPN
cjfa-33340	134	94	�	�	PROPN
cjfa-33340	134	95	�	�	NOUN
cjfa-33340	134	96	1	1	NOUN
cjfa-33340	134	97	)	)	PUNCT
cjfa-33340	134	98	(	(	PUNCT
cjfa-33340	134	99	3	3	X
cjfa-33340	134	100	)	)	PUNCT
cjfa-33340	134	101	where	where	SCONJ
cjfa-33340	134	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	134	103	�	�	PROPN
cjfa-33340	134	104	�	�	PROPN
cjfa-33340	134	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	134	106	�	�	PROPN
cjfa-33340	134	107	�	�	PROPN
cjfa-33340	134	108	)	)	PUNCT
cjfa-33340	134	109	is	be	AUX
cjfa-33340	134	110	the	the	DET
cjfa-33340	134	111	behaviourally	behaviourally	ADV
cjfa-33340	134	112	biased	bias	VERB
cjfa-33340	134	113	expected	expect	VERB
cjfa-33340	134	114	returns	return	NOUN
cjfa-33340	134	115	of	of	ADP
cjfa-33340	134	116	asset	asset	NOUN
cjfa-33340	134	117	i	i	PRON
cjfa-33340	134	118	at	at	ADP
cjfa-33340	134	119	time	time	NOUN
cjfa-33340	134	120	t	t	PROPN
cjfa-33340	134	121	and	and	CCONJ
cjfa-33340	134	122	(	(	PUNCT
cjfa-33340	134	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	134	124	�	�	PROPN
cjfa-33340	134	125	�	�	PROPN
cjfa-33340	134	126	�	�	PROPN
cjfa-33340	134	127	�	�	PROPN
cjfa-33340	134	128	)	)	PUNCT
cjfa-33340	134	129	is	be	AUX
cjfa-33340	134	130	the	the	DET
cjfa-33340	134	131	systematic	systematic	ADJ
cjfa-33340	134	132	risk	risk	NOUN
cjfa-33340	134	133	measurement	measurement	NOUN
cjfa-33340	134	134	.	.	PUNCT
cjfa-33340	135	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	135	2	�	�	PROPN
cjfa-33340	135	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	135	4	�	�	PROPN
cjfa-33340	135	5	�	�	PROPN
cjfa-33340	135	6	)	)	PUNCT
cjfa-33340	135	7	is	be	AUX
cjfa-33340	135	8	the	the	DET
cjfa-33340	135	9	conditional	conditional	ADJ
cjfa-33340	135	10	expectation	expectation	NOUN
cjfa-33340	135	11	at	at	ADP
cjfa-33340	135	12	time	time	NOUN
cjfa-33340	135	13	t	t	PROPN
cjfa-33340	135	14	(	(	PUNCT
cjfa-33340	135	15	1	1	NUM
cjfa-33340	135	16	)	)	PUNCT
cjfa-33340	135	17	where	where	SCONJ
cjfa-33340	135	18	divided	divide	VERB
cjfa-33340	135	19	into	into	ADP
cjfa-33340	135	20	portfolio	portfolio	NOUN
cjfa-33340	135	21	consisting	consist	VERB
cjfa-33340	135	22	of	of	ADP
cjfa-33340	135	23	stocks	stock	NOUN
cjfa-33340	135	24	with	with	ADP
cjfa-33340	135	25	high	high	ADJ
cjfa-33340	135	26	(	(	PUNCT
cjfa-33340	135	27	book	book	NOUN
cjfa-33340	135	28	-	-	PUNCT
cjfa-33340	135	29	to	to	ADP
cjfa-33340	135	30	-	-	PUNCT
cjfa-33340	135	31	market	market	NOUN
cjfa-33340	135	32	)	)	PUNCT
cjfa-33340	135	33	ratio	ratio	NOUN
cjfa-33340	135	34	,	,	PUNCT
cjfa-33340	135	35	a	a	DET
cjfa-33340	135	36	portfolio	portfolio	NOUN
cjfa-33340	135	37	consisting	consist	VERB
cjfa-33340	135	38	of	of	ADP
cjfa-33340	135	39	stocks	stock	NOUN
cjfa-33340	135	40	with	with	ADP
cjfa-33340	135	41	medium	medium	ADJ
cjfa-33340	135	42	(	(	PUNCT
cjfa-33340	135	43	book	book	NOUN
cjfa-33340	135	44	-	-	PUNCT
cjfa-33340	135	45	to	to	ADP
cjfa-33340	135	46	-	-	PUNCT
cjfa-33340	135	47	market	market	NOUN
cjfa-33340	135	48	)	)	PUNCT
cjfa-33340	135	49	ratio	ratio	NOUN
cjfa-33340	135	50	and	and	CCONJ
cjfa-33340	135	51	portfolio	portfolio	NOUN
cjfa-33340	135	52	consisting	consist	VERB
cjfa-33340	135	53	of	of	ADP
cjfa-33340	135	54	stocks	stock	NOUN
cjfa-33340	135	55	with	with	ADP
cjfa-33340	135	56	low	low	ADJ
cjfa-33340	135	57	(	(	PUNCT
cjfa-33340	135	58	book	book	NOUN
cjfa-33340	135	59	-	-	PUNCT
cjfa-33340	135	60	to	to	ADP
cjfa-33340	135	61	-	-	PUNCT
cjfa-33340	135	62	market	market	NOUN
cjfa-33340	135	63	)	)	PUNCT
cjfa-33340	135	64	ratio	ratio	NOUN
cjfa-33340	135	65	.	.	PUNCT
cjfa-33340	136	1	the	the	DET
cjfa-33340	136	2	big	big	ADJ
cjfa-33340	136	3	and	and	CCONJ
cjfa-33340	136	4	small	small	ADJ
cjfa-33340	136	5	portfolios	portfolio	NOUN
cjfa-33340	136	6	are	be	AUX
cjfa-33340	136	7	constructed	construct	VERB
cjfa-33340	136	8	based	base	VERB
cjfa-33340	136	9	on	on	ADP
cjfa-33340	136	10	the	the	DET
cjfa-33340	136	11	firm	firm	ADJ
cjfa-33340	136	12	size	size	NOUN
cjfa-33340	136	13	(	(	PUNCT
cjfa-33340	136	14	market	market	NOUN
cjfa-33340	136	15	capitalization	capitalization	NOUN
cjfa-33340	136	16	in	in	ADP
cjfa-33340	136	17	june	june	PROPN
cjfa-33340	136	18	of	of	ADP
cjfa-33340	136	19	each	each	DET
cjfa-33340	136	20	year	year	NOUN
cjfa-33340	136	21	t	t	PROPN
cjfa-33340	136	22	)	)	PUNCT
cjfa-33340	136	23	.	.	PUNCT
cjfa-33340	137	1	the	the	DET
cjfa-33340	137	2	median	median	ADJ
cjfa-33340	137	3	sample	sample	NOUN
cjfa-33340	137	4	size	size	NOUN
cjfa-33340	137	5	is	be	AUX
cjfa-33340	137	6	used	use	VERB
cjfa-33340	137	7	to	to	PART
cjfa-33340	137	8	construct	construct	VERB
cjfa-33340	137	9	the	the	DET
cjfa-33340	137	10	two	two	NUM
cjfa-33340	137	11	portfolios	portfolio	NOUN
cjfa-33340	137	12	according	accord	VERB
cjfa-33340	137	13	to	to	ADP
cjfa-33340	137	14	50	50	NUM
cjfa-33340	137	15	%	%	NOUN
cjfa-33340	137	16	splitting	splitting	NOUN
cjfa-33340	137	17	point	point	NOUN
cjfa-33340	137	18	,	,	PUNCT
cjfa-33340	137	19	where	where	SCONJ
cjfa-33340	137	20	the	the	DET
cjfa-33340	137	21	big	big	ADJ
cjfa-33340	137	22	stocks	stock	NOUN
cjfa-33340	137	23	portfolio	portfolio	NOUN
cjfa-33340	137	24	consisting	consist	VERB
cjfa-33340	137	25	of	of	ADP
cjfa-33340	137	26	the	the	DET
cjfa-33340	137	27	highest	high	ADJ
cjfa-33340	137	28	50	50	NUM
cjfa-33340	137	29	%	%	NOUN
cjfa-33340	137	30	stocks	stock	NOUN
cjfa-33340	137	31	and	and	CCONJ
cjfa-33340	137	32	the	the	DET
cjfa-33340	137	33	small	small	ADJ
cjfa-33340	137	34	stocks	stock	NOUN
cjfa-33340	137	35	portfolio	portfolio	NOUN
cjfa-33340	137	36	consisting	consist	VERB
cjfa-33340	137	37	of	of	ADP
cjfa-33340	137	38	the	the	DET
cjfa-33340	137	39	lowest	low	ADJ
cjfa-33340	137	40	50	50	NUM
cjfa-33340	137	41	%	%	NOUN
cjfa-33340	137	42	.	.	PUNCT
cjfa-33340	138	1	the	the	DET
cjfa-33340	138	2	sample	sample	NOUN
cjfa-33340	138	3	is	be	AUX
cjfa-33340	138	4	also	also	ADV
cjfa-33340	138	5	ranked	rank	VERB
cjfa-33340	138	6	based	base	VERB
cjfa-33340	138	7	on	on	ADP
cjfa-33340	138	8	(	(	PUNCT
cjfa-33340	138	9	book	book	NOUN
cjfa-33340	138	10	-	-	PUNCT
cjfa-33340	138	11	to	to	ADP
cjfa-33340	138	12	-	-	PUNCT
cjfa-33340	138	13	market	market	NOUN
cjfa-33340	138	14	)	)	PUNCT
cjfa-33340	138	15	ratio	ratio	NOUN
cjfa-33340	138	16	,	,	PUNCT
cjfa-33340	138	17	where	where	SCONJ
cjfa-33340	138	18	the	the	DET
cjfa-33340	138	19	sample	sample	NOUN
cjfa-33340	138	20	is	be	AUX
cjfa-33340	138	21	divided	divide	VERB
cjfa-33340	138	22	into	into	ADP
cjfa-33340	138	23	3	3	NUM
cjfa-33340	138	24	portfolios	portfolio	NOUN
cjfa-33340	138	25	.	.	PUNCT
cjfa-33340	139	1	the	the	DET
cjfa-33340	139	2	first	first	ADJ
cjfa-33340	139	3	portfolio	portfolio	NOUN
cjfa-33340	139	4	is	be	AUX
cjfa-33340	139	5	30	30	NUM
cjfa-33340	139	6	%	%	NOUN
cjfa-33340	139	7	of	of	ADP
cjfa-33340	139	8	the	the	DET
cjfa-33340	139	9	whole	whole	ADJ
cjfa-33340	139	10	sample	sample	NOUN
cjfa-33340	139	11	,	,	PUNCT
cjfa-33340	139	12	which	which	PRON
cjfa-33340	139	13	has	have	VERB
cjfa-33340	139	14	the	the	DET
cjfa-33340	139	15	highest	high	ADJ
cjfa-33340	139	16	(	(	PUNCT
cjfa-33340	139	17	book	book	NOUN
cjfa-33340	139	18	-	-	PUNCT
cjfa-33340	139	19	tomarket	tomarket	NOUN
cjfa-33340	139	20	)	)	PUNCT
cjfa-33340	139	21	ratio	ratio	NOUN
cjfa-33340	139	22	.	.	PUNCT
cjfa-33340	140	1	the	the	DET
cjfa-33340	140	2	second	second	ADJ
cjfa-33340	140	3	portfolio	portfolio	NOUN
cjfa-33340	140	4	is	be	AUX
cjfa-33340	140	5	40	40	NUM
cjfa-33340	140	6	%	%	NOUN
cjfa-33340	140	7	of	of	ADP
cjfa-33340	140	8	the	the	DET
cjfa-33340	140	9	whole	whole	ADJ
cjfa-33340	140	10	sample	sample	NOUN
cjfa-33340	140	11	have	have	AUX
cjfa-33340	140	12	(	(	PUNCT
cjfa-33340	140	13	book	book	NOUN
cjfa-33340	140	14	-	-	PUNCT
cjfa-33340	140	15	to	to	ADP
cjfa-33340	140	16	-	-	PUNCT
cjfa-33340	140	17	market	market	NOUN
cjfa-33340	140	18	)	)	PUNCT
cjfa-33340	140	19	ratio	ratio	NOUN
cjfa-33340	140	20	in	in	ADP
cjfa-33340	140	21	medium	medium	NOUN
cjfa-33340	140	22	and	and	CCONJ
cjfa-33340	140	23	the	the	DET
cjfa-33340	140	24	third	third	ADJ
cjfa-33340	140	25	portfolio	portfolio	NOUN
cjfa-33340	140	26	is	be	AUX
cjfa-33340	140	27	30	30	NUM
cjfa-33340	140	28	%	%	NOUN
cjfa-33340	140	29	of	of	ADP
cjfa-33340	140	30	the	the	DET
cjfa-33340	140	31	whole	whole	ADJ
cjfa-33340	140	32	sample	sample	NOUN
cjfa-33340	140	33	,	,	PUNCT
cjfa-33340	140	34	which	which	PRON
cjfa-33340	140	35	has	have	VERB
cjfa-33340	140	36	the	the	DET
cjfa-33340	140	37	lowest	low	ADJ
cjfa-33340	140	38	(	(	PUNCT
cjfa-33340	140	39	book	book	NOUN
cjfa-33340	140	40	-	-	PUNCT
cjfa-33340	140	41	to	to	ADP
cjfa-33340	140	42	-	-	PUNCT
cjfa-33340	140	43	market	market	NOUN
cjfa-33340	140	44	)	)	PUNCT
cjfa-33340	140	45	ratio	ratio	NOUN
cjfa-33340	140	46	.	.	PUNCT
cjfa-33340	141	1	the	the	DET
cjfa-33340	141	2	study	study	NOUN
cjfa-33340	141	3	employs	employ	VERB
cjfa-33340	141	4	(	(	PUNCT
cjfa-33340	141	5	hwang	hwang	PROPN
cjfa-33340	141	6	&	&	CCONJ
cjfa-33340	141	7	salmon	salmon	PROPN
cjfa-33340	141	8	,	,	PUNCT
cjfa-33340	141	9	2004	2004	NUM
cjfa-33340	141	10	)	)	PUNCT
cjfa-33340	141	11	and	and	CCONJ
cjfa-33340	141	12	(	(	PUNCT
cjfa-33340	141	13	chang	chang	PROPN
cjfa-33340	141	14	et	et	PROPN
cjfa-33340	141	15	al	al	PROPN
cjfa-33340	141	16	.	.	PROPN
cjfa-33340	141	17	,	,	PUNCT
cjfa-33340	141	18	2000	2000	NUM
cjfa-33340	141	19	)	)	PUNCT
cjfa-33340	141	20	method	method	NOUN
cjfa-33340	141	21	to	to	PART
cjfa-33340	141	22	measure	measure	VERB
cjfa-33340	141	23	herding	herding	NOUN
cjfa-33340	141	24	behaviour	behaviour	NOUN
cjfa-33340	141	25	.	.	PUNCT
cjfa-33340	142	1	using	use	VERB
cjfa-33340	142	2	daily	daily	ADJ
cjfa-33340	142	3	stock	stock	NOUN
cjfa-33340	142	4	price	price	NOUN
cjfa-33340	142	5	and	and	CCONJ
cjfa-33340	142	6	egx30	egx30	NOUN
cjfa-33340	142	7	index	index	NOUN
cjfa-33340	142	8	data	datum	NOUN
cjfa-33340	142	9	,	,	PUNCT
cjfa-33340	142	10	beta	beta	NOUN
cjfa-33340	142	11	is	be	AUX
cjfa-33340	142	12	estimated	estimate	VERB
cjfa-33340	142	13	using	use	VERB
cjfa-33340	142	14	the	the	DET
cjfa-33340	142	15	ols	ol	NOUN
cjfa-33340	142	16	method	method	NOUN
cjfa-33340	142	17	,	,	PUNCT
cjfa-33340	142	18	as	as	SCONJ
cjfa-33340	142	19	follows	follow	VERB
cjfa-33340	142	20	:	:	PUNCT
cjfa-33340	142	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	142	22	�	�	PROPN
cjfa-33340	142	23	�	�	PROPN
cjfa-33340	142	24	�	�	PROPN
cjfa-33340	142	25	=	=	SYM
cjfa-33340	142	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	142	27	�	�	PROPN
cjfa-33340	142	28	�	�	PROPN
cjfa-33340	142	29	�	�	PROPN
cjfa-33340	142	30	+	+	CCONJ
cjfa-33340	142	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	142	32	�	�	PROPN
cjfa-33340	142	33	�	�	PROPN
cjfa-33340	142	34	�	�	PROPN
cjfa-33340	142	35	�	�	PROPN
cjfa-33340	142	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	142	37	�	�	PROPN
cjfa-33340	142	38	�	�	PROPN
cjfa-33340	142	39	�	�	PROPN
cjfa-33340	142	40	+	+	CCONJ
cjfa-33340	142	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	142	42	�	�	PROPN
cjfa-33340	142	43	�	�	PROPN
cjfa-33340	142	44	�	�	PROPN
cjfa-33340	142	45	(	(	PUNCT
cjfa-33340	142	46	1	1	NUM
cjfa-33340	142	47	)	)	PUNCT
cjfa-33340	142	48	where	where	SCONJ
cjfa-33340	142	49	(	(	PUNCT
cjfa-33340	142	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	142	51	�	�	PROPN
cjfa-33340	142	52	�	�	PROPN
cjfa-33340	142	53	�	�	PROPN
cjfa-33340	142	54	)	)	PUNCT
cjfa-33340	142	55	is	be	AUX
cjfa-33340	142	56	the	the	DET
cjfa-33340	142	57	excess	excess	ADJ
cjfa-33340	142	58	stock	stock	NOUN
cjfa-33340	142	59	return	return	NOUN
cjfa-33340	142	60	and	and	CCONJ
cjfa-33340	142	61	(	(	PUNCT
cjfa-33340	142	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	142	63	�	�	PROPN
cjfa-33340	142	64	�	�	PROPN
cjfa-33340	142	65	�	�	PROPN
cjfa-33340	142	66	)	)	PUNCT
cjfa-33340	142	67	is	be	AUX
cjfa-33340	142	68	the	the	DET
cjfa-33340	142	69	excess	excess	ADJ
cjfa-33340	142	70	returns	return	NOUN
cjfa-33340	142	71	of	of	ADP
cjfa-33340	142	72	the	the	DET
cjfa-33340	142	73	market	market	NOUN
cjfa-33340	142	74	portfolio	portfolio	NOUN
cjfa-33340	142	75	.	.	PUNCT
cjfa-33340	143	1	returns	return	NOUN
cjfa-33340	143	2	of	of	ADP
cjfa-33340	143	3	individual	individual	ADJ
cjfa-33340	143	4	stocks	stock	NOUN
cjfa-33340	143	5	are	be	AUX
cjfa-33340	143	6	calculated	calculate	VERB
cjfa-33340	143	7	as	as	SCONJ
cjfa-33340	143	8	follows	follow	VERB
cjfa-33340	143	9	:	:	PUNCT
cjfa-33340	143	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	143	11	�	�	PROPN
cjfa-33340	143	12	�	�	PROPN
cjfa-33340	143	13	=	=	SYM
cjfa-33340	143	14	(	(	PUNCT
cjfa-33340	143	15	�	�	PROPN
cjfa-33340	143	16	�	�	PROPN
cjfa-33340	143	17	�	�	PROPN
cjfa-33340	143	18	�	�	PROPN
cjfa-33340	143	19	�	�	PROPN
cjfa-33340	143	20	�	�	PROPN
cjfa-33340	143	21	�	�	PROPN
cjfa-33340	143	22	)	)	PUNCT
cjfa-33340	143	23	�	�	PROPN
cjfa-33340	143	24	�	�	PROPN
cjfa-33340	143	25	�	�	PROPN
cjfa-33340	143	26	�	�	PROPN
cjfa-33340	143	27	(	(	PUNCT
cjfa-33340	143	28	2	2	NUM
cjfa-33340	143	29	)	)	PUNCT
cjfa-33340	143	30	where	where	SCONJ
cjfa-33340	143	31	(	(	PUNCT
cjfa-33340	143	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	143	33	�	�	PROPN
cjfa-33340	143	34	)	)	PUNCT
cjfa-33340	143	35	is	be	AUX
cjfa-33340	143	36	the	the	DET
cjfa-33340	143	37	stock	stock	NOUN
cjfa-33340	143	38	i	i	PRON
cjfa-33340	143	39	closing	closing	NOUN
cjfa-33340	143	40	price	price	NOUN
cjfa-33340	143	41	at	at	ADP
cjfa-33340	143	42	time	time	NOUN
cjfa-33340	143	43	t.	t.	PROPN
cjfa-33340	143	44	the	the	DET
cjfa-33340	143	45	(	(	PUNCT
cjfa-33340	143	46	hwang	hwang	PROPN
cjfa-33340	143	47	&	&	CCONJ
cjfa-33340	143	48	salmon	salmon	PROPN
cjfa-33340	143	49	,	,	PUNCT
cjfa-33340	143	50	2004	2004	NUM
cjfa-33340	143	51	)	)	PUNCT
cjfa-33340	143	52	methodology	methodology	NOUN
cjfa-33340	143	53	is	be	AUX
cjfa-33340	143	54	used	use	VERB
cjfa-33340	143	55	to	to	PART
cjfa-33340	143	56	measure	measure	VERB
cjfa-33340	143	57	herding	herding	NOUN
cjfa-33340	143	58	behaviour	behaviour	NOUN
cjfa-33340	143	59	.	.	PUNCT
cjfa-33340	144	1	this	this	DET
cjfa-33340	144	2	methodology	methodology	NOUN
cjfa-33340	144	3	is	be	AUX
cjfa-33340	144	4	based	base	VERB
cjfa-33340	144	5	on	on	ADP
cjfa-33340	144	6	the	the	DET
cjfa-33340	144	7	cross	cross	ADJ
cjfa-33340	144	8	-	-	ADJ
cjfa-33340	144	9	sectional	sectional	ADJ
cjfa-33340	144	10	volatility	volatility	NOUN
cjfa-33340	144	11	of	of	ADP
cjfa-33340	144	12	beta	beta	NOUN
cjfa-33340	144	13	(	(	PUNCT
cjfa-33340	144	14	ß	ß	NOUN
cjfa-33340	144	15	)	)	PUNCT
cjfa-33340	144	16	,	,	PUNCT
cjfa-33340	144	17	it	it	PRON
cjfa-33340	144	18	also	also	ADV
cjfa-33340	144	19	depends	depend	VERB
cjfa-33340	144	20	on	on	ADP
cjfa-33340	144	21	the	the	DET
cjfa-33340	144	22	relationship	relationship	NOUN
cjfa-33340	144	23	between	between	ADP
cjfa-33340	144	24	the	the	DET
cjfa-33340	144	25	equilibrium	equilibrium	NOUN
cjfa-33340	144	26	beta	beta	NOUN
cjfa-33340	144	27	,	,	PUNCT
cjfa-33340	144	28	which	which	PRON
cjfa-33340	144	29	denoted	denote	VERB
cjfa-33340	144	30	by	by	ADP
cjfa-33340	144	31	the	the	DET
cjfa-33340	144	32	symbol	symbol	NOUN
cjfa-33340	144	33	(	(	PUNCT
cjfa-33340	144	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	144	35	�	�	PROPN
cjfa-33340	144	36	�	�	PROPN
cjfa-33340	144	37	�	�	PROPN
cjfa-33340	144	38	)	)	PUNCT
cjfa-33340	144	39	and	and	CCONJ
cjfa-33340	144	40	its	its	PRON
cjfa-33340	144	41	behaviourally	behaviourally	ADV
cjfa-33340	144	42	biased	biased	ADJ
cjfa-33340	144	43	equivalent	equivalent	NOUN
cjfa-33340	144	44	,	,	PUNCT
cjfa-33340	144	45	which	which	PRON
cjfa-33340	144	46	denoted	denote	VERB
cjfa-33340	144	47	by	by	ADP
cjfa-33340	144	48	the	the	DET
cjfa-33340	144	49	symbol	symbol	NOUN
cjfa-33340	144	50	(	(	PUNCT
cjfa-33340	144	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	144	52	�	�	PROPN
cjfa-33340	144	53	�	�	PROPN
cjfa-33340	144	54	�	�	PROPN
cjfa-33340	144	55	�	�	PROPN
cjfa-33340	144	56	)	)	PUNCT
cjfa-33340	144	57	,	,	PUNCT
cjfa-33340	144	58	as	as	SCONJ
cjfa-33340	144	59	follows	follow	VERB
cjfa-33340	144	60	:	:	PUNCT
cjfa-33340	144	61	�	�	PROPN
cjfa-33340	144	62	�	�	PROPN
cjfa-33340	144	63	�	�	PROPN
cjfa-33340	144	64	(	(	PUNCT
cjfa-33340	144	65	�	�	PROPN
cjfa-33340	144	66	�	�	PROPN
cjfa-33340	144	67	�	�	PROPN
cjfa-33340	144	68	)	)	PUNCT
cjfa-33340	144	69	�	�	PROPN
cjfa-33340	144	70	�	�	PROPN
cjfa-33340	144	71	(	(	PUNCT
cjfa-33340	144	72	�	�	PROPN
cjfa-33340	144	73	�	�	PROPN
cjfa-33340	144	74	�	�	PROPN
cjfa-33340	144	75	)	)	PUNCT
cjfa-33340	144	76	=	=	PUNCT
cjfa-33340	144	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	144	78	�	�	PROPN
cjfa-33340	144	79	�	�	PROPN
cjfa-33340	144	80	�	�	PROPN
cjfa-33340	144	81	�	�	NOUN
cjfa-33340	144	82	=	=	PROPN
cjfa-33340	144	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	144	84	�	�	PROPN
cjfa-33340	144	85	�	�	PROPN
cjfa-33340	144	86	�	�	PROPN
cjfa-33340	144	87			PROPN
cjfa-33340	144	88	ℎ	ℎ	PROPN
cjfa-33340	144	89	�	�	PROPN
cjfa-33340	144	90	�	�	PROPN
cjfa-33340	144	91	(	(	PUNCT
cjfa-33340	144	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	144	93	�	�	PROPN
cjfa-33340	144	94	�	�	PROPN
cjfa-33340	144	95	�	�	NOUN
cjfa-33340	144	96	1	1	NOUN
cjfa-33340	144	97	)	)	PUNCT
cjfa-33340	144	98	(	(	PUNCT
cjfa-33340	144	99	3	3	X
cjfa-33340	144	100	)	)	PUNCT
cjfa-33340	144	101	where	where	SCONJ
cjfa-33340	144	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	144	103	�	�	PROPN
cjfa-33340	144	104	�	�	PROPN
cjfa-33340	144	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	144	106	�	�	PROPN
cjfa-33340	144	107	�	�	PROPN
cjfa-33340	144	108	)	)	PUNCT
cjfa-33340	144	109	is	be	AUX
cjfa-33340	144	110	the	the	DET
cjfa-33340	144	111	behaviourally	behaviourally	ADV
cjfa-33340	144	112	biased	bias	VERB
cjfa-33340	144	113	expected	expect	VERB
cjfa-33340	144	114	returns	return	NOUN
cjfa-33340	144	115	of	of	ADP
cjfa-33340	144	116	asset	asset	NOUN
cjfa-33340	144	117	i	i	PRON
cjfa-33340	144	118	at	at	ADP
cjfa-33340	144	119	time	time	NOUN
cjfa-33340	144	120	t	t	PROPN
cjfa-33340	144	121	and	and	CCONJ
cjfa-33340	144	122	(	(	PUNCT
cjfa-33340	144	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	144	124	�	�	PROPN
cjfa-33340	144	125	�	�	PROPN
cjfa-33340	144	126	�	�	PROPN
cjfa-33340	144	127	�	�	PROPN
cjfa-33340	144	128	)	)	PUNCT
cjfa-33340	144	129	is	be	AUX
cjfa-33340	144	130	the	the	DET
cjfa-33340	144	131	systematic	systematic	ADJ
cjfa-33340	144	132	risk	risk	NOUN
cjfa-33340	144	133	measurement	measurement	NOUN
cjfa-33340	144	134	.	.	PUNCT
cjfa-33340	145	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	145	2	�	�	PROPN
cjfa-33340	145	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	145	4	�	�	PROPN
cjfa-33340	145	5	�	�	PROPN
cjfa-33340	145	6	)	)	PUNCT
cjfa-33340	145	7	is	be	AUX
cjfa-33340	145	8	the	the	DET
cjfa-33340	145	9	conditional	conditional	ADJ
cjfa-33340	145	10	expectation	expectation	NOUN
cjfa-33340	145	11	at	at	ADP
cjfa-33340	145	12	time	time	NOUN
cjfa-33340	145	13	t	t	PROPN
cjfa-33340	145	14	is	be	AUX
cjfa-33340	145	15	the	the	DET
cjfa-33340	145	16	excess	excess	ADJ
cjfa-33340	145	17	stock	stock	NOUN
cjfa-33340	145	18	return	return	NOUN
cjfa-33340	145	19	and	and	CCONJ
cjfa-33340	145	20	divided	divide	VERB
cjfa-33340	145	21	into	into	ADP
cjfa-33340	145	22	portfolio	portfolio	NOUN
cjfa-33340	145	23	consisting	consist	VERB
cjfa-33340	145	24	of	of	ADP
cjfa-33340	145	25	stocks	stock	NOUN
cjfa-33340	145	26	with	with	ADP
cjfa-33340	145	27	high	high	ADJ
cjfa-33340	145	28	(	(	PUNCT
cjfa-33340	145	29	book	book	NOUN
cjfa-33340	145	30	-	-	PUNCT
cjfa-33340	145	31	to	to	ADP
cjfa-33340	145	32	-	-	PUNCT
cjfa-33340	145	33	market	market	NOUN
cjfa-33340	145	34	)	)	PUNCT
cjfa-33340	145	35	ratio	ratio	NOUN
cjfa-33340	145	36	,	,	PUNCT
cjfa-33340	145	37	a	a	DET
cjfa-33340	145	38	portfolio	portfolio	NOUN
cjfa-33340	145	39	consisting	consist	VERB
cjfa-33340	145	40	of	of	ADP
cjfa-33340	145	41	stocks	stock	NOUN
cjfa-33340	145	42	with	with	ADP
cjfa-33340	145	43	medium	medium	ADJ
cjfa-33340	145	44	(	(	PUNCT
cjfa-33340	145	45	book	book	NOUN
cjfa-33340	145	46	-	-	PUNCT
cjfa-33340	145	47	to	to	ADP
cjfa-33340	145	48	-	-	PUNCT
cjfa-33340	145	49	market	market	NOUN
cjfa-33340	145	50	)	)	PUNCT
cjfa-33340	145	51	ratio	ratio	NOUN
cjfa-33340	145	52	and	and	CCONJ
cjfa-33340	145	53	portfolio	portfolio	NOUN
cjfa-33340	145	54	consisting	consist	VERB
cjfa-33340	145	55	of	of	ADP
cjfa-33340	145	56	stocks	stock	NOUN
cjfa-33340	145	57	with	with	ADP
cjfa-33340	145	58	low	low	ADJ
cjfa-33340	145	59	(	(	PUNCT
cjfa-33340	145	60	book	book	NOUN
cjfa-33340	145	61	-	-	PUNCT
cjfa-33340	145	62	to	to	ADP
cjfa-33340	145	63	-	-	PUNCT
cjfa-33340	145	64	market	market	NOUN
cjfa-33340	145	65	)	)	PUNCT
cjfa-33340	145	66	ratio	ratio	NOUN
cjfa-33340	145	67	.	.	PUNCT
cjfa-33340	146	1	the	the	DET
cjfa-33340	146	2	big	big	ADJ
cjfa-33340	146	3	and	and	CCONJ
cjfa-33340	146	4	small	small	ADJ
cjfa-33340	146	5	portfolios	portfolio	NOUN
cjfa-33340	146	6	are	be	AUX
cjfa-33340	146	7	constructed	construct	VERB
cjfa-33340	146	8	based	base	VERB
cjfa-33340	146	9	on	on	ADP
cjfa-33340	146	10	the	the	DET
cjfa-33340	146	11	firm	firm	ADJ
cjfa-33340	146	12	size	size	NOUN
cjfa-33340	146	13	(	(	PUNCT
cjfa-33340	146	14	market	market	NOUN
cjfa-33340	146	15	capitalization	capitalization	NOUN
cjfa-33340	146	16	in	in	ADP
cjfa-33340	146	17	june	june	PROPN
cjfa-33340	146	18	of	of	ADP
cjfa-33340	146	19	each	each	DET
cjfa-33340	146	20	year	year	NOUN
cjfa-33340	146	21	t	t	PROPN
cjfa-33340	146	22	)	)	PUNCT
cjfa-33340	146	23	.	.	PUNCT
cjfa-33340	147	1	the	the	DET
cjfa-33340	147	2	median	median	ADJ
cjfa-33340	147	3	sample	sample	NOUN
cjfa-33340	147	4	size	size	NOUN
cjfa-33340	147	5	is	be	AUX
cjfa-33340	147	6	used	use	VERB
cjfa-33340	147	7	to	to	PART
cjfa-33340	147	8	construct	construct	VERB
cjfa-33340	147	9	the	the	DET
cjfa-33340	147	10	two	two	NUM
cjfa-33340	147	11	portfolios	portfolio	NOUN
cjfa-33340	147	12	according	accord	VERB
cjfa-33340	147	13	to	to	ADP
cjfa-33340	147	14	50	50	NUM
cjfa-33340	147	15	%	%	NOUN
cjfa-33340	147	16	splitting	splitting	NOUN
cjfa-33340	147	17	point	point	NOUN
cjfa-33340	147	18	,	,	PUNCT
cjfa-33340	147	19	where	where	SCONJ
cjfa-33340	147	20	the	the	DET
cjfa-33340	147	21	big	big	ADJ
cjfa-33340	147	22	stocks	stock	NOUN
cjfa-33340	147	23	portfolio	portfolio	NOUN
cjfa-33340	147	24	consisting	consist	VERB
cjfa-33340	147	25	of	of	ADP
cjfa-33340	147	26	the	the	DET
cjfa-33340	147	27	highest	high	ADJ
cjfa-33340	147	28	50	50	NUM
cjfa-33340	147	29	%	%	NOUN
cjfa-33340	147	30	stocks	stock	NOUN
cjfa-33340	147	31	and	and	CCONJ
cjfa-33340	147	32	the	the	DET
cjfa-33340	147	33	small	small	ADJ
cjfa-33340	147	34	stocks	stock	NOUN
cjfa-33340	147	35	portfolio	portfolio	NOUN
cjfa-33340	147	36	consisting	consist	VERB
cjfa-33340	147	37	of	of	ADP
cjfa-33340	147	38	the	the	DET
cjfa-33340	147	39	lowest	low	ADJ
cjfa-33340	147	40	50	50	NUM
cjfa-33340	147	41	%	%	NOUN
cjfa-33340	147	42	.	.	PUNCT
cjfa-33340	148	1	the	the	DET
cjfa-33340	148	2	sample	sample	NOUN
cjfa-33340	148	3	is	be	AUX
cjfa-33340	148	4	also	also	ADV
cjfa-33340	148	5	ranked	rank	VERB
cjfa-33340	148	6	based	base	VERB
cjfa-33340	148	7	on	on	ADP
cjfa-33340	148	8	(	(	PUNCT
cjfa-33340	148	9	book	book	NOUN
cjfa-33340	148	10	-	-	PUNCT
cjfa-33340	148	11	to	to	ADP
cjfa-33340	148	12	-	-	PUNCT
cjfa-33340	148	13	market	market	NOUN
cjfa-33340	148	14	)	)	PUNCT
cjfa-33340	148	15	ratio	ratio	NOUN
cjfa-33340	148	16	,	,	PUNCT
cjfa-33340	148	17	where	where	SCONJ
cjfa-33340	148	18	the	the	DET
cjfa-33340	148	19	sample	sample	NOUN
cjfa-33340	148	20	is	be	AUX
cjfa-33340	148	21	divided	divide	VERB
cjfa-33340	148	22	into	into	ADP
cjfa-33340	148	23	3	3	NUM
cjfa-33340	148	24	portfolios	portfolio	NOUN
cjfa-33340	148	25	.	.	PUNCT
cjfa-33340	149	1	the	the	DET
cjfa-33340	149	2	first	first	ADJ
cjfa-33340	149	3	portfolio	portfolio	NOUN
cjfa-33340	149	4	is	be	AUX
cjfa-33340	149	5	30	30	NUM
cjfa-33340	149	6	%	%	NOUN
cjfa-33340	149	7	of	of	ADP
cjfa-33340	149	8	the	the	DET
cjfa-33340	149	9	whole	whole	ADJ
cjfa-33340	149	10	sample	sample	NOUN
cjfa-33340	149	11	,	,	PUNCT
cjfa-33340	149	12	which	which	PRON
cjfa-33340	149	13	has	have	VERB
cjfa-33340	149	14	the	the	DET
cjfa-33340	149	15	highest	high	ADJ
cjfa-33340	149	16	(	(	PUNCT
cjfa-33340	149	17	book	book	NOUN
cjfa-33340	149	18	-	-	PUNCT
cjfa-33340	149	19	tomarket	tomarket	NOUN
cjfa-33340	149	20	)	)	PUNCT
cjfa-33340	149	21	ratio	ratio	NOUN
cjfa-33340	149	22	.	.	PUNCT
cjfa-33340	150	1	the	the	DET
cjfa-33340	150	2	second	second	ADJ
cjfa-33340	150	3	portfolio	portfolio	NOUN
cjfa-33340	150	4	is	be	AUX
cjfa-33340	150	5	40	40	NUM
cjfa-33340	150	6	%	%	NOUN
cjfa-33340	150	7	of	of	ADP
cjfa-33340	150	8	the	the	DET
cjfa-33340	150	9	whole	whole	ADJ
cjfa-33340	150	10	sample	sample	NOUN
cjfa-33340	150	11	have	have	AUX
cjfa-33340	150	12	(	(	PUNCT
cjfa-33340	150	13	book	book	NOUN
cjfa-33340	150	14	-	-	PUNCT
cjfa-33340	150	15	to	to	ADP
cjfa-33340	150	16	-	-	PUNCT
cjfa-33340	150	17	market	market	NOUN
cjfa-33340	150	18	)	)	PUNCT
cjfa-33340	150	19	ratio	ratio	NOUN
cjfa-33340	150	20	in	in	ADP
cjfa-33340	150	21	medium	medium	NOUN
cjfa-33340	150	22	and	and	CCONJ
cjfa-33340	150	23	the	the	DET
cjfa-33340	150	24	third	third	ADJ
cjfa-33340	150	25	portfolio	portfolio	NOUN
cjfa-33340	150	26	is	be	AUX
cjfa-33340	150	27	30	30	NUM
cjfa-33340	150	28	%	%	NOUN
cjfa-33340	150	29	of	of	ADP
cjfa-33340	150	30	the	the	DET
cjfa-33340	150	31	whole	whole	ADJ
cjfa-33340	150	32	sample	sample	NOUN
cjfa-33340	150	33	,	,	PUNCT
cjfa-33340	150	34	which	which	PRON
cjfa-33340	150	35	has	have	VERB
cjfa-33340	150	36	the	the	DET
cjfa-33340	150	37	lowest	low	ADJ
cjfa-33340	150	38	(	(	PUNCT
cjfa-33340	150	39	book	book	NOUN
cjfa-33340	150	40	-	-	PUNCT
cjfa-33340	150	41	to	to	ADP
cjfa-33340	150	42	-	-	PUNCT
cjfa-33340	150	43	market	market	NOUN
cjfa-33340	150	44	)	)	PUNCT
cjfa-33340	150	45	ratio	ratio	NOUN
cjfa-33340	150	46	.	.	PUNCT
cjfa-33340	151	1	the	the	DET
cjfa-33340	151	2	study	study	NOUN
cjfa-33340	151	3	employs	employ	VERB
cjfa-33340	151	4	(	(	PUNCT
cjfa-33340	151	5	hwang	hwang	PROPN
cjfa-33340	151	6	&	&	CCONJ
cjfa-33340	151	7	salmon	salmon	PROPN
cjfa-33340	151	8	,	,	PUNCT
cjfa-33340	151	9	2004	2004	NUM
cjfa-33340	151	10	)	)	PUNCT
cjfa-33340	151	11	and	and	CCONJ
cjfa-33340	151	12	(	(	PUNCT
cjfa-33340	151	13	chang	chang	PROPN
cjfa-33340	151	14	et	et	PROPN
cjfa-33340	151	15	al	al	PROPN
cjfa-33340	151	16	.	.	PROPN
cjfa-33340	151	17	,	,	PUNCT
cjfa-33340	151	18	2000	2000	NUM
cjfa-33340	151	19	)	)	PUNCT
cjfa-33340	151	20	method	method	NOUN
cjfa-33340	151	21	to	to	PART
cjfa-33340	151	22	measure	measure	VERB
cjfa-33340	151	23	herding	herding	NOUN
cjfa-33340	151	24	behaviour	behaviour	NOUN
cjfa-33340	151	25	.	.	PUNCT
cjfa-33340	152	1	using	use	VERB
cjfa-33340	152	2	daily	daily	ADJ
cjfa-33340	152	3	stock	stock	NOUN
cjfa-33340	152	4	price	price	NOUN
cjfa-33340	152	5	and	and	CCONJ
cjfa-33340	152	6	egx30	egx30	NOUN
cjfa-33340	152	7	index	index	NOUN
cjfa-33340	152	8	data	datum	NOUN
cjfa-33340	152	9	,	,	PUNCT
cjfa-33340	152	10	beta	beta	NOUN
cjfa-33340	152	11	is	be	AUX
cjfa-33340	152	12	estimated	estimate	VERB
cjfa-33340	152	13	using	use	VERB
cjfa-33340	152	14	the	the	DET
cjfa-33340	152	15	ols	ol	NOUN
cjfa-33340	152	16	method	method	NOUN
cjfa-33340	152	17	,	,	PUNCT
cjfa-33340	152	18	as	as	SCONJ
cjfa-33340	152	19	follows	follow	VERB
cjfa-33340	152	20	:	:	PUNCT
cjfa-33340	152	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	152	22	�	�	PROPN
cjfa-33340	152	23	�	�	PROPN
cjfa-33340	152	24	�	�	PROPN
cjfa-33340	152	25	=	=	SYM
cjfa-33340	152	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	152	27	�	�	PROPN
cjfa-33340	152	28	�	�	PROPN
cjfa-33340	152	29	�	�	PROPN
cjfa-33340	152	30	+	+	CCONJ
cjfa-33340	152	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	152	32	�	�	PROPN
cjfa-33340	152	33	�	�	PROPN
cjfa-33340	152	34	�	�	PROPN
cjfa-33340	152	35	�	�	PROPN
cjfa-33340	152	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	152	37	�	�	PROPN
cjfa-33340	152	38	�	�	PROPN
cjfa-33340	152	39	�	�	PROPN
cjfa-33340	152	40	+	+	CCONJ
cjfa-33340	152	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	152	42	�	�	PROPN
cjfa-33340	152	43	�	�	PROPN
cjfa-33340	152	44	�	�	PROPN
cjfa-33340	152	45	(	(	PUNCT
cjfa-33340	152	46	1	1	NUM
cjfa-33340	152	47	)	)	PUNCT
cjfa-33340	152	48	where	where	SCONJ
cjfa-33340	152	49	(	(	PUNCT
cjfa-33340	152	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	152	51	�	�	PROPN
cjfa-33340	152	52	�	�	PROPN
cjfa-33340	152	53	�	�	PROPN
cjfa-33340	152	54	)	)	PUNCT
cjfa-33340	152	55	is	be	AUX
cjfa-33340	152	56	the	the	DET
cjfa-33340	152	57	excess	excess	ADJ
cjfa-33340	152	58	stock	stock	NOUN
cjfa-33340	152	59	return	return	NOUN
cjfa-33340	152	60	and	and	CCONJ
cjfa-33340	152	61	(	(	PUNCT
cjfa-33340	152	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	152	63	�	�	PROPN
cjfa-33340	152	64	�	�	PROPN
cjfa-33340	152	65	�	�	PROPN
cjfa-33340	152	66	)	)	PUNCT
cjfa-33340	152	67	is	be	AUX
cjfa-33340	152	68	the	the	DET
cjfa-33340	152	69	excess	excess	ADJ
cjfa-33340	152	70	returns	return	NOUN
cjfa-33340	152	71	of	of	ADP
cjfa-33340	152	72	the	the	DET
cjfa-33340	152	73	market	market	NOUN
cjfa-33340	152	74	portfolio	portfolio	NOUN
cjfa-33340	152	75	.	.	PUNCT
cjfa-33340	153	1	returns	return	NOUN
cjfa-33340	153	2	of	of	ADP
cjfa-33340	153	3	individual	individual	ADJ
cjfa-33340	153	4	stocks	stock	NOUN
cjfa-33340	153	5	are	be	AUX
cjfa-33340	153	6	calculated	calculate	VERB
cjfa-33340	153	7	as	as	SCONJ
cjfa-33340	153	8	follows	follow	VERB
cjfa-33340	153	9	:	:	PUNCT
cjfa-33340	153	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	153	11	�	�	PROPN
cjfa-33340	153	12	�	�	PROPN
cjfa-33340	153	13	=	=	SYM
cjfa-33340	153	14	(	(	PUNCT
cjfa-33340	153	15	�	�	PROPN
cjfa-33340	153	16	�	�	PROPN
cjfa-33340	153	17	�	�	PROPN
cjfa-33340	153	18	�	�	PROPN
cjfa-33340	153	19	�	�	PROPN
cjfa-33340	153	20	�	�	PROPN
cjfa-33340	153	21	�	�	PROPN
cjfa-33340	153	22	)	)	PUNCT
cjfa-33340	153	23	�	�	PROPN
cjfa-33340	153	24	�	�	PROPN
cjfa-33340	153	25	�	�	PROPN
cjfa-33340	153	26	�	�	PROPN
cjfa-33340	153	27	(	(	PUNCT
cjfa-33340	153	28	2	2	NUM
cjfa-33340	153	29	)	)	PUNCT
cjfa-33340	153	30	where	where	SCONJ
cjfa-33340	153	31	(	(	PUNCT
cjfa-33340	153	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	153	33	�	�	PROPN
cjfa-33340	153	34	)	)	PUNCT
cjfa-33340	153	35	is	be	AUX
cjfa-33340	153	36	the	the	DET
cjfa-33340	153	37	stock	stock	NOUN
cjfa-33340	153	38	i	i	PRON
cjfa-33340	153	39	closing	closing	NOUN
cjfa-33340	153	40	price	price	NOUN
cjfa-33340	153	41	at	at	ADP
cjfa-33340	153	42	time	time	NOUN
cjfa-33340	153	43	t.	t.	PROPN
cjfa-33340	153	44	the	the	DET
cjfa-33340	153	45	(	(	PUNCT
cjfa-33340	153	46	hwang	hwang	PROPN
cjfa-33340	153	47	&	&	CCONJ
cjfa-33340	153	48	salmon	salmon	PROPN
cjfa-33340	153	49	,	,	PUNCT
cjfa-33340	153	50	2004	2004	NUM
cjfa-33340	153	51	)	)	PUNCT
cjfa-33340	153	52	methodology	methodology	NOUN
cjfa-33340	153	53	is	be	AUX
cjfa-33340	153	54	used	use	VERB
cjfa-33340	153	55	to	to	PART
cjfa-33340	153	56	measure	measure	VERB
cjfa-33340	153	57	herding	herding	NOUN
cjfa-33340	153	58	behaviour	behaviour	NOUN
cjfa-33340	153	59	.	.	PUNCT
cjfa-33340	154	1	this	this	DET
cjfa-33340	154	2	methodology	methodology	NOUN
cjfa-33340	154	3	is	be	AUX
cjfa-33340	154	4	based	base	VERB
cjfa-33340	154	5	on	on	ADP
cjfa-33340	154	6	the	the	DET
cjfa-33340	154	7	cross	cross	ADJ
cjfa-33340	154	8	-	-	ADJ
cjfa-33340	154	9	sectional	sectional	ADJ
cjfa-33340	154	10	volatility	volatility	NOUN
cjfa-33340	154	11	of	of	ADP
cjfa-33340	154	12	beta	beta	NOUN
cjfa-33340	154	13	(	(	PUNCT
cjfa-33340	154	14	ß	ß	NOUN
cjfa-33340	154	15	)	)	PUNCT
cjfa-33340	154	16	,	,	PUNCT
cjfa-33340	154	17	it	it	PRON
cjfa-33340	154	18	also	also	ADV
cjfa-33340	154	19	depends	depend	VERB
cjfa-33340	154	20	on	on	ADP
cjfa-33340	154	21	the	the	DET
cjfa-33340	154	22	relationship	relationship	NOUN
cjfa-33340	154	23	between	between	ADP
cjfa-33340	154	24	the	the	DET
cjfa-33340	154	25	equilibrium	equilibrium	NOUN
cjfa-33340	154	26	beta	beta	NOUN
cjfa-33340	154	27	,	,	PUNCT
cjfa-33340	154	28	which	which	PRON
cjfa-33340	154	29	denoted	denote	VERB
cjfa-33340	154	30	by	by	ADP
cjfa-33340	154	31	the	the	DET
cjfa-33340	154	32	symbol	symbol	NOUN
cjfa-33340	154	33	(	(	PUNCT
cjfa-33340	154	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	154	35	�	�	PROPN
cjfa-33340	154	36	�	�	PROPN
cjfa-33340	154	37	�	�	PROPN
cjfa-33340	154	38	)	)	PUNCT
cjfa-33340	154	39	and	and	CCONJ
cjfa-33340	154	40	its	its	PRON
cjfa-33340	154	41	behaviourally	behaviourally	ADV
cjfa-33340	154	42	biased	biased	ADJ
cjfa-33340	154	43	equivalent	equivalent	NOUN
cjfa-33340	154	44	,	,	PUNCT
cjfa-33340	154	45	which	which	PRON
cjfa-33340	154	46	denoted	denote	VERB
cjfa-33340	154	47	by	by	ADP
cjfa-33340	154	48	the	the	DET
cjfa-33340	154	49	symbol	symbol	NOUN
cjfa-33340	154	50	(	(	PUNCT
cjfa-33340	154	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	154	52	�	�	PROPN
cjfa-33340	154	53	�	�	PROPN
cjfa-33340	154	54	�	�	PROPN
cjfa-33340	154	55	�	�	PROPN
cjfa-33340	154	56	)	)	PUNCT
cjfa-33340	154	57	,	,	PUNCT
cjfa-33340	154	58	as	as	SCONJ
cjfa-33340	154	59	follows	follow	VERB
cjfa-33340	154	60	:	:	PUNCT
cjfa-33340	154	61	�	�	PROPN
cjfa-33340	154	62	�	�	PROPN
cjfa-33340	154	63	�	�	PROPN
cjfa-33340	154	64	(	(	PUNCT
cjfa-33340	154	65	�	�	PROPN
cjfa-33340	154	66	�	�	PROPN
cjfa-33340	154	67	�	�	PROPN
cjfa-33340	154	68	)	)	PUNCT
cjfa-33340	154	69	�	�	PROPN
cjfa-33340	154	70	�	�	PROPN
cjfa-33340	154	71	(	(	PUNCT
cjfa-33340	154	72	�	�	PROPN
cjfa-33340	154	73	�	�	PROPN
cjfa-33340	154	74	�	�	PROPN
cjfa-33340	154	75	)	)	PUNCT
cjfa-33340	154	76	=	=	PUNCT
cjfa-33340	154	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	154	78	�	�	PROPN
cjfa-33340	154	79	�	�	PROPN
cjfa-33340	154	80	�	�	PROPN
cjfa-33340	154	81	�	�	NOUN
cjfa-33340	154	82	=	=	PROPN
cjfa-33340	154	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	154	84	�	�	PROPN
cjfa-33340	154	85	�	�	PROPN
cjfa-33340	154	86	�	�	PROPN
cjfa-33340	154	87			PROPN
cjfa-33340	154	88	ℎ	ℎ	PROPN
cjfa-33340	154	89	�	�	PROPN
cjfa-33340	154	90	�	�	PROPN
cjfa-33340	154	91	(	(	PUNCT
cjfa-33340	154	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	154	93	�	�	PROPN
cjfa-33340	154	94	�	�	PROPN
cjfa-33340	154	95	�	�	NOUN
cjfa-33340	154	96	1	1	NOUN
cjfa-33340	154	97	)	)	PUNCT
cjfa-33340	154	98	(	(	PUNCT
cjfa-33340	154	99	3	3	X
cjfa-33340	154	100	)	)	PUNCT
cjfa-33340	154	101	where	where	SCONJ
cjfa-33340	154	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	154	103	�	�	PROPN
cjfa-33340	154	104	�	�	PROPN
cjfa-33340	154	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	154	106	�	�	PROPN
cjfa-33340	154	107	�	�	PROPN
cjfa-33340	154	108	)	)	PUNCT
cjfa-33340	154	109	is	be	AUX
cjfa-33340	154	110	the	the	DET
cjfa-33340	154	111	behaviourally	behaviourally	ADV
cjfa-33340	154	112	biased	bias	VERB
cjfa-33340	154	113	expected	expect	VERB
cjfa-33340	154	114	returns	return	NOUN
cjfa-33340	154	115	of	of	ADP
cjfa-33340	154	116	asset	asset	NOUN
cjfa-33340	154	117	i	i	PRON
cjfa-33340	154	118	at	at	ADP
cjfa-33340	154	119	time	time	NOUN
cjfa-33340	154	120	t	t	PROPN
cjfa-33340	154	121	and	and	CCONJ
cjfa-33340	154	122	(	(	PUNCT
cjfa-33340	154	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	154	124	�	�	PROPN
cjfa-33340	154	125	�	�	PROPN
cjfa-33340	154	126	�	�	PROPN
cjfa-33340	154	127	�	�	PROPN
cjfa-33340	154	128	)	)	PUNCT
cjfa-33340	154	129	is	be	AUX
cjfa-33340	154	130	the	the	DET
cjfa-33340	154	131	systematic	systematic	ADJ
cjfa-33340	154	132	risk	risk	NOUN
cjfa-33340	154	133	measurement	measurement	NOUN
cjfa-33340	154	134	.	.	PUNCT
cjfa-33340	155	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	155	2	�	�	PROPN
cjfa-33340	155	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	155	4	�	�	PROPN
cjfa-33340	155	5	�	�	PROPN
cjfa-33340	155	6	)	)	PUNCT
cjfa-33340	155	7	is	be	AUX
cjfa-33340	155	8	the	the	DET
cjfa-33340	155	9	conditional	conditional	ADJ
cjfa-33340	155	10	expectation	expectation	NOUN
cjfa-33340	155	11	at	at	ADP
cjfa-33340	155	12	time	time	NOUN
cjfa-33340	155	13	t	t	PROPN
cjfa-33340	155	14	is	be	AUX
cjfa-33340	155	15	the	the	DET
cjfa-33340	155	16	excess	excess	ADJ
cjfa-33340	155	17	returns	return	NOUN
cjfa-33340	155	18	of	of	ADP
cjfa-33340	155	19	the	the	DET
cjfa-33340	155	20	market	market	NOUN
cjfa-33340	155	21	portfolio	portfolio	NOUN
cjfa-33340	155	22	.	.	PUNCT
cjfa-33340	156	1	returns	return	NOUN
cjfa-33340	156	2	of	of	ADP
cjfa-33340	156	3	individual	individual	ADJ
cjfa-33340	156	4	stocks	stock	NOUN
cjfa-33340	156	5	are	be	AUX
cjfa-33340	156	6	calculated	calculate	VERB
cjfa-33340	156	7	as	as	SCONJ
cjfa-33340	156	8	follows	follow	VERB
cjfa-33340	156	9	:	:	PUNCT
cjfa-33340	156	10	divided	divide	VERB
cjfa-33340	156	11	into	into	ADP
cjfa-33340	156	12	portfolio	portfolio	NOUN
cjfa-33340	156	13	consisting	consist	VERB
cjfa-33340	156	14	of	of	ADP
cjfa-33340	156	15	stocks	stock	NOUN
cjfa-33340	156	16	with	with	ADP
cjfa-33340	156	17	high	high	ADJ
cjfa-33340	156	18	(	(	PUNCT
cjfa-33340	156	19	book	book	NOUN
cjfa-33340	156	20	-	-	PUNCT
cjfa-33340	156	21	to	to	ADP
cjfa-33340	156	22	-	-	PUNCT
cjfa-33340	156	23	market	market	NOUN
cjfa-33340	156	24	)	)	PUNCT
cjfa-33340	156	25	ratio	ratio	NOUN
cjfa-33340	156	26	,	,	PUNCT
cjfa-33340	156	27	a	a	DET
cjfa-33340	156	28	portfolio	portfolio	NOUN
cjfa-33340	156	29	consisting	consist	VERB
cjfa-33340	156	30	of	of	ADP
cjfa-33340	156	31	stocks	stock	NOUN
cjfa-33340	156	32	with	with	ADP
cjfa-33340	156	33	medium	medium	ADJ
cjfa-33340	156	34	(	(	PUNCT
cjfa-33340	156	35	book	book	NOUN
cjfa-33340	156	36	-	-	PUNCT
cjfa-33340	156	37	to	to	ADP
cjfa-33340	156	38	-	-	PUNCT
cjfa-33340	156	39	market	market	NOUN
cjfa-33340	156	40	)	)	PUNCT
cjfa-33340	156	41	ratio	ratio	NOUN
cjfa-33340	156	42	and	and	CCONJ
cjfa-33340	156	43	portfolio	portfolio	NOUN
cjfa-33340	156	44	consisting	consist	VERB
cjfa-33340	156	45	of	of	ADP
cjfa-33340	156	46	stocks	stock	NOUN
cjfa-33340	156	47	with	with	ADP
cjfa-33340	156	48	low	low	ADJ
cjfa-33340	156	49	(	(	PUNCT
cjfa-33340	156	50	book	book	NOUN
cjfa-33340	156	51	-	-	PUNCT
cjfa-33340	156	52	to	to	ADP
cjfa-33340	156	53	-	-	PUNCT
cjfa-33340	156	54	market	market	NOUN
cjfa-33340	156	55	)	)	PUNCT
cjfa-33340	156	56	ratio	ratio	NOUN
cjfa-33340	156	57	.	.	PUNCT
cjfa-33340	157	1	the	the	DET
cjfa-33340	157	2	big	big	ADJ
cjfa-33340	157	3	and	and	CCONJ
cjfa-33340	157	4	small	small	ADJ
cjfa-33340	157	5	portfolios	portfolio	NOUN
cjfa-33340	157	6	are	be	AUX
cjfa-33340	157	7	constructed	construct	VERB
cjfa-33340	157	8	based	base	VERB
cjfa-33340	157	9	on	on	ADP
cjfa-33340	157	10	the	the	DET
cjfa-33340	157	11	firm	firm	ADJ
cjfa-33340	157	12	size	size	NOUN
cjfa-33340	157	13	(	(	PUNCT
cjfa-33340	157	14	market	market	NOUN
cjfa-33340	157	15	capitalization	capitalization	NOUN
cjfa-33340	157	16	in	in	ADP
cjfa-33340	157	17	june	june	PROPN
cjfa-33340	157	18	of	of	ADP
cjfa-33340	157	19	each	each	DET
cjfa-33340	157	20	year	year	NOUN
cjfa-33340	157	21	t	t	PROPN
cjfa-33340	157	22	)	)	PUNCT
cjfa-33340	157	23	.	.	PUNCT
cjfa-33340	158	1	the	the	DET
cjfa-33340	158	2	median	median	ADJ
cjfa-33340	158	3	sample	sample	NOUN
cjfa-33340	158	4	size	size	NOUN
cjfa-33340	158	5	is	be	AUX
cjfa-33340	158	6	used	use	VERB
cjfa-33340	158	7	to	to	PART
cjfa-33340	158	8	construct	construct	VERB
cjfa-33340	158	9	the	the	DET
cjfa-33340	158	10	two	two	NUM
cjfa-33340	158	11	portfolios	portfolio	NOUN
cjfa-33340	158	12	according	accord	VERB
cjfa-33340	158	13	to	to	ADP
cjfa-33340	158	14	50	50	NUM
cjfa-33340	158	15	%	%	NOUN
cjfa-33340	158	16	splitting	splitting	NOUN
cjfa-33340	158	17	point	point	NOUN
cjfa-33340	158	18	,	,	PUNCT
cjfa-33340	158	19	where	where	SCONJ
cjfa-33340	158	20	the	the	DET
cjfa-33340	158	21	big	big	ADJ
cjfa-33340	158	22	stocks	stock	NOUN
cjfa-33340	158	23	portfolio	portfolio	NOUN
cjfa-33340	158	24	consisting	consist	VERB
cjfa-33340	158	25	of	of	ADP
cjfa-33340	158	26	the	the	DET
cjfa-33340	158	27	highest	high	ADJ
cjfa-33340	158	28	50	50	NUM
cjfa-33340	158	29	%	%	NOUN
cjfa-33340	158	30	stocks	stock	NOUN
cjfa-33340	158	31	and	and	CCONJ
cjfa-33340	158	32	the	the	DET
cjfa-33340	158	33	small	small	ADJ
cjfa-33340	158	34	stocks	stock	NOUN
cjfa-33340	158	35	portfolio	portfolio	NOUN
cjfa-33340	158	36	consisting	consist	VERB
cjfa-33340	158	37	of	of	ADP
cjfa-33340	158	38	the	the	DET
cjfa-33340	158	39	lowest	low	ADJ
cjfa-33340	158	40	50	50	NUM
cjfa-33340	158	41	%	%	NOUN
cjfa-33340	158	42	.	.	PUNCT
cjfa-33340	159	1	the	the	DET
cjfa-33340	159	2	sample	sample	NOUN
cjfa-33340	159	3	is	be	AUX
cjfa-33340	159	4	also	also	ADV
cjfa-33340	159	5	ranked	rank	VERB
cjfa-33340	159	6	based	base	VERB
cjfa-33340	159	7	on	on	ADP
cjfa-33340	159	8	(	(	PUNCT
cjfa-33340	159	9	book	book	NOUN
cjfa-33340	159	10	-	-	PUNCT
cjfa-33340	159	11	to	to	ADP
cjfa-33340	159	12	-	-	PUNCT
cjfa-33340	159	13	market	market	NOUN
cjfa-33340	159	14	)	)	PUNCT
cjfa-33340	159	15	ratio	ratio	NOUN
cjfa-33340	159	16	,	,	PUNCT
cjfa-33340	159	17	where	where	SCONJ
cjfa-33340	159	18	the	the	DET
cjfa-33340	159	19	sample	sample	NOUN
cjfa-33340	159	20	is	be	AUX
cjfa-33340	159	21	divided	divide	VERB
cjfa-33340	159	22	into	into	ADP
cjfa-33340	159	23	3	3	NUM
cjfa-33340	159	24	portfolios	portfolio	NOUN
cjfa-33340	159	25	.	.	PUNCT
cjfa-33340	160	1	the	the	DET
cjfa-33340	160	2	first	first	ADJ
cjfa-33340	160	3	portfolio	portfolio	NOUN
cjfa-33340	160	4	is	be	AUX
cjfa-33340	160	5	30	30	NUM
cjfa-33340	160	6	%	%	NOUN
cjfa-33340	160	7	of	of	ADP
cjfa-33340	160	8	the	the	DET
cjfa-33340	160	9	whole	whole	ADJ
cjfa-33340	160	10	sample	sample	NOUN
cjfa-33340	160	11	,	,	PUNCT
cjfa-33340	160	12	which	which	PRON
cjfa-33340	160	13	has	have	VERB
cjfa-33340	160	14	the	the	DET
cjfa-33340	160	15	highest	high	ADJ
cjfa-33340	160	16	(	(	PUNCT
cjfa-33340	160	17	book	book	NOUN
cjfa-33340	160	18	-	-	PUNCT
cjfa-33340	160	19	tomarket	tomarket	NOUN
cjfa-33340	160	20	)	)	PUNCT
cjfa-33340	160	21	ratio	ratio	NOUN
cjfa-33340	160	22	.	.	PUNCT
cjfa-33340	161	1	the	the	DET
cjfa-33340	161	2	second	second	ADJ
cjfa-33340	161	3	portfolio	portfolio	NOUN
cjfa-33340	161	4	is	be	AUX
cjfa-33340	161	5	40	40	NUM
cjfa-33340	161	6	%	%	NOUN
cjfa-33340	161	7	of	of	ADP
cjfa-33340	161	8	the	the	DET
cjfa-33340	161	9	whole	whole	ADJ
cjfa-33340	161	10	sample	sample	NOUN
cjfa-33340	161	11	have	have	AUX
cjfa-33340	161	12	(	(	PUNCT
cjfa-33340	161	13	book	book	NOUN
cjfa-33340	161	14	-	-	PUNCT
cjfa-33340	161	15	to	to	ADP
cjfa-33340	161	16	-	-	PUNCT
cjfa-33340	161	17	market	market	NOUN
cjfa-33340	161	18	)	)	PUNCT
cjfa-33340	161	19	ratio	ratio	NOUN
cjfa-33340	161	20	in	in	ADP
cjfa-33340	161	21	medium	medium	NOUN
cjfa-33340	161	22	and	and	CCONJ
cjfa-33340	161	23	the	the	DET
cjfa-33340	161	24	third	third	ADJ
cjfa-33340	161	25	portfolio	portfolio	NOUN
cjfa-33340	161	26	is	be	AUX
cjfa-33340	161	27	30	30	NUM
cjfa-33340	161	28	%	%	NOUN
cjfa-33340	161	29	of	of	ADP
cjfa-33340	161	30	the	the	DET
cjfa-33340	161	31	whole	whole	ADJ
cjfa-33340	161	32	sample	sample	NOUN
cjfa-33340	161	33	,	,	PUNCT
cjfa-33340	161	34	which	which	PRON
cjfa-33340	161	35	has	have	VERB
cjfa-33340	161	36	the	the	DET
cjfa-33340	161	37	lowest	low	ADJ
cjfa-33340	161	38	(	(	PUNCT
cjfa-33340	161	39	book	book	NOUN
cjfa-33340	161	40	-	-	PUNCT
cjfa-33340	161	41	to	to	ADP
cjfa-33340	161	42	-	-	PUNCT
cjfa-33340	161	43	market	market	NOUN
cjfa-33340	161	44	)	)	PUNCT
cjfa-33340	161	45	ratio	ratio	NOUN
cjfa-33340	161	46	.	.	PUNCT
cjfa-33340	162	1	the	the	DET
cjfa-33340	162	2	study	study	NOUN
cjfa-33340	162	3	employs	employ	VERB
cjfa-33340	162	4	(	(	PUNCT
cjfa-33340	162	5	hwang	hwang	PROPN
cjfa-33340	162	6	&	&	CCONJ
cjfa-33340	162	7	salmon	salmon	PROPN
cjfa-33340	162	8	,	,	PUNCT
cjfa-33340	162	9	2004	2004	NUM
cjfa-33340	162	10	)	)	PUNCT
cjfa-33340	162	11	and	and	CCONJ
cjfa-33340	162	12	(	(	PUNCT
cjfa-33340	162	13	chang	chang	PROPN
cjfa-33340	162	14	et	et	PROPN
cjfa-33340	162	15	al	al	PROPN
cjfa-33340	162	16	.	.	PROPN
cjfa-33340	162	17	,	,	PUNCT
cjfa-33340	162	18	2000	2000	NUM
cjfa-33340	162	19	)	)	PUNCT
cjfa-33340	162	20	method	method	NOUN
cjfa-33340	162	21	to	to	PART
cjfa-33340	162	22	measure	measure	VERB
cjfa-33340	162	23	herding	herding	NOUN
cjfa-33340	162	24	behaviour	behaviour	NOUN
cjfa-33340	162	25	.	.	PUNCT
cjfa-33340	163	1	using	use	VERB
cjfa-33340	163	2	daily	daily	ADJ
cjfa-33340	163	3	stock	stock	NOUN
cjfa-33340	163	4	price	price	NOUN
cjfa-33340	163	5	and	and	CCONJ
cjfa-33340	163	6	egx30	egx30	NOUN
cjfa-33340	163	7	index	index	NOUN
cjfa-33340	163	8	data	datum	NOUN
cjfa-33340	163	9	,	,	PUNCT
cjfa-33340	163	10	beta	beta	NOUN
cjfa-33340	163	11	is	be	AUX
cjfa-33340	163	12	estimated	estimate	VERB
cjfa-33340	163	13	using	use	VERB
cjfa-33340	163	14	the	the	DET
cjfa-33340	163	15	ols	ol	NOUN
cjfa-33340	163	16	method	method	NOUN
cjfa-33340	163	17	,	,	PUNCT
cjfa-33340	163	18	as	as	SCONJ
cjfa-33340	163	19	follows	follow	VERB
cjfa-33340	163	20	:	:	PUNCT
cjfa-33340	163	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	163	22	�	�	PROPN
cjfa-33340	163	23	�	�	PROPN
cjfa-33340	163	24	�	�	PROPN
cjfa-33340	163	25	=	=	SYM
cjfa-33340	163	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	163	27	�	�	PROPN
cjfa-33340	163	28	�	�	PROPN
cjfa-33340	163	29	�	�	PROPN
cjfa-33340	163	30	+	+	CCONJ
cjfa-33340	163	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	163	32	�	�	PROPN
cjfa-33340	163	33	�	�	PROPN
cjfa-33340	163	34	�	�	PROPN
cjfa-33340	163	35	�	�	PROPN
cjfa-33340	163	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	163	37	�	�	PROPN
cjfa-33340	163	38	�	�	PROPN
cjfa-33340	163	39	�	�	PROPN
cjfa-33340	163	40	+	+	CCONJ
cjfa-33340	163	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	163	42	�	�	PROPN
cjfa-33340	163	43	�	�	PROPN
cjfa-33340	163	44	�	�	PROPN
cjfa-33340	163	45	(	(	PUNCT
cjfa-33340	163	46	1	1	NUM
cjfa-33340	163	47	)	)	PUNCT
cjfa-33340	163	48	where	where	SCONJ
cjfa-33340	163	49	(	(	PUNCT
cjfa-33340	163	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	163	51	�	�	PROPN
cjfa-33340	163	52	�	�	PROPN
cjfa-33340	163	53	�	�	PROPN
cjfa-33340	163	54	)	)	PUNCT
cjfa-33340	163	55	is	be	AUX
cjfa-33340	163	56	the	the	DET
cjfa-33340	163	57	excess	excess	ADJ
cjfa-33340	163	58	stock	stock	NOUN
cjfa-33340	163	59	return	return	NOUN
cjfa-33340	163	60	and	and	CCONJ
cjfa-33340	163	61	(	(	PUNCT
cjfa-33340	163	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	163	63	�	�	PROPN
cjfa-33340	163	64	�	�	PROPN
cjfa-33340	163	65	�	�	PROPN
cjfa-33340	163	66	)	)	PUNCT
cjfa-33340	163	67	is	be	AUX
cjfa-33340	163	68	the	the	DET
cjfa-33340	163	69	excess	excess	ADJ
cjfa-33340	163	70	returns	return	NOUN
cjfa-33340	163	71	of	of	ADP
cjfa-33340	163	72	the	the	DET
cjfa-33340	163	73	market	market	NOUN
cjfa-33340	163	74	portfolio	portfolio	NOUN
cjfa-33340	163	75	.	.	PUNCT
cjfa-33340	164	1	returns	return	NOUN
cjfa-33340	164	2	of	of	ADP
cjfa-33340	164	3	individual	individual	ADJ
cjfa-33340	164	4	stocks	stock	NOUN
cjfa-33340	164	5	are	be	AUX
cjfa-33340	164	6	calculated	calculate	VERB
cjfa-33340	164	7	as	as	SCONJ
cjfa-33340	164	8	follows	follow	VERB
cjfa-33340	164	9	:	:	PUNCT
cjfa-33340	164	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	164	11	�	�	PROPN
cjfa-33340	164	12	�	�	PROPN
cjfa-33340	164	13	=	=	SYM
cjfa-33340	164	14	(	(	PUNCT
cjfa-33340	164	15	�	�	PROPN
cjfa-33340	164	16	�	�	PROPN
cjfa-33340	164	17	�	�	PROPN
cjfa-33340	164	18	�	�	PROPN
cjfa-33340	164	19	�	�	PROPN
cjfa-33340	164	20	�	�	PROPN
cjfa-33340	164	21	�	�	PROPN
cjfa-33340	164	22	)	)	PUNCT
cjfa-33340	164	23	�	�	PROPN
cjfa-33340	164	24	�	�	PROPN
cjfa-33340	164	25	�	�	PROPN
cjfa-33340	164	26	�	�	PROPN
cjfa-33340	164	27	(	(	PUNCT
cjfa-33340	164	28	2	2	NUM
cjfa-33340	164	29	)	)	PUNCT
cjfa-33340	164	30	where	where	SCONJ
cjfa-33340	164	31	(	(	PUNCT
cjfa-33340	164	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	164	33	�	�	PROPN
cjfa-33340	164	34	)	)	PUNCT
cjfa-33340	164	35	is	be	AUX
cjfa-33340	164	36	the	the	DET
cjfa-33340	164	37	stock	stock	NOUN
cjfa-33340	164	38	i	i	PRON
cjfa-33340	164	39	closing	closing	NOUN
cjfa-33340	164	40	price	price	NOUN
cjfa-33340	164	41	at	at	ADP
cjfa-33340	164	42	time	time	NOUN
cjfa-33340	164	43	t.	t.	PROPN
cjfa-33340	164	44	the	the	DET
cjfa-33340	164	45	(	(	PUNCT
cjfa-33340	164	46	hwang	hwang	PROPN
cjfa-33340	164	47	&	&	CCONJ
cjfa-33340	164	48	salmon	salmon	PROPN
cjfa-33340	164	49	,	,	PUNCT
cjfa-33340	164	50	2004	2004	NUM
cjfa-33340	164	51	)	)	PUNCT
cjfa-33340	164	52	methodology	methodology	NOUN
cjfa-33340	164	53	is	be	AUX
cjfa-33340	164	54	used	use	VERB
cjfa-33340	164	55	to	to	PART
cjfa-33340	164	56	measure	measure	VERB
cjfa-33340	164	57	herding	herding	NOUN
cjfa-33340	164	58	behaviour	behaviour	NOUN
cjfa-33340	164	59	.	.	PUNCT
cjfa-33340	165	1	this	this	DET
cjfa-33340	165	2	methodology	methodology	NOUN
cjfa-33340	165	3	is	be	AUX
cjfa-33340	165	4	based	base	VERB
cjfa-33340	165	5	on	on	ADP
cjfa-33340	165	6	the	the	DET
cjfa-33340	165	7	cross	cross	ADJ
cjfa-33340	165	8	-	-	ADJ
cjfa-33340	165	9	sectional	sectional	ADJ
cjfa-33340	165	10	volatility	volatility	NOUN
cjfa-33340	165	11	of	of	ADP
cjfa-33340	165	12	beta	beta	NOUN
cjfa-33340	165	13	(	(	PUNCT
cjfa-33340	165	14	ß	ß	NOUN
cjfa-33340	165	15	)	)	PUNCT
cjfa-33340	165	16	,	,	PUNCT
cjfa-33340	165	17	it	it	PRON
cjfa-33340	165	18	also	also	ADV
cjfa-33340	165	19	depends	depend	VERB
cjfa-33340	165	20	on	on	ADP
cjfa-33340	165	21	the	the	DET
cjfa-33340	165	22	relationship	relationship	NOUN
cjfa-33340	165	23	between	between	ADP
cjfa-33340	165	24	the	the	DET
cjfa-33340	165	25	equilibrium	equilibrium	NOUN
cjfa-33340	165	26	beta	beta	NOUN
cjfa-33340	165	27	,	,	PUNCT
cjfa-33340	165	28	which	which	PRON
cjfa-33340	165	29	denoted	denote	VERB
cjfa-33340	165	30	by	by	ADP
cjfa-33340	165	31	the	the	DET
cjfa-33340	165	32	symbol	symbol	NOUN
cjfa-33340	165	33	(	(	PUNCT
cjfa-33340	165	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	165	35	�	�	PROPN
cjfa-33340	165	36	�	�	PROPN
cjfa-33340	165	37	�	�	PROPN
cjfa-33340	165	38	)	)	PUNCT
cjfa-33340	165	39	and	and	CCONJ
cjfa-33340	165	40	its	its	PRON
cjfa-33340	165	41	behaviourally	behaviourally	ADV
cjfa-33340	165	42	biased	biased	ADJ
cjfa-33340	165	43	equivalent	equivalent	NOUN
cjfa-33340	165	44	,	,	PUNCT
cjfa-33340	165	45	which	which	PRON
cjfa-33340	165	46	denoted	denote	VERB
cjfa-33340	165	47	by	by	ADP
cjfa-33340	165	48	the	the	DET
cjfa-33340	165	49	symbol	symbol	NOUN
cjfa-33340	165	50	(	(	PUNCT
cjfa-33340	165	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	165	52	�	�	PROPN
cjfa-33340	165	53	�	�	PROPN
cjfa-33340	165	54	�	�	PROPN
cjfa-33340	165	55	�	�	PROPN
cjfa-33340	165	56	)	)	PUNCT
cjfa-33340	165	57	,	,	PUNCT
cjfa-33340	165	58	as	as	SCONJ
cjfa-33340	165	59	follows	follow	VERB
cjfa-33340	165	60	:	:	PUNCT
cjfa-33340	165	61	�	�	PROPN
cjfa-33340	165	62	�	�	PROPN
cjfa-33340	165	63	�	�	PROPN
cjfa-33340	165	64	(	(	PUNCT
cjfa-33340	165	65	�	�	PROPN
cjfa-33340	165	66	�	�	PROPN
cjfa-33340	165	67	�	�	PROPN
cjfa-33340	165	68	)	)	PUNCT
cjfa-33340	165	69	�	�	PROPN
cjfa-33340	165	70	�	�	PROPN
cjfa-33340	165	71	(	(	PUNCT
cjfa-33340	165	72	�	�	PROPN
cjfa-33340	165	73	�	�	PROPN
cjfa-33340	165	74	�	�	PROPN
cjfa-33340	165	75	)	)	PUNCT
cjfa-33340	165	76	=	=	PUNCT
cjfa-33340	165	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	165	78	�	�	PROPN
cjfa-33340	165	79	�	�	PROPN
cjfa-33340	165	80	�	�	PROPN
cjfa-33340	165	81	�	�	NOUN
cjfa-33340	165	82	=	=	PROPN
cjfa-33340	165	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	165	84	�	�	PROPN
cjfa-33340	165	85	�	�	PROPN
cjfa-33340	165	86	�	�	PROPN
cjfa-33340	165	87			PROPN
cjfa-33340	165	88	ℎ	ℎ	PROPN
cjfa-33340	165	89	�	�	PROPN
cjfa-33340	165	90	�	�	PROPN
cjfa-33340	165	91	(	(	PUNCT
cjfa-33340	165	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	165	93	�	�	PROPN
cjfa-33340	165	94	�	�	PROPN
cjfa-33340	165	95	�	�	NOUN
cjfa-33340	165	96	1	1	NOUN
cjfa-33340	165	97	)	)	PUNCT
cjfa-33340	165	98	(	(	PUNCT
cjfa-33340	165	99	3	3	X
cjfa-33340	165	100	)	)	PUNCT
cjfa-33340	165	101	where	where	SCONJ
cjfa-33340	165	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	165	103	�	�	PROPN
cjfa-33340	165	104	�	�	PROPN
cjfa-33340	165	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	165	106	�	�	PROPN
cjfa-33340	165	107	�	�	PROPN
cjfa-33340	165	108	)	)	PUNCT
cjfa-33340	165	109	is	be	AUX
cjfa-33340	165	110	the	the	DET
cjfa-33340	165	111	behaviourally	behaviourally	ADV
cjfa-33340	165	112	biased	bias	VERB
cjfa-33340	165	113	expected	expect	VERB
cjfa-33340	165	114	returns	return	NOUN
cjfa-33340	165	115	of	of	ADP
cjfa-33340	165	116	asset	asset	NOUN
cjfa-33340	165	117	i	i	PRON
cjfa-33340	165	118	at	at	ADP
cjfa-33340	165	119	time	time	NOUN
cjfa-33340	165	120	t	t	PROPN
cjfa-33340	165	121	and	and	CCONJ
cjfa-33340	165	122	(	(	PUNCT
cjfa-33340	165	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	165	124	�	�	PROPN
cjfa-33340	165	125	�	�	PROPN
cjfa-33340	165	126	�	�	PROPN
cjfa-33340	165	127	�	�	PROPN
cjfa-33340	165	128	)	)	PUNCT
cjfa-33340	165	129	is	be	AUX
cjfa-33340	165	130	the	the	DET
cjfa-33340	165	131	systematic	systematic	ADJ
cjfa-33340	165	132	risk	risk	NOUN
cjfa-33340	165	133	measurement	measurement	NOUN
cjfa-33340	165	134	.	.	PUNCT
cjfa-33340	166	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	166	2	�	�	PROPN
cjfa-33340	166	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	166	4	�	�	PROPN
cjfa-33340	166	5	�	�	PROPN
cjfa-33340	166	6	)	)	PUNCT
cjfa-33340	166	7	is	be	AUX
cjfa-33340	166	8	the	the	DET
cjfa-33340	166	9	conditional	conditional	ADJ
cjfa-33340	166	10	expectation	expectation	NOUN
cjfa-33340	166	11	at	at	ADP
cjfa-33340	166	12	time	time	NOUN
cjfa-33340	166	13	t	t	PROPN
cjfa-33340	166	14	(	(	PUNCT
cjfa-33340	166	15	2	2	NUM
cjfa-33340	166	16	)	)	PUNCT
cjfa-33340	166	17	where	where	SCONJ
cjfa-33340	166	18	(	(	PUNCT
cjfa-33340	166	19	pt	pt	NOUN
cjfa-33340	166	20	 	 	SPACE
cjfa-33340	166	21	)	)	PUNCT
cjfa-33340	166	22	is	be	AUX
cjfa-33340	166	23	the	the	DET
cjfa-33340	166	24	stock	stock	NOUN
cjfa-33340	166	25	i	i	PRON
cjfa-33340	166	26	closing	closing	NOUN
cjfa-33340	166	27	price	price	NOUN
cjfa-33340	166	28	at	at	ADP
cjfa-33340	166	29	time	time	NOUN
cjfa-33340	166	30	t.	t.	PROPN
cjfa-33340	166	31	the	the	DET
cjfa-33340	166	32	hwang	hwang	PROPN
cjfa-33340	166	33	and	and	CCONJ
cjfa-33340	166	34	salmon	salmon	PROPN
cjfa-33340	166	35	(	(	PUNCT
cjfa-33340	166	36	2004	2004	NUM
cjfa-33340	166	37	)	)	PUNCT
cjfa-33340	166	38	methodology	methodology	NOUN
cjfa-33340	166	39	is	be	AUX
cjfa-33340	166	40	used	use	VERB
cjfa-33340	166	41	to	to	PART
cjfa-33340	166	42	measure	measure	VERB
cjfa-33340	166	43	herding	herding	NOUN
cjfa-33340	166	44	behaviour	behaviour	NOUN
cjfa-33340	166	45	.	.	PUNCT
cjfa-33340	167	1	this	this	DET
cjfa-33340	167	2	methodology	methodology	NOUN
cjfa-33340	167	3	is	be	AUX
cjfa-33340	167	4	based	base	VERB
cjfa-33340	167	5	on	on	ADP
cjfa-33340	167	6	the	the	DET
cjfa-33340	167	7	cross	cross	ADJ
cjfa-33340	167	8	-	-	ADJ
cjfa-33340	167	9	sectional	sectional	ADJ
cjfa-33340	167	10	volatility	volatility	NOUN
cjfa-33340	167	11	of	of	ADP
cjfa-33340	167	12	beta	beta	NOUN
cjfa-33340	167	13	(	(	PUNCT
cjfa-33340	167	14	ß	ß	NOUN
cjfa-33340	167	15	)	)	PUNCT
cjfa-33340	167	16	,	,	PUNCT
cjfa-33340	167	17	it	it	PRON
cjfa-33340	167	18	also	also	ADV
cjfa-33340	167	19	depends	depend	VERB
cjfa-33340	167	20	on	on	ADP
cjfa-33340	167	21	the	the	DET
cjfa-33340	167	22	relationship	relationship	NOUN
cjfa-33340	167	23	between	between	ADP
cjfa-33340	167	24	the	the	DET
cjfa-33340	167	25	equilibrium	equilibrium	NOUN
cjfa-33340	167	26	beta	beta	NOUN
cjfa-33340	167	27	,	,	PUNCT
cjfa-33340	167	28	which	which	PRON
cjfa-33340	167	29	denoted	denote	VERB
cjfa-33340	167	30	by	by	ADP
cjfa-33340	167	31	the	the	DET
cjfa-33340	167	32	symbol	symbol	NOUN
cjfa-33340	167	33	(	(	PUNCT
cjfa-33340	167	34	ßimt	ßimt	NOUN
cjfa-33340	167	35	 	 	SPACE
cjfa-33340	167	36	)	)	PUNCT
cjfa-33340	167	37	and	and	CCONJ
cjfa-33340	167	38	its	its	PRON
cjfa-33340	167	39	behaviourally	behaviourally	ADV
cjfa-33340	167	40	biased	biased	ADJ
cjfa-33340	167	41	equivalent	equivalent	NOUN
cjfa-33340	167	42	,	,	PUNCT
cjfa-33340	167	43	which	which	PRON
cjfa-33340	167	44	denoted	denote	VERB
cjfa-33340	167	45	by	by	ADP
cjfa-33340	167	46	the	the	DET
cjfa-33340	167	47	symbol	symbol	NOUN
cjfa-33340	167	48	divided	divide	VERB
cjfa-33340	167	49	into	into	ADP
cjfa-33340	167	50	portfolio	portfolio	NOUN
cjfa-33340	167	51	consisting	consist	VERB
cjfa-33340	167	52	of	of	ADP
cjfa-33340	167	53	stocks	stock	NOUN
cjfa-33340	167	54	with	with	ADP
cjfa-33340	167	55	high	high	ADJ
cjfa-33340	167	56	(	(	PUNCT
cjfa-33340	167	57	book	book	NOUN
cjfa-33340	167	58	-	-	PUNCT
cjfa-33340	167	59	to	to	ADP
cjfa-33340	167	60	-	-	PUNCT
cjfa-33340	167	61	market	market	NOUN
cjfa-33340	167	62	)	)	PUNCT
cjfa-33340	167	63	ratio	ratio	NOUN
cjfa-33340	167	64	,	,	PUNCT
cjfa-33340	167	65	a	a	DET
cjfa-33340	167	66	portfolio	portfolio	NOUN
cjfa-33340	167	67	consisting	consist	VERB
cjfa-33340	167	68	of	of	ADP
cjfa-33340	167	69	stocks	stock	NOUN
cjfa-33340	167	70	with	with	ADP
cjfa-33340	167	71	medium	medium	ADJ
cjfa-33340	167	72	(	(	PUNCT
cjfa-33340	167	73	book	book	NOUN
cjfa-33340	167	74	-	-	PUNCT
cjfa-33340	167	75	to	to	ADP
cjfa-33340	167	76	-	-	PUNCT
cjfa-33340	167	77	market	market	NOUN
cjfa-33340	167	78	)	)	PUNCT
cjfa-33340	167	79	ratio	ratio	NOUN
cjfa-33340	167	80	and	and	CCONJ
cjfa-33340	167	81	portfolio	portfolio	NOUN
cjfa-33340	167	82	consisting	consist	VERB
cjfa-33340	167	83	of	of	ADP
cjfa-33340	167	84	stocks	stock	NOUN
cjfa-33340	167	85	with	with	ADP
cjfa-33340	167	86	low	low	ADJ
cjfa-33340	167	87	(	(	PUNCT
cjfa-33340	167	88	book	book	NOUN
cjfa-33340	167	89	-	-	PUNCT
cjfa-33340	167	90	to	to	ADP
cjfa-33340	167	91	-	-	PUNCT
cjfa-33340	167	92	market	market	NOUN
cjfa-33340	167	93	)	)	PUNCT
cjfa-33340	167	94	ratio	ratio	NOUN
cjfa-33340	167	95	.	.	PUNCT
cjfa-33340	168	1	the	the	DET
cjfa-33340	168	2	big	big	ADJ
cjfa-33340	168	3	and	and	CCONJ
cjfa-33340	168	4	small	small	ADJ
cjfa-33340	168	5	portfolios	portfolio	NOUN
cjfa-33340	168	6	are	be	AUX
cjfa-33340	168	7	constructed	construct	VERB
cjfa-33340	168	8	based	base	VERB
cjfa-33340	168	9	on	on	ADP
cjfa-33340	168	10	the	the	DET
cjfa-33340	168	11	firm	firm	ADJ
cjfa-33340	168	12	size	size	NOUN
cjfa-33340	168	13	(	(	PUNCT
cjfa-33340	168	14	market	market	NOUN
cjfa-33340	168	15	capitalization	capitalization	NOUN
cjfa-33340	168	16	in	in	ADP
cjfa-33340	168	17	june	june	PROPN
cjfa-33340	168	18	of	of	ADP
cjfa-33340	168	19	each	each	DET
cjfa-33340	168	20	year	year	NOUN
cjfa-33340	168	21	t	t	PROPN
cjfa-33340	168	22	)	)	PUNCT
cjfa-33340	168	23	.	.	PUNCT
cjfa-33340	169	1	the	the	DET
cjfa-33340	169	2	median	median	ADJ
cjfa-33340	169	3	sample	sample	NOUN
cjfa-33340	169	4	size	size	NOUN
cjfa-33340	169	5	is	be	AUX
cjfa-33340	169	6	used	use	VERB
cjfa-33340	169	7	to	to	PART
cjfa-33340	169	8	construct	construct	VERB
cjfa-33340	169	9	the	the	DET
cjfa-33340	169	10	two	two	NUM
cjfa-33340	169	11	portfolios	portfolio	NOUN
cjfa-33340	169	12	according	accord	VERB
cjfa-33340	169	13	to	to	ADP
cjfa-33340	169	14	50	50	NUM
cjfa-33340	169	15	%	%	NOUN
cjfa-33340	169	16	splitting	splitting	NOUN
cjfa-33340	169	17	point	point	NOUN
cjfa-33340	169	18	,	,	PUNCT
cjfa-33340	169	19	where	where	SCONJ
cjfa-33340	169	20	the	the	DET
cjfa-33340	169	21	big	big	ADJ
cjfa-33340	169	22	stocks	stock	NOUN
cjfa-33340	169	23	portfolio	portfolio	NOUN
cjfa-33340	169	24	consisting	consist	VERB
cjfa-33340	169	25	of	of	ADP
cjfa-33340	169	26	the	the	DET
cjfa-33340	169	27	highest	high	ADJ
cjfa-33340	169	28	50	50	NUM
cjfa-33340	169	29	%	%	NOUN
cjfa-33340	169	30	stocks	stock	NOUN
cjfa-33340	169	31	and	and	CCONJ
cjfa-33340	169	32	the	the	DET
cjfa-33340	169	33	small	small	ADJ
cjfa-33340	169	34	stocks	stock	NOUN
cjfa-33340	169	35	portfolio	portfolio	NOUN
cjfa-33340	169	36	consisting	consist	VERB
cjfa-33340	169	37	of	of	ADP
cjfa-33340	169	38	the	the	DET
cjfa-33340	169	39	lowest	low	ADJ
cjfa-33340	169	40	50	50	NUM
cjfa-33340	169	41	%	%	NOUN
cjfa-33340	169	42	.	.	PUNCT
cjfa-33340	170	1	the	the	DET
cjfa-33340	170	2	sample	sample	NOUN
cjfa-33340	170	3	is	be	AUX
cjfa-33340	170	4	also	also	ADV
cjfa-33340	170	5	ranked	rank	VERB
cjfa-33340	170	6	based	base	VERB
cjfa-33340	170	7	on	on	ADP
cjfa-33340	170	8	(	(	PUNCT
cjfa-33340	170	9	book	book	NOUN
cjfa-33340	170	10	-	-	PUNCT
cjfa-33340	170	11	to	to	ADP
cjfa-33340	170	12	-	-	PUNCT
cjfa-33340	170	13	market	market	NOUN
cjfa-33340	170	14	)	)	PUNCT
cjfa-33340	170	15	ratio	ratio	NOUN
cjfa-33340	170	16	,	,	PUNCT
cjfa-33340	170	17	where	where	SCONJ
cjfa-33340	170	18	the	the	DET
cjfa-33340	170	19	sample	sample	NOUN
cjfa-33340	170	20	is	be	AUX
cjfa-33340	170	21	divided	divide	VERB
cjfa-33340	170	22	into	into	ADP
cjfa-33340	170	23	3	3	NUM
cjfa-33340	170	24	portfolios	portfolio	NOUN
cjfa-33340	170	25	.	.	PUNCT
cjfa-33340	171	1	the	the	DET
cjfa-33340	171	2	first	first	ADJ
cjfa-33340	171	3	portfolio	portfolio	NOUN
cjfa-33340	171	4	is	be	AUX
cjfa-33340	171	5	30	30	NUM
cjfa-33340	171	6	%	%	NOUN
cjfa-33340	171	7	of	of	ADP
cjfa-33340	171	8	the	the	DET
cjfa-33340	171	9	whole	whole	ADJ
cjfa-33340	171	10	sample	sample	NOUN
cjfa-33340	171	11	,	,	PUNCT
cjfa-33340	171	12	which	which	PRON
cjfa-33340	171	13	has	have	VERB
cjfa-33340	171	14	the	the	DET
cjfa-33340	171	15	highest	high	ADJ
cjfa-33340	171	16	(	(	PUNCT
cjfa-33340	171	17	book	book	NOUN
cjfa-33340	171	18	-	-	PUNCT
cjfa-33340	171	19	tomarket	tomarket	NOUN
cjfa-33340	171	20	)	)	PUNCT
cjfa-33340	171	21	ratio	ratio	NOUN
cjfa-33340	171	22	.	.	PUNCT
cjfa-33340	172	1	the	the	DET
cjfa-33340	172	2	second	second	ADJ
cjfa-33340	172	3	portfolio	portfolio	NOUN
cjfa-33340	172	4	is	be	AUX
cjfa-33340	172	5	40	40	NUM
cjfa-33340	172	6	%	%	NOUN
cjfa-33340	172	7	of	of	ADP
cjfa-33340	172	8	the	the	DET
cjfa-33340	172	9	whole	whole	ADJ
cjfa-33340	172	10	sample	sample	NOUN
cjfa-33340	172	11	have	have	AUX
cjfa-33340	172	12	(	(	PUNCT
cjfa-33340	172	13	book	book	NOUN
cjfa-33340	172	14	-	-	PUNCT
cjfa-33340	172	15	to	to	ADP
cjfa-33340	172	16	-	-	PUNCT
cjfa-33340	172	17	market	market	NOUN
cjfa-33340	172	18	)	)	PUNCT
cjfa-33340	172	19	ratio	ratio	NOUN
cjfa-33340	172	20	in	in	ADP
cjfa-33340	172	21	medium	medium	NOUN
cjfa-33340	172	22	and	and	CCONJ
cjfa-33340	172	23	the	the	DET
cjfa-33340	172	24	third	third	ADJ
cjfa-33340	172	25	portfolio	portfolio	NOUN
cjfa-33340	172	26	is	be	AUX
cjfa-33340	172	27	30	30	NUM
cjfa-33340	172	28	%	%	NOUN
cjfa-33340	172	29	of	of	ADP
cjfa-33340	172	30	the	the	DET
cjfa-33340	172	31	whole	whole	ADJ
cjfa-33340	172	32	sample	sample	NOUN
cjfa-33340	172	33	,	,	PUNCT
cjfa-33340	172	34	which	which	PRON
cjfa-33340	172	35	has	have	VERB
cjfa-33340	172	36	the	the	DET
cjfa-33340	172	37	lowest	low	ADJ
cjfa-33340	172	38	(	(	PUNCT
cjfa-33340	172	39	book	book	NOUN
cjfa-33340	172	40	-	-	PUNCT
cjfa-33340	172	41	to	to	ADP
cjfa-33340	172	42	-	-	PUNCT
cjfa-33340	172	43	market	market	NOUN
cjfa-33340	172	44	)	)	PUNCT
cjfa-33340	172	45	ratio	ratio	NOUN
cjfa-33340	172	46	.	.	PUNCT
cjfa-33340	173	1	the	the	DET
cjfa-33340	173	2	study	study	NOUN
cjfa-33340	173	3	employs	employ	VERB
cjfa-33340	173	4	(	(	PUNCT
cjfa-33340	173	5	hwang	hwang	PROPN
cjfa-33340	173	6	&	&	CCONJ
cjfa-33340	173	7	salmon	salmon	PROPN
cjfa-33340	173	8	,	,	PUNCT
cjfa-33340	173	9	2004	2004	NUM
cjfa-33340	173	10	)	)	PUNCT
cjfa-33340	173	11	and	and	CCONJ
cjfa-33340	173	12	(	(	PUNCT
cjfa-33340	173	13	chang	chang	PROPN
cjfa-33340	173	14	et	et	PROPN
cjfa-33340	173	15	al	al	PROPN
cjfa-33340	173	16	.	.	PROPN
cjfa-33340	173	17	,	,	PUNCT
cjfa-33340	173	18	2000	2000	NUM
cjfa-33340	173	19	)	)	PUNCT
cjfa-33340	173	20	method	method	NOUN
cjfa-33340	173	21	to	to	PART
cjfa-33340	173	22	measure	measure	VERB
cjfa-33340	173	23	herding	herding	NOUN
cjfa-33340	173	24	behaviour	behaviour	NOUN
cjfa-33340	173	25	.	.	PUNCT
cjfa-33340	174	1	using	use	VERB
cjfa-33340	174	2	daily	daily	ADJ
cjfa-33340	174	3	stock	stock	NOUN
cjfa-33340	174	4	price	price	NOUN
cjfa-33340	174	5	and	and	CCONJ
cjfa-33340	174	6	egx30	egx30	NOUN
cjfa-33340	174	7	index	index	NOUN
cjfa-33340	174	8	data	datum	NOUN
cjfa-33340	174	9	,	,	PUNCT
cjfa-33340	174	10	beta	beta	NOUN
cjfa-33340	174	11	is	be	AUX
cjfa-33340	174	12	estimated	estimate	VERB
cjfa-33340	174	13	using	use	VERB
cjfa-33340	174	14	the	the	DET
cjfa-33340	174	15	ols	ol	NOUN
cjfa-33340	174	16	method	method	NOUN
cjfa-33340	174	17	,	,	PUNCT
cjfa-33340	174	18	as	as	SCONJ
cjfa-33340	174	19	follows	follow	VERB
cjfa-33340	174	20	:	:	PUNCT
cjfa-33340	174	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	174	22	�	�	PROPN
cjfa-33340	174	23	�	�	PROPN
cjfa-33340	174	24	�	�	PROPN
cjfa-33340	174	25	=	=	SYM
cjfa-33340	174	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	174	27	�	�	PROPN
cjfa-33340	174	28	�	�	PROPN
cjfa-33340	174	29	�	�	PROPN
cjfa-33340	174	30	+	+	CCONJ
cjfa-33340	174	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	174	32	�	�	PROPN
cjfa-33340	174	33	�	�	PROPN
cjfa-33340	174	34	�	�	PROPN
cjfa-33340	174	35	�	�	PROPN
cjfa-33340	174	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	174	37	�	�	PROPN
cjfa-33340	174	38	�	�	PROPN
cjfa-33340	174	39	�	�	PROPN
cjfa-33340	174	40	+	+	CCONJ
cjfa-33340	174	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	174	42	�	�	PROPN
cjfa-33340	174	43	�	�	PROPN
cjfa-33340	174	44	�	�	PROPN
cjfa-33340	174	45	(	(	PUNCT
cjfa-33340	174	46	1	1	NUM
cjfa-33340	174	47	)	)	PUNCT
cjfa-33340	174	48	where	where	SCONJ
cjfa-33340	174	49	(	(	PUNCT
cjfa-33340	174	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	174	51	�	�	PROPN
cjfa-33340	174	52	�	�	PROPN
cjfa-33340	174	53	�	�	PROPN
cjfa-33340	174	54	)	)	PUNCT
cjfa-33340	174	55	is	be	AUX
cjfa-33340	174	56	the	the	DET
cjfa-33340	174	57	excess	excess	ADJ
cjfa-33340	174	58	stock	stock	NOUN
cjfa-33340	174	59	return	return	NOUN
cjfa-33340	174	60	and	and	CCONJ
cjfa-33340	174	61	(	(	PUNCT
cjfa-33340	174	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	174	63	�	�	PROPN
cjfa-33340	174	64	�	�	PROPN
cjfa-33340	174	65	�	�	PROPN
cjfa-33340	174	66	)	)	PUNCT
cjfa-33340	174	67	is	be	AUX
cjfa-33340	174	68	the	the	DET
cjfa-33340	174	69	excess	excess	ADJ
cjfa-33340	174	70	returns	return	NOUN
cjfa-33340	174	71	of	of	ADP
cjfa-33340	174	72	the	the	DET
cjfa-33340	174	73	market	market	NOUN
cjfa-33340	174	74	portfolio	portfolio	NOUN
cjfa-33340	174	75	.	.	PUNCT
cjfa-33340	175	1	returns	return	NOUN
cjfa-33340	175	2	of	of	ADP
cjfa-33340	175	3	individual	individual	ADJ
cjfa-33340	175	4	stocks	stock	NOUN
cjfa-33340	175	5	are	be	AUX
cjfa-33340	175	6	calculated	calculate	VERB
cjfa-33340	175	7	as	as	SCONJ
cjfa-33340	175	8	follows	follow	VERB
cjfa-33340	175	9	:	:	PUNCT
cjfa-33340	175	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	175	11	�	�	PROPN
cjfa-33340	175	12	�	�	PROPN
cjfa-33340	175	13	=	=	SYM
cjfa-33340	175	14	(	(	PUNCT
cjfa-33340	175	15	�	�	PROPN
cjfa-33340	175	16	�	�	PROPN
cjfa-33340	175	17	�	�	PROPN
cjfa-33340	175	18	�	�	PROPN
cjfa-33340	175	19	�	�	PROPN
cjfa-33340	175	20	�	�	PROPN
cjfa-33340	175	21	�	�	PROPN
cjfa-33340	175	22	)	)	PUNCT
cjfa-33340	175	23	�	�	PROPN
cjfa-33340	175	24	�	�	PROPN
cjfa-33340	175	25	�	�	PROPN
cjfa-33340	175	26	�	�	PROPN
cjfa-33340	175	27	(	(	PUNCT
cjfa-33340	175	28	2	2	NUM
cjfa-33340	175	29	)	)	PUNCT
cjfa-33340	175	30	where	where	SCONJ
cjfa-33340	175	31	(	(	PUNCT
cjfa-33340	175	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	175	33	�	�	PROPN
cjfa-33340	175	34	)	)	PUNCT
cjfa-33340	175	35	is	be	AUX
cjfa-33340	175	36	the	the	DET
cjfa-33340	175	37	stock	stock	NOUN
cjfa-33340	175	38	i	i	PRON
cjfa-33340	175	39	closing	closing	NOUN
cjfa-33340	175	40	price	price	NOUN
cjfa-33340	175	41	at	at	ADP
cjfa-33340	175	42	time	time	NOUN
cjfa-33340	175	43	t.	t.	PROPN
cjfa-33340	175	44	the	the	DET
cjfa-33340	175	45	(	(	PUNCT
cjfa-33340	175	46	hwang	hwang	PROPN
cjfa-33340	175	47	&	&	CCONJ
cjfa-33340	175	48	salmon	salmon	PROPN
cjfa-33340	175	49	,	,	PUNCT
cjfa-33340	175	50	2004	2004	NUM
cjfa-33340	175	51	)	)	PUNCT
cjfa-33340	175	52	methodology	methodology	NOUN
cjfa-33340	175	53	is	be	AUX
cjfa-33340	175	54	used	use	VERB
cjfa-33340	175	55	to	to	PART
cjfa-33340	175	56	measure	measure	VERB
cjfa-33340	175	57	herding	herding	NOUN
cjfa-33340	175	58	behaviour	behaviour	NOUN
cjfa-33340	175	59	.	.	PUNCT
cjfa-33340	176	1	this	this	DET
cjfa-33340	176	2	methodology	methodology	NOUN
cjfa-33340	176	3	is	be	AUX
cjfa-33340	176	4	based	base	VERB
cjfa-33340	176	5	on	on	ADP
cjfa-33340	176	6	the	the	DET
cjfa-33340	176	7	cross	cross	ADJ
cjfa-33340	176	8	-	-	ADJ
cjfa-33340	176	9	sectional	sectional	ADJ
cjfa-33340	176	10	volatility	volatility	NOUN
cjfa-33340	176	11	of	of	ADP
cjfa-33340	176	12	beta	beta	NOUN
cjfa-33340	176	13	(	(	PUNCT
cjfa-33340	176	14	ß	ß	NOUN
cjfa-33340	176	15	)	)	PUNCT
cjfa-33340	176	16	,	,	PUNCT
cjfa-33340	176	17	it	it	PRON
cjfa-33340	176	18	also	also	ADV
cjfa-33340	176	19	depends	depend	VERB
cjfa-33340	176	20	on	on	ADP
cjfa-33340	176	21	the	the	DET
cjfa-33340	176	22	relationship	relationship	NOUN
cjfa-33340	176	23	between	between	ADP
cjfa-33340	176	24	the	the	DET
cjfa-33340	176	25	equilibrium	equilibrium	NOUN
cjfa-33340	176	26	beta	beta	NOUN
cjfa-33340	176	27	,	,	PUNCT
cjfa-33340	176	28	which	which	PRON
cjfa-33340	176	29	denoted	denote	VERB
cjfa-33340	176	30	by	by	ADP
cjfa-33340	176	31	the	the	DET
cjfa-33340	176	32	symbol	symbol	NOUN
cjfa-33340	176	33	(	(	PUNCT
cjfa-33340	176	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	176	35	�	�	PROPN
cjfa-33340	176	36	�	�	PROPN
cjfa-33340	176	37	�	�	PROPN
cjfa-33340	176	38	)	)	PUNCT
cjfa-33340	176	39	and	and	CCONJ
cjfa-33340	176	40	its	its	PRON
cjfa-33340	176	41	behaviourally	behaviourally	ADV
cjfa-33340	176	42	biased	biased	ADJ
cjfa-33340	176	43	equivalent	equivalent	NOUN
cjfa-33340	176	44	,	,	PUNCT
cjfa-33340	176	45	which	which	PRON
cjfa-33340	176	46	denoted	denote	VERB
cjfa-33340	176	47	by	by	ADP
cjfa-33340	176	48	the	the	DET
cjfa-33340	176	49	symbol	symbol	NOUN
cjfa-33340	176	50	(	(	PUNCT
cjfa-33340	176	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	176	52	�	�	PROPN
cjfa-33340	176	53	�	�	PROPN
cjfa-33340	176	54	�	�	PROPN
cjfa-33340	176	55	�	�	PROPN
cjfa-33340	176	56	)	)	PUNCT
cjfa-33340	176	57	,	,	PUNCT
cjfa-33340	176	58	as	as	SCONJ
cjfa-33340	176	59	follows	follow	VERB
cjfa-33340	176	60	:	:	PUNCT
cjfa-33340	176	61	�	�	PROPN
cjfa-33340	176	62	�	�	PROPN
cjfa-33340	176	63	�	�	PROPN
cjfa-33340	176	64	(	(	PUNCT
cjfa-33340	176	65	�	�	PROPN
cjfa-33340	176	66	�	�	PROPN
cjfa-33340	176	67	�	�	PROPN
cjfa-33340	176	68	)	)	PUNCT
cjfa-33340	176	69	�	�	PROPN
cjfa-33340	176	70	�	�	PROPN
cjfa-33340	176	71	(	(	PUNCT
cjfa-33340	176	72	�	�	PROPN
cjfa-33340	176	73	�	�	PROPN
cjfa-33340	176	74	�	�	PROPN
cjfa-33340	176	75	)	)	PUNCT
cjfa-33340	176	76	=	=	PUNCT
cjfa-33340	176	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	176	78	�	�	PROPN
cjfa-33340	176	79	�	�	PROPN
cjfa-33340	176	80	�	�	PROPN
cjfa-33340	176	81	�	�	NOUN
cjfa-33340	176	82	=	=	PROPN
cjfa-33340	176	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	176	84	�	�	PROPN
cjfa-33340	176	85	�	�	PROPN
cjfa-33340	176	86	�	�	PROPN
cjfa-33340	176	87			PROPN
cjfa-33340	176	88	ℎ	ℎ	PROPN
cjfa-33340	176	89	�	�	PROPN
cjfa-33340	176	90	�	�	PROPN
cjfa-33340	176	91	(	(	PUNCT
cjfa-33340	176	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	176	93	�	�	PROPN
cjfa-33340	176	94	�	�	PROPN
cjfa-33340	176	95	�	�	NOUN
cjfa-33340	176	96	1	1	NOUN
cjfa-33340	176	97	)	)	PUNCT
cjfa-33340	176	98	(	(	PUNCT
cjfa-33340	176	99	3	3	X
cjfa-33340	176	100	)	)	PUNCT
cjfa-33340	176	101	where	where	SCONJ
cjfa-33340	176	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	176	103	�	�	PROPN
cjfa-33340	176	104	�	�	PROPN
cjfa-33340	176	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	176	106	�	�	PROPN
cjfa-33340	176	107	�	�	PROPN
cjfa-33340	176	108	)	)	PUNCT
cjfa-33340	176	109	is	be	AUX
cjfa-33340	176	110	the	the	DET
cjfa-33340	176	111	behaviourally	behaviourally	ADV
cjfa-33340	176	112	biased	bias	VERB
cjfa-33340	176	113	expected	expect	VERB
cjfa-33340	176	114	returns	return	NOUN
cjfa-33340	176	115	of	of	ADP
cjfa-33340	176	116	asset	asset	NOUN
cjfa-33340	176	117	i	i	PRON
cjfa-33340	176	118	at	at	ADP
cjfa-33340	176	119	time	time	NOUN
cjfa-33340	176	120	t	t	PROPN
cjfa-33340	176	121	and	and	CCONJ
cjfa-33340	176	122	(	(	PUNCT
cjfa-33340	176	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	176	124	�	�	PROPN
cjfa-33340	176	125	�	�	PROPN
cjfa-33340	176	126	�	�	PROPN
cjfa-33340	176	127	�	�	PROPN
cjfa-33340	176	128	)	)	PUNCT
cjfa-33340	176	129	is	be	AUX
cjfa-33340	176	130	the	the	DET
cjfa-33340	176	131	systematic	systematic	ADJ
cjfa-33340	176	132	risk	risk	NOUN
cjfa-33340	176	133	measurement	measurement	NOUN
cjfa-33340	176	134	.	.	PUNCT
cjfa-33340	177	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	177	2	�	�	PROPN
cjfa-33340	177	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	177	4	�	�	PROPN
cjfa-33340	177	5	�	�	PROPN
cjfa-33340	177	6	)	)	PUNCT
cjfa-33340	177	7	is	be	AUX
cjfa-33340	177	8	the	the	DET
cjfa-33340	177	9	conditional	conditional	ADJ
cjfa-33340	177	10	expectation	expectation	NOUN
cjfa-33340	177	11	at	at	ADP
cjfa-33340	177	12	time	time	NOUN
cjfa-33340	177	13	t	t	PROPN
cjfa-33340	177	14	,	,	PUNCT
cjfa-33340	177	15	as	as	SCONJ
cjfa-33340	177	16	follows	follow	VERB
cjfa-33340	177	17	:	:	PUNCT
cjfa-33340	177	18	divided	divide	VERB
cjfa-33340	177	19	into	into	ADP
cjfa-33340	177	20	portfolio	portfolio	NOUN
cjfa-33340	177	21	consisting	consist	VERB
cjfa-33340	177	22	of	of	ADP
cjfa-33340	177	23	stocks	stock	NOUN
cjfa-33340	177	24	with	with	ADP
cjfa-33340	177	25	high	high	ADJ
cjfa-33340	177	26	(	(	PUNCT
cjfa-33340	177	27	book	book	NOUN
cjfa-33340	177	28	-	-	PUNCT
cjfa-33340	177	29	to	to	ADP
cjfa-33340	177	30	-	-	PUNCT
cjfa-33340	177	31	market	market	NOUN
cjfa-33340	177	32	)	)	PUNCT
cjfa-33340	177	33	ratio	ratio	NOUN
cjfa-33340	177	34	,	,	PUNCT
cjfa-33340	177	35	a	a	DET
cjfa-33340	177	36	portfolio	portfolio	NOUN
cjfa-33340	177	37	consisting	consist	VERB
cjfa-33340	177	38	of	of	ADP
cjfa-33340	177	39	stocks	stock	NOUN
cjfa-33340	177	40	with	with	ADP
cjfa-33340	177	41	medium	medium	ADJ
cjfa-33340	177	42	(	(	PUNCT
cjfa-33340	177	43	book	book	NOUN
cjfa-33340	177	44	-	-	PUNCT
cjfa-33340	177	45	to	to	ADP
cjfa-33340	177	46	-	-	PUNCT
cjfa-33340	177	47	market	market	NOUN
cjfa-33340	177	48	)	)	PUNCT
cjfa-33340	177	49	ratio	ratio	NOUN
cjfa-33340	177	50	and	and	CCONJ
cjfa-33340	177	51	portfolio	portfolio	NOUN
cjfa-33340	177	52	consisting	consist	VERB
cjfa-33340	177	53	of	of	ADP
cjfa-33340	177	54	stocks	stock	NOUN
cjfa-33340	177	55	with	with	ADP
cjfa-33340	177	56	low	low	ADJ
cjfa-33340	177	57	(	(	PUNCT
cjfa-33340	177	58	book	book	NOUN
cjfa-33340	177	59	-	-	PUNCT
cjfa-33340	177	60	to	to	ADP
cjfa-33340	177	61	-	-	PUNCT
cjfa-33340	177	62	market	market	NOUN
cjfa-33340	177	63	)	)	PUNCT
cjfa-33340	177	64	ratio	ratio	NOUN
cjfa-33340	177	65	.	.	PUNCT
cjfa-33340	178	1	the	the	DET
cjfa-33340	178	2	big	big	ADJ
cjfa-33340	178	3	and	and	CCONJ
cjfa-33340	178	4	small	small	ADJ
cjfa-33340	178	5	portfolios	portfolio	NOUN
cjfa-33340	178	6	are	be	AUX
cjfa-33340	178	7	constructed	construct	VERB
cjfa-33340	178	8	based	base	VERB
cjfa-33340	178	9	on	on	ADP
cjfa-33340	178	10	the	the	DET
cjfa-33340	178	11	firm	firm	ADJ
cjfa-33340	178	12	size	size	NOUN
cjfa-33340	178	13	(	(	PUNCT
cjfa-33340	178	14	market	market	NOUN
cjfa-33340	178	15	capitalization	capitalization	NOUN
cjfa-33340	178	16	in	in	ADP
cjfa-33340	178	17	june	june	PROPN
cjfa-33340	178	18	of	of	ADP
cjfa-33340	178	19	each	each	DET
cjfa-33340	178	20	year	year	NOUN
cjfa-33340	178	21	t	t	PROPN
cjfa-33340	178	22	)	)	PUNCT
cjfa-33340	178	23	.	.	PUNCT
cjfa-33340	179	1	the	the	DET
cjfa-33340	179	2	median	median	ADJ
cjfa-33340	179	3	sample	sample	NOUN
cjfa-33340	179	4	size	size	NOUN
cjfa-33340	179	5	is	be	AUX
cjfa-33340	179	6	used	use	VERB
cjfa-33340	179	7	to	to	PART
cjfa-33340	179	8	construct	construct	VERB
cjfa-33340	179	9	the	the	DET
cjfa-33340	179	10	two	two	NUM
cjfa-33340	179	11	portfolios	portfolio	NOUN
cjfa-33340	179	12	according	accord	VERB
cjfa-33340	179	13	to	to	ADP
cjfa-33340	179	14	50	50	NUM
cjfa-33340	179	15	%	%	NOUN
cjfa-33340	179	16	splitting	splitting	NOUN
cjfa-33340	179	17	point	point	NOUN
cjfa-33340	179	18	,	,	PUNCT
cjfa-33340	179	19	where	where	SCONJ
cjfa-33340	179	20	the	the	DET
cjfa-33340	179	21	big	big	ADJ
cjfa-33340	179	22	stocks	stock	NOUN
cjfa-33340	179	23	portfolio	portfolio	NOUN
cjfa-33340	179	24	consisting	consist	VERB
cjfa-33340	179	25	of	of	ADP
cjfa-33340	179	26	the	the	DET
cjfa-33340	179	27	highest	high	ADJ
cjfa-33340	179	28	50	50	NUM
cjfa-33340	179	29	%	%	NOUN
cjfa-33340	179	30	stocks	stock	NOUN
cjfa-33340	179	31	and	and	CCONJ
cjfa-33340	179	32	the	the	DET
cjfa-33340	179	33	small	small	ADJ
cjfa-33340	179	34	stocks	stock	NOUN
cjfa-33340	179	35	portfolio	portfolio	NOUN
cjfa-33340	179	36	consisting	consist	VERB
cjfa-33340	179	37	of	of	ADP
cjfa-33340	179	38	the	the	DET
cjfa-33340	179	39	lowest	low	ADJ
cjfa-33340	179	40	50	50	NUM
cjfa-33340	179	41	%	%	NOUN
cjfa-33340	179	42	.	.	PUNCT
cjfa-33340	180	1	the	the	DET
cjfa-33340	180	2	sample	sample	NOUN
cjfa-33340	180	3	is	be	AUX
cjfa-33340	180	4	also	also	ADV
cjfa-33340	180	5	ranked	rank	VERB
cjfa-33340	180	6	based	base	VERB
cjfa-33340	180	7	on	on	ADP
cjfa-33340	180	8	(	(	PUNCT
cjfa-33340	180	9	book	book	NOUN
cjfa-33340	180	10	-	-	PUNCT
cjfa-33340	180	11	to	to	ADP
cjfa-33340	180	12	-	-	PUNCT
cjfa-33340	180	13	market	market	NOUN
cjfa-33340	180	14	)	)	PUNCT
cjfa-33340	180	15	ratio	ratio	NOUN
cjfa-33340	180	16	,	,	PUNCT
cjfa-33340	180	17	where	where	SCONJ
cjfa-33340	180	18	the	the	DET
cjfa-33340	180	19	sample	sample	NOUN
cjfa-33340	180	20	is	be	AUX
cjfa-33340	180	21	divided	divide	VERB
cjfa-33340	180	22	into	into	ADP
cjfa-33340	180	23	3	3	NUM
cjfa-33340	180	24	portfolios	portfolio	NOUN
cjfa-33340	180	25	.	.	PUNCT
cjfa-33340	181	1	the	the	DET
cjfa-33340	181	2	first	first	ADJ
cjfa-33340	181	3	portfolio	portfolio	NOUN
cjfa-33340	181	4	is	be	AUX
cjfa-33340	181	5	30	30	NUM
cjfa-33340	181	6	%	%	NOUN
cjfa-33340	181	7	of	of	ADP
cjfa-33340	181	8	the	the	DET
cjfa-33340	181	9	whole	whole	ADJ
cjfa-33340	181	10	sample	sample	NOUN
cjfa-33340	181	11	,	,	PUNCT
cjfa-33340	181	12	which	which	PRON
cjfa-33340	181	13	has	have	VERB
cjfa-33340	181	14	the	the	DET
cjfa-33340	181	15	highest	high	ADJ
cjfa-33340	181	16	(	(	PUNCT
cjfa-33340	181	17	book	book	NOUN
cjfa-33340	181	18	-	-	PUNCT
cjfa-33340	181	19	tomarket	tomarket	NOUN
cjfa-33340	181	20	)	)	PUNCT
cjfa-33340	181	21	ratio	ratio	NOUN
cjfa-33340	181	22	.	.	PUNCT
cjfa-33340	182	1	the	the	DET
cjfa-33340	182	2	second	second	ADJ
cjfa-33340	182	3	portfolio	portfolio	NOUN
cjfa-33340	182	4	is	be	AUX
cjfa-33340	182	5	40	40	NUM
cjfa-33340	182	6	%	%	NOUN
cjfa-33340	182	7	of	of	ADP
cjfa-33340	182	8	the	the	DET
cjfa-33340	182	9	whole	whole	ADJ
cjfa-33340	182	10	sample	sample	NOUN
cjfa-33340	182	11	have	have	AUX
cjfa-33340	182	12	(	(	PUNCT
cjfa-33340	182	13	book	book	NOUN
cjfa-33340	182	14	-	-	PUNCT
cjfa-33340	182	15	to	to	ADP
cjfa-33340	182	16	-	-	PUNCT
cjfa-33340	182	17	market	market	NOUN
cjfa-33340	182	18	)	)	PUNCT
cjfa-33340	182	19	ratio	ratio	NOUN
cjfa-33340	182	20	in	in	ADP
cjfa-33340	182	21	medium	medium	NOUN
cjfa-33340	182	22	and	and	CCONJ
cjfa-33340	182	23	the	the	DET
cjfa-33340	182	24	third	third	ADJ
cjfa-33340	182	25	portfolio	portfolio	NOUN
cjfa-33340	182	26	is	be	AUX
cjfa-33340	182	27	30	30	NUM
cjfa-33340	182	28	%	%	NOUN
cjfa-33340	182	29	of	of	ADP
cjfa-33340	182	30	the	the	DET
cjfa-33340	182	31	whole	whole	ADJ
cjfa-33340	182	32	sample	sample	NOUN
cjfa-33340	182	33	,	,	PUNCT
cjfa-33340	182	34	which	which	PRON
cjfa-33340	182	35	has	have	VERB
cjfa-33340	182	36	the	the	DET
cjfa-33340	182	37	lowest	low	ADJ
cjfa-33340	182	38	(	(	PUNCT
cjfa-33340	182	39	book	book	NOUN
cjfa-33340	182	40	-	-	PUNCT
cjfa-33340	182	41	to	to	ADP
cjfa-33340	182	42	-	-	PUNCT
cjfa-33340	182	43	market	market	NOUN
cjfa-33340	182	44	)	)	PUNCT
cjfa-33340	182	45	ratio	ratio	NOUN
cjfa-33340	182	46	.	.	PUNCT
cjfa-33340	183	1	the	the	DET
cjfa-33340	183	2	study	study	NOUN
cjfa-33340	183	3	employs	employ	VERB
cjfa-33340	183	4	(	(	PUNCT
cjfa-33340	183	5	hwang	hwang	PROPN
cjfa-33340	183	6	&	&	CCONJ
cjfa-33340	183	7	salmon	salmon	PROPN
cjfa-33340	183	8	,	,	PUNCT
cjfa-33340	183	9	2004	2004	NUM
cjfa-33340	183	10	)	)	PUNCT
cjfa-33340	183	11	and	and	CCONJ
cjfa-33340	183	12	(	(	PUNCT
cjfa-33340	183	13	chang	chang	PROPN
cjfa-33340	183	14	et	et	PROPN
cjfa-33340	183	15	al	al	PROPN
cjfa-33340	183	16	.	.	PROPN
cjfa-33340	183	17	,	,	PUNCT
cjfa-33340	183	18	2000	2000	NUM
cjfa-33340	183	19	)	)	PUNCT
cjfa-33340	183	20	method	method	NOUN
cjfa-33340	183	21	to	to	PART
cjfa-33340	183	22	measure	measure	VERB
cjfa-33340	183	23	herding	herding	NOUN
cjfa-33340	183	24	behaviour	behaviour	NOUN
cjfa-33340	183	25	.	.	PUNCT
cjfa-33340	184	1	using	use	VERB
cjfa-33340	184	2	daily	daily	ADJ
cjfa-33340	184	3	stock	stock	NOUN
cjfa-33340	184	4	price	price	NOUN
cjfa-33340	184	5	and	and	CCONJ
cjfa-33340	184	6	egx30	egx30	NOUN
cjfa-33340	184	7	index	index	NOUN
cjfa-33340	184	8	data	datum	NOUN
cjfa-33340	184	9	,	,	PUNCT
cjfa-33340	184	10	beta	beta	NOUN
cjfa-33340	184	11	is	be	AUX
cjfa-33340	184	12	estimated	estimate	VERB
cjfa-33340	184	13	using	use	VERB
cjfa-33340	184	14	the	the	DET
cjfa-33340	184	15	ols	ol	NOUN
cjfa-33340	184	16	method	method	NOUN
cjfa-33340	184	17	,	,	PUNCT
cjfa-33340	184	18	as	as	SCONJ
cjfa-33340	184	19	follows	follow	VERB
cjfa-33340	184	20	:	:	PUNCT
cjfa-33340	184	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	184	22	�	�	PROPN
cjfa-33340	184	23	�	�	PROPN
cjfa-33340	184	24	�	�	PROPN
cjfa-33340	184	25	=	=	SYM
cjfa-33340	184	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	184	27	�	�	PROPN
cjfa-33340	184	28	�	�	PROPN
cjfa-33340	184	29	�	�	PROPN
cjfa-33340	184	30	+	+	CCONJ
cjfa-33340	184	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	184	32	�	�	PROPN
cjfa-33340	184	33	�	�	PROPN
cjfa-33340	184	34	�	�	PROPN
cjfa-33340	184	35	�	�	PROPN
cjfa-33340	184	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	184	37	�	�	PROPN
cjfa-33340	184	38	�	�	PROPN
cjfa-33340	184	39	�	�	PROPN
cjfa-33340	184	40	+	+	CCONJ
cjfa-33340	184	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	184	42	�	�	PROPN
cjfa-33340	184	43	�	�	PROPN
cjfa-33340	184	44	�	�	PROPN
cjfa-33340	184	45	(	(	PUNCT
cjfa-33340	184	46	1	1	NUM
cjfa-33340	184	47	)	)	PUNCT
cjfa-33340	184	48	where	where	SCONJ
cjfa-33340	184	49	(	(	PUNCT
cjfa-33340	184	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	184	51	�	�	PROPN
cjfa-33340	184	52	�	�	PROPN
cjfa-33340	184	53	�	�	PROPN
cjfa-33340	184	54	)	)	PUNCT
cjfa-33340	184	55	is	be	AUX
cjfa-33340	184	56	the	the	DET
cjfa-33340	184	57	excess	excess	ADJ
cjfa-33340	184	58	stock	stock	NOUN
cjfa-33340	184	59	return	return	NOUN
cjfa-33340	184	60	and	and	CCONJ
cjfa-33340	184	61	(	(	PUNCT
cjfa-33340	184	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	184	63	�	�	PROPN
cjfa-33340	184	64	�	�	PROPN
cjfa-33340	184	65	�	�	PROPN
cjfa-33340	184	66	)	)	PUNCT
cjfa-33340	184	67	is	be	AUX
cjfa-33340	184	68	the	the	DET
cjfa-33340	184	69	excess	excess	ADJ
cjfa-33340	184	70	returns	return	NOUN
cjfa-33340	184	71	of	of	ADP
cjfa-33340	184	72	the	the	DET
cjfa-33340	184	73	market	market	NOUN
cjfa-33340	184	74	portfolio	portfolio	NOUN
cjfa-33340	184	75	.	.	PUNCT
cjfa-33340	185	1	returns	return	NOUN
cjfa-33340	185	2	of	of	ADP
cjfa-33340	185	3	individual	individual	ADJ
cjfa-33340	185	4	stocks	stock	NOUN
cjfa-33340	185	5	are	be	AUX
cjfa-33340	185	6	calculated	calculate	VERB
cjfa-33340	185	7	as	as	SCONJ
cjfa-33340	185	8	follows	follow	VERB
cjfa-33340	185	9	:	:	PUNCT
cjfa-33340	185	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	185	11	�	�	PROPN
cjfa-33340	185	12	�	�	PROPN
cjfa-33340	185	13	=	=	SYM
cjfa-33340	185	14	(	(	PUNCT
cjfa-33340	185	15	�	�	PROPN
cjfa-33340	185	16	�	�	PROPN
cjfa-33340	185	17	�	�	PROPN
cjfa-33340	185	18	�	�	PROPN
cjfa-33340	185	19	�	�	PROPN
cjfa-33340	185	20	�	�	PROPN
cjfa-33340	185	21	�	�	PROPN
cjfa-33340	185	22	)	)	PUNCT
cjfa-33340	185	23	�	�	PROPN
cjfa-33340	185	24	�	�	PROPN
cjfa-33340	185	25	�	�	PROPN
cjfa-33340	185	26	�	�	PROPN
cjfa-33340	185	27	(	(	PUNCT
cjfa-33340	185	28	2	2	NUM
cjfa-33340	185	29	)	)	PUNCT
cjfa-33340	185	30	where	where	SCONJ
cjfa-33340	185	31	(	(	PUNCT
cjfa-33340	185	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	185	33	�	�	PROPN
cjfa-33340	185	34	)	)	PUNCT
cjfa-33340	185	35	is	be	AUX
cjfa-33340	185	36	the	the	DET
cjfa-33340	185	37	stock	stock	NOUN
cjfa-33340	185	38	i	i	PRON
cjfa-33340	185	39	closing	closing	NOUN
cjfa-33340	185	40	price	price	NOUN
cjfa-33340	185	41	at	at	ADP
cjfa-33340	185	42	time	time	NOUN
cjfa-33340	185	43	t.	t.	PROPN
cjfa-33340	185	44	the	the	DET
cjfa-33340	185	45	(	(	PUNCT
cjfa-33340	185	46	hwang	hwang	PROPN
cjfa-33340	185	47	&	&	CCONJ
cjfa-33340	185	48	salmon	salmon	PROPN
cjfa-33340	185	49	,	,	PUNCT
cjfa-33340	185	50	2004	2004	NUM
cjfa-33340	185	51	)	)	PUNCT
cjfa-33340	185	52	methodology	methodology	NOUN
cjfa-33340	185	53	is	be	AUX
cjfa-33340	185	54	used	use	VERB
cjfa-33340	185	55	to	to	PART
cjfa-33340	185	56	measure	measure	VERB
cjfa-33340	185	57	herding	herding	NOUN
cjfa-33340	185	58	behaviour	behaviour	NOUN
cjfa-33340	185	59	.	.	PUNCT
cjfa-33340	186	1	this	this	DET
cjfa-33340	186	2	methodology	methodology	NOUN
cjfa-33340	186	3	is	be	AUX
cjfa-33340	186	4	based	base	VERB
cjfa-33340	186	5	on	on	ADP
cjfa-33340	186	6	the	the	DET
cjfa-33340	186	7	cross	cross	ADJ
cjfa-33340	186	8	-	-	ADJ
cjfa-33340	186	9	sectional	sectional	ADJ
cjfa-33340	186	10	volatility	volatility	NOUN
cjfa-33340	186	11	of	of	ADP
cjfa-33340	186	12	beta	beta	NOUN
cjfa-33340	186	13	(	(	PUNCT
cjfa-33340	186	14	ß	ß	NOUN
cjfa-33340	186	15	)	)	PUNCT
cjfa-33340	186	16	,	,	PUNCT
cjfa-33340	186	17	it	it	PRON
cjfa-33340	186	18	also	also	ADV
cjfa-33340	186	19	depends	depend	VERB
cjfa-33340	186	20	on	on	ADP
cjfa-33340	186	21	the	the	DET
cjfa-33340	186	22	relationship	relationship	NOUN
cjfa-33340	186	23	between	between	ADP
cjfa-33340	186	24	the	the	DET
cjfa-33340	186	25	equilibrium	equilibrium	NOUN
cjfa-33340	186	26	beta	beta	NOUN
cjfa-33340	186	27	,	,	PUNCT
cjfa-33340	186	28	which	which	PRON
cjfa-33340	186	29	denoted	denote	VERB
cjfa-33340	186	30	by	by	ADP
cjfa-33340	186	31	the	the	DET
cjfa-33340	186	32	symbol	symbol	NOUN
cjfa-33340	186	33	(	(	PUNCT
cjfa-33340	186	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	186	35	�	�	PROPN
cjfa-33340	186	36	�	�	PROPN
cjfa-33340	186	37	�	�	PROPN
cjfa-33340	186	38	)	)	PUNCT
cjfa-33340	186	39	and	and	CCONJ
cjfa-33340	186	40	its	its	PRON
cjfa-33340	186	41	behaviourally	behaviourally	ADV
cjfa-33340	186	42	biased	biased	ADJ
cjfa-33340	186	43	equivalent	equivalent	NOUN
cjfa-33340	186	44	,	,	PUNCT
cjfa-33340	186	45	which	which	PRON
cjfa-33340	186	46	denoted	denote	VERB
cjfa-33340	186	47	by	by	ADP
cjfa-33340	186	48	the	the	DET
cjfa-33340	186	49	symbol	symbol	NOUN
cjfa-33340	186	50	(	(	PUNCT
cjfa-33340	186	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	186	52	�	�	PROPN
cjfa-33340	186	53	�	�	PROPN
cjfa-33340	186	54	�	�	PROPN
cjfa-33340	186	55	�	�	PROPN
cjfa-33340	186	56	)	)	PUNCT
cjfa-33340	186	57	,	,	PUNCT
cjfa-33340	186	58	as	as	SCONJ
cjfa-33340	186	59	follows	follow	VERB
cjfa-33340	186	60	:	:	PUNCT
cjfa-33340	186	61	�	�	PROPN
cjfa-33340	186	62	�	�	PROPN
cjfa-33340	186	63	�	�	PROPN
cjfa-33340	186	64	(	(	PUNCT
cjfa-33340	186	65	�	�	PROPN
cjfa-33340	186	66	�	�	PROPN
cjfa-33340	186	67	�	�	PROPN
cjfa-33340	186	68	)	)	PUNCT
cjfa-33340	186	69	�	�	PROPN
cjfa-33340	186	70	�	�	PROPN
cjfa-33340	186	71	(	(	PUNCT
cjfa-33340	186	72	�	�	PROPN
cjfa-33340	186	73	�	�	PROPN
cjfa-33340	186	74	�	�	PROPN
cjfa-33340	186	75	)	)	PUNCT
cjfa-33340	186	76	=	=	PUNCT
cjfa-33340	186	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	186	78	�	�	PROPN
cjfa-33340	186	79	�	�	PROPN
cjfa-33340	186	80	�	�	PROPN
cjfa-33340	186	81	�	�	NOUN
cjfa-33340	186	82	=	=	PROPN
cjfa-33340	186	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	186	84	�	�	PROPN
cjfa-33340	186	85	�	�	PROPN
cjfa-33340	186	86	�	�	PROPN
cjfa-33340	186	87			PROPN
cjfa-33340	186	88	ℎ	ℎ	PROPN
cjfa-33340	186	89	�	�	PROPN
cjfa-33340	186	90	�	�	PROPN
cjfa-33340	186	91	(	(	PUNCT
cjfa-33340	186	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	186	93	�	�	PROPN
cjfa-33340	186	94	�	�	PROPN
cjfa-33340	186	95	�	�	NOUN
cjfa-33340	186	96	1	1	NOUN
cjfa-33340	186	97	)	)	PUNCT
cjfa-33340	186	98	(	(	PUNCT
cjfa-33340	186	99	3	3	X
cjfa-33340	186	100	)	)	PUNCT
cjfa-33340	186	101	where	where	SCONJ
cjfa-33340	186	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	186	103	�	�	PROPN
cjfa-33340	186	104	�	�	PROPN
cjfa-33340	186	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	186	106	�	�	PROPN
cjfa-33340	186	107	�	�	PROPN
cjfa-33340	186	108	)	)	PUNCT
cjfa-33340	186	109	is	be	AUX
cjfa-33340	186	110	the	the	DET
cjfa-33340	186	111	behaviourally	behaviourally	ADV
cjfa-33340	186	112	biased	bias	VERB
cjfa-33340	186	113	expected	expect	VERB
cjfa-33340	186	114	returns	return	NOUN
cjfa-33340	186	115	of	of	ADP
cjfa-33340	186	116	asset	asset	NOUN
cjfa-33340	186	117	i	i	PRON
cjfa-33340	186	118	at	at	ADP
cjfa-33340	186	119	time	time	NOUN
cjfa-33340	186	120	t	t	PROPN
cjfa-33340	186	121	and	and	CCONJ
cjfa-33340	186	122	(	(	PUNCT
cjfa-33340	186	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	186	124	�	�	PROPN
cjfa-33340	186	125	�	�	PROPN
cjfa-33340	186	126	�	�	PROPN
cjfa-33340	186	127	�	�	PROPN
cjfa-33340	186	128	)	)	PUNCT
cjfa-33340	186	129	is	be	AUX
cjfa-33340	186	130	the	the	DET
cjfa-33340	186	131	systematic	systematic	ADJ
cjfa-33340	186	132	risk	risk	NOUN
cjfa-33340	186	133	measurement	measurement	NOUN
cjfa-33340	186	134	.	.	PUNCT
cjfa-33340	187	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	187	2	�	�	PROPN
cjfa-33340	187	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	187	4	�	�	PROPN
cjfa-33340	187	5	�	�	PROPN
cjfa-33340	187	6	)	)	PUNCT
cjfa-33340	187	7	is	be	AUX
cjfa-33340	187	8	the	the	DET
cjfa-33340	187	9	conditional	conditional	ADJ
cjfa-33340	187	10	expectation	expectation	NOUN
cjfa-33340	187	11	at	at	ADP
cjfa-33340	187	12	time	time	NOUN
cjfa-33340	187	13	t	t	PROPN
cjfa-33340	187	14	(	(	PUNCT
cjfa-33340	187	15	3	3	NUM
cjfa-33340	187	16	)	)	PUNCT
cjfa-33340	187	17	where	where	SCONJ
cjfa-33340	187	18	divided	divide	VERB
cjfa-33340	187	19	into	into	ADP
cjfa-33340	187	20	portfolio	portfolio	NOUN
cjfa-33340	187	21	consisting	consist	VERB
cjfa-33340	187	22	of	of	ADP
cjfa-33340	187	23	stocks	stock	NOUN
cjfa-33340	187	24	with	with	ADP
cjfa-33340	187	25	high	high	ADJ
cjfa-33340	187	26	(	(	PUNCT
cjfa-33340	187	27	book	book	NOUN
cjfa-33340	187	28	-	-	PUNCT
cjfa-33340	187	29	to	to	ADP
cjfa-33340	187	30	-	-	PUNCT
cjfa-33340	187	31	market	market	NOUN
cjfa-33340	187	32	)	)	PUNCT
cjfa-33340	187	33	ratio	ratio	NOUN
cjfa-33340	187	34	,	,	PUNCT
cjfa-33340	187	35	a	a	DET
cjfa-33340	187	36	portfolio	portfolio	NOUN
cjfa-33340	187	37	consisting	consist	VERB
cjfa-33340	187	38	of	of	ADP
cjfa-33340	187	39	stocks	stock	NOUN
cjfa-33340	187	40	with	with	ADP
cjfa-33340	187	41	medium	medium	ADJ
cjfa-33340	187	42	(	(	PUNCT
cjfa-33340	187	43	book	book	NOUN
cjfa-33340	187	44	-	-	PUNCT
cjfa-33340	187	45	to	to	ADP
cjfa-33340	187	46	-	-	PUNCT
cjfa-33340	187	47	market	market	NOUN
cjfa-33340	187	48	)	)	PUNCT
cjfa-33340	187	49	ratio	ratio	NOUN
cjfa-33340	187	50	and	and	CCONJ
cjfa-33340	187	51	portfolio	portfolio	NOUN
cjfa-33340	187	52	consisting	consist	VERB
cjfa-33340	187	53	of	of	ADP
cjfa-33340	187	54	stocks	stock	NOUN
cjfa-33340	187	55	with	with	ADP
cjfa-33340	187	56	low	low	ADJ
cjfa-33340	187	57	(	(	PUNCT
cjfa-33340	187	58	book	book	NOUN
cjfa-33340	187	59	-	-	PUNCT
cjfa-33340	187	60	to	to	ADP
cjfa-33340	187	61	-	-	PUNCT
cjfa-33340	187	62	market	market	NOUN
cjfa-33340	187	63	)	)	PUNCT
cjfa-33340	187	64	ratio	ratio	NOUN
cjfa-33340	187	65	.	.	PUNCT
cjfa-33340	188	1	the	the	DET
cjfa-33340	188	2	big	big	ADJ
cjfa-33340	188	3	and	and	CCONJ
cjfa-33340	188	4	small	small	ADJ
cjfa-33340	188	5	portfolios	portfolio	NOUN
cjfa-33340	188	6	are	be	AUX
cjfa-33340	188	7	constructed	construct	VERB
cjfa-33340	188	8	based	base	VERB
cjfa-33340	188	9	on	on	ADP
cjfa-33340	188	10	the	the	DET
cjfa-33340	188	11	firm	firm	ADJ
cjfa-33340	188	12	size	size	NOUN
cjfa-33340	188	13	(	(	PUNCT
cjfa-33340	188	14	market	market	NOUN
cjfa-33340	188	15	capitalization	capitalization	NOUN
cjfa-33340	188	16	in	in	ADP
cjfa-33340	188	17	june	june	PROPN
cjfa-33340	188	18	of	of	ADP
cjfa-33340	188	19	each	each	DET
cjfa-33340	188	20	year	year	NOUN
cjfa-33340	188	21	t	t	PROPN
cjfa-33340	188	22	)	)	PUNCT
cjfa-33340	188	23	.	.	PUNCT
cjfa-33340	189	1	the	the	DET
cjfa-33340	189	2	median	median	ADJ
cjfa-33340	189	3	sample	sample	NOUN
cjfa-33340	189	4	size	size	NOUN
cjfa-33340	189	5	is	be	AUX
cjfa-33340	189	6	used	use	VERB
cjfa-33340	189	7	to	to	PART
cjfa-33340	189	8	construct	construct	VERB
cjfa-33340	189	9	the	the	DET
cjfa-33340	189	10	two	two	NUM
cjfa-33340	189	11	portfolios	portfolio	NOUN
cjfa-33340	189	12	according	accord	VERB
cjfa-33340	189	13	to	to	ADP
cjfa-33340	189	14	50	50	NUM
cjfa-33340	189	15	%	%	NOUN
cjfa-33340	189	16	splitting	splitting	NOUN
cjfa-33340	189	17	point	point	NOUN
cjfa-33340	189	18	,	,	PUNCT
cjfa-33340	189	19	where	where	SCONJ
cjfa-33340	189	20	the	the	DET
cjfa-33340	189	21	big	big	ADJ
cjfa-33340	189	22	stocks	stock	NOUN
cjfa-33340	189	23	portfolio	portfolio	NOUN
cjfa-33340	189	24	consisting	consist	VERB
cjfa-33340	189	25	of	of	ADP
cjfa-33340	189	26	the	the	DET
cjfa-33340	189	27	highest	high	ADJ
cjfa-33340	189	28	50	50	NUM
cjfa-33340	189	29	%	%	NOUN
cjfa-33340	189	30	stocks	stock	NOUN
cjfa-33340	189	31	and	and	CCONJ
cjfa-33340	189	32	the	the	DET
cjfa-33340	189	33	small	small	ADJ
cjfa-33340	189	34	stocks	stock	NOUN
cjfa-33340	189	35	portfolio	portfolio	NOUN
cjfa-33340	189	36	consisting	consist	VERB
cjfa-33340	189	37	of	of	ADP
cjfa-33340	189	38	the	the	DET
cjfa-33340	189	39	lowest	low	ADJ
cjfa-33340	189	40	50	50	NUM
cjfa-33340	189	41	%	%	NOUN
cjfa-33340	189	42	.	.	PUNCT
cjfa-33340	190	1	the	the	DET
cjfa-33340	190	2	sample	sample	NOUN
cjfa-33340	190	3	is	be	AUX
cjfa-33340	190	4	also	also	ADV
cjfa-33340	190	5	ranked	rank	VERB
cjfa-33340	190	6	based	base	VERB
cjfa-33340	190	7	on	on	ADP
cjfa-33340	190	8	(	(	PUNCT
cjfa-33340	190	9	book	book	NOUN
cjfa-33340	190	10	-	-	PUNCT
cjfa-33340	190	11	to	to	ADP
cjfa-33340	190	12	-	-	PUNCT
cjfa-33340	190	13	market	market	NOUN
cjfa-33340	190	14	)	)	PUNCT
cjfa-33340	190	15	ratio	ratio	NOUN
cjfa-33340	190	16	,	,	PUNCT
cjfa-33340	190	17	where	where	SCONJ
cjfa-33340	190	18	the	the	DET
cjfa-33340	190	19	sample	sample	NOUN
cjfa-33340	190	20	is	be	AUX
cjfa-33340	190	21	divided	divide	VERB
cjfa-33340	190	22	into	into	ADP
cjfa-33340	190	23	3	3	NUM
cjfa-33340	190	24	portfolios	portfolio	NOUN
cjfa-33340	190	25	.	.	PUNCT
cjfa-33340	191	1	the	the	DET
cjfa-33340	191	2	first	first	ADJ
cjfa-33340	191	3	portfolio	portfolio	NOUN
cjfa-33340	191	4	is	be	AUX
cjfa-33340	191	5	30	30	NUM
cjfa-33340	191	6	%	%	NOUN
cjfa-33340	191	7	of	of	ADP
cjfa-33340	191	8	the	the	DET
cjfa-33340	191	9	whole	whole	ADJ
cjfa-33340	191	10	sample	sample	NOUN
cjfa-33340	191	11	,	,	PUNCT
cjfa-33340	191	12	which	which	PRON
cjfa-33340	191	13	has	have	VERB
cjfa-33340	191	14	the	the	DET
cjfa-33340	191	15	highest	high	ADJ
cjfa-33340	191	16	(	(	PUNCT
cjfa-33340	191	17	book	book	NOUN
cjfa-33340	191	18	-	-	PUNCT
cjfa-33340	191	19	tomarket	tomarket	NOUN
cjfa-33340	191	20	)	)	PUNCT
cjfa-33340	191	21	ratio	ratio	NOUN
cjfa-33340	191	22	.	.	PUNCT
cjfa-33340	192	1	the	the	DET
cjfa-33340	192	2	second	second	ADJ
cjfa-33340	192	3	portfolio	portfolio	NOUN
cjfa-33340	192	4	is	be	AUX
cjfa-33340	192	5	40	40	NUM
cjfa-33340	192	6	%	%	NOUN
cjfa-33340	192	7	of	of	ADP
cjfa-33340	192	8	the	the	DET
cjfa-33340	192	9	whole	whole	ADJ
cjfa-33340	192	10	sample	sample	NOUN
cjfa-33340	192	11	have	have	AUX
cjfa-33340	192	12	(	(	PUNCT
cjfa-33340	192	13	book	book	NOUN
cjfa-33340	192	14	-	-	PUNCT
cjfa-33340	192	15	to	to	ADP
cjfa-33340	192	16	-	-	PUNCT
cjfa-33340	192	17	market	market	NOUN
cjfa-33340	192	18	)	)	PUNCT
cjfa-33340	192	19	ratio	ratio	NOUN
cjfa-33340	192	20	in	in	ADP
cjfa-33340	192	21	medium	medium	NOUN
cjfa-33340	192	22	and	and	CCONJ
cjfa-33340	192	23	the	the	DET
cjfa-33340	192	24	third	third	ADJ
cjfa-33340	192	25	portfolio	portfolio	NOUN
cjfa-33340	192	26	is	be	AUX
cjfa-33340	192	27	30	30	NUM
cjfa-33340	192	28	%	%	NOUN
cjfa-33340	192	29	of	of	ADP
cjfa-33340	192	30	the	the	DET
cjfa-33340	192	31	whole	whole	ADJ
cjfa-33340	192	32	sample	sample	NOUN
cjfa-33340	192	33	,	,	PUNCT
cjfa-33340	192	34	which	which	PRON
cjfa-33340	192	35	has	have	VERB
cjfa-33340	192	36	the	the	DET
cjfa-33340	192	37	lowest	low	ADJ
cjfa-33340	192	38	(	(	PUNCT
cjfa-33340	192	39	book	book	NOUN
cjfa-33340	192	40	-	-	PUNCT
cjfa-33340	192	41	to	to	ADP
cjfa-33340	192	42	-	-	PUNCT
cjfa-33340	192	43	market	market	NOUN
cjfa-33340	192	44	)	)	PUNCT
cjfa-33340	192	45	ratio	ratio	NOUN
cjfa-33340	192	46	.	.	PUNCT
cjfa-33340	193	1	the	the	DET
cjfa-33340	193	2	study	study	NOUN
cjfa-33340	193	3	employs	employ	VERB
cjfa-33340	193	4	(	(	PUNCT
cjfa-33340	193	5	hwang	hwang	PROPN
cjfa-33340	193	6	&	&	CCONJ
cjfa-33340	193	7	salmon	salmon	PROPN
cjfa-33340	193	8	,	,	PUNCT
cjfa-33340	193	9	2004	2004	NUM
cjfa-33340	193	10	)	)	PUNCT
cjfa-33340	193	11	and	and	CCONJ
cjfa-33340	193	12	(	(	PUNCT
cjfa-33340	193	13	chang	chang	PROPN
cjfa-33340	193	14	et	et	PROPN
cjfa-33340	193	15	al	al	PROPN
cjfa-33340	193	16	.	.	PROPN
cjfa-33340	193	17	,	,	PUNCT
cjfa-33340	193	18	2000	2000	NUM
cjfa-33340	193	19	)	)	PUNCT
cjfa-33340	193	20	method	method	NOUN
cjfa-33340	193	21	to	to	PART
cjfa-33340	193	22	measure	measure	VERB
cjfa-33340	193	23	herding	herding	NOUN
cjfa-33340	193	24	behaviour	behaviour	NOUN
cjfa-33340	193	25	.	.	PUNCT
cjfa-33340	194	1	using	use	VERB
cjfa-33340	194	2	daily	daily	ADJ
cjfa-33340	194	3	stock	stock	NOUN
cjfa-33340	194	4	price	price	NOUN
cjfa-33340	194	5	and	and	CCONJ
cjfa-33340	194	6	egx30	egx30	NOUN
cjfa-33340	194	7	index	index	NOUN
cjfa-33340	194	8	data	datum	NOUN
cjfa-33340	194	9	,	,	PUNCT
cjfa-33340	194	10	beta	beta	NOUN
cjfa-33340	194	11	is	be	AUX
cjfa-33340	194	12	estimated	estimate	VERB
cjfa-33340	194	13	using	use	VERB
cjfa-33340	194	14	the	the	DET
cjfa-33340	194	15	ols	ol	NOUN
cjfa-33340	194	16	method	method	NOUN
cjfa-33340	194	17	,	,	PUNCT
cjfa-33340	194	18	as	as	SCONJ
cjfa-33340	194	19	follows	follow	VERB
cjfa-33340	194	20	:	:	PUNCT
cjfa-33340	194	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	194	22	�	�	PROPN
cjfa-33340	194	23	�	�	PROPN
cjfa-33340	194	24	�	�	PROPN
cjfa-33340	194	25	=	=	SYM
cjfa-33340	194	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	194	27	�	�	PROPN
cjfa-33340	194	28	�	�	PROPN
cjfa-33340	194	29	�	�	PROPN
cjfa-33340	194	30	+	+	CCONJ
cjfa-33340	194	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	194	32	�	�	PROPN
cjfa-33340	194	33	�	�	PROPN
cjfa-33340	194	34	�	�	PROPN
cjfa-33340	194	35	�	�	PROPN
cjfa-33340	194	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	194	37	�	�	PROPN
cjfa-33340	194	38	�	�	PROPN
cjfa-33340	194	39	�	�	PROPN
cjfa-33340	194	40	+	+	CCONJ
cjfa-33340	194	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	194	42	�	�	PROPN
cjfa-33340	194	43	�	�	PROPN
cjfa-33340	194	44	�	�	PROPN
cjfa-33340	194	45	(	(	PUNCT
cjfa-33340	194	46	1	1	NUM
cjfa-33340	194	47	)	)	PUNCT
cjfa-33340	194	48	where	where	SCONJ
cjfa-33340	194	49	(	(	PUNCT
cjfa-33340	194	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	194	51	�	�	PROPN
cjfa-33340	194	52	�	�	PROPN
cjfa-33340	194	53	�	�	PROPN
cjfa-33340	194	54	)	)	PUNCT
cjfa-33340	194	55	is	be	AUX
cjfa-33340	194	56	the	the	DET
cjfa-33340	194	57	excess	excess	ADJ
cjfa-33340	194	58	stock	stock	NOUN
cjfa-33340	194	59	return	return	NOUN
cjfa-33340	194	60	and	and	CCONJ
cjfa-33340	194	61	(	(	PUNCT
cjfa-33340	194	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	194	63	�	�	PROPN
cjfa-33340	194	64	�	�	PROPN
cjfa-33340	194	65	�	�	PROPN
cjfa-33340	194	66	)	)	PUNCT
cjfa-33340	194	67	is	be	AUX
cjfa-33340	194	68	the	the	DET
cjfa-33340	194	69	excess	excess	ADJ
cjfa-33340	194	70	returns	return	NOUN
cjfa-33340	194	71	of	of	ADP
cjfa-33340	194	72	the	the	DET
cjfa-33340	194	73	market	market	NOUN
cjfa-33340	194	74	portfolio	portfolio	NOUN
cjfa-33340	194	75	.	.	PUNCT
cjfa-33340	195	1	returns	return	NOUN
cjfa-33340	195	2	of	of	ADP
cjfa-33340	195	3	individual	individual	ADJ
cjfa-33340	195	4	stocks	stock	NOUN
cjfa-33340	195	5	are	be	AUX
cjfa-33340	195	6	calculated	calculate	VERB
cjfa-33340	195	7	as	as	SCONJ
cjfa-33340	195	8	follows	follow	VERB
cjfa-33340	195	9	:	:	PUNCT
cjfa-33340	195	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	195	11	�	�	PROPN
cjfa-33340	195	12	�	�	PROPN
cjfa-33340	195	13	=	=	SYM
cjfa-33340	195	14	(	(	PUNCT
cjfa-33340	195	15	�	�	PROPN
cjfa-33340	195	16	�	�	PROPN
cjfa-33340	195	17	�	�	PROPN
cjfa-33340	195	18	�	�	PROPN
cjfa-33340	195	19	�	�	PROPN
cjfa-33340	195	20	�	�	PROPN
cjfa-33340	195	21	�	�	PROPN
cjfa-33340	195	22	)	)	PUNCT
cjfa-33340	195	23	�	�	PROPN
cjfa-33340	195	24	�	�	PROPN
cjfa-33340	195	25	�	�	PROPN
cjfa-33340	195	26	�	�	PROPN
cjfa-33340	195	27	(	(	PUNCT
cjfa-33340	195	28	2	2	NUM
cjfa-33340	195	29	)	)	PUNCT
cjfa-33340	195	30	where	where	SCONJ
cjfa-33340	195	31	(	(	PUNCT
cjfa-33340	195	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	195	33	�	�	PROPN
cjfa-33340	195	34	)	)	PUNCT
cjfa-33340	195	35	is	be	AUX
cjfa-33340	195	36	the	the	DET
cjfa-33340	195	37	stock	stock	NOUN
cjfa-33340	195	38	i	i	PRON
cjfa-33340	195	39	closing	closing	NOUN
cjfa-33340	195	40	price	price	NOUN
cjfa-33340	195	41	at	at	ADP
cjfa-33340	195	42	time	time	NOUN
cjfa-33340	195	43	t.	t.	PROPN
cjfa-33340	195	44	the	the	DET
cjfa-33340	195	45	(	(	PUNCT
cjfa-33340	195	46	hwang	hwang	PROPN
cjfa-33340	195	47	&	&	CCONJ
cjfa-33340	195	48	salmon	salmon	PROPN
cjfa-33340	195	49	,	,	PUNCT
cjfa-33340	195	50	2004	2004	NUM
cjfa-33340	195	51	)	)	PUNCT
cjfa-33340	195	52	methodology	methodology	NOUN
cjfa-33340	195	53	is	be	AUX
cjfa-33340	195	54	used	use	VERB
cjfa-33340	195	55	to	to	PART
cjfa-33340	195	56	measure	measure	VERB
cjfa-33340	195	57	herding	herding	NOUN
cjfa-33340	195	58	behaviour	behaviour	NOUN
cjfa-33340	195	59	.	.	PUNCT
cjfa-33340	196	1	this	this	DET
cjfa-33340	196	2	methodology	methodology	NOUN
cjfa-33340	196	3	is	be	AUX
cjfa-33340	196	4	based	base	VERB
cjfa-33340	196	5	on	on	ADP
cjfa-33340	196	6	the	the	DET
cjfa-33340	196	7	cross	cross	ADJ
cjfa-33340	196	8	-	-	ADJ
cjfa-33340	196	9	sectional	sectional	ADJ
cjfa-33340	196	10	volatility	volatility	NOUN
cjfa-33340	196	11	of	of	ADP
cjfa-33340	196	12	beta	beta	NOUN
cjfa-33340	196	13	(	(	PUNCT
cjfa-33340	196	14	ß	ß	NOUN
cjfa-33340	196	15	)	)	PUNCT
cjfa-33340	196	16	,	,	PUNCT
cjfa-33340	196	17	it	it	PRON
cjfa-33340	196	18	also	also	ADV
cjfa-33340	196	19	depends	depend	VERB
cjfa-33340	196	20	on	on	ADP
cjfa-33340	196	21	the	the	DET
cjfa-33340	196	22	relationship	relationship	NOUN
cjfa-33340	196	23	between	between	ADP
cjfa-33340	196	24	the	the	DET
cjfa-33340	196	25	equilibrium	equilibrium	NOUN
cjfa-33340	196	26	beta	beta	NOUN
cjfa-33340	196	27	,	,	PUNCT
cjfa-33340	196	28	which	which	PRON
cjfa-33340	196	29	denoted	denote	VERB
cjfa-33340	196	30	by	by	ADP
cjfa-33340	196	31	the	the	DET
cjfa-33340	196	32	symbol	symbol	NOUN
cjfa-33340	196	33	(	(	PUNCT
cjfa-33340	196	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	196	35	�	�	PROPN
cjfa-33340	196	36	�	�	PROPN
cjfa-33340	196	37	�	�	PROPN
cjfa-33340	196	38	)	)	PUNCT
cjfa-33340	196	39	and	and	CCONJ
cjfa-33340	196	40	its	its	PRON
cjfa-33340	196	41	behaviourally	behaviourally	ADV
cjfa-33340	196	42	biased	biased	ADJ
cjfa-33340	196	43	equivalent	equivalent	NOUN
cjfa-33340	196	44	,	,	PUNCT
cjfa-33340	196	45	which	which	PRON
cjfa-33340	196	46	denoted	denote	VERB
cjfa-33340	196	47	by	by	ADP
cjfa-33340	196	48	the	the	DET
cjfa-33340	196	49	symbol	symbol	NOUN
cjfa-33340	196	50	(	(	PUNCT
cjfa-33340	196	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	196	52	�	�	PROPN
cjfa-33340	196	53	�	�	PROPN
cjfa-33340	196	54	�	�	PROPN
cjfa-33340	196	55	�	�	PROPN
cjfa-33340	196	56	)	)	PUNCT
cjfa-33340	196	57	,	,	PUNCT
cjfa-33340	196	58	as	as	SCONJ
cjfa-33340	196	59	follows	follow	VERB
cjfa-33340	196	60	:	:	PUNCT
cjfa-33340	196	61	�	�	PROPN
cjfa-33340	196	62	�	�	PROPN
cjfa-33340	196	63	�	�	PROPN
cjfa-33340	196	64	(	(	PUNCT
cjfa-33340	196	65	�	�	PROPN
cjfa-33340	196	66	�	�	PROPN
cjfa-33340	196	67	�	�	PROPN
cjfa-33340	196	68	)	)	PUNCT
cjfa-33340	196	69	�	�	PROPN
cjfa-33340	196	70	�	�	PROPN
cjfa-33340	196	71	(	(	PUNCT
cjfa-33340	196	72	�	�	PROPN
cjfa-33340	196	73	�	�	PROPN
cjfa-33340	196	74	�	�	PROPN
cjfa-33340	196	75	)	)	PUNCT
cjfa-33340	196	76	=	=	PUNCT
cjfa-33340	196	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	196	78	�	�	PROPN
cjfa-33340	196	79	�	�	PROPN
cjfa-33340	196	80	�	�	PROPN
cjfa-33340	196	81	�	�	NOUN
cjfa-33340	196	82	=	=	PROPN
cjfa-33340	196	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	196	84	�	�	PROPN
cjfa-33340	196	85	�	�	PROPN
cjfa-33340	196	86	�	�	PROPN
cjfa-33340	196	87			PROPN
cjfa-33340	196	88	ℎ	ℎ	PROPN
cjfa-33340	196	89	�	�	PROPN
cjfa-33340	196	90	�	�	PROPN
cjfa-33340	196	91	(	(	PUNCT
cjfa-33340	196	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	196	93	�	�	PROPN
cjfa-33340	196	94	�	�	PROPN
cjfa-33340	196	95	�	�	NOUN
cjfa-33340	196	96	1	1	NOUN
cjfa-33340	196	97	)	)	PUNCT
cjfa-33340	196	98	(	(	PUNCT
cjfa-33340	196	99	3	3	X
cjfa-33340	196	100	)	)	PUNCT
cjfa-33340	196	101	where	where	SCONJ
cjfa-33340	196	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	196	103	�	�	PROPN
cjfa-33340	196	104	�	�	PROPN
cjfa-33340	196	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	196	106	�	�	PROPN
cjfa-33340	196	107	�	�	PROPN
cjfa-33340	196	108	)	)	PUNCT
cjfa-33340	196	109	is	be	AUX
cjfa-33340	196	110	the	the	DET
cjfa-33340	196	111	behaviourally	behaviourally	ADV
cjfa-33340	196	112	biased	bias	VERB
cjfa-33340	196	113	expected	expect	VERB
cjfa-33340	196	114	returns	return	NOUN
cjfa-33340	196	115	of	of	ADP
cjfa-33340	196	116	asset	asset	NOUN
cjfa-33340	196	117	i	i	PRON
cjfa-33340	196	118	at	at	ADP
cjfa-33340	196	119	time	time	NOUN
cjfa-33340	196	120	t	t	PROPN
cjfa-33340	196	121	and	and	CCONJ
cjfa-33340	196	122	(	(	PUNCT
cjfa-33340	196	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	196	124	�	�	PROPN
cjfa-33340	196	125	�	�	PROPN
cjfa-33340	196	126	�	�	PROPN
cjfa-33340	196	127	�	�	PROPN
cjfa-33340	196	128	)	)	PUNCT
cjfa-33340	196	129	is	be	AUX
cjfa-33340	196	130	the	the	DET
cjfa-33340	196	131	systematic	systematic	ADJ
cjfa-33340	196	132	risk	risk	NOUN
cjfa-33340	196	133	measurement	measurement	NOUN
cjfa-33340	196	134	.	.	PUNCT
cjfa-33340	197	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	197	2	�	�	PROPN
cjfa-33340	197	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	197	4	�	�	PROPN
cjfa-33340	197	5	�	�	PROPN
cjfa-33340	197	6	)	)	PUNCT
cjfa-33340	197	7	is	be	AUX
cjfa-33340	197	8	the	the	DET
cjfa-33340	197	9	conditional	conditional	ADJ
cjfa-33340	197	10	expectation	expectation	NOUN
cjfa-33340	197	11	at	at	ADP
cjfa-33340	197	12	time	time	NOUN
cjfa-33340	197	13	t	t	PROPN
cjfa-33340	197	14	is	be	AUX
cjfa-33340	197	15	the	the	DET
cjfa-33340	197	16	behaviourally	behaviourally	ADV
cjfa-33340	197	17	biased	bias	VERB
cjfa-33340	197	18	expected	expect	VERB
cjfa-33340	197	19	returns	return	NOUN
cjfa-33340	197	20	of	of	ADP
cjfa-33340	197	21	asset	asset	NOUN
cjfa-33340	197	22	i	i	PRON
cjfa-33340	197	23	at	at	ADP
cjfa-33340	197	24	time	time	NOUN
cjfa-33340	197	25	t	t	PROPN
cjfa-33340	197	26	and	and	CCONJ
cjfa-33340	197	27	(	(	PUNCT
cjfa-33340	197	28	divided	divide	VERB
cjfa-33340	197	29	into	into	ADP
cjfa-33340	197	30	portfolio	portfolio	NOUN
cjfa-33340	197	31	consisting	consist	VERB
cjfa-33340	197	32	of	of	ADP
cjfa-33340	197	33	stocks	stock	NOUN
cjfa-33340	197	34	with	with	ADP
cjfa-33340	197	35	high	high	ADJ
cjfa-33340	197	36	(	(	PUNCT
cjfa-33340	197	37	book	book	NOUN
cjfa-33340	197	38	-	-	PUNCT
cjfa-33340	197	39	to	to	ADP
cjfa-33340	197	40	-	-	PUNCT
cjfa-33340	197	41	market	market	NOUN
cjfa-33340	197	42	)	)	PUNCT
cjfa-33340	197	43	ratio	ratio	NOUN
cjfa-33340	197	44	,	,	PUNCT
cjfa-33340	197	45	a	a	DET
cjfa-33340	197	46	portfolio	portfolio	NOUN
cjfa-33340	197	47	consisting	consist	VERB
cjfa-33340	197	48	of	of	ADP
cjfa-33340	197	49	stocks	stock	NOUN
cjfa-33340	197	50	with	with	ADP
cjfa-33340	197	51	medium	medium	ADJ
cjfa-33340	197	52	(	(	PUNCT
cjfa-33340	197	53	book	book	NOUN
cjfa-33340	197	54	-	-	PUNCT
cjfa-33340	197	55	to	to	ADP
cjfa-33340	197	56	-	-	PUNCT
cjfa-33340	197	57	market	market	NOUN
cjfa-33340	197	58	)	)	PUNCT
cjfa-33340	197	59	ratio	ratio	NOUN
cjfa-33340	197	60	and	and	CCONJ
cjfa-33340	197	61	portfolio	portfolio	NOUN
cjfa-33340	197	62	consisting	consist	VERB
cjfa-33340	197	63	of	of	ADP
cjfa-33340	197	64	stocks	stock	NOUN
cjfa-33340	197	65	with	with	ADP
cjfa-33340	197	66	low	low	ADJ
cjfa-33340	197	67	(	(	PUNCT
cjfa-33340	197	68	book	book	NOUN
cjfa-33340	197	69	-	-	PUNCT
cjfa-33340	197	70	to	to	ADP
cjfa-33340	197	71	-	-	PUNCT
cjfa-33340	197	72	market	market	NOUN
cjfa-33340	197	73	)	)	PUNCT
cjfa-33340	197	74	ratio	ratio	NOUN
cjfa-33340	197	75	.	.	PUNCT
cjfa-33340	198	1	the	the	DET
cjfa-33340	198	2	big	big	ADJ
cjfa-33340	198	3	and	and	CCONJ
cjfa-33340	198	4	small	small	ADJ
cjfa-33340	198	5	portfolios	portfolio	NOUN
cjfa-33340	198	6	are	be	AUX
cjfa-33340	198	7	constructed	construct	VERB
cjfa-33340	198	8	based	base	VERB
cjfa-33340	198	9	on	on	ADP
cjfa-33340	198	10	the	the	DET
cjfa-33340	198	11	firm	firm	ADJ
cjfa-33340	198	12	size	size	NOUN
cjfa-33340	198	13	(	(	PUNCT
cjfa-33340	198	14	market	market	NOUN
cjfa-33340	198	15	capitalization	capitalization	NOUN
cjfa-33340	198	16	in	in	ADP
cjfa-33340	198	17	june	june	PROPN
cjfa-33340	198	18	of	of	ADP
cjfa-33340	198	19	each	each	DET
cjfa-33340	198	20	year	year	NOUN
cjfa-33340	198	21	t	t	PROPN
cjfa-33340	198	22	)	)	PUNCT
cjfa-33340	198	23	.	.	PUNCT
cjfa-33340	199	1	the	the	DET
cjfa-33340	199	2	median	median	ADJ
cjfa-33340	199	3	sample	sample	NOUN
cjfa-33340	199	4	size	size	NOUN
cjfa-33340	199	5	is	be	AUX
cjfa-33340	199	6	used	use	VERB
cjfa-33340	199	7	to	to	PART
cjfa-33340	199	8	construct	construct	VERB
cjfa-33340	199	9	the	the	DET
cjfa-33340	199	10	two	two	NUM
cjfa-33340	199	11	portfolios	portfolio	NOUN
cjfa-33340	199	12	according	accord	VERB
cjfa-33340	199	13	to	to	ADP
cjfa-33340	199	14	50	50	NUM
cjfa-33340	199	15	%	%	NOUN
cjfa-33340	199	16	splitting	splitting	NOUN
cjfa-33340	199	17	point	point	NOUN
cjfa-33340	199	18	,	,	PUNCT
cjfa-33340	199	19	where	where	SCONJ
cjfa-33340	199	20	the	the	DET
cjfa-33340	199	21	big	big	ADJ
cjfa-33340	199	22	stocks	stock	NOUN
cjfa-33340	199	23	portfolio	portfolio	NOUN
cjfa-33340	199	24	consisting	consist	VERB
cjfa-33340	199	25	of	of	ADP
cjfa-33340	199	26	the	the	DET
cjfa-33340	199	27	highest	high	ADJ
cjfa-33340	199	28	50	50	NUM
cjfa-33340	199	29	%	%	NOUN
cjfa-33340	199	30	stocks	stock	NOUN
cjfa-33340	199	31	and	and	CCONJ
cjfa-33340	199	32	the	the	DET
cjfa-33340	199	33	small	small	ADJ
cjfa-33340	199	34	stocks	stock	NOUN
cjfa-33340	199	35	portfolio	portfolio	NOUN
cjfa-33340	199	36	consisting	consist	VERB
cjfa-33340	199	37	of	of	ADP
cjfa-33340	199	38	the	the	DET
cjfa-33340	199	39	lowest	low	ADJ
cjfa-33340	199	40	50	50	NUM
cjfa-33340	199	41	%	%	NOUN
cjfa-33340	199	42	.	.	PUNCT
cjfa-33340	200	1	the	the	DET
cjfa-33340	200	2	sample	sample	NOUN
cjfa-33340	200	3	is	be	AUX
cjfa-33340	200	4	also	also	ADV
cjfa-33340	200	5	ranked	rank	VERB
cjfa-33340	200	6	based	base	VERB
cjfa-33340	200	7	on	on	ADP
cjfa-33340	200	8	(	(	PUNCT
cjfa-33340	200	9	book	book	NOUN
cjfa-33340	200	10	-	-	PUNCT
cjfa-33340	200	11	to	to	ADP
cjfa-33340	200	12	-	-	PUNCT
cjfa-33340	200	13	market	market	NOUN
cjfa-33340	200	14	)	)	PUNCT
cjfa-33340	200	15	ratio	ratio	NOUN
cjfa-33340	200	16	,	,	PUNCT
cjfa-33340	200	17	where	where	SCONJ
cjfa-33340	200	18	the	the	DET
cjfa-33340	200	19	sample	sample	NOUN
cjfa-33340	200	20	is	be	AUX
cjfa-33340	200	21	divided	divide	VERB
cjfa-33340	200	22	into	into	ADP
cjfa-33340	200	23	3	3	NUM
cjfa-33340	200	24	portfolios	portfolio	NOUN
cjfa-33340	200	25	.	.	PUNCT
cjfa-33340	201	1	the	the	DET
cjfa-33340	201	2	first	first	ADJ
cjfa-33340	201	3	portfolio	portfolio	NOUN
cjfa-33340	201	4	is	be	AUX
cjfa-33340	201	5	30	30	NUM
cjfa-33340	201	6	%	%	NOUN
cjfa-33340	201	7	of	of	ADP
cjfa-33340	201	8	the	the	DET
cjfa-33340	201	9	whole	whole	ADJ
cjfa-33340	201	10	sample	sample	NOUN
cjfa-33340	201	11	,	,	PUNCT
cjfa-33340	201	12	which	which	PRON
cjfa-33340	201	13	has	have	VERB
cjfa-33340	201	14	the	the	DET
cjfa-33340	201	15	highest	high	ADJ
cjfa-33340	201	16	(	(	PUNCT
cjfa-33340	201	17	book	book	NOUN
cjfa-33340	201	18	-	-	PUNCT
cjfa-33340	201	19	tomarket	tomarket	NOUN
cjfa-33340	201	20	)	)	PUNCT
cjfa-33340	201	21	ratio	ratio	NOUN
cjfa-33340	201	22	.	.	PUNCT
cjfa-33340	202	1	the	the	DET
cjfa-33340	202	2	second	second	ADJ
cjfa-33340	202	3	portfolio	portfolio	NOUN
cjfa-33340	202	4	is	be	AUX
cjfa-33340	202	5	40	40	NUM
cjfa-33340	202	6	%	%	NOUN
cjfa-33340	202	7	of	of	ADP
cjfa-33340	202	8	the	the	DET
cjfa-33340	202	9	whole	whole	ADJ
cjfa-33340	202	10	sample	sample	NOUN
cjfa-33340	202	11	have	have	AUX
cjfa-33340	202	12	(	(	PUNCT
cjfa-33340	202	13	book	book	NOUN
cjfa-33340	202	14	-	-	PUNCT
cjfa-33340	202	15	to	to	ADP
cjfa-33340	202	16	-	-	PUNCT
cjfa-33340	202	17	market	market	NOUN
cjfa-33340	202	18	)	)	PUNCT
cjfa-33340	202	19	ratio	ratio	NOUN
cjfa-33340	202	20	in	in	ADP
cjfa-33340	202	21	medium	medium	NOUN
cjfa-33340	202	22	and	and	CCONJ
cjfa-33340	202	23	the	the	DET
cjfa-33340	202	24	third	third	ADJ
cjfa-33340	202	25	portfolio	portfolio	NOUN
cjfa-33340	202	26	is	be	AUX
cjfa-33340	202	27	30	30	NUM
cjfa-33340	202	28	%	%	NOUN
cjfa-33340	202	29	of	of	ADP
cjfa-33340	202	30	the	the	DET
cjfa-33340	202	31	whole	whole	ADJ
cjfa-33340	202	32	sample	sample	NOUN
cjfa-33340	202	33	,	,	PUNCT
cjfa-33340	202	34	which	which	PRON
cjfa-33340	202	35	has	have	VERB
cjfa-33340	202	36	the	the	DET
cjfa-33340	202	37	lowest	low	ADJ
cjfa-33340	202	38	(	(	PUNCT
cjfa-33340	202	39	book	book	NOUN
cjfa-33340	202	40	-	-	PUNCT
cjfa-33340	202	41	to	to	ADP
cjfa-33340	202	42	-	-	PUNCT
cjfa-33340	202	43	market	market	NOUN
cjfa-33340	202	44	)	)	PUNCT
cjfa-33340	202	45	ratio	ratio	NOUN
cjfa-33340	202	46	.	.	PUNCT
cjfa-33340	203	1	the	the	DET
cjfa-33340	203	2	study	study	NOUN
cjfa-33340	203	3	employs	employ	VERB
cjfa-33340	203	4	(	(	PUNCT
cjfa-33340	203	5	hwang	hwang	PROPN
cjfa-33340	203	6	&	&	CCONJ
cjfa-33340	203	7	salmon	salmon	PROPN
cjfa-33340	203	8	,	,	PUNCT
cjfa-33340	203	9	2004	2004	NUM
cjfa-33340	203	10	)	)	PUNCT
cjfa-33340	203	11	and	and	CCONJ
cjfa-33340	203	12	(	(	PUNCT
cjfa-33340	203	13	chang	chang	PROPN
cjfa-33340	203	14	et	et	PROPN
cjfa-33340	203	15	al	al	PROPN
cjfa-33340	203	16	.	.	PROPN
cjfa-33340	203	17	,	,	PUNCT
cjfa-33340	203	18	2000	2000	NUM
cjfa-33340	203	19	)	)	PUNCT
cjfa-33340	203	20	method	method	NOUN
cjfa-33340	203	21	to	to	PART
cjfa-33340	203	22	measure	measure	VERB
cjfa-33340	203	23	herding	herding	NOUN
cjfa-33340	203	24	behaviour	behaviour	NOUN
cjfa-33340	203	25	.	.	PUNCT
cjfa-33340	204	1	using	use	VERB
cjfa-33340	204	2	daily	daily	ADJ
cjfa-33340	204	3	stock	stock	NOUN
cjfa-33340	204	4	price	price	NOUN
cjfa-33340	204	5	and	and	CCONJ
cjfa-33340	204	6	egx30	egx30	NOUN
cjfa-33340	204	7	index	index	NOUN
cjfa-33340	204	8	data	datum	NOUN
cjfa-33340	204	9	,	,	PUNCT
cjfa-33340	204	10	beta	beta	NOUN
cjfa-33340	204	11	is	be	AUX
cjfa-33340	204	12	estimated	estimate	VERB
cjfa-33340	204	13	using	use	VERB
cjfa-33340	204	14	the	the	DET
cjfa-33340	204	15	ols	ol	NOUN
cjfa-33340	204	16	method	method	NOUN
cjfa-33340	204	17	,	,	PUNCT
cjfa-33340	204	18	as	as	SCONJ
cjfa-33340	204	19	follows	follow	VERB
cjfa-33340	204	20	:	:	PUNCT
cjfa-33340	204	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	204	22	�	�	PROPN
cjfa-33340	204	23	�	�	PROPN
cjfa-33340	204	24	�	�	PROPN
cjfa-33340	204	25	=	=	SYM
cjfa-33340	204	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	204	27	�	�	PROPN
cjfa-33340	204	28	�	�	PROPN
cjfa-33340	204	29	�	�	PROPN
cjfa-33340	204	30	+	+	CCONJ
cjfa-33340	204	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	204	32	�	�	PROPN
cjfa-33340	204	33	�	�	PROPN
cjfa-33340	204	34	�	�	PROPN
cjfa-33340	204	35	�	�	PROPN
cjfa-33340	204	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	204	37	�	�	PROPN
cjfa-33340	204	38	�	�	PROPN
cjfa-33340	204	39	�	�	PROPN
cjfa-33340	204	40	+	+	CCONJ
cjfa-33340	204	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	204	42	�	�	PROPN
cjfa-33340	204	43	�	�	PROPN
cjfa-33340	204	44	�	�	PROPN
cjfa-33340	204	45	(	(	PUNCT
cjfa-33340	204	46	1	1	NUM
cjfa-33340	204	47	)	)	PUNCT
cjfa-33340	204	48	where	where	SCONJ
cjfa-33340	204	49	(	(	PUNCT
cjfa-33340	204	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	204	51	�	�	PROPN
cjfa-33340	204	52	�	�	PROPN
cjfa-33340	204	53	�	�	PROPN
cjfa-33340	204	54	)	)	PUNCT
cjfa-33340	204	55	is	be	AUX
cjfa-33340	204	56	the	the	DET
cjfa-33340	204	57	excess	excess	ADJ
cjfa-33340	204	58	stock	stock	NOUN
cjfa-33340	204	59	return	return	NOUN
cjfa-33340	204	60	and	and	CCONJ
cjfa-33340	204	61	(	(	PUNCT
cjfa-33340	204	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	204	63	�	�	PROPN
cjfa-33340	204	64	�	�	PROPN
cjfa-33340	204	65	�	�	PROPN
cjfa-33340	204	66	)	)	PUNCT
cjfa-33340	204	67	is	be	AUX
cjfa-33340	204	68	the	the	DET
cjfa-33340	204	69	excess	excess	ADJ
cjfa-33340	204	70	returns	return	NOUN
cjfa-33340	204	71	of	of	ADP
cjfa-33340	204	72	the	the	DET
cjfa-33340	204	73	market	market	NOUN
cjfa-33340	204	74	portfolio	portfolio	NOUN
cjfa-33340	204	75	.	.	PUNCT
cjfa-33340	205	1	returns	return	NOUN
cjfa-33340	205	2	of	of	ADP
cjfa-33340	205	3	individual	individual	ADJ
cjfa-33340	205	4	stocks	stock	NOUN
cjfa-33340	205	5	are	be	AUX
cjfa-33340	205	6	calculated	calculate	VERB
cjfa-33340	205	7	as	as	SCONJ
cjfa-33340	205	8	follows	follow	VERB
cjfa-33340	205	9	:	:	PUNCT
cjfa-33340	205	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	205	11	�	�	PROPN
cjfa-33340	205	12	�	�	PROPN
cjfa-33340	205	13	=	=	SYM
cjfa-33340	205	14	(	(	PUNCT
cjfa-33340	205	15	�	�	PROPN
cjfa-33340	205	16	�	�	PROPN
cjfa-33340	205	17	�	�	PROPN
cjfa-33340	205	18	�	�	PROPN
cjfa-33340	205	19	�	�	PROPN
cjfa-33340	205	20	�	�	PROPN
cjfa-33340	205	21	�	�	PROPN
cjfa-33340	205	22	)	)	PUNCT
cjfa-33340	205	23	�	�	PROPN
cjfa-33340	205	24	�	�	PROPN
cjfa-33340	205	25	�	�	PROPN
cjfa-33340	205	26	�	�	PROPN
cjfa-33340	205	27	(	(	PUNCT
cjfa-33340	205	28	2	2	NUM
cjfa-33340	205	29	)	)	PUNCT
cjfa-33340	205	30	where	where	SCONJ
cjfa-33340	205	31	(	(	PUNCT
cjfa-33340	205	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	205	33	�	�	PROPN
cjfa-33340	205	34	)	)	PUNCT
cjfa-33340	205	35	is	be	AUX
cjfa-33340	205	36	the	the	DET
cjfa-33340	205	37	stock	stock	NOUN
cjfa-33340	205	38	i	i	PRON
cjfa-33340	205	39	closing	closing	NOUN
cjfa-33340	205	40	price	price	NOUN
cjfa-33340	205	41	at	at	ADP
cjfa-33340	205	42	time	time	NOUN
cjfa-33340	205	43	t.	t.	PROPN
cjfa-33340	205	44	the	the	DET
cjfa-33340	205	45	(	(	PUNCT
cjfa-33340	205	46	hwang	hwang	PROPN
cjfa-33340	205	47	&	&	CCONJ
cjfa-33340	205	48	salmon	salmon	PROPN
cjfa-33340	205	49	,	,	PUNCT
cjfa-33340	205	50	2004	2004	NUM
cjfa-33340	205	51	)	)	PUNCT
cjfa-33340	205	52	methodology	methodology	NOUN
cjfa-33340	205	53	is	be	AUX
cjfa-33340	205	54	used	use	VERB
cjfa-33340	205	55	to	to	PART
cjfa-33340	205	56	measure	measure	VERB
cjfa-33340	205	57	herding	herding	NOUN
cjfa-33340	205	58	behaviour	behaviour	NOUN
cjfa-33340	205	59	.	.	PUNCT
cjfa-33340	206	1	this	this	DET
cjfa-33340	206	2	methodology	methodology	NOUN
cjfa-33340	206	3	is	be	AUX
cjfa-33340	206	4	based	base	VERB
cjfa-33340	206	5	on	on	ADP
cjfa-33340	206	6	the	the	DET
cjfa-33340	206	7	cross	cross	ADJ
cjfa-33340	206	8	-	-	ADJ
cjfa-33340	206	9	sectional	sectional	ADJ
cjfa-33340	206	10	volatility	volatility	NOUN
cjfa-33340	206	11	of	of	ADP
cjfa-33340	206	12	beta	beta	NOUN
cjfa-33340	206	13	(	(	PUNCT
cjfa-33340	206	14	ß	ß	NOUN
cjfa-33340	206	15	)	)	PUNCT
cjfa-33340	206	16	,	,	PUNCT
cjfa-33340	206	17	it	it	PRON
cjfa-33340	206	18	also	also	ADV
cjfa-33340	206	19	depends	depend	VERB
cjfa-33340	206	20	on	on	ADP
cjfa-33340	206	21	the	the	DET
cjfa-33340	206	22	relationship	relationship	NOUN
cjfa-33340	206	23	between	between	ADP
cjfa-33340	206	24	the	the	DET
cjfa-33340	206	25	equilibrium	equilibrium	NOUN
cjfa-33340	206	26	beta	beta	NOUN
cjfa-33340	206	27	,	,	PUNCT
cjfa-33340	206	28	which	which	PRON
cjfa-33340	206	29	denoted	denote	VERB
cjfa-33340	206	30	by	by	ADP
cjfa-33340	206	31	the	the	DET
cjfa-33340	206	32	symbol	symbol	NOUN
cjfa-33340	206	33	(	(	PUNCT
cjfa-33340	206	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	206	35	�	�	PROPN
cjfa-33340	206	36	�	�	PROPN
cjfa-33340	206	37	�	�	PROPN
cjfa-33340	206	38	)	)	PUNCT
cjfa-33340	206	39	and	and	CCONJ
cjfa-33340	206	40	its	its	PRON
cjfa-33340	206	41	behaviourally	behaviourally	ADV
cjfa-33340	206	42	biased	biased	ADJ
cjfa-33340	206	43	equivalent	equivalent	NOUN
cjfa-33340	206	44	,	,	PUNCT
cjfa-33340	206	45	which	which	PRON
cjfa-33340	206	46	denoted	denote	VERB
cjfa-33340	206	47	by	by	ADP
cjfa-33340	206	48	the	the	DET
cjfa-33340	206	49	symbol	symbol	NOUN
cjfa-33340	206	50	(	(	PUNCT
cjfa-33340	206	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	206	52	�	�	PROPN
cjfa-33340	206	53	�	�	PROPN
cjfa-33340	206	54	�	�	PROPN
cjfa-33340	206	55	�	�	PROPN
cjfa-33340	206	56	)	)	PUNCT
cjfa-33340	206	57	,	,	PUNCT
cjfa-33340	206	58	as	as	SCONJ
cjfa-33340	206	59	follows	follow	VERB
cjfa-33340	206	60	:	:	PUNCT
cjfa-33340	206	61	�	�	PROPN
cjfa-33340	206	62	�	�	PROPN
cjfa-33340	206	63	�	�	PROPN
cjfa-33340	206	64	(	(	PUNCT
cjfa-33340	206	65	�	�	PROPN
cjfa-33340	206	66	�	�	PROPN
cjfa-33340	206	67	�	�	PROPN
cjfa-33340	206	68	)	)	PUNCT
cjfa-33340	206	69	�	�	PROPN
cjfa-33340	206	70	�	�	PROPN
cjfa-33340	206	71	(	(	PUNCT
cjfa-33340	206	72	�	�	PROPN
cjfa-33340	206	73	�	�	PROPN
cjfa-33340	206	74	�	�	PROPN
cjfa-33340	206	75	)	)	PUNCT
cjfa-33340	206	76	=	=	PUNCT
cjfa-33340	206	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	206	78	�	�	PROPN
cjfa-33340	206	79	�	�	PROPN
cjfa-33340	206	80	�	�	PROPN
cjfa-33340	206	81	�	�	NOUN
cjfa-33340	206	82	=	=	PROPN
cjfa-33340	206	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	206	84	�	�	PROPN
cjfa-33340	206	85	�	�	PROPN
cjfa-33340	206	86	�	�	PROPN
cjfa-33340	206	87			PROPN
cjfa-33340	206	88	ℎ	ℎ	PROPN
cjfa-33340	206	89	�	�	PROPN
cjfa-33340	206	90	�	�	PROPN
cjfa-33340	206	91	(	(	PUNCT
cjfa-33340	206	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	206	93	�	�	PROPN
cjfa-33340	206	94	�	�	PROPN
cjfa-33340	206	95	�	�	NOUN
cjfa-33340	206	96	1	1	NOUN
cjfa-33340	206	97	)	)	PUNCT
cjfa-33340	206	98	(	(	PUNCT
cjfa-33340	206	99	3	3	X
cjfa-33340	206	100	)	)	PUNCT
cjfa-33340	206	101	where	where	SCONJ
cjfa-33340	206	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	206	103	�	�	PROPN
cjfa-33340	206	104	�	�	PROPN
cjfa-33340	206	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	206	106	�	�	PROPN
cjfa-33340	206	107	�	�	PROPN
cjfa-33340	206	108	)	)	PUNCT
cjfa-33340	206	109	is	be	AUX
cjfa-33340	206	110	the	the	DET
cjfa-33340	206	111	behaviourally	behaviourally	ADV
cjfa-33340	206	112	biased	bias	VERB
cjfa-33340	206	113	expected	expect	VERB
cjfa-33340	206	114	returns	return	NOUN
cjfa-33340	206	115	of	of	ADP
cjfa-33340	206	116	asset	asset	NOUN
cjfa-33340	206	117	i	i	PRON
cjfa-33340	206	118	at	at	ADP
cjfa-33340	206	119	time	time	NOUN
cjfa-33340	206	120	t	t	PROPN
cjfa-33340	206	121	and	and	CCONJ
cjfa-33340	206	122	(	(	PUNCT
cjfa-33340	206	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	206	124	�	�	PROPN
cjfa-33340	206	125	�	�	PROPN
cjfa-33340	206	126	�	�	PROPN
cjfa-33340	206	127	�	�	PROPN
cjfa-33340	206	128	)	)	PUNCT
cjfa-33340	206	129	is	be	AUX
cjfa-33340	206	130	the	the	DET
cjfa-33340	206	131	systematic	systematic	ADJ
cjfa-33340	206	132	risk	risk	NOUN
cjfa-33340	206	133	measurement	measurement	NOUN
cjfa-33340	206	134	.	.	PUNCT
cjfa-33340	207	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	207	2	�	�	PROPN
cjfa-33340	207	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	207	4	�	�	PROPN
cjfa-33340	207	5	�	�	PROPN
cjfa-33340	207	6	)	)	PUNCT
cjfa-33340	207	7	is	be	AUX
cjfa-33340	207	8	the	the	DET
cjfa-33340	207	9	conditional	conditional	ADJ
cjfa-33340	207	10	expectation	expectation	NOUN
cjfa-33340	207	11	at	at	ADP
cjfa-33340	207	12	time	time	NOUN
cjfa-33340	207	13	t	t	PROPN
cjfa-33340	207	14	)	)	PUNCT
cjfa-33340	208	1	is	be	AUX
cjfa-33340	208	2	the	the	DET
cjfa-33340	208	3	systematic	systematic	ADJ
cjfa-33340	208	4	risk	risk	NOUN
cjfa-33340	208	5	measurement	measurement	NOUN
cjfa-33340	208	6	.	.	PUNCT
cjfa-33340	209	1	divided	divide	VERB
cjfa-33340	209	2	into	into	ADP
cjfa-33340	209	3	portfolio	portfolio	NOUN
cjfa-33340	209	4	consisting	consist	VERB
cjfa-33340	209	5	of	of	ADP
cjfa-33340	209	6	stocks	stock	NOUN
cjfa-33340	209	7	with	with	ADP
cjfa-33340	209	8	high	high	ADJ
cjfa-33340	209	9	(	(	PUNCT
cjfa-33340	209	10	book	book	NOUN
cjfa-33340	209	11	-	-	PUNCT
cjfa-33340	209	12	to	to	ADP
cjfa-33340	209	13	-	-	PUNCT
cjfa-33340	209	14	market	market	NOUN
cjfa-33340	209	15	)	)	PUNCT
cjfa-33340	209	16	ratio	ratio	NOUN
cjfa-33340	209	17	,	,	PUNCT
cjfa-33340	209	18	a	a	DET
cjfa-33340	209	19	portfolio	portfolio	NOUN
cjfa-33340	209	20	consisting	consist	VERB
cjfa-33340	209	21	of	of	ADP
cjfa-33340	209	22	stocks	stock	NOUN
cjfa-33340	209	23	with	with	ADP
cjfa-33340	209	24	medium	medium	ADJ
cjfa-33340	209	25	(	(	PUNCT
cjfa-33340	209	26	book	book	NOUN
cjfa-33340	209	27	-	-	PUNCT
cjfa-33340	209	28	to	to	ADP
cjfa-33340	209	29	-	-	PUNCT
cjfa-33340	209	30	market	market	NOUN
cjfa-33340	209	31	)	)	PUNCT
cjfa-33340	209	32	ratio	ratio	NOUN
cjfa-33340	209	33	and	and	CCONJ
cjfa-33340	209	34	portfolio	portfolio	NOUN
cjfa-33340	209	35	consisting	consist	VERB
cjfa-33340	209	36	of	of	ADP
cjfa-33340	209	37	stocks	stock	NOUN
cjfa-33340	209	38	with	with	ADP
cjfa-33340	209	39	low	low	ADJ
cjfa-33340	209	40	(	(	PUNCT
cjfa-33340	209	41	book	book	NOUN
cjfa-33340	209	42	-	-	PUNCT
cjfa-33340	209	43	to	to	ADP
cjfa-33340	209	44	-	-	PUNCT
cjfa-33340	209	45	market	market	NOUN
cjfa-33340	209	46	)	)	PUNCT
cjfa-33340	209	47	ratio	ratio	NOUN
cjfa-33340	209	48	.	.	PUNCT
cjfa-33340	210	1	the	the	DET
cjfa-33340	210	2	big	big	ADJ
cjfa-33340	210	3	and	and	CCONJ
cjfa-33340	210	4	small	small	ADJ
cjfa-33340	210	5	portfolios	portfolio	NOUN
cjfa-33340	210	6	are	be	AUX
cjfa-33340	210	7	constructed	construct	VERB
cjfa-33340	210	8	based	base	VERB
cjfa-33340	210	9	on	on	ADP
cjfa-33340	210	10	the	the	DET
cjfa-33340	210	11	firm	firm	ADJ
cjfa-33340	210	12	size	size	NOUN
cjfa-33340	210	13	(	(	PUNCT
cjfa-33340	210	14	market	market	NOUN
cjfa-33340	210	15	capitalization	capitalization	NOUN
cjfa-33340	210	16	in	in	ADP
cjfa-33340	210	17	june	june	PROPN
cjfa-33340	210	18	of	of	ADP
cjfa-33340	210	19	each	each	DET
cjfa-33340	210	20	year	year	NOUN
cjfa-33340	210	21	t	t	PROPN
cjfa-33340	210	22	)	)	PUNCT
cjfa-33340	210	23	.	.	PUNCT
cjfa-33340	211	1	the	the	DET
cjfa-33340	211	2	median	median	ADJ
cjfa-33340	211	3	sample	sample	NOUN
cjfa-33340	211	4	size	size	NOUN
cjfa-33340	211	5	is	be	AUX
cjfa-33340	211	6	used	use	VERB
cjfa-33340	211	7	to	to	PART
cjfa-33340	211	8	construct	construct	VERB
cjfa-33340	211	9	the	the	DET
cjfa-33340	211	10	two	two	NUM
cjfa-33340	211	11	portfolios	portfolio	NOUN
cjfa-33340	211	12	according	accord	VERB
cjfa-33340	211	13	to	to	ADP
cjfa-33340	211	14	50	50	NUM
cjfa-33340	211	15	%	%	NOUN
cjfa-33340	211	16	splitting	splitting	NOUN
cjfa-33340	211	17	point	point	NOUN
cjfa-33340	211	18	,	,	PUNCT
cjfa-33340	211	19	where	where	SCONJ
cjfa-33340	211	20	the	the	DET
cjfa-33340	211	21	big	big	ADJ
cjfa-33340	211	22	stocks	stock	NOUN
cjfa-33340	211	23	portfolio	portfolio	NOUN
cjfa-33340	211	24	consisting	consist	VERB
cjfa-33340	211	25	of	of	ADP
cjfa-33340	211	26	the	the	DET
cjfa-33340	211	27	highest	high	ADJ
cjfa-33340	211	28	50	50	NUM
cjfa-33340	211	29	%	%	NOUN
cjfa-33340	211	30	stocks	stock	NOUN
cjfa-33340	211	31	and	and	CCONJ
cjfa-33340	211	32	the	the	DET
cjfa-33340	211	33	small	small	ADJ
cjfa-33340	211	34	stocks	stock	NOUN
cjfa-33340	211	35	portfolio	portfolio	NOUN
cjfa-33340	211	36	consisting	consist	VERB
cjfa-33340	211	37	of	of	ADP
cjfa-33340	211	38	the	the	DET
cjfa-33340	211	39	lowest	low	ADJ
cjfa-33340	211	40	50	50	NUM
cjfa-33340	211	41	%	%	NOUN
cjfa-33340	211	42	.	.	PUNCT
cjfa-33340	212	1	the	the	DET
cjfa-33340	212	2	sample	sample	NOUN
cjfa-33340	212	3	is	be	AUX
cjfa-33340	212	4	also	also	ADV
cjfa-33340	212	5	ranked	rank	VERB
cjfa-33340	212	6	based	base	VERB
cjfa-33340	212	7	on	on	ADP
cjfa-33340	212	8	(	(	PUNCT
cjfa-33340	212	9	book	book	NOUN
cjfa-33340	212	10	-	-	PUNCT
cjfa-33340	212	11	to	to	ADP
cjfa-33340	212	12	-	-	PUNCT
cjfa-33340	212	13	market	market	NOUN
cjfa-33340	212	14	)	)	PUNCT
cjfa-33340	212	15	ratio	ratio	NOUN
cjfa-33340	212	16	,	,	PUNCT
cjfa-33340	212	17	where	where	SCONJ
cjfa-33340	212	18	the	the	DET
cjfa-33340	212	19	sample	sample	NOUN
cjfa-33340	212	20	is	be	AUX
cjfa-33340	212	21	divided	divide	VERB
cjfa-33340	212	22	into	into	ADP
cjfa-33340	212	23	3	3	NUM
cjfa-33340	212	24	portfolios	portfolio	NOUN
cjfa-33340	212	25	.	.	PUNCT
cjfa-33340	213	1	the	the	DET
cjfa-33340	213	2	first	first	ADJ
cjfa-33340	213	3	portfolio	portfolio	NOUN
cjfa-33340	213	4	is	be	AUX
cjfa-33340	213	5	30	30	NUM
cjfa-33340	213	6	%	%	NOUN
cjfa-33340	213	7	of	of	ADP
cjfa-33340	213	8	the	the	DET
cjfa-33340	213	9	whole	whole	ADJ
cjfa-33340	213	10	sample	sample	NOUN
cjfa-33340	213	11	,	,	PUNCT
cjfa-33340	213	12	which	which	PRON
cjfa-33340	213	13	has	have	VERB
cjfa-33340	213	14	the	the	DET
cjfa-33340	213	15	highest	high	ADJ
cjfa-33340	213	16	(	(	PUNCT
cjfa-33340	213	17	book	book	NOUN
cjfa-33340	213	18	-	-	PUNCT
cjfa-33340	213	19	tomarket	tomarket	NOUN
cjfa-33340	213	20	)	)	PUNCT
cjfa-33340	213	21	ratio	ratio	NOUN
cjfa-33340	213	22	.	.	PUNCT
cjfa-33340	214	1	the	the	DET
cjfa-33340	214	2	second	second	ADJ
cjfa-33340	214	3	portfolio	portfolio	NOUN
cjfa-33340	214	4	is	be	AUX
cjfa-33340	214	5	40	40	NUM
cjfa-33340	214	6	%	%	NOUN
cjfa-33340	214	7	of	of	ADP
cjfa-33340	214	8	the	the	DET
cjfa-33340	214	9	whole	whole	ADJ
cjfa-33340	214	10	sample	sample	NOUN
cjfa-33340	214	11	have	have	AUX
cjfa-33340	214	12	(	(	PUNCT
cjfa-33340	214	13	book	book	NOUN
cjfa-33340	214	14	-	-	PUNCT
cjfa-33340	214	15	to	to	ADP
cjfa-33340	214	16	-	-	PUNCT
cjfa-33340	214	17	market	market	NOUN
cjfa-33340	214	18	)	)	PUNCT
cjfa-33340	214	19	ratio	ratio	NOUN
cjfa-33340	214	20	in	in	ADP
cjfa-33340	214	21	medium	medium	NOUN
cjfa-33340	214	22	and	and	CCONJ
cjfa-33340	214	23	the	the	DET
cjfa-33340	214	24	third	third	ADJ
cjfa-33340	214	25	portfolio	portfolio	NOUN
cjfa-33340	214	26	is	be	AUX
cjfa-33340	214	27	30	30	NUM
cjfa-33340	214	28	%	%	NOUN
cjfa-33340	214	29	of	of	ADP
cjfa-33340	214	30	the	the	DET
cjfa-33340	214	31	whole	whole	ADJ
cjfa-33340	214	32	sample	sample	NOUN
cjfa-33340	214	33	,	,	PUNCT
cjfa-33340	214	34	which	which	PRON
cjfa-33340	214	35	has	have	VERB
cjfa-33340	214	36	the	the	DET
cjfa-33340	214	37	lowest	low	ADJ
cjfa-33340	214	38	(	(	PUNCT
cjfa-33340	214	39	book	book	NOUN
cjfa-33340	214	40	-	-	PUNCT
cjfa-33340	214	41	to	to	ADP
cjfa-33340	214	42	-	-	PUNCT
cjfa-33340	214	43	market	market	NOUN
cjfa-33340	214	44	)	)	PUNCT
cjfa-33340	214	45	ratio	ratio	NOUN
cjfa-33340	214	46	.	.	PUNCT
cjfa-33340	215	1	the	the	DET
cjfa-33340	215	2	study	study	NOUN
cjfa-33340	215	3	employs	employ	VERB
cjfa-33340	215	4	(	(	PUNCT
cjfa-33340	215	5	hwang	hwang	PROPN
cjfa-33340	215	6	&	&	CCONJ
cjfa-33340	215	7	salmon	salmon	PROPN
cjfa-33340	215	8	,	,	PUNCT
cjfa-33340	215	9	2004	2004	NUM
cjfa-33340	215	10	)	)	PUNCT
cjfa-33340	215	11	and	and	CCONJ
cjfa-33340	215	12	(	(	PUNCT
cjfa-33340	215	13	chang	chang	PROPN
cjfa-33340	215	14	et	et	PROPN
cjfa-33340	215	15	al	al	PROPN
cjfa-33340	215	16	.	.	PROPN
cjfa-33340	215	17	,	,	PUNCT
cjfa-33340	215	18	2000	2000	NUM
cjfa-33340	215	19	)	)	PUNCT
cjfa-33340	215	20	method	method	NOUN
cjfa-33340	215	21	to	to	PART
cjfa-33340	215	22	measure	measure	VERB
cjfa-33340	215	23	herding	herding	NOUN
cjfa-33340	215	24	behaviour	behaviour	NOUN
cjfa-33340	215	25	.	.	PUNCT
cjfa-33340	216	1	using	use	VERB
cjfa-33340	216	2	daily	daily	ADJ
cjfa-33340	216	3	stock	stock	NOUN
cjfa-33340	216	4	price	price	NOUN
cjfa-33340	216	5	and	and	CCONJ
cjfa-33340	216	6	egx30	egx30	NOUN
cjfa-33340	216	7	index	index	NOUN
cjfa-33340	216	8	data	datum	NOUN
cjfa-33340	216	9	,	,	PUNCT
cjfa-33340	216	10	beta	beta	NOUN
cjfa-33340	216	11	is	be	AUX
cjfa-33340	216	12	estimated	estimate	VERB
cjfa-33340	216	13	using	use	VERB
cjfa-33340	216	14	the	the	DET
cjfa-33340	216	15	ols	ol	NOUN
cjfa-33340	216	16	method	method	NOUN
cjfa-33340	216	17	,	,	PUNCT
cjfa-33340	216	18	as	as	SCONJ
cjfa-33340	216	19	follows	follow	VERB
cjfa-33340	216	20	:	:	PUNCT
cjfa-33340	216	21	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	216	22	�	�	PROPN
cjfa-33340	216	23	�	�	PROPN
cjfa-33340	216	24	�	�	PROPN
cjfa-33340	216	25	=	=	SYM
cjfa-33340	216	26	𝛼𝛼	𝛼𝛼	PROPN
cjfa-33340	216	27	�	�	PROPN
cjfa-33340	216	28	�	�	PROPN
cjfa-33340	216	29	�	�	PROPN
cjfa-33340	216	30	+	+	CCONJ
cjfa-33340	216	31	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	216	32	�	�	PROPN
cjfa-33340	216	33	�	�	PROPN
cjfa-33340	216	34	�	�	PROPN
cjfa-33340	216	35	�	�	PROPN
cjfa-33340	216	36	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	216	37	�	�	PROPN
cjfa-33340	216	38	�	�	PROPN
cjfa-33340	216	39	�	�	PROPN
cjfa-33340	216	40	+	+	CCONJ
cjfa-33340	216	41	𝜀𝜀	𝜀𝜀	PROPN
cjfa-33340	216	42	�	�	PROPN
cjfa-33340	216	43	�	�	PROPN
cjfa-33340	216	44	�	�	PROPN
cjfa-33340	216	45	(	(	PUNCT
cjfa-33340	216	46	1	1	NUM
cjfa-33340	216	47	)	)	PUNCT
cjfa-33340	216	48	where	where	SCONJ
cjfa-33340	216	49	(	(	PUNCT
cjfa-33340	216	50	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	216	51	�	�	PROPN
cjfa-33340	216	52	�	�	PROPN
cjfa-33340	216	53	�	�	PROPN
cjfa-33340	216	54	)	)	PUNCT
cjfa-33340	216	55	is	be	AUX
cjfa-33340	216	56	the	the	DET
cjfa-33340	216	57	excess	excess	ADJ
cjfa-33340	216	58	stock	stock	NOUN
cjfa-33340	216	59	return	return	NOUN
cjfa-33340	216	60	and	and	CCONJ
cjfa-33340	216	61	(	(	PUNCT
cjfa-33340	216	62	𝑟𝑟	𝑟𝑟	PROPN
cjfa-33340	216	63	�	�	PROPN
cjfa-33340	216	64	�	�	PROPN
cjfa-33340	216	65	�	�	PROPN
cjfa-33340	216	66	)	)	PUNCT
cjfa-33340	216	67	is	be	AUX
cjfa-33340	216	68	the	the	DET
cjfa-33340	216	69	excess	excess	ADJ
cjfa-33340	216	70	returns	return	NOUN
cjfa-33340	216	71	of	of	ADP
cjfa-33340	216	72	the	the	DET
cjfa-33340	216	73	market	market	NOUN
cjfa-33340	216	74	portfolio	portfolio	NOUN
cjfa-33340	216	75	.	.	PUNCT
cjfa-33340	217	1	returns	return	NOUN
cjfa-33340	217	2	of	of	ADP
cjfa-33340	217	3	individual	individual	ADJ
cjfa-33340	217	4	stocks	stock	NOUN
cjfa-33340	217	5	are	be	AUX
cjfa-33340	217	6	calculated	calculate	VERB
cjfa-33340	217	7	as	as	SCONJ
cjfa-33340	217	8	follows	follow	VERB
cjfa-33340	217	9	:	:	PUNCT
cjfa-33340	217	10	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	217	11	�	�	PROPN
cjfa-33340	217	12	�	�	PROPN
cjfa-33340	217	13	=	=	SYM
cjfa-33340	217	14	(	(	PUNCT
cjfa-33340	217	15	�	�	PROPN
cjfa-33340	217	16	�	�	PROPN
cjfa-33340	217	17	�	�	PROPN
cjfa-33340	217	18	�	�	PROPN
cjfa-33340	217	19	�	�	PROPN
cjfa-33340	217	20	�	�	PROPN
cjfa-33340	217	21	�	�	PROPN
cjfa-33340	217	22	)	)	PUNCT
cjfa-33340	217	23	�	�	PROPN
cjfa-33340	217	24	�	�	PROPN
cjfa-33340	217	25	�	�	PROPN
cjfa-33340	217	26	�	�	PROPN
cjfa-33340	217	27	(	(	PUNCT
cjfa-33340	217	28	2	2	NUM
cjfa-33340	217	29	)	)	PUNCT
cjfa-33340	217	30	where	where	SCONJ
cjfa-33340	217	31	(	(	PUNCT
cjfa-33340	217	32	𝑃𝑃	𝑃𝑃	PROPN
cjfa-33340	217	33	�	�	PROPN
cjfa-33340	217	34	)	)	PUNCT
cjfa-33340	217	35	is	be	AUX
cjfa-33340	217	36	the	the	DET
cjfa-33340	217	37	stock	stock	NOUN
cjfa-33340	217	38	i	i	PRON
cjfa-33340	217	39	closing	closing	NOUN
cjfa-33340	217	40	price	price	NOUN
cjfa-33340	217	41	at	at	ADP
cjfa-33340	217	42	time	time	NOUN
cjfa-33340	217	43	t.	t.	PROPN
cjfa-33340	217	44	the	the	DET
cjfa-33340	217	45	(	(	PUNCT
cjfa-33340	217	46	hwang	hwang	PROPN
cjfa-33340	217	47	&	&	CCONJ
cjfa-33340	217	48	salmon	salmon	PROPN
cjfa-33340	217	49	,	,	PUNCT
cjfa-33340	217	50	2004	2004	NUM
cjfa-33340	217	51	)	)	PUNCT
cjfa-33340	217	52	methodology	methodology	NOUN
cjfa-33340	217	53	is	be	AUX
cjfa-33340	217	54	used	use	VERB
cjfa-33340	217	55	to	to	PART
cjfa-33340	217	56	measure	measure	VERB
cjfa-33340	217	57	herding	herding	NOUN
cjfa-33340	217	58	behaviour	behaviour	NOUN
cjfa-33340	217	59	.	.	PUNCT
cjfa-33340	218	1	this	this	DET
cjfa-33340	218	2	methodology	methodology	NOUN
cjfa-33340	218	3	is	be	AUX
cjfa-33340	218	4	based	base	VERB
cjfa-33340	218	5	on	on	ADP
cjfa-33340	218	6	the	the	DET
cjfa-33340	218	7	cross	cross	ADJ
cjfa-33340	218	8	-	-	ADJ
cjfa-33340	218	9	sectional	sectional	ADJ
cjfa-33340	218	10	volatility	volatility	NOUN
cjfa-33340	218	11	of	of	ADP
cjfa-33340	218	12	beta	beta	NOUN
cjfa-33340	218	13	(	(	PUNCT
cjfa-33340	218	14	ß	ß	NOUN
cjfa-33340	218	15	)	)	PUNCT
cjfa-33340	218	16	,	,	PUNCT
cjfa-33340	218	17	it	it	PRON
cjfa-33340	218	18	also	also	ADV
cjfa-33340	218	19	depends	depend	VERB
cjfa-33340	218	20	on	on	ADP
cjfa-33340	218	21	the	the	DET
cjfa-33340	218	22	relationship	relationship	NOUN
cjfa-33340	218	23	between	between	ADP
cjfa-33340	218	24	the	the	DET
cjfa-33340	218	25	equilibrium	equilibrium	NOUN
cjfa-33340	218	26	beta	beta	NOUN
cjfa-33340	218	27	,	,	PUNCT
cjfa-33340	218	28	which	which	PRON
cjfa-33340	218	29	denoted	denote	VERB
cjfa-33340	218	30	by	by	ADP
cjfa-33340	218	31	the	the	DET
cjfa-33340	218	32	symbol	symbol	NOUN
cjfa-33340	218	33	(	(	PUNCT
cjfa-33340	218	34	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	218	35	�	�	PROPN
cjfa-33340	218	36	�	�	PROPN
cjfa-33340	218	37	�	�	PROPN
cjfa-33340	218	38	)	)	PUNCT
cjfa-33340	218	39	and	and	CCONJ
cjfa-33340	218	40	its	its	PRON
cjfa-33340	218	41	behaviourally	behaviourally	ADV
cjfa-33340	218	42	biased	biased	ADJ
cjfa-33340	218	43	equivalent	equivalent	NOUN
cjfa-33340	218	44	,	,	PUNCT
cjfa-33340	218	45	which	which	PRON
cjfa-33340	218	46	denoted	denote	VERB
cjfa-33340	218	47	by	by	ADP
cjfa-33340	218	48	the	the	DET
cjfa-33340	218	49	symbol	symbol	NOUN
cjfa-33340	218	50	(	(	PUNCT
cjfa-33340	218	51	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	218	52	�	�	PROPN
cjfa-33340	218	53	�	�	PROPN
cjfa-33340	218	54	�	�	PROPN
cjfa-33340	218	55	�	�	PROPN
cjfa-33340	218	56	)	)	PUNCT
cjfa-33340	218	57	,	,	PUNCT
cjfa-33340	218	58	as	as	SCONJ
cjfa-33340	218	59	follows	follow	VERB
cjfa-33340	218	60	:	:	PUNCT
cjfa-33340	218	61	�	�	PROPN
cjfa-33340	218	62	�	�	PROPN
cjfa-33340	218	63	�	�	PROPN
cjfa-33340	218	64	(	(	PUNCT
cjfa-33340	218	65	�	�	PROPN
cjfa-33340	218	66	�	�	PROPN
cjfa-33340	218	67	�	�	PROPN
cjfa-33340	218	68	)	)	PUNCT
cjfa-33340	218	69	�	�	PROPN
cjfa-33340	218	70	�	�	PROPN
cjfa-33340	218	71	(	(	PUNCT
cjfa-33340	218	72	�	�	PROPN
cjfa-33340	218	73	�	�	PROPN
cjfa-33340	218	74	�	�	PROPN
cjfa-33340	218	75	)	)	PUNCT
cjfa-33340	218	76	=	=	PUNCT
cjfa-33340	218	77	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	218	78	�	�	PROPN
cjfa-33340	218	79	�	�	PROPN
cjfa-33340	218	80	�	�	PROPN
cjfa-33340	218	81	�	�	NOUN
cjfa-33340	218	82	=	=	PROPN
cjfa-33340	218	83	𝛽𝛽	𝛽𝛽	NOUN
cjfa-33340	218	84	�	�	PROPN
cjfa-33340	218	85	�	�	PROPN
cjfa-33340	218	86	�	�	PROPN
cjfa-33340	218	87			PROPN
cjfa-33340	218	88	ℎ	ℎ	PROPN
cjfa-33340	218	89	�	�	PROPN
cjfa-33340	218	90	�	�	PROPN
cjfa-33340	218	91	(	(	PUNCT
cjfa-33340	218	92	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	218	93	�	�	PROPN
cjfa-33340	218	94	�	�	PROPN
cjfa-33340	218	95	�	�	NOUN
cjfa-33340	218	96	1	1	NOUN
cjfa-33340	218	97	)	)	PUNCT
cjfa-33340	218	98	(	(	PUNCT
cjfa-33340	218	99	3	3	X
cjfa-33340	218	100	)	)	PUNCT
cjfa-33340	218	101	where	where	SCONJ
cjfa-33340	218	102	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	218	103	�	�	PROPN
cjfa-33340	218	104	�	�	PROPN
cjfa-33340	218	105	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	218	106	�	�	PROPN
cjfa-33340	218	107	�	�	PROPN
cjfa-33340	218	108	)	)	PUNCT
cjfa-33340	218	109	is	be	AUX
cjfa-33340	218	110	the	the	DET
cjfa-33340	218	111	behaviourally	behaviourally	ADV
cjfa-33340	218	112	biased	bias	VERB
cjfa-33340	218	113	expected	expect	VERB
cjfa-33340	218	114	returns	return	NOUN
cjfa-33340	218	115	of	of	ADP
cjfa-33340	218	116	asset	asset	NOUN
cjfa-33340	218	117	i	i	PRON
cjfa-33340	218	118	at	at	ADP
cjfa-33340	218	119	time	time	NOUN
cjfa-33340	218	120	t	t	PROPN
cjfa-33340	218	121	and	and	CCONJ
cjfa-33340	218	122	(	(	PUNCT
cjfa-33340	218	123	𝛽𝛽	𝛽𝛽	PROPN
cjfa-33340	218	124	�	�	PROPN
cjfa-33340	218	125	�	�	PROPN
cjfa-33340	218	126	�	�	PROPN
cjfa-33340	218	127	�	�	PROPN
cjfa-33340	218	128	)	)	PUNCT
cjfa-33340	218	129	is	be	AUX
cjfa-33340	218	130	the	the	DET
cjfa-33340	218	131	systematic	systematic	ADJ
cjfa-33340	218	132	risk	risk	NOUN
cjfa-33340	218	133	measurement	measurement	NOUN
cjfa-33340	218	134	.	.	PUNCT
cjfa-33340	219	1	𝐸𝐸	𝐸𝐸	PROPN
cjfa-33340	219	2	�	�	PROPN
cjfa-33340	219	3	(𝑟𝑟	(𝑟𝑟	SYM
cjfa-33340	219	4	�	�	PROPN
cjfa-33340	219	5	�	�	PROPN
cjfa-33340	219	6	)	)	PUNCT
cjfa-33340	219	7	is	be	AUX
cjfa-33340	219	8	the	the	DET
cjfa-33340	219	9	conditional	conditional	ADJ
cjfa-33340	219	10	expectation	expectation	NOUN
cjfa-33340	219	11	at	at	ADP
cjfa-33340	219	12	time	time	NOUN
cjfa-33340	219	13	t	t	PROPN
cjfa-33340	219	14	is	be	AUX
cjfa-33340	219	15	the	the	DET
cjfa-33340	219	16	conditional	conditional	ADJ
cjfa-33340	219	17	expectation	expectation	NOUN
cjfa-33340	219	18	at	at	ADP
cjfa-33340	219	19	time	time	NOUN
cjfa-33340	219	20	t	t	PROPN
cjfa-33340	219	21	of	of	ADP
cjfa-33340	219	22	the	the	DET
cjfa-33340	219	23	market	market	NOUN
cjfa-33340	219	24	excess	excess	ADJ
cjfa-33340	219	25	returns	return	NOUN
cjfa-33340	219	26	.	.	PUNCT
cjfa-33340	220	1	of	of	ADP
cjfa-33340	220	2	the	the	DET
cjfa-33340	220	3	market	market	NOUN
cjfa-33340	220	4	excess	excess	ADJ
cjfa-33340	220	5	returns	return	NOUN
cjfa-33340	220	6	.	.	PUNCT
cjfa-33340	221	1	(	(	PUNCT
cjfa-33340	221	2	ℎ	ℎ	PROPN
cjfa-33340	221	3	�	�	PROPN
cjfa-33340	221	4	�	�	PROPN
cjfa-33340	221	5	)	)	PUNCT
cjfa-33340	221	6	is	be	AUX
cjfa-33340	221	7	a	a	DET
cjfa-33340	221	8	time	time	NOUN
cjfa-33340	221	9	-	-	PUNCT
cjfa-33340	221	10	variant	variant	ADJ
cjfa-33340	221	11	latent	latent	NOUN
cjfa-33340	221	12	herding	herding	NOUN
cjfa-33340	221	13	behaviour	behaviour	NOUN
cjfa-33340	221	14	parameter	parameter	NOUN
cjfa-33340	221	15	,	,	PUNCT
cjfa-33340	221	16	(	(	PUNCT
cjfa-33340	221	17	ℎ	ℎ	PROPN
cjfa-33340	221	18	�	�	NOUN
cjfa-33340	221	19	�	�	PROPN
cjfa-33340	221	20	)	)	PUNCT
cjfa-33340	221	21	=	=	SYM
cjfa-33340	221	22	0	0	NUM
cjfa-33340	221	23	indicates	indicate	VERB
cjfa-33340	221	24	the	the	DET
cjfa-33340	221	25	absence	absence	NOUN
cjfa-33340	221	26	of	of	ADP
cjfa-33340	221	27	herding	herd	VERB
cjfa-33340	221	28	behaviour	behaviour	NOUN
cjfa-33340	221	29	and	and	CCONJ
cjfa-33340	221	30	(	(	PUNCT
cjfa-33340	221	31	ℎ	ℎ	PROPN
cjfa-33340	221	32	�	�	PROPN
cjfa-33340	221	33	�	�	PROPN
cjfa-33340	221	34	)	)	PUNCT
cjfa-33340	221	35	=	=	SYM
cjfa-33340	221	36	1	1	NUM
cjfa-33340	221	37	indicates	indicate	VERB
cjfa-33340	221	38	the	the	DET
cjfa-33340	221	39	presence	presence	NOUN
cjfa-33340	221	40	of	of	ADP
cjfa-33340	221	41	perfect	perfect	ADJ
cjfa-33340	221	42	herding	herding	NOUN
cjfa-33340	221	43	behaviour	behaviour	NOUN
cjfa-33340	221	44	that	that	PRON
cjfa-33340	221	45	means	mean	VERB
cjfa-33340	221	46	that	that	SCONJ
cjfa-33340	221	47	all	all	DET
cjfa-33340	221	48	the	the	DET
cjfa-33340	221	49	individual	individual	ADJ
cjfa-33340	221	50	stock	stock	NOUN
cjfa-33340	221	51	returns	return	NOUN
cjfa-33340	221	52	change	change	VERB
cjfa-33340	221	53	following	follow	VERB
cjfa-33340	221	54	the	the	DET
cjfa-33340	221	55	market	market	NOUN
cjfa-33340	221	56	portfolio	portfolio	NOUN
cjfa-33340	221	57	movements	movement	NOUN
cjfa-33340	221	58	.	.	PUNCT
cjfa-33340	222	1	to	to	PART
cjfa-33340	222	2	measure	measure	VERB
cjfa-33340	222	3	herding	herd	VERB
cjfa-33340	222	4	behaviour	behaviour	NOUN
cjfa-33340	222	5	(	(	PUNCT
cjfa-33340	222	6	ℎ	ℎ	PROPN
cjfa-33340	222	7	�	�	PROPN
cjfa-33340	222	8	�	�	PROPN
cjfa-33340	222	9	)	)	PUNCT
cjfa-33340	222	10	on	on	ADP
cjfa-33340	222	11	a	a	DET
cjfa-33340	222	12	market	market	NOUN
cjfa-33340	222	13	-	-	PUNCT
cjfa-33340	222	14	wide	wide	ADJ
cjfa-33340	222	15	basis	basis	NOUN
cjfa-33340	222	16	,	,	PUNCT
cjfa-33340	222	17	the	the	DET
cjfa-33340	222	18	cross	cross	ADJ
cjfa-33340	222	19	-	-	ADJ
cjfa-33340	222	20	sectional	sectional	ADJ
cjfa-33340	222	21	dispersion	dispersion	NOUN
cjfa-33340	222	22	of	of	ADP
cjfa-33340	222	23	(	(	PUNCT
cjfa-33340	222	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	222	25	�	�	PROPN
cjfa-33340	222	26	�	�	PROPN
cjfa-33340	222	27	�	�	PROPN
cjfa-33340	222	28	�	�	PROPN
cjfa-33340	222	29	)	)	PUNCT
cjfa-33340	222	30	is	be	AUX
cjfa-33340	222	31	calculated	calculate	VERB
cjfa-33340	222	32	,	,	PUNCT
cjfa-33340	222	33	as	as	ADP
cjfa-33340	222	34	:	:	PUNCT
cjfa-33340	222	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	222	36	�	�	PROPN
cjfa-33340	222	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	222	38	�	�	PROPN
cjfa-33340	222	39	�	�	PROPN
cjfa-33340	222	40	�	�	PROPN
cjfa-33340	222	41	�	�	PROPN
cjfa-33340	222	42	)	)	PUNCT
cjfa-33340	223	1	=	=	SYM
cjfa-33340	223	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	223	3	�	�	PROPN
cjfa-33340	223	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	223	5	�	�	PROPN
cjfa-33340	223	6	�	�	PROPN
cjfa-33340	223	7	�	�	PROPN
cjfa-33340	223	8	)	)	PUNCT
cjfa-33340	223	9	(	(	PUNCT
cjfa-33340	223	10	1ℎ	1ℎ	PROPN
cjfa-33340	223	11	�	�	PROPN
cjfa-33340	223	12	�	�	PROPN
cjfa-33340	223	13	)	)	PUNCT
cjfa-33340	223	14	(	(	PUNCT
cjfa-33340	223	15	4	4	X
cjfa-33340	223	16	)	)	PUNCT
cjfa-33340	223	17	when	when	SCONJ
cjfa-33340	223	18	taking	take	VERB
cjfa-33340	223	19	the	the	DET
cjfa-33340	223	20	logarithms	logarithm	NOUN
cjfa-33340	223	21	on	on	ADP
cjfa-33340	223	22	both	both	DET
cjfa-33340	223	23	sides	side	NOUN
cjfa-33340	223	24	,	,	PUNCT
cjfa-33340	223	25	equation	equation	NOUN
cjfa-33340	223	26	(	(	PUNCT
cjfa-33340	223	27	4	4	X
cjfa-33340	223	28	)	)	PUNCT
cjfa-33340	223	29	is	be	AUX
cjfa-33340	223	30	rewritten	rewrite	VERB
cjfa-33340	223	31	as	as	SCONJ
cjfa-33340	223	32	follows	follow	VERB
cjfa-33340	223	33	:	:	PUNCT
cjfa-33340	223	34	log	log	NOUN
cjfa-33340	223	35	[	[	PUNCT
cjfa-33340	223	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	223	37	�	�	PROPN
cjfa-33340	223	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	223	39	�	�	PROPN
cjfa-33340	223	40	�	�	PROPN
cjfa-33340	223	41	�	�	PROPN
cjfa-33340	223	42	�	�	PROPN
cjfa-33340	223	43	)	)	PUNCT
cjfa-33340	223	44	]	]	PUNCT
cjfa-33340	224	1	=	=	PUNCT
cjfa-33340	224	2	log	log	NOUN
cjfa-33340	224	3	[	[	PUNCT
cjfa-33340	224	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	224	5	�	�	PROPN
cjfa-33340	224	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	224	7	�	�	PROPN
cjfa-33340	224	8	�	�	PROPN
cjfa-33340	224	9	�	�	PROPN
cjfa-33340	224	10	)	)	PUNCT
cjfa-33340	224	11	]	]	PUNCT
cjfa-33340	225	1	+	+	CCONJ
cjfa-33340	225	2	log	log	NOUN
cjfa-33340	225	3	(	(	PUNCT
cjfa-33340	225	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	225	5	�	�	PROPN
cjfa-33340	225	6	�	�	PROPN
cjfa-33340	225	7	)	)	PUNCT
cjfa-33340	225	8	(	(	PUNCT
cjfa-33340	225	9	5	5	X
cjfa-33340	225	10	)	)	PUNCT
cjfa-33340	225	11	equation	equation	NOUN
cjfa-33340	225	12	(	(	PUNCT
cjfa-33340	225	13	5	5	NUM
cjfa-33340	225	14	)	)	PUNCT
cjfa-33340	225	15	may	may	AUX
cjfa-33340	225	16	be	be	AUX
cjfa-33340	225	17	rewritten	rewrite	VERB
cjfa-33340	225	18	as	as	SCONJ
cjfa-33340	225	19	follows	follow	VERB
cjfa-33340	225	20	:	:	PUNCT
cjfa-33340	225	21	log	log	NOUN
cjfa-33340	225	22	[	[	PUNCT
cjfa-33340	225	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	225	24	�	�	PROPN
cjfa-33340	225	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	225	26	�	�	PROPN
cjfa-33340	225	27	�	�	PROPN
cjfa-33340	225	28	�	�	PROPN
cjfa-33340	225	29	�	�	PROPN
cjfa-33340	225	30	)	)	PUNCT
cjfa-33340	225	31	]	]	PUNCT
cjfa-33340	226	1	=	=	PUNCT
cjfa-33340	226	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	226	3	�	�	PROPN
cjfa-33340	226	4	+	+	CCONJ
cjfa-33340	226	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	226	6	�	�	PROPN
cjfa-33340	226	7	�	�	PROPN
cjfa-33340	226	8	+	+	CCONJ
cjfa-33340	226	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	226	10	�	�	PROPN
cjfa-33340	226	11	�	�	PROPN
cjfa-33340	226	12	(	(	PUNCT
cjfa-33340	226	13	6	6	NUM
cjfa-33340	226	14	)	)	PUNCT
cjfa-33340	226	15	where	where	SCONJ
cjfa-33340	226	16	:	:	PUNCT
cjfa-33340	226	17	log	log	VERB
cjfa-33340	226	18	[	[	PUNCT
cjfa-33340	226	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	226	20	�	�	PROPN
cjfa-33340	226	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	226	22	�	�	PROPN
cjfa-33340	226	23	�	�	PROPN
cjfa-33340	226	24	�	�	PROPN
cjfa-33340	226	25	)	)	PUNCT
cjfa-33340	226	26	]	]	PUNCT
cjfa-33340	227	1	=	=	PUNCT
cjfa-33340	227	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	227	3	�	�	PROPN
cjfa-33340	227	4	+	+	CCONJ
cjfa-33340	227	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	227	6	�	�	PROPN
cjfa-33340	227	7	�	�	PROPN
cjfa-33340	227	8	(	(	PUNCT
cjfa-33340	227	9	7	7	NUM
cjfa-33340	227	10	)	)	PUNCT
cjfa-33340	227	11	with	with	ADP
cjfa-33340	227	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	227	13	�	�	PROPN
cjfa-33340	227	14	=	=	SYM
cjfa-33340	227	15	e	e	X
cjfa-33340	228	1	[	[	X
cjfa-33340	228	2	log	log	X
cjfa-33340	228	3	[	[	PUNCT
cjfa-33340	228	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	228	5	�	�	PROPN
cjfa-33340	228	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	228	7	�	�	PROPN
cjfa-33340	228	8	�	�	PROPN
cjfa-33340	228	9	�	�	PROPN
cjfa-33340	228	10	)	)	PUNCT
cjfa-33340	228	11	]	]	PUNCT
cjfa-33340	228	12	]	]	PUNCT
cjfa-33340	228	13	and	and	CCONJ
cjfa-33340	228	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	228	15	�	�	PROPN
cjfa-33340	228	16	�	�	PROPN
cjfa-33340	228	17	~	~	PUNCT
cjfa-33340	228	18	iid	iid	NOUN
cjfa-33340	228	19	(	(	PUNCT
cjfa-33340	228	20	0	0	NUM
cjfa-33340	228	21	,	,	PUNCT
cjfa-33340	228	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	228	23	�	�	PROPN
cjfa-33340	228	24	�	�	PROPN
cjfa-33340	228	25	�	�	PROPN
cjfa-33340	228	26	�	�	PROPN
cjfa-33340	228	27	)	)	PUNCT
cjfa-33340	228	28	and	and	CCONJ
cjfa-33340	228	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	228	30	�	�	PROPN
cjfa-33340	228	31	�	�	PROPN
cjfa-33340	228	32	=	=	PUNCT
cjfa-33340	228	33	log	log	PROPN
cjfa-33340	228	34	(	(	PUNCT
cjfa-33340	228	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	228	36	�	�	PROPN
cjfa-33340	228	37	�	�	PROPN
cjfa-33340	228	38	)	)	PUNCT
cjfa-33340	228	39	(	(	PUNCT
cjfa-33340	228	40	8)	8)	NUM
cjfa-33340	228	41	(	(	PUNCT
cjfa-33340	228	42	hwang	hwang	PROPN
cjfa-33340	228	43	&	&	CCONJ
cjfa-33340	228	44	salmon	salmon	PROPN
cjfa-33340	228	45	,	,	PUNCT
cjfa-33340	228	46	2004	2004	NUM
cjfa-33340	228	47	)	)	PUNCT
cjfa-33340	228	48	allow	allow	VERB
cjfa-33340	228	49	herding	herding	NOUN
cjfa-33340	228	50	(	(	PUNCT
cjfa-33340	228	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	228	52	�	�	PROPN
cjfa-33340	228	53	�	�	PROPN
cjfa-33340	228	54	)	)	PUNCT
cjfa-33340	228	55	to	to	PART
cjfa-33340	228	56	follow	follow	VERB
cjfa-33340	228	57	an	an	DET
cjfa-33340	228	58	ar	ar	NOUN
cjfa-33340	228	59	(	(	PUNCT
cjfa-33340	228	60	1	1	NUM
cjfa-33340	228	61	)	)	PUNCT
cjfa-33340	228	62	process	process	NOUN
cjfa-33340	228	63	and	and	CCONJ
cjfa-33340	228	64	the	the	DET
cjfa-33340	228	65	model	model	NOUN
cjfa-33340	228	66	becomes	become	VERB
cjfa-33340	228	67	:	:	PUNCT
cjfa-33340	228	68	log	log	NOUN
cjfa-33340	228	69	[	[	PUNCT
cjfa-33340	228	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	228	71	�	�	PROPN
cjfa-33340	228	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	228	73	�	�	PROPN
cjfa-33340	228	74	�	�	PROPN
cjfa-33340	228	75	�	�	PROPN
cjfa-33340	228	76	�	�	PROPN
cjfa-33340	228	77	)	)	PUNCT
cjfa-33340	228	78	]	]	PUNCT
cjfa-33340	229	1	=	=	PUNCT
cjfa-33340	229	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	229	3	�	�	PROPN
cjfa-33340	229	4	+	+	CCONJ
cjfa-33340	229	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	229	6	�	�	PROPN
cjfa-33340	229	7	�	�	PROPN
cjfa-33340	229	8	+	+	CCONJ
cjfa-33340	229	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	229	10	�	�	PROPN
cjfa-33340	229	11	�	�	PROPN
cjfa-33340	229	12	(	(	PUNCT
cjfa-33340	229	13	9	9	NUM
cjfa-33340	229	14	)	)	PUNCT
cjfa-33340	229	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	229	16	�	�	PROPN
cjfa-33340	229	17	�	�	PROPN
cjfa-33340	229	18	=	=	PUNCT
cjfa-33340	229	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	229	20	�	�	PROPN
cjfa-33340	229	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	229	22	�	�	PROPN
cjfa-33340	229	23	�	�	PROPN
cjfa-33340	229	24	�	�	PROPN
cjfa-33340	229	25	�	�	PROPN
cjfa-33340	229	26	�	�	PROPN
cjfa-33340	229	27	+	+	CCONJ
cjfa-33340	229	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	229	29	�	�	PROPN
cjfa-33340	229	30	�	�	PROPN
cjfa-33340	229	31	(	(	PUNCT
cjfa-33340	229	32	10	10	NUM
cjfa-33340	229	33	)	)	PUNCT
cjfa-33340	229	34	where	where	SCONJ
cjfa-33340	229	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	229	36	�	�	PROPN
cjfa-33340	229	37	�	�	NOUN
cjfa-33340	229	38	~	~	SYM
cjfa-33340	229	39	iid	iid	NOUN
cjfa-33340	229	40	(	(	PUNCT
cjfa-33340	229	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	229	42	�	�	PROPN
cjfa-33340	229	43	�	�	PROPN
cjfa-33340	229	44	�	�	PROPN
cjfa-33340	229	45	�	�	PROPN
cjfa-33340	229	46	)	)	PUNCT
cjfa-33340	229	47	.	.	PUNCT
cjfa-33340	230	1	the	the	DET
cjfa-33340	230	2	equations	equation	NOUN
cjfa-33340	230	3	(	(	PUNCT
cjfa-33340	230	4	9	9	NUM
cjfa-33340	230	5	)	)	PUNCT
cjfa-33340	230	6	and	and	CCONJ
cjfa-33340	230	7	(	(	PUNCT
cjfa-33340	230	8	10	10	NUM
cjfa-33340	230	9	)	)	PUNCT
cjfa-33340	230	10	contain	contain	VERB
cjfa-33340	230	11	herding	herd	VERB
cjfa-33340	230	12	as	as	ADP
cjfa-33340	230	13	an	an	DET
cjfa-33340	230	14	unobserved	unobserved	ADJ
cjfa-33340	230	15	component	component	NOUN
cjfa-33340	230	16	,	,	PUNCT
cjfa-33340	230	17	which	which	PRON
cjfa-33340	230	18	will	will	AUX
cjfa-33340	230	19	be	be	AUX
cjfa-33340	230	20	extracted	extract	VERB
cjfa-33340	230	21	using	use	VERB
cjfa-33340	230	22	the	the	DET
cjfa-33340	230	23	kalman	kalman	NOUN
cjfa-33340	230	24	filter	filter	NOUN
cjfa-33340	230	25	like	like	ADP
cjfa-33340	230	26	(	(	PUNCT
cjfa-33340	230	27	hwang	hwang	PROPN
cjfa-33340	230	28	&	&	CCONJ
cjfa-33340	230	29	salmon	salmon	PROPN
cjfa-33340	230	30	,	,	PUNCT
cjfa-33340	230	31	2004	2004	NUM
cjfa-33340	230	32	)	)	PUNCT
cjfa-33340	230	33	methodology	methodology	NOUN
cjfa-33340	230	34	.	.	PUNCT
cjfa-33340	231	1	the	the	DET
cjfa-33340	231	2	log	log	NOUN
cjfa-33340	231	3	[	[	PUNCT
cjfa-33340	231	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	231	5	�	�	PROPN
cjfa-33340	231	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	231	7	�	�	PROPN
cjfa-33340	231	8	�	�	PROPN
cjfa-33340	231	9	�	�	PROPN
cjfa-33340	231	10	�	�	PROPN
cjfa-33340	231	11	)	)	PUNCT
cjfa-33340	231	12	]	]	PUNCT
cjfa-33340	231	13	is	be	AUX
cjfa-33340	231	14	expected	expect	VERB
cjfa-33340	231	15	to	to	PART
cjfa-33340	231	16	change	change	VERB
cjfa-33340	231	17	with	with	ADP
cjfa-33340	231	18	herding	herding	NOUN
cjfa-33340	231	19	levels	level	NOUN
cjfa-33340	231	20	and	and	CCONJ
cjfa-33340	231	21	this	this	DET
cjfa-33340	231	22	variation	variation	NOUN
cjfa-33340	231	23	is	be	AUX
cjfa-33340	231	24	reflected	reflect	VERB
cjfa-33340	231	25	through	through	ADP
cjfa-33340	231	26	(	(	PUNCT
cjfa-33340	231	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	231	28	�	�	PROPN
cjfa-33340	231	29	�	�	PROPN
cjfa-33340	231	30	)	)	PUNCT
cjfa-33340	231	31	.	.	PUNCT
cjfa-33340	232	1	when	when	SCONJ
cjfa-33340	232	2	the	the	DET
cjfa-33340	232	3	variance	variance	NOUN
cjfa-33340	232	4	of	of	ADP
cjfa-33340	232	5	the	the	DET
cjfa-33340	232	6	error	error	NOUN
cjfa-33340	232	7	term	term	NOUN
cjfa-33340	232	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	232	9	�	�	PROPN
cjfa-33340	232	10	�	�	PROPN
cjfa-33340	232	11	(	(	PUNCT
cjfa-33340	232	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	232	13	�	�	PROPN
cjfa-33340	232	14	�	�	PROPN
cjfa-33340	232	15	�	�	PROPN
cjfa-33340	232	16	�	�	PROPN
cjfa-33340	232	17	)	)	PUNCT
cjfa-33340	232	18	is	be	AUX
cjfa-33340	232	19	statistically	statistically	ADV
cjfa-33340	232	20	significant	significant	ADJ
cjfa-33340	232	21	,	,	PUNCT
cjfa-33340	232	22	this	this	PRON
cjfa-33340	232	23	indicates	indicate	VERB
cjfa-33340	232	24	the	the	DET
cjfa-33340	232	25	presence	presence	NOUN
cjfa-33340	232	26	of	of	ADP
cjfa-33340	232	27	herding	herd	VERB
cjfa-33340	232	28	behaviour	behaviour	NOUN
cjfa-33340	232	29	among	among	ADP
cjfa-33340	232	30	investors	investor	NOUN
cjfa-33340	232	31	and	and	CCONJ
cjfa-33340	232	32	a	a	DET
cjfa-33340	232	33	statistically	statistically	ADV
cjfa-33340	232	34	significant	significant	ADJ
cjfa-33340	232	35	of	of	ADP
cjfa-33340	232	36	the	the	PRON
cjfa-33340	232	37	is	be	AUX
cjfa-33340	232	38	a	a	DET
cjfa-33340	232	39	time	time	NOUN
cjfa-33340	232	40	-	-	PUNCT
cjfa-33340	232	41	variant	variant	ADJ
cjfa-33340	232	42	latent	latent	NOUN
cjfa-33340	232	43	herding	herding	NOUN
cjfa-33340	232	44	behaviour	behaviour	NOUN
cjfa-33340	232	45	parameter	parameter	NOUN
cjfa-33340	232	46	,	,	PUNCT
cjfa-33340	232	47	of	of	ADP
cjfa-33340	232	48	the	the	DET
cjfa-33340	232	49	market	market	NOUN
cjfa-33340	232	50	excess	excess	ADJ
cjfa-33340	232	51	returns	return	NOUN
cjfa-33340	232	52	.	.	PUNCT
cjfa-33340	233	1	(	(	PUNCT
cjfa-33340	233	2	ℎ	ℎ	PROPN
cjfa-33340	233	3	�	�	PROPN
cjfa-33340	233	4	�	�	PROPN
cjfa-33340	233	5	)	)	PUNCT
cjfa-33340	233	6	is	be	AUX
cjfa-33340	233	7	a	a	DET
cjfa-33340	233	8	time	time	NOUN
cjfa-33340	233	9	-	-	PUNCT
cjfa-33340	233	10	variant	variant	ADJ
cjfa-33340	233	11	latent	latent	NOUN
cjfa-33340	233	12	herding	herding	NOUN
cjfa-33340	233	13	behaviour	behaviour	NOUN
cjfa-33340	233	14	parameter	parameter	NOUN
cjfa-33340	233	15	,	,	PUNCT
cjfa-33340	233	16	(	(	PUNCT
cjfa-33340	233	17	ℎ	ℎ	PROPN
cjfa-33340	233	18	�	�	NOUN
cjfa-33340	233	19	�	�	PROPN
cjfa-33340	233	20	)	)	PUNCT
cjfa-33340	233	21	=	=	SYM
cjfa-33340	233	22	0	0	NUM
cjfa-33340	233	23	indicates	indicate	VERB
cjfa-33340	233	24	the	the	DET
cjfa-33340	233	25	absence	absence	NOUN
cjfa-33340	233	26	of	of	ADP
cjfa-33340	233	27	herding	herd	VERB
cjfa-33340	233	28	behaviour	behaviour	NOUN
cjfa-33340	233	29	and	and	CCONJ
cjfa-33340	233	30	(	(	PUNCT
cjfa-33340	233	31	ℎ	ℎ	PROPN
cjfa-33340	233	32	�	�	PROPN
cjfa-33340	233	33	�	�	PROPN
cjfa-33340	233	34	)	)	PUNCT
cjfa-33340	233	35	=	=	SYM
cjfa-33340	233	36	1	1	NUM
cjfa-33340	233	37	indicates	indicate	VERB
cjfa-33340	233	38	the	the	DET
cjfa-33340	233	39	presence	presence	NOUN
cjfa-33340	233	40	of	of	ADP
cjfa-33340	233	41	perfect	perfect	ADJ
cjfa-33340	233	42	herding	herding	NOUN
cjfa-33340	233	43	behaviour	behaviour	NOUN
cjfa-33340	233	44	that	that	PRON
cjfa-33340	233	45	means	mean	VERB
cjfa-33340	233	46	that	that	SCONJ
cjfa-33340	233	47	all	all	DET
cjfa-33340	233	48	the	the	DET
cjfa-33340	233	49	individual	individual	ADJ
cjfa-33340	233	50	stock	stock	NOUN
cjfa-33340	233	51	returns	return	NOUN
cjfa-33340	233	52	change	change	VERB
cjfa-33340	233	53	following	follow	VERB
cjfa-33340	233	54	the	the	DET
cjfa-33340	233	55	market	market	NOUN
cjfa-33340	233	56	portfolio	portfolio	NOUN
cjfa-33340	233	57	movements	movement	NOUN
cjfa-33340	233	58	.	.	PUNCT
cjfa-33340	234	1	to	to	PART
cjfa-33340	234	2	measure	measure	VERB
cjfa-33340	234	3	herding	herd	VERB
cjfa-33340	234	4	behaviour	behaviour	NOUN
cjfa-33340	234	5	(	(	PUNCT
cjfa-33340	234	6	ℎ	ℎ	PROPN
cjfa-33340	234	7	�	�	PROPN
cjfa-33340	234	8	�	�	PROPN
cjfa-33340	234	9	)	)	PUNCT
cjfa-33340	234	10	on	on	ADP
cjfa-33340	234	11	a	a	DET
cjfa-33340	234	12	market	market	NOUN
cjfa-33340	234	13	-	-	PUNCT
cjfa-33340	234	14	wide	wide	ADJ
cjfa-33340	234	15	basis	basis	NOUN
cjfa-33340	234	16	,	,	PUNCT
cjfa-33340	234	17	the	the	DET
cjfa-33340	234	18	cross	cross	ADJ
cjfa-33340	234	19	-	-	ADJ
cjfa-33340	234	20	sectional	sectional	ADJ
cjfa-33340	234	21	dispersion	dispersion	NOUN
cjfa-33340	234	22	of	of	ADP
cjfa-33340	234	23	(	(	PUNCT
cjfa-33340	234	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	234	25	�	�	PROPN
cjfa-33340	234	26	�	�	PROPN
cjfa-33340	234	27	�	�	PROPN
cjfa-33340	234	28	�	�	PROPN
cjfa-33340	234	29	)	)	PUNCT
cjfa-33340	234	30	is	be	AUX
cjfa-33340	234	31	calculated	calculate	VERB
cjfa-33340	234	32	,	,	PUNCT
cjfa-33340	234	33	as	as	ADP
cjfa-33340	234	34	:	:	PUNCT
cjfa-33340	234	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	234	36	�	�	PROPN
cjfa-33340	234	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	234	38	�	�	PROPN
cjfa-33340	234	39	�	�	PROPN
cjfa-33340	234	40	�	�	PROPN
cjfa-33340	234	41	�	�	PROPN
cjfa-33340	234	42	)	)	PUNCT
cjfa-33340	235	1	=	=	SYM
cjfa-33340	235	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	235	3	�	�	PROPN
cjfa-33340	235	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	235	5	�	�	PROPN
cjfa-33340	235	6	�	�	PROPN
cjfa-33340	235	7	�	�	PROPN
cjfa-33340	235	8	)	)	PUNCT
cjfa-33340	235	9	(	(	PUNCT
cjfa-33340	235	10	1ℎ	1ℎ	PROPN
cjfa-33340	235	11	�	�	PROPN
cjfa-33340	235	12	�	�	PROPN
cjfa-33340	235	13	)	)	PUNCT
cjfa-33340	235	14	(	(	PUNCT
cjfa-33340	235	15	4	4	X
cjfa-33340	235	16	)	)	PUNCT
cjfa-33340	235	17	when	when	SCONJ
cjfa-33340	235	18	taking	take	VERB
cjfa-33340	235	19	the	the	DET
cjfa-33340	235	20	logarithms	logarithm	NOUN
cjfa-33340	235	21	on	on	ADP
cjfa-33340	235	22	both	both	DET
cjfa-33340	235	23	sides	side	NOUN
cjfa-33340	235	24	,	,	PUNCT
cjfa-33340	235	25	equation	equation	NOUN
cjfa-33340	235	26	(	(	PUNCT
cjfa-33340	235	27	4	4	X
cjfa-33340	235	28	)	)	PUNCT
cjfa-33340	235	29	is	be	AUX
cjfa-33340	235	30	rewritten	rewrite	VERB
cjfa-33340	235	31	as	as	SCONJ
cjfa-33340	235	32	follows	follow	VERB
cjfa-33340	235	33	:	:	PUNCT
cjfa-33340	235	34	log	log	NOUN
cjfa-33340	235	35	[	[	PUNCT
cjfa-33340	235	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	235	37	�	�	PROPN
cjfa-33340	235	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	235	39	�	�	PROPN
cjfa-33340	235	40	�	�	PROPN
cjfa-33340	235	41	�	�	PROPN
cjfa-33340	235	42	�	�	PROPN
cjfa-33340	235	43	)	)	PUNCT
cjfa-33340	235	44	]	]	PUNCT
cjfa-33340	236	1	=	=	PUNCT
cjfa-33340	236	2	log	log	NOUN
cjfa-33340	236	3	[	[	PUNCT
cjfa-33340	236	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	236	5	�	�	PROPN
cjfa-33340	236	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	236	7	�	�	PROPN
cjfa-33340	236	8	�	�	PROPN
cjfa-33340	236	9	�	�	PROPN
cjfa-33340	236	10	)	)	PUNCT
cjfa-33340	236	11	]	]	PUNCT
cjfa-33340	237	1	+	+	CCONJ
cjfa-33340	237	2	log	log	NOUN
cjfa-33340	237	3	(	(	PUNCT
cjfa-33340	237	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	237	5	�	�	PROPN
cjfa-33340	237	6	�	�	PROPN
cjfa-33340	237	7	)	)	PUNCT
cjfa-33340	237	8	(	(	PUNCT
cjfa-33340	237	9	5	5	X
cjfa-33340	237	10	)	)	PUNCT
cjfa-33340	237	11	equation	equation	NOUN
cjfa-33340	237	12	(	(	PUNCT
cjfa-33340	237	13	5	5	NUM
cjfa-33340	237	14	)	)	PUNCT
cjfa-33340	237	15	may	may	AUX
cjfa-33340	237	16	be	be	AUX
cjfa-33340	237	17	rewritten	rewrite	VERB
cjfa-33340	237	18	as	as	SCONJ
cjfa-33340	237	19	follows	follow	VERB
cjfa-33340	237	20	:	:	PUNCT
cjfa-33340	237	21	log	log	NOUN
cjfa-33340	237	22	[	[	PUNCT
cjfa-33340	237	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	237	24	�	�	PROPN
cjfa-33340	237	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	237	26	�	�	PROPN
cjfa-33340	237	27	�	�	PROPN
cjfa-33340	237	28	�	�	PROPN
cjfa-33340	237	29	�	�	PROPN
cjfa-33340	237	30	)	)	PUNCT
cjfa-33340	237	31	]	]	PUNCT
cjfa-33340	238	1	=	=	PUNCT
cjfa-33340	238	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	238	3	�	�	PROPN
cjfa-33340	238	4	+	+	CCONJ
cjfa-33340	238	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	238	6	�	�	PROPN
cjfa-33340	238	7	�	�	PROPN
cjfa-33340	238	8	+	+	CCONJ
cjfa-33340	238	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	238	10	�	�	PROPN
cjfa-33340	238	11	�	�	PROPN
cjfa-33340	238	12	(	(	PUNCT
cjfa-33340	238	13	6	6	NUM
cjfa-33340	238	14	)	)	PUNCT
cjfa-33340	238	15	where	where	SCONJ
cjfa-33340	238	16	:	:	PUNCT
cjfa-33340	238	17	log	log	VERB
cjfa-33340	238	18	[	[	PUNCT
cjfa-33340	238	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	238	20	�	�	PROPN
cjfa-33340	238	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	238	22	�	�	PROPN
cjfa-33340	238	23	�	�	PROPN
cjfa-33340	238	24	�	�	PROPN
cjfa-33340	238	25	)	)	PUNCT
cjfa-33340	238	26	]	]	PUNCT
cjfa-33340	239	1	=	=	PUNCT
cjfa-33340	239	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	239	3	�	�	PROPN
cjfa-33340	239	4	+	+	CCONJ
cjfa-33340	239	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	239	6	�	�	PROPN
cjfa-33340	239	7	�	�	PROPN
cjfa-33340	239	8	(	(	PUNCT
cjfa-33340	239	9	7	7	NUM
cjfa-33340	239	10	)	)	PUNCT
cjfa-33340	239	11	with	with	ADP
cjfa-33340	239	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	239	13	�	�	PROPN
cjfa-33340	239	14	=	=	SYM
cjfa-33340	239	15	e	e	X
cjfa-33340	240	1	[	[	X
cjfa-33340	240	2	log	log	X
cjfa-33340	240	3	[	[	PUNCT
cjfa-33340	240	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	240	5	�	�	PROPN
cjfa-33340	240	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	240	7	�	�	PROPN
cjfa-33340	240	8	�	�	PROPN
cjfa-33340	240	9	�	�	PROPN
cjfa-33340	240	10	)	)	PUNCT
cjfa-33340	240	11	]	]	PUNCT
cjfa-33340	240	12	]	]	PUNCT
cjfa-33340	240	13	and	and	CCONJ
cjfa-33340	240	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	240	15	�	�	PROPN
cjfa-33340	240	16	�	�	PROPN
cjfa-33340	240	17	~	~	PUNCT
cjfa-33340	240	18	iid	iid	NOUN
cjfa-33340	240	19	(	(	PUNCT
cjfa-33340	240	20	0	0	NUM
cjfa-33340	240	21	,	,	PUNCT
cjfa-33340	240	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	240	23	�	�	PROPN
cjfa-33340	240	24	�	�	PROPN
cjfa-33340	240	25	�	�	PROPN
cjfa-33340	240	26	�	�	PROPN
cjfa-33340	240	27	)	)	PUNCT
cjfa-33340	240	28	and	and	CCONJ
cjfa-33340	240	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	240	30	�	�	PROPN
cjfa-33340	240	31	�	�	PROPN
cjfa-33340	240	32	=	=	PUNCT
cjfa-33340	240	33	log	log	PROPN
cjfa-33340	240	34	(	(	PUNCT
cjfa-33340	240	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	240	36	�	�	PROPN
cjfa-33340	240	37	�	�	PROPN
cjfa-33340	240	38	)	)	PUNCT
cjfa-33340	240	39	(	(	PUNCT
cjfa-33340	240	40	8)	8)	NUM
cjfa-33340	240	41	(	(	PUNCT
cjfa-33340	240	42	hwang	hwang	PROPN
cjfa-33340	240	43	&	&	CCONJ
cjfa-33340	240	44	salmon	salmon	PROPN
cjfa-33340	240	45	,	,	PUNCT
cjfa-33340	240	46	2004	2004	NUM
cjfa-33340	240	47	)	)	PUNCT
cjfa-33340	240	48	allow	allow	VERB
cjfa-33340	240	49	herding	herding	NOUN
cjfa-33340	240	50	(	(	PUNCT
cjfa-33340	240	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	240	52	�	�	PROPN
cjfa-33340	240	53	�	�	PROPN
cjfa-33340	240	54	)	)	PUNCT
cjfa-33340	240	55	to	to	PART
cjfa-33340	240	56	follow	follow	VERB
cjfa-33340	240	57	an	an	DET
cjfa-33340	240	58	ar	ar	NOUN
cjfa-33340	240	59	(	(	PUNCT
cjfa-33340	240	60	1	1	NUM
cjfa-33340	240	61	)	)	PUNCT
cjfa-33340	240	62	process	process	NOUN
cjfa-33340	240	63	and	and	CCONJ
cjfa-33340	240	64	the	the	DET
cjfa-33340	240	65	model	model	NOUN
cjfa-33340	240	66	becomes	become	VERB
cjfa-33340	240	67	:	:	PUNCT
cjfa-33340	240	68	log	log	NOUN
cjfa-33340	240	69	[	[	PUNCT
cjfa-33340	240	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	240	71	�	�	PROPN
cjfa-33340	240	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	240	73	�	�	PROPN
cjfa-33340	240	74	�	�	PROPN
cjfa-33340	240	75	�	�	PROPN
cjfa-33340	240	76	�	�	PROPN
cjfa-33340	240	77	)	)	PUNCT
cjfa-33340	240	78	]	]	PUNCT
cjfa-33340	241	1	=	=	PUNCT
cjfa-33340	241	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	241	3	�	�	PROPN
cjfa-33340	241	4	+	+	CCONJ
cjfa-33340	241	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	241	6	�	�	PROPN
cjfa-33340	241	7	�	�	PROPN
cjfa-33340	241	8	+	+	CCONJ
cjfa-33340	241	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	241	10	�	�	PROPN
cjfa-33340	241	11	�	�	PROPN
cjfa-33340	241	12	(	(	PUNCT
cjfa-33340	241	13	9	9	NUM
cjfa-33340	241	14	)	)	PUNCT
cjfa-33340	241	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	241	16	�	�	PROPN
cjfa-33340	241	17	�	�	PROPN
cjfa-33340	241	18	=	=	PUNCT
cjfa-33340	241	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	241	20	�	�	PROPN
cjfa-33340	241	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	241	22	�	�	PROPN
cjfa-33340	241	23	�	�	PROPN
cjfa-33340	241	24	�	�	PROPN
cjfa-33340	241	25	�	�	PROPN
cjfa-33340	241	26	�	�	PROPN
cjfa-33340	241	27	+	+	CCONJ
cjfa-33340	241	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	241	29	�	�	PROPN
cjfa-33340	241	30	�	�	PROPN
cjfa-33340	241	31	(	(	PUNCT
cjfa-33340	241	32	10	10	NUM
cjfa-33340	241	33	)	)	PUNCT
cjfa-33340	241	34	where	where	SCONJ
cjfa-33340	241	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	241	36	�	�	PROPN
cjfa-33340	241	37	�	�	NOUN
cjfa-33340	241	38	~	~	SYM
cjfa-33340	241	39	iid	iid	NOUN
cjfa-33340	241	40	(	(	PUNCT
cjfa-33340	241	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	241	42	�	�	PROPN
cjfa-33340	241	43	�	�	PROPN
cjfa-33340	241	44	�	�	PROPN
cjfa-33340	241	45	�	�	PROPN
cjfa-33340	241	46	)	)	PUNCT
cjfa-33340	241	47	.	.	PUNCT
cjfa-33340	242	1	the	the	DET
cjfa-33340	242	2	equations	equation	NOUN
cjfa-33340	242	3	(	(	PUNCT
cjfa-33340	242	4	9	9	NUM
cjfa-33340	242	5	)	)	PUNCT
cjfa-33340	242	6	and	and	CCONJ
cjfa-33340	242	7	(	(	PUNCT
cjfa-33340	242	8	10	10	NUM
cjfa-33340	242	9	)	)	PUNCT
cjfa-33340	242	10	contain	contain	VERB
cjfa-33340	242	11	herding	herd	VERB
cjfa-33340	242	12	as	as	ADP
cjfa-33340	242	13	an	an	DET
cjfa-33340	242	14	unobserved	unobserved	ADJ
cjfa-33340	242	15	component	component	NOUN
cjfa-33340	242	16	,	,	PUNCT
cjfa-33340	242	17	which	which	PRON
cjfa-33340	242	18	will	will	AUX
cjfa-33340	242	19	be	be	AUX
cjfa-33340	242	20	extracted	extract	VERB
cjfa-33340	242	21	using	use	VERB
cjfa-33340	242	22	the	the	DET
cjfa-33340	242	23	kalman	kalman	NOUN
cjfa-33340	242	24	filter	filter	NOUN
cjfa-33340	242	25	like	like	ADP
cjfa-33340	242	26	(	(	PUNCT
cjfa-33340	242	27	hwang	hwang	PROPN
cjfa-33340	242	28	&	&	CCONJ
cjfa-33340	242	29	salmon	salmon	PROPN
cjfa-33340	242	30	,	,	PUNCT
cjfa-33340	242	31	2004	2004	NUM
cjfa-33340	242	32	)	)	PUNCT
cjfa-33340	242	33	methodology	methodology	NOUN
cjfa-33340	242	34	.	.	PUNCT
cjfa-33340	243	1	the	the	DET
cjfa-33340	243	2	log	log	NOUN
cjfa-33340	243	3	[	[	PUNCT
cjfa-33340	243	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	243	5	�	�	PROPN
cjfa-33340	243	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	243	7	�	�	PROPN
cjfa-33340	243	8	�	�	PROPN
cjfa-33340	243	9	�	�	PROPN
cjfa-33340	243	10	�	�	PROPN
cjfa-33340	243	11	)	)	PUNCT
cjfa-33340	243	12	]	]	PUNCT
cjfa-33340	243	13	is	be	AUX
cjfa-33340	243	14	expected	expect	VERB
cjfa-33340	243	15	to	to	PART
cjfa-33340	243	16	change	change	VERB
cjfa-33340	243	17	with	with	ADP
cjfa-33340	243	18	herding	herding	NOUN
cjfa-33340	243	19	levels	level	NOUN
cjfa-33340	243	20	and	and	CCONJ
cjfa-33340	243	21	this	this	DET
cjfa-33340	243	22	variation	variation	NOUN
cjfa-33340	243	23	is	be	AUX
cjfa-33340	243	24	reflected	reflect	VERB
cjfa-33340	243	25	through	through	ADP
cjfa-33340	243	26	(	(	PUNCT
cjfa-33340	243	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	243	28	�	�	PROPN
cjfa-33340	243	29	�	�	PROPN
cjfa-33340	243	30	)	)	PUNCT
cjfa-33340	243	31	.	.	PUNCT
cjfa-33340	244	1	when	when	SCONJ
cjfa-33340	244	2	the	the	DET
cjfa-33340	244	3	variance	variance	NOUN
cjfa-33340	244	4	of	of	ADP
cjfa-33340	244	5	the	the	DET
cjfa-33340	244	6	error	error	NOUN
cjfa-33340	244	7	term	term	NOUN
cjfa-33340	244	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	244	9	�	�	PROPN
cjfa-33340	244	10	�	�	PROPN
cjfa-33340	244	11	(	(	PUNCT
cjfa-33340	244	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	244	13	�	�	PROPN
cjfa-33340	244	14	�	�	PROPN
cjfa-33340	244	15	�	�	PROPN
cjfa-33340	244	16	�	�	PROPN
cjfa-33340	244	17	)	)	PUNCT
cjfa-33340	244	18	is	be	AUX
cjfa-33340	244	19	statistically	statistically	ADV
cjfa-33340	244	20	significant	significant	ADJ
cjfa-33340	244	21	,	,	PUNCT
cjfa-33340	244	22	this	this	PRON
cjfa-33340	244	23	indicates	indicate	VERB
cjfa-33340	244	24	the	the	DET
cjfa-33340	244	25	presence	presence	NOUN
cjfa-33340	244	26	of	of	ADP
cjfa-33340	244	27	herding	herd	VERB
cjfa-33340	244	28	behaviour	behaviour	NOUN
cjfa-33340	244	29	among	among	ADP
cjfa-33340	244	30	investors	investor	NOUN
cjfa-33340	244	31	and	and	CCONJ
cjfa-33340	244	32	a	a	DET
cjfa-33340	244	33	statistically	statistically	ADV
cjfa-33340	244	34	significant	significant	ADJ
cjfa-33340	244	35	of	of	ADP
cjfa-33340	244	36	the	the	DET
cjfa-33340	244	37	=	=	SYM
cjfa-33340	244	38	0	0	NUM
cjfa-33340	244	39	indicates	indicate	VERB
cjfa-33340	244	40	the	the	DET
cjfa-33340	244	41	absence	absence	NOUN
cjfa-33340	244	42	of	of	ADP
cjfa-33340	244	43	herding	herd	VERB
cjfa-33340	244	44	behaviour	behaviour	NOUN
cjfa-33340	244	45	and	and	CCONJ
cjfa-33340	244	46	of	of	ADP
cjfa-33340	244	47	the	the	DET
cjfa-33340	244	48	market	market	NOUN
cjfa-33340	244	49	excess	excess	ADJ
cjfa-33340	244	50	returns	return	NOUN
cjfa-33340	244	51	.	.	PUNCT
cjfa-33340	245	1	(	(	PUNCT
cjfa-33340	245	2	ℎ	ℎ	PROPN
cjfa-33340	245	3	�	�	PROPN
cjfa-33340	245	4	�	�	PROPN
cjfa-33340	245	5	)	)	PUNCT
cjfa-33340	245	6	is	be	AUX
cjfa-33340	245	7	a	a	DET
cjfa-33340	245	8	time	time	NOUN
cjfa-33340	245	9	-	-	PUNCT
cjfa-33340	245	10	variant	variant	ADJ
cjfa-33340	245	11	latent	latent	NOUN
cjfa-33340	245	12	herding	herding	NOUN
cjfa-33340	245	13	behaviour	behaviour	NOUN
cjfa-33340	245	14	parameter	parameter	NOUN
cjfa-33340	245	15	,	,	PUNCT
cjfa-33340	245	16	(	(	PUNCT
cjfa-33340	245	17	ℎ	ℎ	PROPN
cjfa-33340	245	18	�	�	NOUN
cjfa-33340	245	19	�	�	PROPN
cjfa-33340	245	20	)	)	PUNCT
cjfa-33340	245	21	=	=	SYM
cjfa-33340	245	22	0	0	NUM
cjfa-33340	245	23	indicates	indicate	VERB
cjfa-33340	245	24	the	the	DET
cjfa-33340	245	25	absence	absence	NOUN
cjfa-33340	245	26	of	of	ADP
cjfa-33340	245	27	herding	herd	VERB
cjfa-33340	245	28	behaviour	behaviour	NOUN
cjfa-33340	245	29	and	and	CCONJ
cjfa-33340	245	30	(	(	PUNCT
cjfa-33340	245	31	ℎ	ℎ	PROPN
cjfa-33340	245	32	�	�	PROPN
cjfa-33340	245	33	�	�	PROPN
cjfa-33340	245	34	)	)	PUNCT
cjfa-33340	245	35	=	=	SYM
cjfa-33340	245	36	1	1	NUM
cjfa-33340	245	37	indicates	indicate	VERB
cjfa-33340	245	38	the	the	DET
cjfa-33340	245	39	presence	presence	NOUN
cjfa-33340	245	40	of	of	ADP
cjfa-33340	245	41	perfect	perfect	ADJ
cjfa-33340	245	42	herding	herding	NOUN
cjfa-33340	245	43	behaviour	behaviour	NOUN
cjfa-33340	245	44	that	that	PRON
cjfa-33340	245	45	means	mean	VERB
cjfa-33340	245	46	that	that	SCONJ
cjfa-33340	245	47	all	all	DET
cjfa-33340	245	48	the	the	DET
cjfa-33340	245	49	individual	individual	ADJ
cjfa-33340	245	50	stock	stock	NOUN
cjfa-33340	245	51	returns	return	NOUN
cjfa-33340	245	52	change	change	VERB
cjfa-33340	245	53	following	follow	VERB
cjfa-33340	245	54	the	the	DET
cjfa-33340	245	55	market	market	NOUN
cjfa-33340	245	56	portfolio	portfolio	NOUN
cjfa-33340	245	57	movements	movement	NOUN
cjfa-33340	245	58	.	.	PUNCT
cjfa-33340	246	1	to	to	PART
cjfa-33340	246	2	measure	measure	VERB
cjfa-33340	246	3	herding	herd	VERB
cjfa-33340	246	4	behaviour	behaviour	NOUN
cjfa-33340	246	5	(	(	PUNCT
cjfa-33340	246	6	ℎ	ℎ	PROPN
cjfa-33340	246	7	�	�	PROPN
cjfa-33340	246	8	�	�	PROPN
cjfa-33340	246	9	)	)	PUNCT
cjfa-33340	246	10	on	on	ADP
cjfa-33340	246	11	a	a	DET
cjfa-33340	246	12	market	market	NOUN
cjfa-33340	246	13	-	-	PUNCT
cjfa-33340	246	14	wide	wide	ADJ
cjfa-33340	246	15	basis	basis	NOUN
cjfa-33340	246	16	,	,	PUNCT
cjfa-33340	246	17	the	the	DET
cjfa-33340	246	18	cross	cross	ADJ
cjfa-33340	246	19	-	-	ADJ
cjfa-33340	246	20	sectional	sectional	ADJ
cjfa-33340	246	21	dispersion	dispersion	NOUN
cjfa-33340	246	22	of	of	ADP
cjfa-33340	246	23	(	(	PUNCT
cjfa-33340	246	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	246	25	�	�	PROPN
cjfa-33340	246	26	�	�	PROPN
cjfa-33340	246	27	�	�	PROPN
cjfa-33340	246	28	�	�	PROPN
cjfa-33340	246	29	)	)	PUNCT
cjfa-33340	246	30	is	be	AUX
cjfa-33340	246	31	calculated	calculate	VERB
cjfa-33340	246	32	,	,	PUNCT
cjfa-33340	246	33	as	as	ADP
cjfa-33340	246	34	:	:	PUNCT
cjfa-33340	246	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	246	36	�	�	PROPN
cjfa-33340	246	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	246	38	�	�	PROPN
cjfa-33340	246	39	�	�	PROPN
cjfa-33340	246	40	�	�	PROPN
cjfa-33340	246	41	�	�	PROPN
cjfa-33340	246	42	)	)	PUNCT
cjfa-33340	247	1	=	=	SYM
cjfa-33340	247	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	247	3	�	�	PROPN
cjfa-33340	247	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	247	5	�	�	PROPN
cjfa-33340	247	6	�	�	PROPN
cjfa-33340	247	7	�	�	PROPN
cjfa-33340	247	8	)	)	PUNCT
cjfa-33340	247	9	(	(	PUNCT
cjfa-33340	247	10	1ℎ	1ℎ	PROPN
cjfa-33340	247	11	�	�	PROPN
cjfa-33340	247	12	�	�	PROPN
cjfa-33340	247	13	)	)	PUNCT
cjfa-33340	247	14	(	(	PUNCT
cjfa-33340	247	15	4	4	X
cjfa-33340	247	16	)	)	PUNCT
cjfa-33340	247	17	when	when	SCONJ
cjfa-33340	247	18	taking	take	VERB
cjfa-33340	247	19	the	the	DET
cjfa-33340	247	20	logarithms	logarithm	NOUN
cjfa-33340	247	21	on	on	ADP
cjfa-33340	247	22	both	both	DET
cjfa-33340	247	23	sides	side	NOUN
cjfa-33340	247	24	,	,	PUNCT
cjfa-33340	247	25	equation	equation	NOUN
cjfa-33340	247	26	(	(	PUNCT
cjfa-33340	247	27	4	4	X
cjfa-33340	247	28	)	)	PUNCT
cjfa-33340	247	29	is	be	AUX
cjfa-33340	247	30	rewritten	rewrite	VERB
cjfa-33340	247	31	as	as	SCONJ
cjfa-33340	247	32	follows	follow	VERB
cjfa-33340	247	33	:	:	PUNCT
cjfa-33340	247	34	log	log	NOUN
cjfa-33340	247	35	[	[	PUNCT
cjfa-33340	247	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	247	37	�	�	PROPN
cjfa-33340	247	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	247	39	�	�	PROPN
cjfa-33340	247	40	�	�	PROPN
cjfa-33340	247	41	�	�	PROPN
cjfa-33340	247	42	�	�	PROPN
cjfa-33340	247	43	)	)	PUNCT
cjfa-33340	247	44	]	]	PUNCT
cjfa-33340	248	1	=	=	PUNCT
cjfa-33340	248	2	log	log	NOUN
cjfa-33340	248	3	[	[	PUNCT
cjfa-33340	248	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	248	5	�	�	PROPN
cjfa-33340	248	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	248	7	�	�	PROPN
cjfa-33340	248	8	�	�	PROPN
cjfa-33340	248	9	�	�	PROPN
cjfa-33340	248	10	)	)	PUNCT
cjfa-33340	248	11	]	]	PUNCT
cjfa-33340	249	1	+	+	CCONJ
cjfa-33340	249	2	log	log	NOUN
cjfa-33340	249	3	(	(	PUNCT
cjfa-33340	249	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	249	5	�	�	PROPN
cjfa-33340	249	6	�	�	PROPN
cjfa-33340	249	7	)	)	PUNCT
cjfa-33340	249	8	(	(	PUNCT
cjfa-33340	249	9	5	5	X
cjfa-33340	249	10	)	)	PUNCT
cjfa-33340	249	11	equation	equation	NOUN
cjfa-33340	249	12	(	(	PUNCT
cjfa-33340	249	13	5	5	NUM
cjfa-33340	249	14	)	)	PUNCT
cjfa-33340	249	15	may	may	AUX
cjfa-33340	249	16	be	be	AUX
cjfa-33340	249	17	rewritten	rewrite	VERB
cjfa-33340	249	18	as	as	SCONJ
cjfa-33340	249	19	follows	follow	VERB
cjfa-33340	249	20	:	:	PUNCT
cjfa-33340	249	21	log	log	NOUN
cjfa-33340	249	22	[	[	PUNCT
cjfa-33340	249	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	249	24	�	�	PROPN
cjfa-33340	249	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	249	26	�	�	PROPN
cjfa-33340	249	27	�	�	PROPN
cjfa-33340	249	28	�	�	PROPN
cjfa-33340	249	29	�	�	PROPN
cjfa-33340	249	30	)	)	PUNCT
cjfa-33340	249	31	]	]	PUNCT
cjfa-33340	250	1	=	=	PUNCT
cjfa-33340	250	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	250	3	�	�	PROPN
cjfa-33340	250	4	+	+	CCONJ
cjfa-33340	250	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	250	6	�	�	PROPN
cjfa-33340	250	7	�	�	PROPN
cjfa-33340	250	8	+	+	CCONJ
cjfa-33340	250	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	250	10	�	�	PROPN
cjfa-33340	250	11	�	�	PROPN
cjfa-33340	250	12	(	(	PUNCT
cjfa-33340	250	13	6	6	NUM
cjfa-33340	250	14	)	)	PUNCT
cjfa-33340	250	15	where	where	SCONJ
cjfa-33340	250	16	:	:	PUNCT
cjfa-33340	250	17	log	log	VERB
cjfa-33340	250	18	[	[	PUNCT
cjfa-33340	250	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	250	20	�	�	PROPN
cjfa-33340	250	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	250	22	�	�	PROPN
cjfa-33340	250	23	�	�	PROPN
cjfa-33340	250	24	�	�	PROPN
cjfa-33340	250	25	)	)	PUNCT
cjfa-33340	250	26	]	]	PUNCT
cjfa-33340	251	1	=	=	PUNCT
cjfa-33340	251	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	251	3	�	�	PROPN
cjfa-33340	251	4	+	+	CCONJ
cjfa-33340	251	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	251	6	�	�	PROPN
cjfa-33340	251	7	�	�	PROPN
cjfa-33340	251	8	(	(	PUNCT
cjfa-33340	251	9	7	7	NUM
cjfa-33340	251	10	)	)	PUNCT
cjfa-33340	251	11	with	with	ADP
cjfa-33340	251	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	251	13	�	�	PROPN
cjfa-33340	251	14	=	=	SYM
cjfa-33340	251	15	e	e	X
cjfa-33340	252	1	[	[	X
cjfa-33340	252	2	log	log	X
cjfa-33340	252	3	[	[	PUNCT
cjfa-33340	252	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	252	5	�	�	PROPN
cjfa-33340	252	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	252	7	�	�	PROPN
cjfa-33340	252	8	�	�	PROPN
cjfa-33340	252	9	�	�	PROPN
cjfa-33340	252	10	)	)	PUNCT
cjfa-33340	252	11	]	]	PUNCT
cjfa-33340	252	12	]	]	PUNCT
cjfa-33340	252	13	and	and	CCONJ
cjfa-33340	252	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	252	15	�	�	PROPN
cjfa-33340	252	16	�	�	PROPN
cjfa-33340	252	17	~	~	PUNCT
cjfa-33340	252	18	iid	iid	NOUN
cjfa-33340	252	19	(	(	PUNCT
cjfa-33340	252	20	0	0	NUM
cjfa-33340	252	21	,	,	PUNCT
cjfa-33340	252	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	252	23	�	�	PROPN
cjfa-33340	252	24	�	�	PROPN
cjfa-33340	252	25	�	�	PROPN
cjfa-33340	252	26	�	�	PROPN
cjfa-33340	252	27	)	)	PUNCT
cjfa-33340	252	28	and	and	CCONJ
cjfa-33340	252	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	252	30	�	�	PROPN
cjfa-33340	252	31	�	�	PROPN
cjfa-33340	252	32	=	=	PUNCT
cjfa-33340	252	33	log	log	PROPN
cjfa-33340	252	34	(	(	PUNCT
cjfa-33340	252	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	252	36	�	�	PROPN
cjfa-33340	252	37	�	�	PROPN
cjfa-33340	252	38	)	)	PUNCT
cjfa-33340	252	39	(	(	PUNCT
cjfa-33340	252	40	8)	8)	NUM
cjfa-33340	252	41	(	(	PUNCT
cjfa-33340	252	42	hwang	hwang	PROPN
cjfa-33340	252	43	&	&	CCONJ
cjfa-33340	252	44	salmon	salmon	PROPN
cjfa-33340	252	45	,	,	PUNCT
cjfa-33340	252	46	2004	2004	NUM
cjfa-33340	252	47	)	)	PUNCT
cjfa-33340	252	48	allow	allow	VERB
cjfa-33340	252	49	herding	herding	NOUN
cjfa-33340	252	50	(	(	PUNCT
cjfa-33340	252	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	252	52	�	�	PROPN
cjfa-33340	252	53	�	�	PROPN
cjfa-33340	252	54	)	)	PUNCT
cjfa-33340	252	55	to	to	PART
cjfa-33340	252	56	follow	follow	VERB
cjfa-33340	252	57	an	an	DET
cjfa-33340	252	58	ar	ar	NOUN
cjfa-33340	252	59	(	(	PUNCT
cjfa-33340	252	60	1	1	NUM
cjfa-33340	252	61	)	)	PUNCT
cjfa-33340	252	62	process	process	NOUN
cjfa-33340	252	63	and	and	CCONJ
cjfa-33340	252	64	the	the	DET
cjfa-33340	252	65	model	model	NOUN
cjfa-33340	252	66	becomes	become	VERB
cjfa-33340	252	67	:	:	PUNCT
cjfa-33340	252	68	log	log	NOUN
cjfa-33340	252	69	[	[	PUNCT
cjfa-33340	252	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	252	71	�	�	PROPN
cjfa-33340	252	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	252	73	�	�	PROPN
cjfa-33340	252	74	�	�	PROPN
cjfa-33340	252	75	�	�	PROPN
cjfa-33340	252	76	�	�	PROPN
cjfa-33340	252	77	)	)	PUNCT
cjfa-33340	252	78	]	]	PUNCT
cjfa-33340	253	1	=	=	PUNCT
cjfa-33340	253	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	253	3	�	�	PROPN
cjfa-33340	253	4	+	+	CCONJ
cjfa-33340	253	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	253	6	�	�	PROPN
cjfa-33340	253	7	�	�	PROPN
cjfa-33340	253	8	+	+	CCONJ
cjfa-33340	253	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	253	10	�	�	PROPN
cjfa-33340	253	11	�	�	PROPN
cjfa-33340	253	12	(	(	PUNCT
cjfa-33340	253	13	9	9	NUM
cjfa-33340	253	14	)	)	PUNCT
cjfa-33340	253	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	253	16	�	�	PROPN
cjfa-33340	253	17	�	�	PROPN
cjfa-33340	253	18	=	=	PUNCT
cjfa-33340	253	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	253	20	�	�	PROPN
cjfa-33340	253	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	253	22	�	�	PROPN
cjfa-33340	253	23	�	�	PROPN
cjfa-33340	253	24	�	�	PROPN
cjfa-33340	253	25	�	�	PROPN
cjfa-33340	253	26	�	�	PROPN
cjfa-33340	253	27	+	+	CCONJ
cjfa-33340	253	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	253	29	�	�	PROPN
cjfa-33340	253	30	�	�	PROPN
cjfa-33340	253	31	(	(	PUNCT
cjfa-33340	253	32	10	10	NUM
cjfa-33340	253	33	)	)	PUNCT
cjfa-33340	253	34	where	where	SCONJ
cjfa-33340	253	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	253	36	�	�	PROPN
cjfa-33340	253	37	�	�	NOUN
cjfa-33340	253	38	~	~	SYM
cjfa-33340	253	39	iid	iid	NOUN
cjfa-33340	253	40	(	(	PUNCT
cjfa-33340	253	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	253	42	�	�	PROPN
cjfa-33340	253	43	�	�	PROPN
cjfa-33340	253	44	�	�	PROPN
cjfa-33340	253	45	�	�	PROPN
cjfa-33340	253	46	)	)	PUNCT
cjfa-33340	253	47	.	.	PUNCT
cjfa-33340	254	1	the	the	DET
cjfa-33340	254	2	equations	equation	NOUN
cjfa-33340	254	3	(	(	PUNCT
cjfa-33340	254	4	9	9	NUM
cjfa-33340	254	5	)	)	PUNCT
cjfa-33340	254	6	and	and	CCONJ
cjfa-33340	254	7	(	(	PUNCT
cjfa-33340	254	8	10	10	NUM
cjfa-33340	254	9	)	)	PUNCT
cjfa-33340	254	10	contain	contain	VERB
cjfa-33340	254	11	herding	herd	VERB
cjfa-33340	254	12	as	as	ADP
cjfa-33340	254	13	an	an	DET
cjfa-33340	254	14	unobserved	unobserved	ADJ
cjfa-33340	254	15	component	component	NOUN
cjfa-33340	254	16	,	,	PUNCT
cjfa-33340	254	17	which	which	PRON
cjfa-33340	254	18	will	will	AUX
cjfa-33340	254	19	be	be	AUX
cjfa-33340	254	20	extracted	extract	VERB
cjfa-33340	254	21	using	use	VERB
cjfa-33340	254	22	the	the	DET
cjfa-33340	254	23	kalman	kalman	NOUN
cjfa-33340	254	24	filter	filter	NOUN
cjfa-33340	254	25	like	like	ADP
cjfa-33340	254	26	(	(	PUNCT
cjfa-33340	254	27	hwang	hwang	PROPN
cjfa-33340	254	28	&	&	CCONJ
cjfa-33340	254	29	salmon	salmon	PROPN
cjfa-33340	254	30	,	,	PUNCT
cjfa-33340	254	31	2004	2004	NUM
cjfa-33340	254	32	)	)	PUNCT
cjfa-33340	254	33	methodology	methodology	NOUN
cjfa-33340	254	34	.	.	PUNCT
cjfa-33340	255	1	the	the	DET
cjfa-33340	255	2	log	log	NOUN
cjfa-33340	255	3	[	[	PUNCT
cjfa-33340	255	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	255	5	�	�	PROPN
cjfa-33340	255	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	255	7	�	�	PROPN
cjfa-33340	255	8	�	�	PROPN
cjfa-33340	255	9	�	�	PROPN
cjfa-33340	255	10	�	�	PROPN
cjfa-33340	255	11	)	)	PUNCT
cjfa-33340	255	12	]	]	PUNCT
cjfa-33340	255	13	is	be	AUX
cjfa-33340	255	14	expected	expect	VERB
cjfa-33340	255	15	to	to	PART
cjfa-33340	255	16	change	change	VERB
cjfa-33340	255	17	with	with	ADP
cjfa-33340	255	18	herding	herding	NOUN
cjfa-33340	255	19	levels	level	NOUN
cjfa-33340	255	20	and	and	CCONJ
cjfa-33340	255	21	this	this	DET
cjfa-33340	255	22	variation	variation	NOUN
cjfa-33340	255	23	is	be	AUX
cjfa-33340	255	24	reflected	reflect	VERB
cjfa-33340	255	25	through	through	ADP
cjfa-33340	255	26	(	(	PUNCT
cjfa-33340	255	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	255	28	�	�	PROPN
cjfa-33340	255	29	�	�	PROPN
cjfa-33340	255	30	)	)	PUNCT
cjfa-33340	255	31	.	.	PUNCT
cjfa-33340	256	1	when	when	SCONJ
cjfa-33340	256	2	the	the	DET
cjfa-33340	256	3	variance	variance	NOUN
cjfa-33340	256	4	of	of	ADP
cjfa-33340	256	5	the	the	DET
cjfa-33340	256	6	error	error	NOUN
cjfa-33340	256	7	term	term	NOUN
cjfa-33340	256	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	256	9	�	�	PROPN
cjfa-33340	256	10	�	�	PROPN
cjfa-33340	256	11	(	(	PUNCT
cjfa-33340	256	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	256	13	�	�	PROPN
cjfa-33340	256	14	�	�	PROPN
cjfa-33340	256	15	�	�	PROPN
cjfa-33340	256	16	�	�	PROPN
cjfa-33340	256	17	)	)	PUNCT
cjfa-33340	256	18	is	be	AUX
cjfa-33340	256	19	statistically	statistically	ADV
cjfa-33340	256	20	significant	significant	ADJ
cjfa-33340	256	21	,	,	PUNCT
cjfa-33340	256	22	this	this	PRON
cjfa-33340	256	23	indicates	indicate	VERB
cjfa-33340	256	24	the	the	DET
cjfa-33340	256	25	presence	presence	NOUN
cjfa-33340	256	26	of	of	ADP
cjfa-33340	256	27	herding	herd	VERB
cjfa-33340	256	28	behaviour	behaviour	NOUN
cjfa-33340	256	29	among	among	ADP
cjfa-33340	256	30	investors	investor	NOUN
cjfa-33340	256	31	and	and	CCONJ
cjfa-33340	256	32	a	a	DET
cjfa-33340	256	33	statistically	statistically	ADV
cjfa-33340	256	34	significant	significant	ADJ
cjfa-33340	256	35	of	of	ADP
cjfa-33340	256	36	the	the	DET
cjfa-33340	256	37	=	=	SYM
cjfa-33340	256	38	1	1	NUM
cjfa-33340	256	39	indicates	indicate	VERB
cjfa-33340	256	40	the	the	DET
cjfa-33340	256	41	presence	presence	NOUN
cjfa-33340	256	42	of	of	ADP
cjfa-33340	256	43	perfect	perfect	ADJ
cjfa-33340	256	44	herding	herding	NOUN
cjfa-33340	256	45	behaviour	behaviour	NOUN
cjfa-33340	256	46	that	that	PRON
cjfa-33340	256	47	means	mean	VERB
cjfa-33340	256	48	that	that	SCONJ
cjfa-33340	256	49	all	all	DET
cjfa-33340	256	50	the	the	DET
cjfa-33340	256	51	individual	individual	ADJ
cjfa-33340	256	52	stock	stock	NOUN
cjfa-33340	256	53	returns	return	NOUN
cjfa-33340	256	54	change	change	VERB
cjfa-33340	256	55	following	follow	VERB
cjfa-33340	256	56	the	the	DET
cjfa-33340	256	57	market	market	NOUN
cjfa-33340	256	58	portfolio	portfolio	NOUN
cjfa-33340	256	59	movements	movement	NOUN
cjfa-33340	256	60	.	.	PUNCT
cjfa-33340	257	1	to	to	PART
cjfa-33340	257	2	measure	measure	VERB
cjfa-33340	257	3	herding	herd	VERB
cjfa-33340	257	4	behaviour	behaviour	NOUN
cjfa-33340	257	5	of	of	ADP
cjfa-33340	257	6	the	the	DET
cjfa-33340	257	7	market	market	NOUN
cjfa-33340	257	8	excess	excess	ADJ
cjfa-33340	257	9	returns	return	NOUN
cjfa-33340	257	10	.	.	PUNCT
cjfa-33340	258	1	(	(	PUNCT
cjfa-33340	258	2	ℎ	ℎ	PROPN
cjfa-33340	258	3	�	�	PROPN
cjfa-33340	258	4	�	�	PROPN
cjfa-33340	258	5	)	)	PUNCT
cjfa-33340	258	6	is	be	AUX
cjfa-33340	258	7	a	a	DET
cjfa-33340	258	8	time	time	NOUN
cjfa-33340	258	9	-	-	PUNCT
cjfa-33340	258	10	variant	variant	ADJ
cjfa-33340	258	11	latent	latent	NOUN
cjfa-33340	258	12	herding	herding	NOUN
cjfa-33340	258	13	behaviour	behaviour	NOUN
cjfa-33340	258	14	parameter	parameter	NOUN
cjfa-33340	258	15	,	,	PUNCT
cjfa-33340	258	16	(	(	PUNCT
cjfa-33340	258	17	ℎ	ℎ	PROPN
cjfa-33340	258	18	�	�	NOUN
cjfa-33340	258	19	�	�	PROPN
cjfa-33340	258	20	)	)	PUNCT
cjfa-33340	258	21	=	=	SYM
cjfa-33340	258	22	0	0	NUM
cjfa-33340	258	23	indicates	indicate	VERB
cjfa-33340	258	24	the	the	DET
cjfa-33340	258	25	absence	absence	NOUN
cjfa-33340	258	26	of	of	ADP
cjfa-33340	258	27	herding	herd	VERB
cjfa-33340	258	28	behaviour	behaviour	NOUN
cjfa-33340	258	29	and	and	CCONJ
cjfa-33340	258	30	(	(	PUNCT
cjfa-33340	258	31	ℎ	ℎ	PROPN
cjfa-33340	258	32	�	�	PROPN
cjfa-33340	258	33	�	�	PROPN
cjfa-33340	258	34	)	)	PUNCT
cjfa-33340	258	35	=	=	SYM
cjfa-33340	258	36	1	1	NUM
cjfa-33340	258	37	indicates	indicate	VERB
cjfa-33340	258	38	the	the	DET
cjfa-33340	258	39	presence	presence	NOUN
cjfa-33340	258	40	of	of	ADP
cjfa-33340	258	41	perfect	perfect	ADJ
cjfa-33340	258	42	herding	herding	NOUN
cjfa-33340	258	43	behaviour	behaviour	NOUN
cjfa-33340	258	44	that	that	PRON
cjfa-33340	258	45	means	mean	VERB
cjfa-33340	258	46	that	that	SCONJ
cjfa-33340	258	47	all	all	DET
cjfa-33340	258	48	the	the	DET
cjfa-33340	258	49	individual	individual	ADJ
cjfa-33340	258	50	stock	stock	NOUN
cjfa-33340	258	51	returns	return	NOUN
cjfa-33340	258	52	change	change	VERB
cjfa-33340	258	53	following	follow	VERB
cjfa-33340	258	54	the	the	DET
cjfa-33340	258	55	market	market	NOUN
cjfa-33340	258	56	portfolio	portfolio	NOUN
cjfa-33340	258	57	movements	movement	NOUN
cjfa-33340	258	58	.	.	PUNCT
cjfa-33340	259	1	to	to	PART
cjfa-33340	259	2	measure	measure	VERB
cjfa-33340	259	3	herding	herd	VERB
cjfa-33340	259	4	behaviour	behaviour	NOUN
cjfa-33340	259	5	(	(	PUNCT
cjfa-33340	259	6	ℎ	ℎ	PROPN
cjfa-33340	259	7	�	�	PROPN
cjfa-33340	259	8	�	�	PROPN
cjfa-33340	259	9	)	)	PUNCT
cjfa-33340	259	10	on	on	ADP
cjfa-33340	259	11	a	a	DET
cjfa-33340	259	12	market	market	NOUN
cjfa-33340	259	13	-	-	PUNCT
cjfa-33340	259	14	wide	wide	ADJ
cjfa-33340	259	15	basis	basis	NOUN
cjfa-33340	259	16	,	,	PUNCT
cjfa-33340	259	17	the	the	DET
cjfa-33340	259	18	cross	cross	ADJ
cjfa-33340	259	19	-	-	ADJ
cjfa-33340	259	20	sectional	sectional	ADJ
cjfa-33340	259	21	dispersion	dispersion	NOUN
cjfa-33340	259	22	of	of	ADP
cjfa-33340	259	23	(	(	PUNCT
cjfa-33340	259	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	259	25	�	�	PROPN
cjfa-33340	259	26	�	�	PROPN
cjfa-33340	259	27	�	�	PROPN
cjfa-33340	259	28	�	�	PROPN
cjfa-33340	259	29	)	)	PUNCT
cjfa-33340	259	30	is	be	AUX
cjfa-33340	259	31	calculated	calculate	VERB
cjfa-33340	259	32	,	,	PUNCT
cjfa-33340	259	33	as	as	ADP
cjfa-33340	259	34	:	:	PUNCT
cjfa-33340	259	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	259	36	�	�	PROPN
cjfa-33340	259	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	259	38	�	�	PROPN
cjfa-33340	259	39	�	�	PROPN
cjfa-33340	259	40	�	�	PROPN
cjfa-33340	259	41	�	�	PROPN
cjfa-33340	259	42	)	)	PUNCT
cjfa-33340	260	1	=	=	SYM
cjfa-33340	260	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	260	3	�	�	PROPN
cjfa-33340	260	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	260	5	�	�	PROPN
cjfa-33340	260	6	�	�	PROPN
cjfa-33340	260	7	�	�	PROPN
cjfa-33340	260	8	)	)	PUNCT
cjfa-33340	260	9	(	(	PUNCT
cjfa-33340	260	10	1ℎ	1ℎ	PROPN
cjfa-33340	260	11	�	�	PROPN
cjfa-33340	260	12	�	�	PROPN
cjfa-33340	260	13	)	)	PUNCT
cjfa-33340	260	14	(	(	PUNCT
cjfa-33340	260	15	4	4	X
cjfa-33340	260	16	)	)	PUNCT
cjfa-33340	260	17	when	when	SCONJ
cjfa-33340	260	18	taking	take	VERB
cjfa-33340	260	19	the	the	DET
cjfa-33340	260	20	logarithms	logarithm	NOUN
cjfa-33340	260	21	on	on	ADP
cjfa-33340	260	22	both	both	DET
cjfa-33340	260	23	sides	side	NOUN
cjfa-33340	260	24	,	,	PUNCT
cjfa-33340	260	25	equation	equation	NOUN
cjfa-33340	260	26	(	(	PUNCT
cjfa-33340	260	27	4	4	X
cjfa-33340	260	28	)	)	PUNCT
cjfa-33340	260	29	is	be	AUX
cjfa-33340	260	30	rewritten	rewrite	VERB
cjfa-33340	260	31	as	as	SCONJ
cjfa-33340	260	32	follows	follow	VERB
cjfa-33340	260	33	:	:	PUNCT
cjfa-33340	260	34	log	log	NOUN
cjfa-33340	260	35	[	[	PUNCT
cjfa-33340	260	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	260	37	�	�	PROPN
cjfa-33340	260	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	260	39	�	�	PROPN
cjfa-33340	260	40	�	�	PROPN
cjfa-33340	260	41	�	�	PROPN
cjfa-33340	260	42	�	�	PROPN
cjfa-33340	260	43	)	)	PUNCT
cjfa-33340	260	44	]	]	PUNCT
cjfa-33340	261	1	=	=	PUNCT
cjfa-33340	261	2	log	log	NOUN
cjfa-33340	261	3	[	[	PUNCT
cjfa-33340	261	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	261	5	�	�	PROPN
cjfa-33340	261	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	261	7	�	�	PROPN
cjfa-33340	261	8	�	�	PROPN
cjfa-33340	261	9	�	�	PROPN
cjfa-33340	261	10	)	)	PUNCT
cjfa-33340	261	11	]	]	PUNCT
cjfa-33340	262	1	+	+	CCONJ
cjfa-33340	262	2	log	log	NOUN
cjfa-33340	262	3	(	(	PUNCT
cjfa-33340	262	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	262	5	�	�	PROPN
cjfa-33340	262	6	�	�	PROPN
cjfa-33340	262	7	)	)	PUNCT
cjfa-33340	262	8	(	(	PUNCT
cjfa-33340	262	9	5	5	X
cjfa-33340	262	10	)	)	PUNCT
cjfa-33340	262	11	equation	equation	NOUN
cjfa-33340	262	12	(	(	PUNCT
cjfa-33340	262	13	5	5	NUM
cjfa-33340	262	14	)	)	PUNCT
cjfa-33340	262	15	may	may	AUX
cjfa-33340	262	16	be	be	AUX
cjfa-33340	262	17	rewritten	rewrite	VERB
cjfa-33340	262	18	as	as	SCONJ
cjfa-33340	262	19	follows	follow	VERB
cjfa-33340	262	20	:	:	PUNCT
cjfa-33340	262	21	log	log	NOUN
cjfa-33340	262	22	[	[	PUNCT
cjfa-33340	262	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	262	24	�	�	PROPN
cjfa-33340	262	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	262	26	�	�	PROPN
cjfa-33340	262	27	�	�	PROPN
cjfa-33340	262	28	�	�	PROPN
cjfa-33340	262	29	�	�	PROPN
cjfa-33340	262	30	)	)	PUNCT
cjfa-33340	262	31	]	]	PUNCT
cjfa-33340	263	1	=	=	PUNCT
cjfa-33340	263	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	263	3	�	�	PROPN
cjfa-33340	263	4	+	+	CCONJ
cjfa-33340	263	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	263	6	�	�	PROPN
cjfa-33340	263	7	�	�	PROPN
cjfa-33340	263	8	+	+	CCONJ
cjfa-33340	263	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	263	10	�	�	PROPN
cjfa-33340	263	11	�	�	PROPN
cjfa-33340	263	12	(	(	PUNCT
cjfa-33340	263	13	6	6	NUM
cjfa-33340	263	14	)	)	PUNCT
cjfa-33340	263	15	where	where	SCONJ
cjfa-33340	263	16	:	:	PUNCT
cjfa-33340	263	17	log	log	VERB
cjfa-33340	263	18	[	[	PUNCT
cjfa-33340	263	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	263	20	�	�	PROPN
cjfa-33340	263	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	263	22	�	�	PROPN
cjfa-33340	263	23	�	�	PROPN
cjfa-33340	263	24	�	�	PROPN
cjfa-33340	263	25	)	)	PUNCT
cjfa-33340	263	26	]	]	PUNCT
cjfa-33340	264	1	=	=	PUNCT
cjfa-33340	264	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	264	3	�	�	PROPN
cjfa-33340	264	4	+	+	CCONJ
cjfa-33340	264	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	264	6	�	�	PROPN
cjfa-33340	264	7	�	�	PROPN
cjfa-33340	264	8	(	(	PUNCT
cjfa-33340	264	9	7	7	NUM
cjfa-33340	264	10	)	)	PUNCT
cjfa-33340	264	11	with	with	ADP
cjfa-33340	264	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	264	13	�	�	PROPN
cjfa-33340	264	14	=	=	SYM
cjfa-33340	264	15	e	e	X
cjfa-33340	265	1	[	[	X
cjfa-33340	265	2	log	log	X
cjfa-33340	265	3	[	[	PUNCT
cjfa-33340	265	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	265	5	�	�	PROPN
cjfa-33340	265	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	265	7	�	�	PROPN
cjfa-33340	265	8	�	�	PROPN
cjfa-33340	265	9	�	�	PROPN
cjfa-33340	265	10	)	)	PUNCT
cjfa-33340	265	11	]	]	PUNCT
cjfa-33340	265	12	]	]	PUNCT
cjfa-33340	265	13	and	and	CCONJ
cjfa-33340	265	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	265	15	�	�	PROPN
cjfa-33340	265	16	�	�	PROPN
cjfa-33340	265	17	~	~	PUNCT
cjfa-33340	265	18	iid	iid	NOUN
cjfa-33340	265	19	(	(	PUNCT
cjfa-33340	265	20	0	0	NUM
cjfa-33340	265	21	,	,	PUNCT
cjfa-33340	265	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	265	23	�	�	PROPN
cjfa-33340	265	24	�	�	PROPN
cjfa-33340	265	25	�	�	PROPN
cjfa-33340	265	26	�	�	PROPN
cjfa-33340	265	27	)	)	PUNCT
cjfa-33340	265	28	and	and	CCONJ
cjfa-33340	265	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	265	30	�	�	PROPN
cjfa-33340	265	31	�	�	PROPN
cjfa-33340	265	32	=	=	PUNCT
cjfa-33340	265	33	log	log	PROPN
cjfa-33340	265	34	(	(	PUNCT
cjfa-33340	265	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	265	36	�	�	PROPN
cjfa-33340	265	37	�	�	PROPN
cjfa-33340	265	38	)	)	PUNCT
cjfa-33340	265	39	(	(	PUNCT
cjfa-33340	265	40	8)	8)	NUM
cjfa-33340	265	41	(	(	PUNCT
cjfa-33340	265	42	hwang	hwang	PROPN
cjfa-33340	265	43	&	&	CCONJ
cjfa-33340	265	44	salmon	salmon	PROPN
cjfa-33340	265	45	,	,	PUNCT
cjfa-33340	265	46	2004	2004	NUM
cjfa-33340	265	47	)	)	PUNCT
cjfa-33340	265	48	allow	allow	VERB
cjfa-33340	265	49	herding	herding	NOUN
cjfa-33340	265	50	(	(	PUNCT
cjfa-33340	265	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	265	52	�	�	PROPN
cjfa-33340	265	53	�	�	PROPN
cjfa-33340	265	54	)	)	PUNCT
cjfa-33340	265	55	to	to	PART
cjfa-33340	265	56	follow	follow	VERB
cjfa-33340	265	57	an	an	DET
cjfa-33340	265	58	ar	ar	NOUN
cjfa-33340	265	59	(	(	PUNCT
cjfa-33340	265	60	1	1	NUM
cjfa-33340	265	61	)	)	PUNCT
cjfa-33340	265	62	process	process	NOUN
cjfa-33340	265	63	and	and	CCONJ
cjfa-33340	265	64	the	the	DET
cjfa-33340	265	65	model	model	NOUN
cjfa-33340	265	66	becomes	become	VERB
cjfa-33340	265	67	:	:	PUNCT
cjfa-33340	265	68	log	log	NOUN
cjfa-33340	265	69	[	[	PUNCT
cjfa-33340	265	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	265	71	�	�	PROPN
cjfa-33340	265	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	265	73	�	�	PROPN
cjfa-33340	265	74	�	�	PROPN
cjfa-33340	265	75	�	�	PROPN
cjfa-33340	265	76	�	�	PROPN
cjfa-33340	265	77	)	)	PUNCT
cjfa-33340	265	78	]	]	PUNCT
cjfa-33340	266	1	=	=	PUNCT
cjfa-33340	266	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	266	3	�	�	PROPN
cjfa-33340	266	4	+	+	CCONJ
cjfa-33340	266	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	266	6	�	�	PROPN
cjfa-33340	266	7	�	�	PROPN
cjfa-33340	266	8	+	+	CCONJ
cjfa-33340	266	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	266	10	�	�	PROPN
cjfa-33340	266	11	�	�	PROPN
cjfa-33340	266	12	(	(	PUNCT
cjfa-33340	266	13	9	9	NUM
cjfa-33340	266	14	)	)	PUNCT
cjfa-33340	266	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	266	16	�	�	PROPN
cjfa-33340	266	17	�	�	PROPN
cjfa-33340	266	18	=	=	PUNCT
cjfa-33340	266	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	266	20	�	�	PROPN
cjfa-33340	266	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	266	22	�	�	PROPN
cjfa-33340	266	23	�	�	PROPN
cjfa-33340	266	24	�	�	PROPN
cjfa-33340	266	25	�	�	PROPN
cjfa-33340	266	26	�	�	PROPN
cjfa-33340	266	27	+	+	CCONJ
cjfa-33340	266	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	266	29	�	�	PROPN
cjfa-33340	266	30	�	�	PROPN
cjfa-33340	266	31	(	(	PUNCT
cjfa-33340	266	32	10	10	NUM
cjfa-33340	266	33	)	)	PUNCT
cjfa-33340	266	34	where	where	SCONJ
cjfa-33340	266	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	266	36	�	�	PROPN
cjfa-33340	266	37	�	�	NOUN
cjfa-33340	266	38	~	~	SYM
cjfa-33340	266	39	iid	iid	NOUN
cjfa-33340	266	40	(	(	PUNCT
cjfa-33340	266	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	266	42	�	�	PROPN
cjfa-33340	266	43	�	�	PROPN
cjfa-33340	266	44	�	�	PROPN
cjfa-33340	266	45	�	�	PROPN
cjfa-33340	266	46	)	)	PUNCT
cjfa-33340	266	47	.	.	PUNCT
cjfa-33340	267	1	the	the	DET
cjfa-33340	267	2	equations	equation	NOUN
cjfa-33340	267	3	(	(	PUNCT
cjfa-33340	267	4	9	9	NUM
cjfa-33340	267	5	)	)	PUNCT
cjfa-33340	267	6	and	and	CCONJ
cjfa-33340	267	7	(	(	PUNCT
cjfa-33340	267	8	10	10	NUM
cjfa-33340	267	9	)	)	PUNCT
cjfa-33340	267	10	contain	contain	VERB
cjfa-33340	267	11	herding	herd	VERB
cjfa-33340	267	12	as	as	ADP
cjfa-33340	267	13	an	an	DET
cjfa-33340	267	14	unobserved	unobserved	ADJ
cjfa-33340	267	15	component	component	NOUN
cjfa-33340	267	16	,	,	PUNCT
cjfa-33340	267	17	which	which	PRON
cjfa-33340	267	18	will	will	AUX
cjfa-33340	267	19	be	be	AUX
cjfa-33340	267	20	extracted	extract	VERB
cjfa-33340	267	21	using	use	VERB
cjfa-33340	267	22	the	the	DET
cjfa-33340	267	23	kalman	kalman	NOUN
cjfa-33340	267	24	filter	filter	NOUN
cjfa-33340	267	25	like	like	ADP
cjfa-33340	267	26	(	(	PUNCT
cjfa-33340	267	27	hwang	hwang	PROPN
cjfa-33340	267	28	&	&	CCONJ
cjfa-33340	267	29	salmon	salmon	PROPN
cjfa-33340	267	30	,	,	PUNCT
cjfa-33340	267	31	2004	2004	NUM
cjfa-33340	267	32	)	)	PUNCT
cjfa-33340	267	33	methodology	methodology	NOUN
cjfa-33340	267	34	.	.	PUNCT
cjfa-33340	268	1	the	the	DET
cjfa-33340	268	2	log	log	NOUN
cjfa-33340	268	3	[	[	PUNCT
cjfa-33340	268	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	268	5	�	�	PROPN
cjfa-33340	268	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	268	7	�	�	PROPN
cjfa-33340	268	8	�	�	PROPN
cjfa-33340	268	9	�	�	PROPN
cjfa-33340	268	10	�	�	PROPN
cjfa-33340	268	11	)	)	PUNCT
cjfa-33340	268	12	]	]	PUNCT
cjfa-33340	268	13	is	be	AUX
cjfa-33340	268	14	expected	expect	VERB
cjfa-33340	268	15	to	to	PART
cjfa-33340	268	16	change	change	VERB
cjfa-33340	268	17	with	with	ADP
cjfa-33340	268	18	herding	herding	NOUN
cjfa-33340	268	19	levels	level	NOUN
cjfa-33340	268	20	and	and	CCONJ
cjfa-33340	268	21	this	this	DET
cjfa-33340	268	22	variation	variation	NOUN
cjfa-33340	268	23	is	be	AUX
cjfa-33340	268	24	reflected	reflect	VERB
cjfa-33340	268	25	through	through	ADP
cjfa-33340	268	26	(	(	PUNCT
cjfa-33340	268	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	268	28	�	�	PROPN
cjfa-33340	268	29	�	�	PROPN
cjfa-33340	268	30	)	)	PUNCT
cjfa-33340	268	31	.	.	PUNCT
cjfa-33340	269	1	when	when	SCONJ
cjfa-33340	269	2	the	the	DET
cjfa-33340	269	3	variance	variance	NOUN
cjfa-33340	269	4	of	of	ADP
cjfa-33340	269	5	the	the	DET
cjfa-33340	269	6	error	error	NOUN
cjfa-33340	269	7	term	term	NOUN
cjfa-33340	269	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	269	9	�	�	PROPN
cjfa-33340	269	10	�	�	PROPN
cjfa-33340	269	11	(	(	PUNCT
cjfa-33340	269	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	269	13	�	�	PROPN
cjfa-33340	269	14	�	�	PROPN
cjfa-33340	269	15	�	�	PROPN
cjfa-33340	269	16	�	�	PROPN
cjfa-33340	269	17	)	)	PUNCT
cjfa-33340	269	18	is	be	AUX
cjfa-33340	269	19	statistically	statistically	ADV
cjfa-33340	269	20	significant	significant	ADJ
cjfa-33340	269	21	,	,	PUNCT
cjfa-33340	269	22	this	this	PRON
cjfa-33340	269	23	indicates	indicate	VERB
cjfa-33340	269	24	the	the	DET
cjfa-33340	269	25	presence	presence	NOUN
cjfa-33340	269	26	of	of	ADP
cjfa-33340	269	27	herding	herd	VERB
cjfa-33340	269	28	behaviour	behaviour	NOUN
cjfa-33340	269	29	among	among	ADP
cjfa-33340	269	30	investors	investor	NOUN
cjfa-33340	269	31	and	and	CCONJ
cjfa-33340	269	32	a	a	DET
cjfa-33340	269	33	statistically	statistically	ADV
cjfa-33340	269	34	significant	significant	ADJ
cjfa-33340	269	35	of	of	ADP
cjfa-33340	269	36	the	the	PRON
cjfa-33340	269	37	on	on	ADP
cjfa-33340	269	38	a	a	DET
cjfa-33340	269	39	market	market	NOUN
cjfa-33340	269	40	-	-	PUNCT
cjfa-33340	269	41	wide	wide	ADJ
cjfa-33340	269	42	basis	basis	NOUN
cjfa-33340	269	43	,	,	PUNCT
cjfa-33340	269	44	the	the	DET
cjfa-33340	269	45	cross	cross	ADJ
cjfa-33340	269	46	-	-	ADJ
cjfa-33340	269	47	sectional	sectional	ADJ
cjfa-33340	269	48	dispersion	dispersion	NOUN
cjfa-33340	269	49	of	of	ADP
cjfa-33340	269	50	of	of	ADP
cjfa-33340	269	51	the	the	DET
cjfa-33340	269	52	market	market	NOUN
cjfa-33340	269	53	excess	excess	ADJ
cjfa-33340	269	54	returns	return	NOUN
cjfa-33340	269	55	.	.	PUNCT
cjfa-33340	270	1	(	(	PUNCT
cjfa-33340	270	2	ℎ	ℎ	PROPN
cjfa-33340	270	3	�	�	PROPN
cjfa-33340	270	4	�	�	PROPN
cjfa-33340	270	5	)	)	PUNCT
cjfa-33340	270	6	is	be	AUX
cjfa-33340	270	7	a	a	DET
cjfa-33340	270	8	time	time	NOUN
cjfa-33340	270	9	-	-	PUNCT
cjfa-33340	270	10	variant	variant	ADJ
cjfa-33340	270	11	latent	latent	NOUN
cjfa-33340	270	12	herding	herding	NOUN
cjfa-33340	270	13	behaviour	behaviour	NOUN
cjfa-33340	270	14	parameter	parameter	NOUN
cjfa-33340	270	15	,	,	PUNCT
cjfa-33340	270	16	(	(	PUNCT
cjfa-33340	270	17	ℎ	ℎ	PROPN
cjfa-33340	270	18	�	�	NOUN
cjfa-33340	270	19	�	�	PROPN
cjfa-33340	270	20	)	)	PUNCT
cjfa-33340	270	21	=	=	SYM
cjfa-33340	270	22	0	0	NUM
cjfa-33340	270	23	indicates	indicate	VERB
cjfa-33340	270	24	the	the	DET
cjfa-33340	270	25	absence	absence	NOUN
cjfa-33340	270	26	of	of	ADP
cjfa-33340	270	27	herding	herd	VERB
cjfa-33340	270	28	behaviour	behaviour	NOUN
cjfa-33340	270	29	and	and	CCONJ
cjfa-33340	270	30	(	(	PUNCT
cjfa-33340	270	31	ℎ	ℎ	PROPN
cjfa-33340	270	32	�	�	PROPN
cjfa-33340	270	33	�	�	PROPN
cjfa-33340	270	34	)	)	PUNCT
cjfa-33340	270	35	=	=	SYM
cjfa-33340	270	36	1	1	NUM
cjfa-33340	270	37	indicates	indicate	VERB
cjfa-33340	270	38	the	the	DET
cjfa-33340	270	39	presence	presence	NOUN
cjfa-33340	270	40	of	of	ADP
cjfa-33340	270	41	perfect	perfect	ADJ
cjfa-33340	270	42	herding	herding	NOUN
cjfa-33340	270	43	behaviour	behaviour	NOUN
cjfa-33340	270	44	that	that	PRON
cjfa-33340	270	45	means	mean	VERB
cjfa-33340	270	46	that	that	SCONJ
cjfa-33340	270	47	all	all	DET
cjfa-33340	270	48	the	the	DET
cjfa-33340	270	49	individual	individual	ADJ
cjfa-33340	270	50	stock	stock	NOUN
cjfa-33340	270	51	returns	return	NOUN
cjfa-33340	270	52	change	change	VERB
cjfa-33340	270	53	following	follow	VERB
cjfa-33340	270	54	the	the	DET
cjfa-33340	270	55	market	market	NOUN
cjfa-33340	270	56	portfolio	portfolio	NOUN
cjfa-33340	270	57	movements	movement	NOUN
cjfa-33340	270	58	.	.	PUNCT
cjfa-33340	271	1	to	to	PART
cjfa-33340	271	2	measure	measure	VERB
cjfa-33340	271	3	herding	herd	VERB
cjfa-33340	271	4	behaviour	behaviour	NOUN
cjfa-33340	271	5	(	(	PUNCT
cjfa-33340	271	6	ℎ	ℎ	PROPN
cjfa-33340	271	7	�	�	PROPN
cjfa-33340	271	8	�	�	PROPN
cjfa-33340	271	9	)	)	PUNCT
cjfa-33340	271	10	on	on	ADP
cjfa-33340	271	11	a	a	DET
cjfa-33340	271	12	market	market	NOUN
cjfa-33340	271	13	-	-	PUNCT
cjfa-33340	271	14	wide	wide	ADJ
cjfa-33340	271	15	basis	basis	NOUN
cjfa-33340	271	16	,	,	PUNCT
cjfa-33340	271	17	the	the	DET
cjfa-33340	271	18	cross	cross	ADJ
cjfa-33340	271	19	-	-	ADJ
cjfa-33340	271	20	sectional	sectional	ADJ
cjfa-33340	271	21	dispersion	dispersion	NOUN
cjfa-33340	271	22	of	of	ADP
cjfa-33340	271	23	(	(	PUNCT
cjfa-33340	271	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	271	25	�	�	PROPN
cjfa-33340	271	26	�	�	PROPN
cjfa-33340	271	27	�	�	PROPN
cjfa-33340	271	28	�	�	PROPN
cjfa-33340	271	29	)	)	PUNCT
cjfa-33340	271	30	is	be	AUX
cjfa-33340	271	31	calculated	calculate	VERB
cjfa-33340	271	32	,	,	PUNCT
cjfa-33340	271	33	as	as	ADP
cjfa-33340	271	34	:	:	PUNCT
cjfa-33340	271	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	271	36	�	�	PROPN
cjfa-33340	271	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	271	38	�	�	PROPN
cjfa-33340	271	39	�	�	PROPN
cjfa-33340	271	40	�	�	PROPN
cjfa-33340	271	41	�	�	PROPN
cjfa-33340	271	42	)	)	PUNCT
cjfa-33340	272	1	=	=	SYM
cjfa-33340	272	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	272	3	�	�	PROPN
cjfa-33340	272	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	272	5	�	�	PROPN
cjfa-33340	272	6	�	�	PROPN
cjfa-33340	272	7	�	�	PROPN
cjfa-33340	272	8	)	)	PUNCT
cjfa-33340	272	9	(	(	PUNCT
cjfa-33340	272	10	1ℎ	1ℎ	PROPN
cjfa-33340	272	11	�	�	PROPN
cjfa-33340	272	12	�	�	PROPN
cjfa-33340	272	13	)	)	PUNCT
cjfa-33340	272	14	(	(	PUNCT
cjfa-33340	272	15	4	4	X
cjfa-33340	272	16	)	)	PUNCT
cjfa-33340	272	17	when	when	SCONJ
cjfa-33340	272	18	taking	take	VERB
cjfa-33340	272	19	the	the	DET
cjfa-33340	272	20	logarithms	logarithm	NOUN
cjfa-33340	272	21	on	on	ADP
cjfa-33340	272	22	both	both	DET
cjfa-33340	272	23	sides	side	NOUN
cjfa-33340	272	24	,	,	PUNCT
cjfa-33340	272	25	equation	equation	NOUN
cjfa-33340	272	26	(	(	PUNCT
cjfa-33340	272	27	4	4	X
cjfa-33340	272	28	)	)	PUNCT
cjfa-33340	272	29	is	be	AUX
cjfa-33340	272	30	rewritten	rewrite	VERB
cjfa-33340	272	31	as	as	SCONJ
cjfa-33340	272	32	follows	follow	VERB
cjfa-33340	272	33	:	:	PUNCT
cjfa-33340	272	34	log	log	NOUN
cjfa-33340	272	35	[	[	PUNCT
cjfa-33340	272	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	272	37	�	�	PROPN
cjfa-33340	272	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	272	39	�	�	PROPN
cjfa-33340	272	40	�	�	PROPN
cjfa-33340	272	41	�	�	PROPN
cjfa-33340	272	42	�	�	PROPN
cjfa-33340	272	43	)	)	PUNCT
cjfa-33340	272	44	]	]	PUNCT
cjfa-33340	273	1	=	=	PUNCT
cjfa-33340	273	2	log	log	NOUN
cjfa-33340	273	3	[	[	PUNCT
cjfa-33340	273	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	273	5	�	�	PROPN
cjfa-33340	273	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	273	7	�	�	PROPN
cjfa-33340	273	8	�	�	PROPN
cjfa-33340	273	9	�	�	PROPN
cjfa-33340	273	10	)	)	PUNCT
cjfa-33340	273	11	]	]	PUNCT
cjfa-33340	274	1	+	+	CCONJ
cjfa-33340	274	2	log	log	NOUN
cjfa-33340	274	3	(	(	PUNCT
cjfa-33340	274	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	274	5	�	�	PROPN
cjfa-33340	274	6	�	�	PROPN
cjfa-33340	274	7	)	)	PUNCT
cjfa-33340	274	8	(	(	PUNCT
cjfa-33340	274	9	5	5	X
cjfa-33340	274	10	)	)	PUNCT
cjfa-33340	274	11	equation	equation	NOUN
cjfa-33340	274	12	(	(	PUNCT
cjfa-33340	274	13	5	5	NUM
cjfa-33340	274	14	)	)	PUNCT
cjfa-33340	274	15	may	may	AUX
cjfa-33340	274	16	be	be	AUX
cjfa-33340	274	17	rewritten	rewrite	VERB
cjfa-33340	274	18	as	as	SCONJ
cjfa-33340	274	19	follows	follow	VERB
cjfa-33340	274	20	:	:	PUNCT
cjfa-33340	274	21	log	log	NOUN
cjfa-33340	274	22	[	[	PUNCT
cjfa-33340	274	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	274	24	�	�	PROPN
cjfa-33340	274	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	274	26	�	�	PROPN
cjfa-33340	274	27	�	�	PROPN
cjfa-33340	274	28	�	�	PROPN
cjfa-33340	274	29	�	�	PROPN
cjfa-33340	274	30	)	)	PUNCT
cjfa-33340	274	31	]	]	PUNCT
cjfa-33340	275	1	=	=	PUNCT
cjfa-33340	275	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	275	3	�	�	PROPN
cjfa-33340	275	4	+	+	CCONJ
cjfa-33340	275	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	275	6	�	�	PROPN
cjfa-33340	275	7	�	�	PROPN
cjfa-33340	275	8	+	+	CCONJ
cjfa-33340	275	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	275	10	�	�	PROPN
cjfa-33340	275	11	�	�	PROPN
cjfa-33340	275	12	(	(	PUNCT
cjfa-33340	275	13	6	6	NUM
cjfa-33340	275	14	)	)	PUNCT
cjfa-33340	275	15	where	where	SCONJ
cjfa-33340	275	16	:	:	PUNCT
cjfa-33340	275	17	log	log	VERB
cjfa-33340	275	18	[	[	PUNCT
cjfa-33340	275	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	275	20	�	�	PROPN
cjfa-33340	275	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	275	22	�	�	PROPN
cjfa-33340	275	23	�	�	PROPN
cjfa-33340	275	24	�	�	PROPN
cjfa-33340	275	25	)	)	PUNCT
cjfa-33340	275	26	]	]	PUNCT
cjfa-33340	276	1	=	=	PUNCT
cjfa-33340	276	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	276	3	�	�	PROPN
cjfa-33340	276	4	+	+	CCONJ
cjfa-33340	276	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	276	6	�	�	PROPN
cjfa-33340	276	7	�	�	PROPN
cjfa-33340	276	8	(	(	PUNCT
cjfa-33340	276	9	7	7	NUM
cjfa-33340	276	10	)	)	PUNCT
cjfa-33340	276	11	with	with	ADP
cjfa-33340	276	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	276	13	�	�	PROPN
cjfa-33340	276	14	=	=	SYM
cjfa-33340	276	15	e	e	X
cjfa-33340	277	1	[	[	X
cjfa-33340	277	2	log	log	X
cjfa-33340	277	3	[	[	PUNCT
cjfa-33340	277	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	277	5	�	�	PROPN
cjfa-33340	277	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	277	7	�	�	PROPN
cjfa-33340	277	8	�	�	PROPN
cjfa-33340	277	9	�	�	PROPN
cjfa-33340	277	10	)	)	PUNCT
cjfa-33340	277	11	]	]	PUNCT
cjfa-33340	277	12	]	]	PUNCT
cjfa-33340	277	13	and	and	CCONJ
cjfa-33340	277	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	277	15	�	�	PROPN
cjfa-33340	277	16	�	�	PROPN
cjfa-33340	277	17	~	~	PUNCT
cjfa-33340	277	18	iid	iid	NOUN
cjfa-33340	277	19	(	(	PUNCT
cjfa-33340	277	20	0	0	NUM
cjfa-33340	277	21	,	,	PUNCT
cjfa-33340	277	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	277	23	�	�	PROPN
cjfa-33340	277	24	�	�	PROPN
cjfa-33340	277	25	�	�	PROPN
cjfa-33340	277	26	�	�	PROPN
cjfa-33340	277	27	)	)	PUNCT
cjfa-33340	277	28	and	and	CCONJ
cjfa-33340	277	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	277	30	�	�	PROPN
cjfa-33340	277	31	�	�	PROPN
cjfa-33340	277	32	=	=	PUNCT
cjfa-33340	277	33	log	log	PROPN
cjfa-33340	277	34	(	(	PUNCT
cjfa-33340	277	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	277	36	�	�	PROPN
cjfa-33340	277	37	�	�	PROPN
cjfa-33340	277	38	)	)	PUNCT
cjfa-33340	277	39	(	(	PUNCT
cjfa-33340	277	40	8)	8)	NUM
cjfa-33340	277	41	(	(	PUNCT
cjfa-33340	277	42	hwang	hwang	PROPN
cjfa-33340	277	43	&	&	CCONJ
cjfa-33340	277	44	salmon	salmon	PROPN
cjfa-33340	277	45	,	,	PUNCT
cjfa-33340	277	46	2004	2004	NUM
cjfa-33340	277	47	)	)	PUNCT
cjfa-33340	277	48	allow	allow	VERB
cjfa-33340	277	49	herding	herding	NOUN
cjfa-33340	277	50	(	(	PUNCT
cjfa-33340	277	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	277	52	�	�	PROPN
cjfa-33340	277	53	�	�	PROPN
cjfa-33340	277	54	)	)	PUNCT
cjfa-33340	277	55	to	to	PART
cjfa-33340	277	56	follow	follow	VERB
cjfa-33340	277	57	an	an	DET
cjfa-33340	277	58	ar	ar	NOUN
cjfa-33340	277	59	(	(	PUNCT
cjfa-33340	277	60	1	1	NUM
cjfa-33340	277	61	)	)	PUNCT
cjfa-33340	277	62	process	process	NOUN
cjfa-33340	277	63	and	and	CCONJ
cjfa-33340	277	64	the	the	DET
cjfa-33340	277	65	model	model	NOUN
cjfa-33340	277	66	becomes	become	VERB
cjfa-33340	277	67	:	:	PUNCT
cjfa-33340	277	68	log	log	NOUN
cjfa-33340	277	69	[	[	PUNCT
cjfa-33340	277	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	277	71	�	�	PROPN
cjfa-33340	277	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	277	73	�	�	PROPN
cjfa-33340	277	74	�	�	PROPN
cjfa-33340	277	75	�	�	PROPN
cjfa-33340	277	76	�	�	PROPN
cjfa-33340	277	77	)	)	PUNCT
cjfa-33340	277	78	]	]	PUNCT
cjfa-33340	278	1	=	=	PUNCT
cjfa-33340	278	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	278	3	�	�	PROPN
cjfa-33340	278	4	+	+	CCONJ
cjfa-33340	278	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	278	6	�	�	PROPN
cjfa-33340	278	7	�	�	PROPN
cjfa-33340	278	8	+	+	CCONJ
cjfa-33340	278	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	278	10	�	�	PROPN
cjfa-33340	278	11	�	�	PROPN
cjfa-33340	278	12	(	(	PUNCT
cjfa-33340	278	13	9	9	NUM
cjfa-33340	278	14	)	)	PUNCT
cjfa-33340	278	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	278	16	�	�	PROPN
cjfa-33340	278	17	�	�	PROPN
cjfa-33340	278	18	=	=	PUNCT
cjfa-33340	278	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	278	20	�	�	PROPN
cjfa-33340	278	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	278	22	�	�	PROPN
cjfa-33340	278	23	�	�	PROPN
cjfa-33340	278	24	�	�	PROPN
cjfa-33340	278	25	�	�	PROPN
cjfa-33340	278	26	�	�	PROPN
cjfa-33340	278	27	+	+	CCONJ
cjfa-33340	278	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	278	29	�	�	PROPN
cjfa-33340	278	30	�	�	PROPN
cjfa-33340	278	31	(	(	PUNCT
cjfa-33340	278	32	10	10	NUM
cjfa-33340	278	33	)	)	PUNCT
cjfa-33340	278	34	where	where	SCONJ
cjfa-33340	278	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	278	36	�	�	PROPN
cjfa-33340	278	37	�	�	NOUN
cjfa-33340	278	38	~	~	SYM
cjfa-33340	278	39	iid	iid	NOUN
cjfa-33340	278	40	(	(	PUNCT
cjfa-33340	278	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	278	42	�	�	PROPN
cjfa-33340	278	43	�	�	PROPN
cjfa-33340	278	44	�	�	PROPN
cjfa-33340	278	45	�	�	PROPN
cjfa-33340	278	46	)	)	PUNCT
cjfa-33340	278	47	.	.	PUNCT
cjfa-33340	279	1	the	the	DET
cjfa-33340	279	2	equations	equation	NOUN
cjfa-33340	279	3	(	(	PUNCT
cjfa-33340	279	4	9	9	NUM
cjfa-33340	279	5	)	)	PUNCT
cjfa-33340	279	6	and	and	CCONJ
cjfa-33340	279	7	(	(	PUNCT
cjfa-33340	279	8	10	10	NUM
cjfa-33340	279	9	)	)	PUNCT
cjfa-33340	279	10	contain	contain	VERB
cjfa-33340	279	11	herding	herd	VERB
cjfa-33340	279	12	as	as	ADP
cjfa-33340	279	13	an	an	DET
cjfa-33340	279	14	unobserved	unobserved	ADJ
cjfa-33340	279	15	component	component	NOUN
cjfa-33340	279	16	,	,	PUNCT
cjfa-33340	279	17	which	which	PRON
cjfa-33340	279	18	will	will	AUX
cjfa-33340	279	19	be	be	AUX
cjfa-33340	279	20	extracted	extract	VERB
cjfa-33340	279	21	using	use	VERB
cjfa-33340	279	22	the	the	DET
cjfa-33340	279	23	kalman	kalman	NOUN
cjfa-33340	279	24	filter	filter	NOUN
cjfa-33340	279	25	like	like	ADP
cjfa-33340	279	26	(	(	PUNCT
cjfa-33340	279	27	hwang	hwang	PROPN
cjfa-33340	279	28	&	&	CCONJ
cjfa-33340	279	29	salmon	salmon	PROPN
cjfa-33340	279	30	,	,	PUNCT
cjfa-33340	279	31	2004	2004	NUM
cjfa-33340	279	32	)	)	PUNCT
cjfa-33340	279	33	methodology	methodology	NOUN
cjfa-33340	279	34	.	.	PUNCT
cjfa-33340	280	1	the	the	DET
cjfa-33340	280	2	log	log	NOUN
cjfa-33340	280	3	[	[	PUNCT
cjfa-33340	280	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	280	5	�	�	PROPN
cjfa-33340	280	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	280	7	�	�	PROPN
cjfa-33340	280	8	�	�	PROPN
cjfa-33340	280	9	�	�	PROPN
cjfa-33340	280	10	�	�	PROPN
cjfa-33340	280	11	)	)	PUNCT
cjfa-33340	280	12	]	]	PUNCT
cjfa-33340	280	13	is	be	AUX
cjfa-33340	280	14	expected	expect	VERB
cjfa-33340	280	15	to	to	PART
cjfa-33340	280	16	change	change	VERB
cjfa-33340	280	17	with	with	ADP
cjfa-33340	280	18	herding	herding	NOUN
cjfa-33340	280	19	levels	level	NOUN
cjfa-33340	280	20	and	and	CCONJ
cjfa-33340	280	21	this	this	DET
cjfa-33340	280	22	variation	variation	NOUN
cjfa-33340	280	23	is	be	AUX
cjfa-33340	280	24	reflected	reflect	VERB
cjfa-33340	280	25	through	through	ADP
cjfa-33340	280	26	(	(	PUNCT
cjfa-33340	280	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	280	28	�	�	PROPN
cjfa-33340	280	29	�	�	PROPN
cjfa-33340	280	30	)	)	PUNCT
cjfa-33340	280	31	.	.	PUNCT
cjfa-33340	281	1	when	when	SCONJ
cjfa-33340	281	2	the	the	DET
cjfa-33340	281	3	variance	variance	NOUN
cjfa-33340	281	4	of	of	ADP
cjfa-33340	281	5	the	the	DET
cjfa-33340	281	6	error	error	NOUN
cjfa-33340	281	7	term	term	NOUN
cjfa-33340	281	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	281	9	�	�	PROPN
cjfa-33340	281	10	�	�	PROPN
cjfa-33340	281	11	(	(	PUNCT
cjfa-33340	281	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	281	13	�	�	PROPN
cjfa-33340	281	14	�	�	PROPN
cjfa-33340	281	15	�	�	PROPN
cjfa-33340	281	16	�	�	PROPN
cjfa-33340	281	17	)	)	PUNCT
cjfa-33340	281	18	is	be	AUX
cjfa-33340	281	19	statistically	statistically	ADV
cjfa-33340	281	20	significant	significant	ADJ
cjfa-33340	281	21	,	,	PUNCT
cjfa-33340	281	22	this	this	PRON
cjfa-33340	281	23	indicates	indicate	VERB
cjfa-33340	281	24	the	the	DET
cjfa-33340	281	25	presence	presence	NOUN
cjfa-33340	281	26	of	of	ADP
cjfa-33340	281	27	herding	herd	VERB
cjfa-33340	281	28	behaviour	behaviour	NOUN
cjfa-33340	281	29	among	among	ADP
cjfa-33340	281	30	investors	investor	NOUN
cjfa-33340	281	31	and	and	CCONJ
cjfa-33340	281	32	a	a	DET
cjfa-33340	281	33	statistically	statistically	ADV
cjfa-33340	281	34	significant	significant	ADJ
cjfa-33340	281	35	of	of	ADP
cjfa-33340	281	36	the	the	PRON
cjfa-33340	281	37	is	be	AUX
cjfa-33340	281	38	calculated	calculate	VERB
cjfa-33340	281	39	,	,	PUNCT
cjfa-33340	281	40	as	as	ADP
cjfa-33340	281	41	:	:	PUNCT
cjfa-33340	281	42	of	of	ADP
cjfa-33340	281	43	the	the	DET
cjfa-33340	281	44	market	market	NOUN
cjfa-33340	281	45	excess	excess	ADJ
cjfa-33340	281	46	returns	return	NOUN
cjfa-33340	281	47	.	.	PUNCT
cjfa-33340	282	1	(	(	PUNCT
cjfa-33340	282	2	ℎ	ℎ	PROPN
cjfa-33340	282	3	�	�	PROPN
cjfa-33340	282	4	�	�	PROPN
cjfa-33340	282	5	)	)	PUNCT
cjfa-33340	282	6	is	be	AUX
cjfa-33340	282	7	a	a	DET
cjfa-33340	282	8	time	time	NOUN
cjfa-33340	282	9	-	-	PUNCT
cjfa-33340	282	10	variant	variant	ADJ
cjfa-33340	282	11	latent	latent	NOUN
cjfa-33340	282	12	herding	herding	NOUN
cjfa-33340	282	13	behaviour	behaviour	NOUN
cjfa-33340	282	14	parameter	parameter	NOUN
cjfa-33340	282	15	,	,	PUNCT
cjfa-33340	282	16	(	(	PUNCT
cjfa-33340	282	17	ℎ	ℎ	PROPN
cjfa-33340	282	18	�	�	NOUN
cjfa-33340	282	19	�	�	PROPN
cjfa-33340	282	20	)	)	PUNCT
cjfa-33340	282	21	=	=	SYM
cjfa-33340	282	22	0	0	NUM
cjfa-33340	282	23	indicates	indicate	VERB
cjfa-33340	282	24	the	the	DET
cjfa-33340	282	25	absence	absence	NOUN
cjfa-33340	282	26	of	of	ADP
cjfa-33340	282	27	herding	herd	VERB
cjfa-33340	282	28	behaviour	behaviour	NOUN
cjfa-33340	282	29	and	and	CCONJ
cjfa-33340	282	30	(	(	PUNCT
cjfa-33340	282	31	ℎ	ℎ	PROPN
cjfa-33340	282	32	�	�	PROPN
cjfa-33340	282	33	�	�	PROPN
cjfa-33340	282	34	)	)	PUNCT
cjfa-33340	282	35	=	=	SYM
cjfa-33340	282	36	1	1	NUM
cjfa-33340	282	37	indicates	indicate	VERB
cjfa-33340	282	38	the	the	DET
cjfa-33340	282	39	presence	presence	NOUN
cjfa-33340	282	40	of	of	ADP
cjfa-33340	282	41	perfect	perfect	ADJ
cjfa-33340	282	42	herding	herding	NOUN
cjfa-33340	282	43	behaviour	behaviour	NOUN
cjfa-33340	282	44	that	that	PRON
cjfa-33340	282	45	means	mean	VERB
cjfa-33340	282	46	that	that	SCONJ
cjfa-33340	282	47	all	all	DET
cjfa-33340	282	48	the	the	DET
cjfa-33340	282	49	individual	individual	ADJ
cjfa-33340	282	50	stock	stock	NOUN
cjfa-33340	282	51	returns	return	NOUN
cjfa-33340	282	52	change	change	VERB
cjfa-33340	282	53	following	follow	VERB
cjfa-33340	282	54	the	the	DET
cjfa-33340	282	55	market	market	NOUN
cjfa-33340	282	56	portfolio	portfolio	NOUN
cjfa-33340	282	57	movements	movement	NOUN
cjfa-33340	282	58	.	.	PUNCT
cjfa-33340	283	1	to	to	PART
cjfa-33340	283	2	measure	measure	VERB
cjfa-33340	283	3	herding	herd	VERB
cjfa-33340	283	4	behaviour	behaviour	NOUN
cjfa-33340	283	5	(	(	PUNCT
cjfa-33340	283	6	ℎ	ℎ	PROPN
cjfa-33340	283	7	�	�	PROPN
cjfa-33340	283	8	�	�	PROPN
cjfa-33340	283	9	)	)	PUNCT
cjfa-33340	283	10	on	on	ADP
cjfa-33340	283	11	a	a	DET
cjfa-33340	283	12	market	market	NOUN
cjfa-33340	283	13	-	-	PUNCT
cjfa-33340	283	14	wide	wide	ADJ
cjfa-33340	283	15	basis	basis	NOUN
cjfa-33340	283	16	,	,	PUNCT
cjfa-33340	283	17	the	the	DET
cjfa-33340	283	18	cross	cross	ADJ
cjfa-33340	283	19	-	-	ADJ
cjfa-33340	283	20	sectional	sectional	ADJ
cjfa-33340	283	21	dispersion	dispersion	NOUN
cjfa-33340	283	22	of	of	ADP
cjfa-33340	283	23	(	(	PUNCT
cjfa-33340	283	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	283	25	�	�	PROPN
cjfa-33340	283	26	�	�	PROPN
cjfa-33340	283	27	�	�	PROPN
cjfa-33340	283	28	�	�	PROPN
cjfa-33340	283	29	)	)	PUNCT
cjfa-33340	283	30	is	be	AUX
cjfa-33340	283	31	calculated	calculate	VERB
cjfa-33340	283	32	,	,	PUNCT
cjfa-33340	283	33	as	as	ADP
cjfa-33340	283	34	:	:	PUNCT
cjfa-33340	283	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	283	36	�	�	PROPN
cjfa-33340	283	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	283	38	�	�	PROPN
cjfa-33340	283	39	�	�	PROPN
cjfa-33340	283	40	�	�	PROPN
cjfa-33340	283	41	�	�	PROPN
cjfa-33340	283	42	)	)	PUNCT
cjfa-33340	284	1	=	=	SYM
cjfa-33340	284	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	284	3	�	�	PROPN
cjfa-33340	284	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	284	5	�	�	PROPN
cjfa-33340	284	6	�	�	PROPN
cjfa-33340	284	7	�	�	PROPN
cjfa-33340	284	8	)	)	PUNCT
cjfa-33340	284	9	(	(	PUNCT
cjfa-33340	284	10	1ℎ	1ℎ	PROPN
cjfa-33340	284	11	�	�	PROPN
cjfa-33340	284	12	�	�	PROPN
cjfa-33340	284	13	)	)	PUNCT
cjfa-33340	284	14	(	(	PUNCT
cjfa-33340	284	15	4	4	X
cjfa-33340	284	16	)	)	PUNCT
cjfa-33340	284	17	when	when	SCONJ
cjfa-33340	284	18	taking	take	VERB
cjfa-33340	284	19	the	the	DET
cjfa-33340	284	20	logarithms	logarithm	NOUN
cjfa-33340	284	21	on	on	ADP
cjfa-33340	284	22	both	both	DET
cjfa-33340	284	23	sides	side	NOUN
cjfa-33340	284	24	,	,	PUNCT
cjfa-33340	284	25	equation	equation	NOUN
cjfa-33340	284	26	(	(	PUNCT
cjfa-33340	284	27	4	4	X
cjfa-33340	284	28	)	)	PUNCT
cjfa-33340	284	29	is	be	AUX
cjfa-33340	284	30	rewritten	rewrite	VERB
cjfa-33340	284	31	as	as	SCONJ
cjfa-33340	284	32	follows	follow	VERB
cjfa-33340	284	33	:	:	PUNCT
cjfa-33340	284	34	log	log	NOUN
cjfa-33340	284	35	[	[	PUNCT
cjfa-33340	284	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	284	37	�	�	PROPN
cjfa-33340	284	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	284	39	�	�	PROPN
cjfa-33340	284	40	�	�	PROPN
cjfa-33340	284	41	�	�	PROPN
cjfa-33340	284	42	�	�	PROPN
cjfa-33340	284	43	)	)	PUNCT
cjfa-33340	284	44	]	]	PUNCT
cjfa-33340	285	1	=	=	PUNCT
cjfa-33340	285	2	log	log	NOUN
cjfa-33340	285	3	[	[	PUNCT
cjfa-33340	285	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	285	5	�	�	PROPN
cjfa-33340	285	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	285	7	�	�	PROPN
cjfa-33340	285	8	�	�	PROPN
cjfa-33340	285	9	�	�	PROPN
cjfa-33340	285	10	)	)	PUNCT
cjfa-33340	285	11	]	]	PUNCT
cjfa-33340	286	1	+	+	CCONJ
cjfa-33340	286	2	log	log	NOUN
cjfa-33340	286	3	(	(	PUNCT
cjfa-33340	286	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	286	5	�	�	PROPN
cjfa-33340	286	6	�	�	PROPN
cjfa-33340	286	7	)	)	PUNCT
cjfa-33340	286	8	(	(	PUNCT
cjfa-33340	286	9	5	5	X
cjfa-33340	286	10	)	)	PUNCT
cjfa-33340	286	11	equation	equation	NOUN
cjfa-33340	286	12	(	(	PUNCT
cjfa-33340	286	13	5	5	NUM
cjfa-33340	286	14	)	)	PUNCT
cjfa-33340	286	15	may	may	AUX
cjfa-33340	286	16	be	be	AUX
cjfa-33340	286	17	rewritten	rewrite	VERB
cjfa-33340	286	18	as	as	SCONJ
cjfa-33340	286	19	follows	follow	VERB
cjfa-33340	286	20	:	:	PUNCT
cjfa-33340	286	21	log	log	NOUN
cjfa-33340	286	22	[	[	PUNCT
cjfa-33340	286	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	286	24	�	�	PROPN
cjfa-33340	286	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	286	26	�	�	PROPN
cjfa-33340	286	27	�	�	PROPN
cjfa-33340	286	28	�	�	PROPN
cjfa-33340	286	29	�	�	PROPN
cjfa-33340	286	30	)	)	PUNCT
cjfa-33340	286	31	]	]	PUNCT
cjfa-33340	287	1	=	=	PUNCT
cjfa-33340	287	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	287	3	�	�	PROPN
cjfa-33340	287	4	+	+	CCONJ
cjfa-33340	287	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	287	6	�	�	PROPN
cjfa-33340	287	7	�	�	PROPN
cjfa-33340	287	8	+	+	CCONJ
cjfa-33340	287	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	287	10	�	�	PROPN
cjfa-33340	287	11	�	�	PROPN
cjfa-33340	287	12	(	(	PUNCT
cjfa-33340	287	13	6	6	NUM
cjfa-33340	287	14	)	)	PUNCT
cjfa-33340	287	15	where	where	SCONJ
cjfa-33340	287	16	:	:	PUNCT
cjfa-33340	287	17	log	log	VERB
cjfa-33340	287	18	[	[	PUNCT
cjfa-33340	287	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	287	20	�	�	PROPN
cjfa-33340	287	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	287	22	�	�	PROPN
cjfa-33340	287	23	�	�	PROPN
cjfa-33340	287	24	�	�	PROPN
cjfa-33340	287	25	)	)	PUNCT
cjfa-33340	287	26	]	]	PUNCT
cjfa-33340	288	1	=	=	PUNCT
cjfa-33340	288	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	288	3	�	�	PROPN
cjfa-33340	288	4	+	+	CCONJ
cjfa-33340	288	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	288	6	�	�	PROPN
cjfa-33340	288	7	�	�	PROPN
cjfa-33340	288	8	(	(	PUNCT
cjfa-33340	288	9	7	7	NUM
cjfa-33340	288	10	)	)	PUNCT
cjfa-33340	288	11	with	with	ADP
cjfa-33340	288	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	288	13	�	�	PROPN
cjfa-33340	288	14	=	=	SYM
cjfa-33340	288	15	e	e	X
cjfa-33340	289	1	[	[	X
cjfa-33340	289	2	log	log	X
cjfa-33340	289	3	[	[	PUNCT
cjfa-33340	289	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	289	5	�	�	PROPN
cjfa-33340	289	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	289	7	�	�	PROPN
cjfa-33340	289	8	�	�	PROPN
cjfa-33340	289	9	�	�	PROPN
cjfa-33340	289	10	)	)	PUNCT
cjfa-33340	289	11	]	]	PUNCT
cjfa-33340	289	12	]	]	PUNCT
cjfa-33340	289	13	and	and	CCONJ
cjfa-33340	289	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	289	15	�	�	PROPN
cjfa-33340	289	16	�	�	PROPN
cjfa-33340	289	17	~	~	PUNCT
cjfa-33340	289	18	iid	iid	NOUN
cjfa-33340	289	19	(	(	PUNCT
cjfa-33340	289	20	0	0	NUM
cjfa-33340	289	21	,	,	PUNCT
cjfa-33340	289	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	289	23	�	�	PROPN
cjfa-33340	289	24	�	�	PROPN
cjfa-33340	289	25	�	�	PROPN
cjfa-33340	289	26	�	�	PROPN
cjfa-33340	289	27	)	)	PUNCT
cjfa-33340	289	28	and	and	CCONJ
cjfa-33340	289	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	289	30	�	�	PROPN
cjfa-33340	289	31	�	�	PROPN
cjfa-33340	289	32	=	=	PUNCT
cjfa-33340	289	33	log	log	PROPN
cjfa-33340	289	34	(	(	PUNCT
cjfa-33340	289	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	289	36	�	�	PROPN
cjfa-33340	289	37	�	�	PROPN
cjfa-33340	289	38	)	)	PUNCT
cjfa-33340	289	39	(	(	PUNCT
cjfa-33340	289	40	8)	8)	NUM
cjfa-33340	289	41	(	(	PUNCT
cjfa-33340	289	42	hwang	hwang	PROPN
cjfa-33340	289	43	&	&	CCONJ
cjfa-33340	289	44	salmon	salmon	PROPN
cjfa-33340	289	45	,	,	PUNCT
cjfa-33340	289	46	2004	2004	NUM
cjfa-33340	289	47	)	)	PUNCT
cjfa-33340	289	48	allow	allow	VERB
cjfa-33340	289	49	herding	herding	NOUN
cjfa-33340	289	50	(	(	PUNCT
cjfa-33340	289	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	289	52	�	�	PROPN
cjfa-33340	289	53	�	�	PROPN
cjfa-33340	289	54	)	)	PUNCT
cjfa-33340	289	55	to	to	PART
cjfa-33340	289	56	follow	follow	VERB
cjfa-33340	289	57	an	an	DET
cjfa-33340	289	58	ar	ar	NOUN
cjfa-33340	289	59	(	(	PUNCT
cjfa-33340	289	60	1	1	NUM
cjfa-33340	289	61	)	)	PUNCT
cjfa-33340	289	62	process	process	NOUN
cjfa-33340	289	63	and	and	CCONJ
cjfa-33340	289	64	the	the	DET
cjfa-33340	289	65	model	model	NOUN
cjfa-33340	289	66	becomes	become	VERB
cjfa-33340	289	67	:	:	PUNCT
cjfa-33340	289	68	log	log	NOUN
cjfa-33340	289	69	[	[	PUNCT
cjfa-33340	289	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	289	71	�	�	PROPN
cjfa-33340	289	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	289	73	�	�	PROPN
cjfa-33340	289	74	�	�	PROPN
cjfa-33340	289	75	�	�	PROPN
cjfa-33340	289	76	�	�	PROPN
cjfa-33340	289	77	)	)	PUNCT
cjfa-33340	289	78	]	]	PUNCT
cjfa-33340	290	1	=	=	PUNCT
cjfa-33340	290	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	290	3	�	�	PROPN
cjfa-33340	290	4	+	+	CCONJ
cjfa-33340	290	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	290	6	�	�	PROPN
cjfa-33340	290	7	�	�	PROPN
cjfa-33340	290	8	+	+	CCONJ
cjfa-33340	290	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	290	10	�	�	PROPN
cjfa-33340	290	11	�	�	PROPN
cjfa-33340	290	12	(	(	PUNCT
cjfa-33340	290	13	9	9	NUM
cjfa-33340	290	14	)	)	PUNCT
cjfa-33340	290	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	290	16	�	�	PROPN
cjfa-33340	290	17	�	�	PROPN
cjfa-33340	290	18	=	=	PUNCT
cjfa-33340	290	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	290	20	�	�	PROPN
cjfa-33340	290	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	290	22	�	�	PROPN
cjfa-33340	290	23	�	�	PROPN
cjfa-33340	290	24	�	�	PROPN
cjfa-33340	290	25	�	�	PROPN
cjfa-33340	290	26	�	�	PROPN
cjfa-33340	290	27	+	+	CCONJ
cjfa-33340	290	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	290	29	�	�	PROPN
cjfa-33340	290	30	�	�	PROPN
cjfa-33340	290	31	(	(	PUNCT
cjfa-33340	290	32	10	10	NUM
cjfa-33340	290	33	)	)	PUNCT
cjfa-33340	290	34	where	where	SCONJ
cjfa-33340	290	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	290	36	�	�	PROPN
cjfa-33340	290	37	�	�	NOUN
cjfa-33340	290	38	~	~	SYM
cjfa-33340	290	39	iid	iid	NOUN
cjfa-33340	290	40	(	(	PUNCT
cjfa-33340	290	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	290	42	�	�	PROPN
cjfa-33340	290	43	�	�	PROPN
cjfa-33340	290	44	�	�	PROPN
cjfa-33340	290	45	�	�	PROPN
cjfa-33340	290	46	)	)	PUNCT
cjfa-33340	290	47	.	.	PUNCT
cjfa-33340	291	1	the	the	DET
cjfa-33340	291	2	equations	equation	NOUN
cjfa-33340	291	3	(	(	PUNCT
cjfa-33340	291	4	9	9	NUM
cjfa-33340	291	5	)	)	PUNCT
cjfa-33340	291	6	and	and	CCONJ
cjfa-33340	291	7	(	(	PUNCT
cjfa-33340	291	8	10	10	NUM
cjfa-33340	291	9	)	)	PUNCT
cjfa-33340	291	10	contain	contain	VERB
cjfa-33340	291	11	herding	herd	VERB
cjfa-33340	291	12	as	as	ADP
cjfa-33340	291	13	an	an	DET
cjfa-33340	291	14	unobserved	unobserved	ADJ
cjfa-33340	291	15	component	component	NOUN
cjfa-33340	291	16	,	,	PUNCT
cjfa-33340	291	17	which	which	PRON
cjfa-33340	291	18	will	will	AUX
cjfa-33340	291	19	be	be	AUX
cjfa-33340	291	20	extracted	extract	VERB
cjfa-33340	291	21	using	use	VERB
cjfa-33340	291	22	the	the	DET
cjfa-33340	291	23	kalman	kalman	NOUN
cjfa-33340	291	24	filter	filter	NOUN
cjfa-33340	291	25	like	like	ADP
cjfa-33340	291	26	(	(	PUNCT
cjfa-33340	291	27	hwang	hwang	PROPN
cjfa-33340	291	28	&	&	CCONJ
cjfa-33340	291	29	salmon	salmon	PROPN
cjfa-33340	291	30	,	,	PUNCT
cjfa-33340	291	31	2004	2004	NUM
cjfa-33340	291	32	)	)	PUNCT
cjfa-33340	291	33	methodology	methodology	NOUN
cjfa-33340	291	34	.	.	PUNCT
cjfa-33340	292	1	the	the	DET
cjfa-33340	292	2	log	log	NOUN
cjfa-33340	292	3	[	[	PUNCT
cjfa-33340	292	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	292	5	�	�	PROPN
cjfa-33340	292	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	292	7	�	�	PROPN
cjfa-33340	292	8	�	�	PROPN
cjfa-33340	292	9	�	�	PROPN
cjfa-33340	292	10	�	�	PROPN
cjfa-33340	292	11	)	)	PUNCT
cjfa-33340	292	12	]	]	PUNCT
cjfa-33340	292	13	is	be	AUX
cjfa-33340	292	14	expected	expect	VERB
cjfa-33340	292	15	to	to	PART
cjfa-33340	292	16	change	change	VERB
cjfa-33340	292	17	with	with	ADP
cjfa-33340	292	18	herding	herding	NOUN
cjfa-33340	292	19	levels	level	NOUN
cjfa-33340	292	20	and	and	CCONJ
cjfa-33340	292	21	this	this	DET
cjfa-33340	292	22	variation	variation	NOUN
cjfa-33340	292	23	is	be	AUX
cjfa-33340	292	24	reflected	reflect	VERB
cjfa-33340	292	25	through	through	ADP
cjfa-33340	292	26	(	(	PUNCT
cjfa-33340	292	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	292	28	�	�	PROPN
cjfa-33340	292	29	�	�	PROPN
cjfa-33340	292	30	)	)	PUNCT
cjfa-33340	292	31	.	.	PUNCT
cjfa-33340	293	1	when	when	SCONJ
cjfa-33340	293	2	the	the	DET
cjfa-33340	293	3	variance	variance	NOUN
cjfa-33340	293	4	of	of	ADP
cjfa-33340	293	5	the	the	DET
cjfa-33340	293	6	error	error	NOUN
cjfa-33340	293	7	term	term	NOUN
cjfa-33340	293	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	293	9	�	�	PROPN
cjfa-33340	293	10	�	�	PROPN
cjfa-33340	293	11	(	(	PUNCT
cjfa-33340	293	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	293	13	�	�	PROPN
cjfa-33340	293	14	�	�	PROPN
cjfa-33340	293	15	�	�	PROPN
cjfa-33340	293	16	�	�	PROPN
cjfa-33340	293	17	)	)	PUNCT
cjfa-33340	293	18	is	be	AUX
cjfa-33340	293	19	statistically	statistically	ADV
cjfa-33340	293	20	significant	significant	ADJ
cjfa-33340	293	21	,	,	PUNCT
cjfa-33340	293	22	this	this	PRON
cjfa-33340	293	23	indicates	indicate	VERB
cjfa-33340	293	24	the	the	DET
cjfa-33340	293	25	presence	presence	NOUN
cjfa-33340	293	26	of	of	ADP
cjfa-33340	293	27	herding	herd	VERB
cjfa-33340	293	28	behaviour	behaviour	NOUN
cjfa-33340	293	29	among	among	ADP
cjfa-33340	293	30	investors	investor	NOUN
cjfa-33340	293	31	and	and	CCONJ
cjfa-33340	293	32	a	a	DET
cjfa-33340	293	33	statistically	statistically	ADV
cjfa-33340	293	34	significant	significant	ADJ
cjfa-33340	293	35	of	of	ADP
cjfa-33340	293	36	the	the	DET
cjfa-33340	293	37	(	(	PUNCT
cjfa-33340	293	38	4	4	NUM
cjfa-33340	293	39	)	)	PUNCT
cjfa-33340	293	40	sentimental	sentimental	ADJ
cjfa-33340	293	41	herding	herding	NOUN
cjfa-33340	293	42	:	:	PUNCT
cjfa-33340	293	43	the	the	DET
cjfa-33340	293	44	role	role	NOUN
cjfa-33340	293	45	of	of	ADP
cjfa-33340	293	46	covid-19	covid-19	PROPN
cjfa-33340	293	47	crisis	crisis	NOUN
cjfa-33340	293	48	…	…	PUNCT
cjfa-33340	293	49	17	17	NUM
cjfa-33340	293	50	when	when	SCONJ
cjfa-33340	293	51	taking	take	VERB
cjfa-33340	293	52	the	the	DET
cjfa-33340	293	53	logarithms	logarithm	NOUN
cjfa-33340	293	54	on	on	ADP
cjfa-33340	293	55	both	both	DET
cjfa-33340	293	56	sides	side	NOUN
cjfa-33340	293	57	,	,	PUNCT
cjfa-33340	293	58	equation	equation	NOUN
cjfa-33340	293	59	(	(	PUNCT
cjfa-33340	293	60	4	4	X
cjfa-33340	293	61	)	)	PUNCT
cjfa-33340	293	62	is	be	AUX
cjfa-33340	293	63	rewritten	rewrite	VERB
cjfa-33340	293	64	as	as	SCONJ
cjfa-33340	293	65	follows	follow	VERB
cjfa-33340	293	66	:	:	PUNCT
cjfa-33340	293	67	of	of	ADP
cjfa-33340	293	68	the	the	DET
cjfa-33340	293	69	market	market	NOUN
cjfa-33340	293	70	excess	excess	ADJ
cjfa-33340	293	71	returns	return	NOUN
cjfa-33340	293	72	.	.	PUNCT
cjfa-33340	294	1	(	(	PUNCT
cjfa-33340	294	2	ℎ	ℎ	PROPN
cjfa-33340	294	3	�	�	PROPN
cjfa-33340	294	4	�	�	PROPN
cjfa-33340	294	5	)	)	PUNCT
cjfa-33340	294	6	is	be	AUX
cjfa-33340	294	7	a	a	DET
cjfa-33340	294	8	time	time	NOUN
cjfa-33340	294	9	-	-	PUNCT
cjfa-33340	294	10	variant	variant	ADJ
cjfa-33340	294	11	latent	latent	NOUN
cjfa-33340	294	12	herding	herding	NOUN
cjfa-33340	294	13	behaviour	behaviour	NOUN
cjfa-33340	294	14	parameter	parameter	NOUN
cjfa-33340	294	15	,	,	PUNCT
cjfa-33340	294	16	(	(	PUNCT
cjfa-33340	294	17	ℎ	ℎ	PROPN
cjfa-33340	294	18	�	�	NOUN
cjfa-33340	294	19	�	�	PROPN
cjfa-33340	294	20	)	)	PUNCT
cjfa-33340	294	21	=	=	SYM
cjfa-33340	294	22	0	0	NUM
cjfa-33340	294	23	indicates	indicate	VERB
cjfa-33340	294	24	the	the	DET
cjfa-33340	294	25	absence	absence	NOUN
cjfa-33340	294	26	of	of	ADP
cjfa-33340	294	27	herding	herd	VERB
cjfa-33340	294	28	behaviour	behaviour	NOUN
cjfa-33340	294	29	and	and	CCONJ
cjfa-33340	294	30	(	(	PUNCT
cjfa-33340	294	31	ℎ	ℎ	PROPN
cjfa-33340	294	32	�	�	PROPN
cjfa-33340	294	33	�	�	PROPN
cjfa-33340	294	34	)	)	PUNCT
cjfa-33340	294	35	=	=	SYM
cjfa-33340	294	36	1	1	NUM
cjfa-33340	294	37	indicates	indicate	VERB
cjfa-33340	294	38	the	the	DET
cjfa-33340	294	39	presence	presence	NOUN
cjfa-33340	294	40	of	of	ADP
cjfa-33340	294	41	perfect	perfect	ADJ
cjfa-33340	294	42	herding	herding	NOUN
cjfa-33340	294	43	behaviour	behaviour	NOUN
cjfa-33340	294	44	that	that	PRON
cjfa-33340	294	45	means	mean	VERB
cjfa-33340	294	46	that	that	SCONJ
cjfa-33340	294	47	all	all	DET
cjfa-33340	294	48	the	the	DET
cjfa-33340	294	49	individual	individual	ADJ
cjfa-33340	294	50	stock	stock	NOUN
cjfa-33340	294	51	returns	return	NOUN
cjfa-33340	294	52	change	change	VERB
cjfa-33340	294	53	following	follow	VERB
cjfa-33340	294	54	the	the	DET
cjfa-33340	294	55	market	market	NOUN
cjfa-33340	294	56	portfolio	portfolio	NOUN
cjfa-33340	294	57	movements	movement	NOUN
cjfa-33340	294	58	.	.	PUNCT
cjfa-33340	295	1	to	to	PART
cjfa-33340	295	2	measure	measure	VERB
cjfa-33340	295	3	herding	herd	VERB
cjfa-33340	295	4	behaviour	behaviour	NOUN
cjfa-33340	295	5	(	(	PUNCT
cjfa-33340	295	6	ℎ	ℎ	PROPN
cjfa-33340	295	7	�	�	PROPN
cjfa-33340	295	8	�	�	PROPN
cjfa-33340	295	9	)	)	PUNCT
cjfa-33340	295	10	on	on	ADP
cjfa-33340	295	11	a	a	DET
cjfa-33340	295	12	market	market	NOUN
cjfa-33340	295	13	-	-	PUNCT
cjfa-33340	295	14	wide	wide	ADJ
cjfa-33340	295	15	basis	basis	NOUN
cjfa-33340	295	16	,	,	PUNCT
cjfa-33340	295	17	the	the	DET
cjfa-33340	295	18	cross	cross	ADJ
cjfa-33340	295	19	-	-	ADJ
cjfa-33340	295	20	sectional	sectional	ADJ
cjfa-33340	295	21	dispersion	dispersion	NOUN
cjfa-33340	295	22	of	of	ADP
cjfa-33340	295	23	(	(	PUNCT
cjfa-33340	295	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	295	25	�	�	PROPN
cjfa-33340	295	26	�	�	PROPN
cjfa-33340	295	27	�	�	PROPN
cjfa-33340	295	28	�	�	PROPN
cjfa-33340	295	29	)	)	PUNCT
cjfa-33340	295	30	is	be	AUX
cjfa-33340	295	31	calculated	calculate	VERB
cjfa-33340	295	32	,	,	PUNCT
cjfa-33340	295	33	as	as	ADP
cjfa-33340	295	34	:	:	PUNCT
cjfa-33340	295	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	295	36	�	�	PROPN
cjfa-33340	295	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	295	38	�	�	PROPN
cjfa-33340	295	39	�	�	PROPN
cjfa-33340	295	40	�	�	PROPN
cjfa-33340	295	41	�	�	PROPN
cjfa-33340	295	42	)	)	PUNCT
cjfa-33340	296	1	=	=	SYM
cjfa-33340	296	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	296	3	�	�	PROPN
cjfa-33340	296	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	296	5	�	�	PROPN
cjfa-33340	296	6	�	�	PROPN
cjfa-33340	296	7	�	�	PROPN
cjfa-33340	296	8	)	)	PUNCT
cjfa-33340	296	9	(	(	PUNCT
cjfa-33340	296	10	1ℎ	1ℎ	PROPN
cjfa-33340	296	11	�	�	PROPN
cjfa-33340	296	12	�	�	PROPN
cjfa-33340	296	13	)	)	PUNCT
cjfa-33340	296	14	(	(	PUNCT
cjfa-33340	296	15	4	4	X
cjfa-33340	296	16	)	)	PUNCT
cjfa-33340	296	17	when	when	SCONJ
cjfa-33340	296	18	taking	take	VERB
cjfa-33340	296	19	the	the	DET
cjfa-33340	296	20	logarithms	logarithm	NOUN
cjfa-33340	296	21	on	on	ADP
cjfa-33340	296	22	both	both	DET
cjfa-33340	296	23	sides	side	NOUN
cjfa-33340	296	24	,	,	PUNCT
cjfa-33340	296	25	equation	equation	NOUN
cjfa-33340	296	26	(	(	PUNCT
cjfa-33340	296	27	4	4	X
cjfa-33340	296	28	)	)	PUNCT
cjfa-33340	296	29	is	be	AUX
cjfa-33340	296	30	rewritten	rewrite	VERB
cjfa-33340	296	31	as	as	SCONJ
cjfa-33340	296	32	follows	follow	VERB
cjfa-33340	296	33	:	:	PUNCT
cjfa-33340	296	34	log	log	NOUN
cjfa-33340	296	35	[	[	PUNCT
cjfa-33340	296	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	296	37	�	�	PROPN
cjfa-33340	296	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	296	39	�	�	PROPN
cjfa-33340	296	40	�	�	PROPN
cjfa-33340	296	41	�	�	PROPN
cjfa-33340	296	42	�	�	PROPN
cjfa-33340	296	43	)	)	PUNCT
cjfa-33340	296	44	]	]	PUNCT
cjfa-33340	297	1	=	=	PUNCT
cjfa-33340	297	2	log	log	NOUN
cjfa-33340	297	3	[	[	PUNCT
cjfa-33340	297	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	297	5	�	�	PROPN
cjfa-33340	297	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	297	7	�	�	PROPN
cjfa-33340	297	8	�	�	PROPN
cjfa-33340	297	9	�	�	PROPN
cjfa-33340	297	10	)	)	PUNCT
cjfa-33340	297	11	]	]	PUNCT
cjfa-33340	298	1	+	+	CCONJ
cjfa-33340	298	2	log	log	NOUN
cjfa-33340	298	3	(	(	PUNCT
cjfa-33340	298	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	298	5	�	�	PROPN
cjfa-33340	298	6	�	�	PROPN
cjfa-33340	298	7	)	)	PUNCT
cjfa-33340	298	8	(	(	PUNCT
cjfa-33340	298	9	5	5	X
cjfa-33340	298	10	)	)	PUNCT
cjfa-33340	298	11	equation	equation	NOUN
cjfa-33340	298	12	(	(	PUNCT
cjfa-33340	298	13	5	5	NUM
cjfa-33340	298	14	)	)	PUNCT
cjfa-33340	298	15	may	may	AUX
cjfa-33340	298	16	be	be	AUX
cjfa-33340	298	17	rewritten	rewrite	VERB
cjfa-33340	298	18	as	as	SCONJ
cjfa-33340	298	19	follows	follow	VERB
cjfa-33340	298	20	:	:	PUNCT
cjfa-33340	298	21	log	log	NOUN
cjfa-33340	298	22	[	[	PUNCT
cjfa-33340	298	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	298	24	�	�	PROPN
cjfa-33340	298	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	298	26	�	�	PROPN
cjfa-33340	298	27	�	�	PROPN
cjfa-33340	298	28	�	�	PROPN
cjfa-33340	298	29	�	�	PROPN
cjfa-33340	298	30	)	)	PUNCT
cjfa-33340	298	31	]	]	PUNCT
cjfa-33340	299	1	=	=	PUNCT
cjfa-33340	299	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	299	3	�	�	PROPN
cjfa-33340	299	4	+	+	CCONJ
cjfa-33340	299	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	299	6	�	�	PROPN
cjfa-33340	299	7	�	�	PROPN
cjfa-33340	299	8	+	+	CCONJ
cjfa-33340	299	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	299	10	�	�	PROPN
cjfa-33340	299	11	�	�	PROPN
cjfa-33340	299	12	(	(	PUNCT
cjfa-33340	299	13	6	6	NUM
cjfa-33340	299	14	)	)	PUNCT
cjfa-33340	299	15	where	where	SCONJ
cjfa-33340	299	16	:	:	PUNCT
cjfa-33340	299	17	log	log	VERB
cjfa-33340	299	18	[	[	PUNCT
cjfa-33340	299	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	299	20	�	�	PROPN
cjfa-33340	299	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	299	22	�	�	PROPN
cjfa-33340	299	23	�	�	PROPN
cjfa-33340	299	24	�	�	PROPN
cjfa-33340	299	25	)	)	PUNCT
cjfa-33340	299	26	]	]	PUNCT
cjfa-33340	300	1	=	=	PUNCT
cjfa-33340	300	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	300	3	�	�	PROPN
cjfa-33340	300	4	+	+	CCONJ
cjfa-33340	300	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	300	6	�	�	PROPN
cjfa-33340	300	7	�	�	PROPN
cjfa-33340	300	8	(	(	PUNCT
cjfa-33340	300	9	7	7	NUM
cjfa-33340	300	10	)	)	PUNCT
cjfa-33340	300	11	with	with	ADP
cjfa-33340	300	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	300	13	�	�	PROPN
cjfa-33340	300	14	=	=	SYM
cjfa-33340	300	15	e	e	X
cjfa-33340	301	1	[	[	X
cjfa-33340	301	2	log	log	X
cjfa-33340	301	3	[	[	PUNCT
cjfa-33340	301	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	301	5	�	�	PROPN
cjfa-33340	301	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	301	7	�	�	PROPN
cjfa-33340	301	8	�	�	PROPN
cjfa-33340	301	9	�	�	PROPN
cjfa-33340	301	10	)	)	PUNCT
cjfa-33340	301	11	]	]	PUNCT
cjfa-33340	301	12	]	]	PUNCT
cjfa-33340	301	13	and	and	CCONJ
cjfa-33340	301	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	301	15	�	�	PROPN
cjfa-33340	301	16	�	�	PROPN
cjfa-33340	301	17	~	~	PUNCT
cjfa-33340	301	18	iid	iid	NOUN
cjfa-33340	301	19	(	(	PUNCT
cjfa-33340	301	20	0	0	NUM
cjfa-33340	301	21	,	,	PUNCT
cjfa-33340	301	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	301	23	�	�	PROPN
cjfa-33340	301	24	�	�	PROPN
cjfa-33340	301	25	�	�	PROPN
cjfa-33340	301	26	�	�	PROPN
cjfa-33340	301	27	)	)	PUNCT
cjfa-33340	301	28	and	and	CCONJ
cjfa-33340	301	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	301	30	�	�	PROPN
cjfa-33340	301	31	�	�	PROPN
cjfa-33340	301	32	=	=	PUNCT
cjfa-33340	301	33	log	log	PROPN
cjfa-33340	301	34	(	(	PUNCT
cjfa-33340	301	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	301	36	�	�	PROPN
cjfa-33340	301	37	�	�	PROPN
cjfa-33340	301	38	)	)	PUNCT
cjfa-33340	301	39	(	(	PUNCT
cjfa-33340	301	40	8)	8)	NUM
cjfa-33340	301	41	(	(	PUNCT
cjfa-33340	301	42	hwang	hwang	PROPN
cjfa-33340	301	43	&	&	CCONJ
cjfa-33340	301	44	salmon	salmon	PROPN
cjfa-33340	301	45	,	,	PUNCT
cjfa-33340	301	46	2004	2004	NUM
cjfa-33340	301	47	)	)	PUNCT
cjfa-33340	301	48	allow	allow	VERB
cjfa-33340	301	49	herding	herding	NOUN
cjfa-33340	301	50	(	(	PUNCT
cjfa-33340	301	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	301	52	�	�	PROPN
cjfa-33340	301	53	�	�	PROPN
cjfa-33340	301	54	)	)	PUNCT
cjfa-33340	301	55	to	to	PART
cjfa-33340	301	56	follow	follow	VERB
cjfa-33340	301	57	an	an	DET
cjfa-33340	301	58	ar	ar	NOUN
cjfa-33340	301	59	(	(	PUNCT
cjfa-33340	301	60	1	1	NUM
cjfa-33340	301	61	)	)	PUNCT
cjfa-33340	301	62	process	process	NOUN
cjfa-33340	301	63	and	and	CCONJ
cjfa-33340	301	64	the	the	DET
cjfa-33340	301	65	model	model	NOUN
cjfa-33340	301	66	becomes	become	VERB
cjfa-33340	301	67	:	:	PUNCT
cjfa-33340	301	68	log	log	NOUN
cjfa-33340	301	69	[	[	PUNCT
cjfa-33340	301	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	301	71	�	�	PROPN
cjfa-33340	301	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	301	73	�	�	PROPN
cjfa-33340	301	74	�	�	PROPN
cjfa-33340	301	75	�	�	PROPN
cjfa-33340	301	76	�	�	PROPN
cjfa-33340	301	77	)	)	PUNCT
cjfa-33340	301	78	]	]	PUNCT
cjfa-33340	302	1	=	=	PUNCT
cjfa-33340	302	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	302	3	�	�	PROPN
cjfa-33340	302	4	+	+	CCONJ
cjfa-33340	302	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	302	6	�	�	PROPN
cjfa-33340	302	7	�	�	PROPN
cjfa-33340	302	8	+	+	CCONJ
cjfa-33340	302	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	302	10	�	�	PROPN
cjfa-33340	302	11	�	�	PROPN
cjfa-33340	302	12	(	(	PUNCT
cjfa-33340	302	13	9	9	NUM
cjfa-33340	302	14	)	)	PUNCT
cjfa-33340	302	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	302	16	�	�	PROPN
cjfa-33340	302	17	�	�	PROPN
cjfa-33340	302	18	=	=	PUNCT
cjfa-33340	302	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	302	20	�	�	PROPN
cjfa-33340	302	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	302	22	�	�	PROPN
cjfa-33340	302	23	�	�	PROPN
cjfa-33340	302	24	�	�	PROPN
cjfa-33340	302	25	�	�	PROPN
cjfa-33340	302	26	�	�	PROPN
cjfa-33340	302	27	+	+	CCONJ
cjfa-33340	302	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	302	29	�	�	PROPN
cjfa-33340	302	30	�	�	PROPN
cjfa-33340	302	31	(	(	PUNCT
cjfa-33340	302	32	10	10	NUM
cjfa-33340	302	33	)	)	PUNCT
cjfa-33340	302	34	where	where	SCONJ
cjfa-33340	302	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	302	36	�	�	PROPN
cjfa-33340	302	37	�	�	NOUN
cjfa-33340	302	38	~	~	SYM
cjfa-33340	302	39	iid	iid	NOUN
cjfa-33340	302	40	(	(	PUNCT
cjfa-33340	302	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	302	42	�	�	PROPN
cjfa-33340	302	43	�	�	PROPN
cjfa-33340	302	44	�	�	PROPN
cjfa-33340	302	45	�	�	PROPN
cjfa-33340	302	46	)	)	PUNCT
cjfa-33340	302	47	.	.	PUNCT
cjfa-33340	303	1	the	the	DET
cjfa-33340	303	2	equations	equation	NOUN
cjfa-33340	303	3	(	(	PUNCT
cjfa-33340	303	4	9	9	NUM
cjfa-33340	303	5	)	)	PUNCT
cjfa-33340	303	6	and	and	CCONJ
cjfa-33340	303	7	(	(	PUNCT
cjfa-33340	303	8	10	10	NUM
cjfa-33340	303	9	)	)	PUNCT
cjfa-33340	303	10	contain	contain	VERB
cjfa-33340	303	11	herding	herd	VERB
cjfa-33340	303	12	as	as	ADP
cjfa-33340	303	13	an	an	DET
cjfa-33340	303	14	unobserved	unobserved	ADJ
cjfa-33340	303	15	component	component	NOUN
cjfa-33340	303	16	,	,	PUNCT
cjfa-33340	303	17	which	which	PRON
cjfa-33340	303	18	will	will	AUX
cjfa-33340	303	19	be	be	AUX
cjfa-33340	303	20	extracted	extract	VERB
cjfa-33340	303	21	using	use	VERB
cjfa-33340	303	22	the	the	DET
cjfa-33340	303	23	kalman	kalman	NOUN
cjfa-33340	303	24	filter	filter	NOUN
cjfa-33340	303	25	like	like	ADP
cjfa-33340	303	26	(	(	PUNCT
cjfa-33340	303	27	hwang	hwang	PROPN
cjfa-33340	303	28	&	&	CCONJ
cjfa-33340	303	29	salmon	salmon	PROPN
cjfa-33340	303	30	,	,	PUNCT
cjfa-33340	303	31	2004	2004	NUM
cjfa-33340	303	32	)	)	PUNCT
cjfa-33340	303	33	methodology	methodology	NOUN
cjfa-33340	303	34	.	.	PUNCT
cjfa-33340	304	1	the	the	DET
cjfa-33340	304	2	log	log	NOUN
cjfa-33340	304	3	[	[	PUNCT
cjfa-33340	304	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	304	5	�	�	PROPN
cjfa-33340	304	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	304	7	�	�	PROPN
cjfa-33340	304	8	�	�	PROPN
cjfa-33340	304	9	�	�	PROPN
cjfa-33340	304	10	�	�	PROPN
cjfa-33340	304	11	)	)	PUNCT
cjfa-33340	304	12	]	]	PUNCT
cjfa-33340	304	13	is	be	AUX
cjfa-33340	304	14	expected	expect	VERB
cjfa-33340	304	15	to	to	PART
cjfa-33340	304	16	change	change	VERB
cjfa-33340	304	17	with	with	ADP
cjfa-33340	304	18	herding	herding	NOUN
cjfa-33340	304	19	levels	level	NOUN
cjfa-33340	304	20	and	and	CCONJ
cjfa-33340	304	21	this	this	DET
cjfa-33340	304	22	variation	variation	NOUN
cjfa-33340	304	23	is	be	AUX
cjfa-33340	304	24	reflected	reflect	VERB
cjfa-33340	304	25	through	through	ADP
cjfa-33340	304	26	(	(	PUNCT
cjfa-33340	304	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	304	28	�	�	PROPN
cjfa-33340	304	29	�	�	PROPN
cjfa-33340	304	30	)	)	PUNCT
cjfa-33340	304	31	.	.	PUNCT
cjfa-33340	305	1	when	when	SCONJ
cjfa-33340	305	2	the	the	DET
cjfa-33340	305	3	variance	variance	NOUN
cjfa-33340	305	4	of	of	ADP
cjfa-33340	305	5	the	the	DET
cjfa-33340	305	6	error	error	NOUN
cjfa-33340	305	7	term	term	NOUN
cjfa-33340	305	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	305	9	�	�	PROPN
cjfa-33340	305	10	�	�	PROPN
cjfa-33340	305	11	(	(	PUNCT
cjfa-33340	305	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	305	13	�	�	PROPN
cjfa-33340	305	14	�	�	PROPN
cjfa-33340	305	15	�	�	PROPN
cjfa-33340	305	16	�	�	PROPN
cjfa-33340	305	17	)	)	PUNCT
cjfa-33340	305	18	is	be	AUX
cjfa-33340	305	19	statistically	statistically	ADV
cjfa-33340	305	20	significant	significant	ADJ
cjfa-33340	305	21	,	,	PUNCT
cjfa-33340	305	22	this	this	PRON
cjfa-33340	305	23	indicates	indicate	VERB
cjfa-33340	305	24	the	the	DET
cjfa-33340	305	25	presence	presence	NOUN
cjfa-33340	305	26	of	of	ADP
cjfa-33340	305	27	herding	herd	VERB
cjfa-33340	305	28	behaviour	behaviour	NOUN
cjfa-33340	305	29	among	among	ADP
cjfa-33340	305	30	investors	investor	NOUN
cjfa-33340	305	31	and	and	CCONJ
cjfa-33340	305	32	a	a	DET
cjfa-33340	305	33	statistically	statistically	ADV
cjfa-33340	305	34	significant	significant	ADJ
cjfa-33340	305	35	of	of	ADP
cjfa-33340	305	36	the	the	DET
cjfa-33340	305	37	(	(	PUNCT
cjfa-33340	305	38	5	5	NUM
cjfa-33340	305	39	)	)	PUNCT
cjfa-33340	305	40	equation	equation	NOUN
cjfa-33340	305	41	(	(	PUNCT
cjfa-33340	305	42	5	5	NUM
cjfa-33340	305	43	)	)	PUNCT
cjfa-33340	305	44	may	may	AUX
cjfa-33340	305	45	be	be	AUX
cjfa-33340	305	46	rewritten	rewrite	VERB
cjfa-33340	305	47	as	as	SCONJ
cjfa-33340	305	48	follows	follow	VERB
cjfa-33340	305	49	:	:	PUNCT
cjfa-33340	305	50	of	of	ADP
cjfa-33340	305	51	the	the	DET
cjfa-33340	305	52	market	market	NOUN
cjfa-33340	305	53	excess	excess	ADJ
cjfa-33340	305	54	returns	return	NOUN
cjfa-33340	305	55	.	.	PUNCT
cjfa-33340	306	1	(	(	PUNCT
cjfa-33340	306	2	ℎ	ℎ	PROPN
cjfa-33340	306	3	�	�	PROPN
cjfa-33340	306	4	�	�	PROPN
cjfa-33340	306	5	)	)	PUNCT
cjfa-33340	306	6	is	be	AUX
cjfa-33340	306	7	a	a	DET
cjfa-33340	306	8	time	time	NOUN
cjfa-33340	306	9	-	-	PUNCT
cjfa-33340	306	10	variant	variant	ADJ
cjfa-33340	306	11	latent	latent	NOUN
cjfa-33340	306	12	herding	herding	NOUN
cjfa-33340	306	13	behaviour	behaviour	NOUN
cjfa-33340	306	14	parameter	parameter	NOUN
cjfa-33340	306	15	,	,	PUNCT
cjfa-33340	306	16	(	(	PUNCT
cjfa-33340	306	17	ℎ	ℎ	PROPN
cjfa-33340	306	18	�	�	NOUN
cjfa-33340	306	19	�	�	PROPN
cjfa-33340	306	20	)	)	PUNCT
cjfa-33340	306	21	=	=	SYM
cjfa-33340	306	22	0	0	NUM
cjfa-33340	306	23	indicates	indicate	VERB
cjfa-33340	306	24	the	the	DET
cjfa-33340	306	25	absence	absence	NOUN
cjfa-33340	306	26	of	of	ADP
cjfa-33340	306	27	herding	herd	VERB
cjfa-33340	306	28	behaviour	behaviour	NOUN
cjfa-33340	306	29	and	and	CCONJ
cjfa-33340	306	30	(	(	PUNCT
cjfa-33340	306	31	ℎ	ℎ	PROPN
cjfa-33340	306	32	�	�	PROPN
cjfa-33340	306	33	�	�	PROPN
cjfa-33340	306	34	)	)	PUNCT
cjfa-33340	306	35	=	=	SYM
cjfa-33340	306	36	1	1	NUM
cjfa-33340	306	37	indicates	indicate	VERB
cjfa-33340	306	38	the	the	DET
cjfa-33340	306	39	presence	presence	NOUN
cjfa-33340	306	40	of	of	ADP
cjfa-33340	306	41	perfect	perfect	ADJ
cjfa-33340	306	42	herding	herding	NOUN
cjfa-33340	306	43	behaviour	behaviour	NOUN
cjfa-33340	306	44	that	that	PRON
cjfa-33340	306	45	means	mean	VERB
cjfa-33340	306	46	that	that	SCONJ
cjfa-33340	306	47	all	all	DET
cjfa-33340	306	48	the	the	DET
cjfa-33340	306	49	individual	individual	ADJ
cjfa-33340	306	50	stock	stock	NOUN
cjfa-33340	306	51	returns	return	NOUN
cjfa-33340	306	52	change	change	VERB
cjfa-33340	306	53	following	follow	VERB
cjfa-33340	306	54	the	the	DET
cjfa-33340	306	55	market	market	NOUN
cjfa-33340	306	56	portfolio	portfolio	NOUN
cjfa-33340	306	57	movements	movement	NOUN
cjfa-33340	306	58	.	.	PUNCT
cjfa-33340	307	1	to	to	PART
cjfa-33340	307	2	measure	measure	VERB
cjfa-33340	307	3	herding	herd	VERB
cjfa-33340	307	4	behaviour	behaviour	NOUN
cjfa-33340	307	5	(	(	PUNCT
cjfa-33340	307	6	ℎ	ℎ	PROPN
cjfa-33340	307	7	�	�	PROPN
cjfa-33340	307	8	�	�	PROPN
cjfa-33340	307	9	)	)	PUNCT
cjfa-33340	307	10	on	on	ADP
cjfa-33340	307	11	a	a	DET
cjfa-33340	307	12	market	market	NOUN
cjfa-33340	307	13	-	-	PUNCT
cjfa-33340	307	14	wide	wide	ADJ
cjfa-33340	307	15	basis	basis	NOUN
cjfa-33340	307	16	,	,	PUNCT
cjfa-33340	307	17	the	the	DET
cjfa-33340	307	18	cross	cross	ADJ
cjfa-33340	307	19	-	-	ADJ
cjfa-33340	307	20	sectional	sectional	ADJ
cjfa-33340	307	21	dispersion	dispersion	NOUN
cjfa-33340	307	22	of	of	ADP
cjfa-33340	307	23	(	(	PUNCT
cjfa-33340	307	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	307	25	�	�	PROPN
cjfa-33340	307	26	�	�	PROPN
cjfa-33340	307	27	�	�	PROPN
cjfa-33340	307	28	�	�	PROPN
cjfa-33340	307	29	)	)	PUNCT
cjfa-33340	307	30	is	be	AUX
cjfa-33340	307	31	calculated	calculate	VERB
cjfa-33340	307	32	,	,	PUNCT
cjfa-33340	307	33	as	as	ADP
cjfa-33340	307	34	:	:	PUNCT
cjfa-33340	307	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	307	36	�	�	PROPN
cjfa-33340	307	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	307	38	�	�	PROPN
cjfa-33340	307	39	�	�	PROPN
cjfa-33340	307	40	�	�	PROPN
cjfa-33340	307	41	�	�	PROPN
cjfa-33340	307	42	)	)	PUNCT
cjfa-33340	308	1	=	=	SYM
cjfa-33340	308	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	308	3	�	�	PROPN
cjfa-33340	308	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	308	5	�	�	PROPN
cjfa-33340	308	6	�	�	PROPN
cjfa-33340	308	7	�	�	PROPN
cjfa-33340	308	8	)	)	PUNCT
cjfa-33340	308	9	(	(	PUNCT
cjfa-33340	308	10	1ℎ	1ℎ	PROPN
cjfa-33340	308	11	�	�	PROPN
cjfa-33340	308	12	�	�	PROPN
cjfa-33340	308	13	)	)	PUNCT
cjfa-33340	308	14	(	(	PUNCT
cjfa-33340	308	15	4	4	X
cjfa-33340	308	16	)	)	PUNCT
cjfa-33340	308	17	when	when	SCONJ
cjfa-33340	308	18	taking	take	VERB
cjfa-33340	308	19	the	the	DET
cjfa-33340	308	20	logarithms	logarithm	NOUN
cjfa-33340	308	21	on	on	ADP
cjfa-33340	308	22	both	both	DET
cjfa-33340	308	23	sides	side	NOUN
cjfa-33340	308	24	,	,	PUNCT
cjfa-33340	308	25	equation	equation	NOUN
cjfa-33340	308	26	(	(	PUNCT
cjfa-33340	308	27	4	4	X
cjfa-33340	308	28	)	)	PUNCT
cjfa-33340	308	29	is	be	AUX
cjfa-33340	308	30	rewritten	rewrite	VERB
cjfa-33340	308	31	as	as	SCONJ
cjfa-33340	308	32	follows	follow	VERB
cjfa-33340	308	33	:	:	PUNCT
cjfa-33340	308	34	log	log	NOUN
cjfa-33340	308	35	[	[	PUNCT
cjfa-33340	308	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	308	37	�	�	PROPN
cjfa-33340	308	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	308	39	�	�	PROPN
cjfa-33340	308	40	�	�	PROPN
cjfa-33340	308	41	�	�	PROPN
cjfa-33340	308	42	�	�	PROPN
cjfa-33340	308	43	)	)	PUNCT
cjfa-33340	308	44	]	]	PUNCT
cjfa-33340	309	1	=	=	PUNCT
cjfa-33340	309	2	log	log	NOUN
cjfa-33340	309	3	[	[	PUNCT
cjfa-33340	309	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	309	5	�	�	PROPN
cjfa-33340	309	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	309	7	�	�	PROPN
cjfa-33340	309	8	�	�	PROPN
cjfa-33340	309	9	�	�	PROPN
cjfa-33340	309	10	)	)	PUNCT
cjfa-33340	309	11	]	]	PUNCT
cjfa-33340	310	1	+	+	CCONJ
cjfa-33340	310	2	log	log	NOUN
cjfa-33340	310	3	(	(	PUNCT
cjfa-33340	310	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	310	5	�	�	PROPN
cjfa-33340	310	6	�	�	PROPN
cjfa-33340	310	7	)	)	PUNCT
cjfa-33340	310	8	(	(	PUNCT
cjfa-33340	310	9	5	5	X
cjfa-33340	310	10	)	)	PUNCT
cjfa-33340	310	11	equation	equation	NOUN
cjfa-33340	310	12	(	(	PUNCT
cjfa-33340	310	13	5	5	NUM
cjfa-33340	310	14	)	)	PUNCT
cjfa-33340	310	15	may	may	AUX
cjfa-33340	310	16	be	be	AUX
cjfa-33340	310	17	rewritten	rewrite	VERB
cjfa-33340	310	18	as	as	SCONJ
cjfa-33340	310	19	follows	follow	VERB
cjfa-33340	310	20	:	:	PUNCT
cjfa-33340	310	21	log	log	NOUN
cjfa-33340	310	22	[	[	PUNCT
cjfa-33340	310	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	310	24	�	�	PROPN
cjfa-33340	310	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	310	26	�	�	PROPN
cjfa-33340	310	27	�	�	PROPN
cjfa-33340	310	28	�	�	PROPN
cjfa-33340	310	29	�	�	PROPN
cjfa-33340	310	30	)	)	PUNCT
cjfa-33340	310	31	]	]	PUNCT
cjfa-33340	311	1	=	=	PUNCT
cjfa-33340	311	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	311	3	�	�	PROPN
cjfa-33340	311	4	+	+	CCONJ
cjfa-33340	311	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	311	6	�	�	PROPN
cjfa-33340	311	7	�	�	PROPN
cjfa-33340	311	8	+	+	CCONJ
cjfa-33340	311	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	311	10	�	�	PROPN
cjfa-33340	311	11	�	�	PROPN
cjfa-33340	311	12	(	(	PUNCT
cjfa-33340	311	13	6	6	NUM
cjfa-33340	311	14	)	)	PUNCT
cjfa-33340	311	15	where	where	SCONJ
cjfa-33340	311	16	:	:	PUNCT
cjfa-33340	311	17	log	log	VERB
cjfa-33340	311	18	[	[	PUNCT
cjfa-33340	311	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	311	20	�	�	PROPN
cjfa-33340	311	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	311	22	�	�	PROPN
cjfa-33340	311	23	�	�	PROPN
cjfa-33340	311	24	�	�	PROPN
cjfa-33340	311	25	)	)	PUNCT
cjfa-33340	311	26	]	]	PUNCT
cjfa-33340	312	1	=	=	PUNCT
cjfa-33340	312	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	312	3	�	�	PROPN
cjfa-33340	312	4	+	+	CCONJ
cjfa-33340	312	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	312	6	�	�	PROPN
cjfa-33340	312	7	�	�	PROPN
cjfa-33340	312	8	(	(	PUNCT
cjfa-33340	312	9	7	7	NUM
cjfa-33340	312	10	)	)	PUNCT
cjfa-33340	312	11	with	with	ADP
cjfa-33340	312	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	312	13	�	�	PROPN
cjfa-33340	312	14	=	=	SYM
cjfa-33340	312	15	e	e	X
cjfa-33340	313	1	[	[	X
cjfa-33340	313	2	log	log	X
cjfa-33340	313	3	[	[	PUNCT
cjfa-33340	313	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	313	5	�	�	PROPN
cjfa-33340	313	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	313	7	�	�	PROPN
cjfa-33340	313	8	�	�	PROPN
cjfa-33340	313	9	�	�	PROPN
cjfa-33340	313	10	)	)	PUNCT
cjfa-33340	313	11	]	]	PUNCT
cjfa-33340	313	12	]	]	PUNCT
cjfa-33340	313	13	and	and	CCONJ
cjfa-33340	313	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	313	15	�	�	PROPN
cjfa-33340	313	16	�	�	PROPN
cjfa-33340	313	17	~	~	PUNCT
cjfa-33340	313	18	iid	iid	NOUN
cjfa-33340	313	19	(	(	PUNCT
cjfa-33340	313	20	0	0	NUM
cjfa-33340	313	21	,	,	PUNCT
cjfa-33340	313	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	313	23	�	�	PROPN
cjfa-33340	313	24	�	�	PROPN
cjfa-33340	313	25	�	�	PROPN
cjfa-33340	313	26	�	�	PROPN
cjfa-33340	313	27	)	)	PUNCT
cjfa-33340	313	28	and	and	CCONJ
cjfa-33340	313	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	313	30	�	�	PROPN
cjfa-33340	313	31	�	�	PROPN
cjfa-33340	313	32	=	=	PUNCT
cjfa-33340	313	33	log	log	PROPN
cjfa-33340	313	34	(	(	PUNCT
cjfa-33340	313	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	313	36	�	�	PROPN
cjfa-33340	313	37	�	�	PROPN
cjfa-33340	313	38	)	)	PUNCT
cjfa-33340	313	39	(	(	PUNCT
cjfa-33340	313	40	8)	8)	NUM
cjfa-33340	313	41	(	(	PUNCT
cjfa-33340	313	42	hwang	hwang	PROPN
cjfa-33340	313	43	&	&	CCONJ
cjfa-33340	313	44	salmon	salmon	PROPN
cjfa-33340	313	45	,	,	PUNCT
cjfa-33340	313	46	2004	2004	NUM
cjfa-33340	313	47	)	)	PUNCT
cjfa-33340	313	48	allow	allow	VERB
cjfa-33340	313	49	herding	herding	NOUN
cjfa-33340	313	50	(	(	PUNCT
cjfa-33340	313	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	313	52	�	�	PROPN
cjfa-33340	313	53	�	�	PROPN
cjfa-33340	313	54	)	)	PUNCT
cjfa-33340	313	55	to	to	PART
cjfa-33340	313	56	follow	follow	VERB
cjfa-33340	313	57	an	an	DET
cjfa-33340	313	58	ar	ar	NOUN
cjfa-33340	313	59	(	(	PUNCT
cjfa-33340	313	60	1	1	NUM
cjfa-33340	313	61	)	)	PUNCT
cjfa-33340	313	62	process	process	NOUN
cjfa-33340	313	63	and	and	CCONJ
cjfa-33340	313	64	the	the	DET
cjfa-33340	313	65	model	model	NOUN
cjfa-33340	313	66	becomes	become	VERB
cjfa-33340	313	67	:	:	PUNCT
cjfa-33340	313	68	log	log	NOUN
cjfa-33340	313	69	[	[	PUNCT
cjfa-33340	313	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	313	71	�	�	PROPN
cjfa-33340	313	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	313	73	�	�	PROPN
cjfa-33340	313	74	�	�	PROPN
cjfa-33340	313	75	�	�	PROPN
cjfa-33340	313	76	�	�	PROPN
cjfa-33340	313	77	)	)	PUNCT
cjfa-33340	313	78	]	]	PUNCT
cjfa-33340	314	1	=	=	PUNCT
cjfa-33340	314	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	314	3	�	�	PROPN
cjfa-33340	314	4	+	+	CCONJ
cjfa-33340	314	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	314	6	�	�	PROPN
cjfa-33340	314	7	�	�	PROPN
cjfa-33340	314	8	+	+	CCONJ
cjfa-33340	314	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	314	10	�	�	PROPN
cjfa-33340	314	11	�	�	PROPN
cjfa-33340	314	12	(	(	PUNCT
cjfa-33340	314	13	9	9	NUM
cjfa-33340	314	14	)	)	PUNCT
cjfa-33340	314	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	314	16	�	�	PROPN
cjfa-33340	314	17	�	�	PROPN
cjfa-33340	314	18	=	=	PUNCT
cjfa-33340	314	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	314	20	�	�	PROPN
cjfa-33340	314	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	314	22	�	�	PROPN
cjfa-33340	314	23	�	�	PROPN
cjfa-33340	314	24	�	�	PROPN
cjfa-33340	314	25	�	�	PROPN
cjfa-33340	314	26	�	�	PROPN
cjfa-33340	314	27	+	+	CCONJ
cjfa-33340	314	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	314	29	�	�	PROPN
cjfa-33340	314	30	�	�	PROPN
cjfa-33340	314	31	(	(	PUNCT
cjfa-33340	314	32	10	10	NUM
cjfa-33340	314	33	)	)	PUNCT
cjfa-33340	314	34	where	where	SCONJ
cjfa-33340	314	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	314	36	�	�	PROPN
cjfa-33340	314	37	�	�	NOUN
cjfa-33340	314	38	~	~	SYM
cjfa-33340	314	39	iid	iid	NOUN
cjfa-33340	314	40	(	(	PUNCT
cjfa-33340	314	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	314	42	�	�	PROPN
cjfa-33340	314	43	�	�	PROPN
cjfa-33340	314	44	�	�	PROPN
cjfa-33340	314	45	�	�	PROPN
cjfa-33340	314	46	)	)	PUNCT
cjfa-33340	314	47	.	.	PUNCT
cjfa-33340	315	1	the	the	DET
cjfa-33340	315	2	equations	equation	NOUN
cjfa-33340	315	3	(	(	PUNCT
cjfa-33340	315	4	9	9	NUM
cjfa-33340	315	5	)	)	PUNCT
cjfa-33340	315	6	and	and	CCONJ
cjfa-33340	315	7	(	(	PUNCT
cjfa-33340	315	8	10	10	NUM
cjfa-33340	315	9	)	)	PUNCT
cjfa-33340	315	10	contain	contain	VERB
cjfa-33340	315	11	herding	herd	VERB
cjfa-33340	315	12	as	as	ADP
cjfa-33340	315	13	an	an	DET
cjfa-33340	315	14	unobserved	unobserved	ADJ
cjfa-33340	315	15	component	component	NOUN
cjfa-33340	315	16	,	,	PUNCT
cjfa-33340	315	17	which	which	PRON
cjfa-33340	315	18	will	will	AUX
cjfa-33340	315	19	be	be	AUX
cjfa-33340	315	20	extracted	extract	VERB
cjfa-33340	315	21	using	use	VERB
cjfa-33340	315	22	the	the	DET
cjfa-33340	315	23	kalman	kalman	NOUN
cjfa-33340	315	24	filter	filter	NOUN
cjfa-33340	315	25	like	like	ADP
cjfa-33340	315	26	(	(	PUNCT
cjfa-33340	315	27	hwang	hwang	PROPN
cjfa-33340	315	28	&	&	CCONJ
cjfa-33340	315	29	salmon	salmon	PROPN
cjfa-33340	315	30	,	,	PUNCT
cjfa-33340	315	31	2004	2004	NUM
cjfa-33340	315	32	)	)	PUNCT
cjfa-33340	315	33	methodology	methodology	NOUN
cjfa-33340	315	34	.	.	PUNCT
cjfa-33340	316	1	the	the	DET
cjfa-33340	316	2	log	log	NOUN
cjfa-33340	316	3	[	[	PUNCT
cjfa-33340	316	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	316	5	�	�	PROPN
cjfa-33340	316	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	316	7	�	�	PROPN
cjfa-33340	316	8	�	�	PROPN
cjfa-33340	316	9	�	�	PROPN
cjfa-33340	316	10	�	�	PROPN
cjfa-33340	316	11	)	)	PUNCT
cjfa-33340	316	12	]	]	PUNCT
cjfa-33340	316	13	is	be	AUX
cjfa-33340	316	14	expected	expect	VERB
cjfa-33340	316	15	to	to	PART
cjfa-33340	316	16	change	change	VERB
cjfa-33340	316	17	with	with	ADP
cjfa-33340	316	18	herding	herding	NOUN
cjfa-33340	316	19	levels	level	NOUN
cjfa-33340	316	20	and	and	CCONJ
cjfa-33340	316	21	this	this	DET
cjfa-33340	316	22	variation	variation	NOUN
cjfa-33340	316	23	is	be	AUX
cjfa-33340	316	24	reflected	reflect	VERB
cjfa-33340	316	25	through	through	ADP
cjfa-33340	316	26	(	(	PUNCT
cjfa-33340	316	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	316	28	�	�	PROPN
cjfa-33340	316	29	�	�	PROPN
cjfa-33340	316	30	)	)	PUNCT
cjfa-33340	316	31	.	.	PUNCT
cjfa-33340	317	1	when	when	SCONJ
cjfa-33340	317	2	the	the	DET
cjfa-33340	317	3	variance	variance	NOUN
cjfa-33340	317	4	of	of	ADP
cjfa-33340	317	5	the	the	DET
cjfa-33340	317	6	error	error	NOUN
cjfa-33340	317	7	term	term	NOUN
cjfa-33340	317	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	317	9	�	�	PROPN
cjfa-33340	317	10	�	�	PROPN
cjfa-33340	317	11	(	(	PUNCT
cjfa-33340	317	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	317	13	�	�	PROPN
cjfa-33340	317	14	�	�	PROPN
cjfa-33340	317	15	�	�	PROPN
cjfa-33340	317	16	�	�	PROPN
cjfa-33340	317	17	)	)	PUNCT
cjfa-33340	317	18	is	be	AUX
cjfa-33340	317	19	statistically	statistically	ADV
cjfa-33340	317	20	significant	significant	ADJ
cjfa-33340	317	21	,	,	PUNCT
cjfa-33340	317	22	this	this	PRON
cjfa-33340	317	23	indicates	indicate	VERB
cjfa-33340	317	24	the	the	DET
cjfa-33340	317	25	presence	presence	NOUN
cjfa-33340	317	26	of	of	ADP
cjfa-33340	317	27	herding	herd	VERB
cjfa-33340	317	28	behaviour	behaviour	NOUN
cjfa-33340	317	29	among	among	ADP
cjfa-33340	317	30	investors	investor	NOUN
cjfa-33340	317	31	and	and	CCONJ
cjfa-33340	317	32	a	a	DET
cjfa-33340	317	33	statistically	statistically	ADV
cjfa-33340	317	34	significant	significant	ADJ
cjfa-33340	317	35	of	of	ADP
cjfa-33340	317	36	the	the	DET
cjfa-33340	317	37	(	(	PUNCT
cjfa-33340	317	38	6	6	NUM
cjfa-33340	317	39	)	)	PUNCT
cjfa-33340	317	40	where	where	SCONJ
cjfa-33340	317	41	:	:	PUNCT
cjfa-33340	317	42	of	of	ADP
cjfa-33340	317	43	the	the	DET
cjfa-33340	317	44	market	market	NOUN
cjfa-33340	317	45	excess	excess	ADJ
cjfa-33340	317	46	returns	return	NOUN
cjfa-33340	317	47	.	.	PUNCT
cjfa-33340	318	1	(	(	PUNCT
cjfa-33340	318	2	ℎ	ℎ	PROPN
cjfa-33340	318	3	�	�	PROPN
cjfa-33340	318	4	�	�	PROPN
cjfa-33340	318	5	)	)	PUNCT
cjfa-33340	318	6	is	be	AUX
cjfa-33340	318	7	a	a	DET
cjfa-33340	318	8	time	time	NOUN
cjfa-33340	318	9	-	-	PUNCT
cjfa-33340	318	10	variant	variant	ADJ
cjfa-33340	318	11	latent	latent	NOUN
cjfa-33340	318	12	herding	herding	NOUN
cjfa-33340	318	13	behaviour	behaviour	NOUN
cjfa-33340	318	14	parameter	parameter	NOUN
cjfa-33340	318	15	,	,	PUNCT
cjfa-33340	318	16	(	(	PUNCT
cjfa-33340	318	17	ℎ	ℎ	PROPN
cjfa-33340	318	18	�	�	NOUN
cjfa-33340	318	19	�	�	PROPN
cjfa-33340	318	20	)	)	PUNCT
cjfa-33340	318	21	=	=	SYM
cjfa-33340	318	22	0	0	NUM
cjfa-33340	318	23	indicates	indicate	VERB
cjfa-33340	318	24	the	the	DET
cjfa-33340	318	25	absence	absence	NOUN
cjfa-33340	318	26	of	of	ADP
cjfa-33340	318	27	herding	herd	VERB
cjfa-33340	318	28	behaviour	behaviour	NOUN
cjfa-33340	318	29	and	and	CCONJ
cjfa-33340	318	30	(	(	PUNCT
cjfa-33340	318	31	ℎ	ℎ	PROPN
cjfa-33340	318	32	�	�	PROPN
cjfa-33340	318	33	�	�	PROPN
cjfa-33340	318	34	)	)	PUNCT
cjfa-33340	318	35	=	=	SYM
cjfa-33340	318	36	1	1	NUM
cjfa-33340	318	37	indicates	indicate	VERB
cjfa-33340	318	38	the	the	DET
cjfa-33340	318	39	presence	presence	NOUN
cjfa-33340	318	40	of	of	ADP
cjfa-33340	318	41	perfect	perfect	ADJ
cjfa-33340	318	42	herding	herding	NOUN
cjfa-33340	318	43	behaviour	behaviour	NOUN
cjfa-33340	318	44	that	that	PRON
cjfa-33340	318	45	means	mean	VERB
cjfa-33340	318	46	that	that	SCONJ
cjfa-33340	318	47	all	all	DET
cjfa-33340	318	48	the	the	DET
cjfa-33340	318	49	individual	individual	ADJ
cjfa-33340	318	50	stock	stock	NOUN
cjfa-33340	318	51	returns	return	NOUN
cjfa-33340	318	52	change	change	VERB
cjfa-33340	318	53	following	follow	VERB
cjfa-33340	318	54	the	the	DET
cjfa-33340	318	55	market	market	NOUN
cjfa-33340	318	56	portfolio	portfolio	NOUN
cjfa-33340	318	57	movements	movement	NOUN
cjfa-33340	318	58	.	.	PUNCT
cjfa-33340	319	1	to	to	PART
cjfa-33340	319	2	measure	measure	VERB
cjfa-33340	319	3	herding	herd	VERB
cjfa-33340	319	4	behaviour	behaviour	NOUN
cjfa-33340	319	5	(	(	PUNCT
cjfa-33340	319	6	ℎ	ℎ	PROPN
cjfa-33340	319	7	�	�	PROPN
cjfa-33340	319	8	�	�	PROPN
cjfa-33340	319	9	)	)	PUNCT
cjfa-33340	319	10	on	on	ADP
cjfa-33340	319	11	a	a	DET
cjfa-33340	319	12	market	market	NOUN
cjfa-33340	319	13	-	-	PUNCT
cjfa-33340	319	14	wide	wide	ADJ
cjfa-33340	319	15	basis	basis	NOUN
cjfa-33340	319	16	,	,	PUNCT
cjfa-33340	319	17	the	the	DET
cjfa-33340	319	18	cross	cross	ADJ
cjfa-33340	319	19	-	-	ADJ
cjfa-33340	319	20	sectional	sectional	ADJ
cjfa-33340	319	21	dispersion	dispersion	NOUN
cjfa-33340	319	22	of	of	ADP
cjfa-33340	319	23	(	(	PUNCT
cjfa-33340	319	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	319	25	�	�	PROPN
cjfa-33340	319	26	�	�	PROPN
cjfa-33340	319	27	�	�	PROPN
cjfa-33340	319	28	�	�	PROPN
cjfa-33340	319	29	)	)	PUNCT
cjfa-33340	319	30	is	be	AUX
cjfa-33340	319	31	calculated	calculate	VERB
cjfa-33340	319	32	,	,	PUNCT
cjfa-33340	319	33	as	as	ADP
cjfa-33340	319	34	:	:	PUNCT
cjfa-33340	319	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	319	36	�	�	PROPN
cjfa-33340	319	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	319	38	�	�	PROPN
cjfa-33340	319	39	�	�	PROPN
cjfa-33340	319	40	�	�	PROPN
cjfa-33340	319	41	�	�	PROPN
cjfa-33340	319	42	)	)	PUNCT
cjfa-33340	320	1	=	=	SYM
cjfa-33340	320	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	320	3	�	�	PROPN
cjfa-33340	320	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	320	5	�	�	PROPN
cjfa-33340	320	6	�	�	PROPN
cjfa-33340	320	7	�	�	PROPN
cjfa-33340	320	8	)	)	PUNCT
cjfa-33340	320	9	(	(	PUNCT
cjfa-33340	320	10	1ℎ	1ℎ	PROPN
cjfa-33340	320	11	�	�	PROPN
cjfa-33340	320	12	�	�	PROPN
cjfa-33340	320	13	)	)	PUNCT
cjfa-33340	320	14	(	(	PUNCT
cjfa-33340	320	15	4	4	X
cjfa-33340	320	16	)	)	PUNCT
cjfa-33340	320	17	when	when	SCONJ
cjfa-33340	320	18	taking	take	VERB
cjfa-33340	320	19	the	the	DET
cjfa-33340	320	20	logarithms	logarithm	NOUN
cjfa-33340	320	21	on	on	ADP
cjfa-33340	320	22	both	both	DET
cjfa-33340	320	23	sides	side	NOUN
cjfa-33340	320	24	,	,	PUNCT
cjfa-33340	320	25	equation	equation	NOUN
cjfa-33340	320	26	(	(	PUNCT
cjfa-33340	320	27	4	4	X
cjfa-33340	320	28	)	)	PUNCT
cjfa-33340	320	29	is	be	AUX
cjfa-33340	320	30	rewritten	rewrite	VERB
cjfa-33340	320	31	as	as	SCONJ
cjfa-33340	320	32	follows	follow	VERB
cjfa-33340	320	33	:	:	PUNCT
cjfa-33340	320	34	log	log	NOUN
cjfa-33340	320	35	[	[	PUNCT
cjfa-33340	320	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	320	37	�	�	PROPN
cjfa-33340	320	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	320	39	�	�	PROPN
cjfa-33340	320	40	�	�	PROPN
cjfa-33340	320	41	�	�	PROPN
cjfa-33340	320	42	�	�	PROPN
cjfa-33340	320	43	)	)	PUNCT
cjfa-33340	320	44	]	]	PUNCT
cjfa-33340	321	1	=	=	PUNCT
cjfa-33340	321	2	log	log	NOUN
cjfa-33340	321	3	[	[	PUNCT
cjfa-33340	321	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	321	5	�	�	PROPN
cjfa-33340	321	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	321	7	�	�	PROPN
cjfa-33340	321	8	�	�	PROPN
cjfa-33340	321	9	�	�	PROPN
cjfa-33340	321	10	)	)	PUNCT
cjfa-33340	321	11	]	]	PUNCT
cjfa-33340	322	1	+	+	CCONJ
cjfa-33340	322	2	log	log	NOUN
cjfa-33340	322	3	(	(	PUNCT
cjfa-33340	322	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	322	5	�	�	PROPN
cjfa-33340	322	6	�	�	PROPN
cjfa-33340	322	7	)	)	PUNCT
cjfa-33340	322	8	(	(	PUNCT
cjfa-33340	322	9	5	5	X
cjfa-33340	322	10	)	)	PUNCT
cjfa-33340	322	11	equation	equation	NOUN
cjfa-33340	322	12	(	(	PUNCT
cjfa-33340	322	13	5	5	NUM
cjfa-33340	322	14	)	)	PUNCT
cjfa-33340	322	15	may	may	AUX
cjfa-33340	322	16	be	be	AUX
cjfa-33340	322	17	rewritten	rewrite	VERB
cjfa-33340	322	18	as	as	SCONJ
cjfa-33340	322	19	follows	follow	VERB
cjfa-33340	322	20	:	:	PUNCT
cjfa-33340	322	21	log	log	NOUN
cjfa-33340	322	22	[	[	PUNCT
cjfa-33340	322	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	322	24	�	�	PROPN
cjfa-33340	322	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	322	26	�	�	PROPN
cjfa-33340	322	27	�	�	PROPN
cjfa-33340	322	28	�	�	PROPN
cjfa-33340	322	29	�	�	PROPN
cjfa-33340	322	30	)	)	PUNCT
cjfa-33340	322	31	]	]	PUNCT
cjfa-33340	323	1	=	=	PUNCT
cjfa-33340	323	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	323	3	�	�	PROPN
cjfa-33340	323	4	+	+	CCONJ
cjfa-33340	323	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	323	6	�	�	PROPN
cjfa-33340	323	7	�	�	PROPN
cjfa-33340	323	8	+	+	CCONJ
cjfa-33340	323	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	323	10	�	�	PROPN
cjfa-33340	323	11	�	�	PROPN
cjfa-33340	323	12	(	(	PUNCT
cjfa-33340	323	13	6	6	NUM
cjfa-33340	323	14	)	)	PUNCT
cjfa-33340	323	15	where	where	SCONJ
cjfa-33340	323	16	:	:	PUNCT
cjfa-33340	323	17	log	log	VERB
cjfa-33340	323	18	[	[	PUNCT
cjfa-33340	323	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	323	20	�	�	PROPN
cjfa-33340	323	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	323	22	�	�	PROPN
cjfa-33340	323	23	�	�	PROPN
cjfa-33340	323	24	�	�	PROPN
cjfa-33340	323	25	)	)	PUNCT
cjfa-33340	323	26	]	]	PUNCT
cjfa-33340	324	1	=	=	PUNCT
cjfa-33340	324	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	324	3	�	�	PROPN
cjfa-33340	324	4	+	+	CCONJ
cjfa-33340	324	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	324	6	�	�	PROPN
cjfa-33340	324	7	�	�	PROPN
cjfa-33340	324	8	(	(	PUNCT
cjfa-33340	324	9	7	7	NUM
cjfa-33340	324	10	)	)	PUNCT
cjfa-33340	324	11	with	with	ADP
cjfa-33340	324	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	324	13	�	�	PROPN
cjfa-33340	324	14	=	=	SYM
cjfa-33340	324	15	e	e	X
cjfa-33340	325	1	[	[	X
cjfa-33340	325	2	log	log	X
cjfa-33340	325	3	[	[	PUNCT
cjfa-33340	325	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	325	5	�	�	PROPN
cjfa-33340	325	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	325	7	�	�	PROPN
cjfa-33340	325	8	�	�	PROPN
cjfa-33340	325	9	�	�	PROPN
cjfa-33340	325	10	)	)	PUNCT
cjfa-33340	325	11	]	]	PUNCT
cjfa-33340	325	12	]	]	PUNCT
cjfa-33340	325	13	and	and	CCONJ
cjfa-33340	325	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	325	15	�	�	PROPN
cjfa-33340	325	16	�	�	PROPN
cjfa-33340	325	17	~	~	PUNCT
cjfa-33340	325	18	iid	iid	NOUN
cjfa-33340	325	19	(	(	PUNCT
cjfa-33340	325	20	0	0	NUM
cjfa-33340	325	21	,	,	PUNCT
cjfa-33340	325	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	325	23	�	�	PROPN
cjfa-33340	325	24	�	�	PROPN
cjfa-33340	325	25	�	�	PROPN
cjfa-33340	325	26	�	�	PROPN
cjfa-33340	325	27	)	)	PUNCT
cjfa-33340	325	28	and	and	CCONJ
cjfa-33340	325	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	325	30	�	�	PROPN
cjfa-33340	325	31	�	�	PROPN
cjfa-33340	325	32	=	=	PUNCT
cjfa-33340	325	33	log	log	PROPN
cjfa-33340	325	34	(	(	PUNCT
cjfa-33340	325	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	325	36	�	�	PROPN
cjfa-33340	325	37	�	�	PROPN
cjfa-33340	325	38	)	)	PUNCT
cjfa-33340	325	39	(	(	PUNCT
cjfa-33340	325	40	8)	8)	NUM
cjfa-33340	325	41	(	(	PUNCT
cjfa-33340	325	42	hwang	hwang	PROPN
cjfa-33340	325	43	&	&	CCONJ
cjfa-33340	325	44	salmon	salmon	PROPN
cjfa-33340	325	45	,	,	PUNCT
cjfa-33340	325	46	2004	2004	NUM
cjfa-33340	325	47	)	)	PUNCT
cjfa-33340	325	48	allow	allow	VERB
cjfa-33340	325	49	herding	herding	NOUN
cjfa-33340	325	50	(	(	PUNCT
cjfa-33340	325	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	325	52	�	�	PROPN
cjfa-33340	325	53	�	�	PROPN
cjfa-33340	325	54	)	)	PUNCT
cjfa-33340	325	55	to	to	PART
cjfa-33340	325	56	follow	follow	VERB
cjfa-33340	325	57	an	an	DET
cjfa-33340	325	58	ar	ar	NOUN
cjfa-33340	325	59	(	(	PUNCT
cjfa-33340	325	60	1	1	NUM
cjfa-33340	325	61	)	)	PUNCT
cjfa-33340	325	62	process	process	NOUN
cjfa-33340	325	63	and	and	CCONJ
cjfa-33340	325	64	the	the	DET
cjfa-33340	325	65	model	model	NOUN
cjfa-33340	325	66	becomes	become	VERB
cjfa-33340	325	67	:	:	PUNCT
cjfa-33340	325	68	log	log	NOUN
cjfa-33340	325	69	[	[	PUNCT
cjfa-33340	325	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	325	71	�	�	PROPN
cjfa-33340	325	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	325	73	�	�	PROPN
cjfa-33340	325	74	�	�	PROPN
cjfa-33340	325	75	�	�	PROPN
cjfa-33340	325	76	�	�	PROPN
cjfa-33340	325	77	)	)	PUNCT
cjfa-33340	325	78	]	]	PUNCT
cjfa-33340	326	1	=	=	PUNCT
cjfa-33340	326	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	326	3	�	�	PROPN
cjfa-33340	326	4	+	+	CCONJ
cjfa-33340	326	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	326	6	�	�	PROPN
cjfa-33340	326	7	�	�	PROPN
cjfa-33340	326	8	+	+	CCONJ
cjfa-33340	326	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	326	10	�	�	PROPN
cjfa-33340	326	11	�	�	PROPN
cjfa-33340	326	12	(	(	PUNCT
cjfa-33340	326	13	9	9	NUM
cjfa-33340	326	14	)	)	PUNCT
cjfa-33340	326	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	326	16	�	�	PROPN
cjfa-33340	326	17	�	�	PROPN
cjfa-33340	326	18	=	=	PUNCT
cjfa-33340	326	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	326	20	�	�	PROPN
cjfa-33340	326	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	326	22	�	�	PROPN
cjfa-33340	326	23	�	�	PROPN
cjfa-33340	326	24	�	�	PROPN
cjfa-33340	326	25	�	�	PROPN
cjfa-33340	326	26	�	�	PROPN
cjfa-33340	326	27	+	+	CCONJ
cjfa-33340	326	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	326	29	�	�	PROPN
cjfa-33340	326	30	�	�	PROPN
cjfa-33340	326	31	(	(	PUNCT
cjfa-33340	326	32	10	10	NUM
cjfa-33340	326	33	)	)	PUNCT
cjfa-33340	326	34	where	where	SCONJ
cjfa-33340	326	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	326	36	�	�	PROPN
cjfa-33340	326	37	�	�	NOUN
cjfa-33340	326	38	~	~	SYM
cjfa-33340	326	39	iid	iid	NOUN
cjfa-33340	326	40	(	(	PUNCT
cjfa-33340	326	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	326	42	�	�	PROPN
cjfa-33340	326	43	�	�	PROPN
cjfa-33340	326	44	�	�	PROPN
cjfa-33340	326	45	�	�	PROPN
cjfa-33340	326	46	)	)	PUNCT
cjfa-33340	326	47	.	.	PUNCT
cjfa-33340	327	1	the	the	DET
cjfa-33340	327	2	equations	equation	NOUN
cjfa-33340	327	3	(	(	PUNCT
cjfa-33340	327	4	9	9	NUM
cjfa-33340	327	5	)	)	PUNCT
cjfa-33340	327	6	and	and	CCONJ
cjfa-33340	327	7	(	(	PUNCT
cjfa-33340	327	8	10	10	NUM
cjfa-33340	327	9	)	)	PUNCT
cjfa-33340	327	10	contain	contain	VERB
cjfa-33340	327	11	herding	herd	VERB
cjfa-33340	327	12	as	as	ADP
cjfa-33340	327	13	an	an	DET
cjfa-33340	327	14	unobserved	unobserved	ADJ
cjfa-33340	327	15	component	component	NOUN
cjfa-33340	327	16	,	,	PUNCT
cjfa-33340	327	17	which	which	PRON
cjfa-33340	327	18	will	will	AUX
cjfa-33340	327	19	be	be	AUX
cjfa-33340	327	20	extracted	extract	VERB
cjfa-33340	327	21	using	use	VERB
cjfa-33340	327	22	the	the	DET
cjfa-33340	327	23	kalman	kalman	NOUN
cjfa-33340	327	24	filter	filter	NOUN
cjfa-33340	327	25	like	like	ADP
cjfa-33340	327	26	(	(	PUNCT
cjfa-33340	327	27	hwang	hwang	PROPN
cjfa-33340	327	28	&	&	CCONJ
cjfa-33340	327	29	salmon	salmon	PROPN
cjfa-33340	327	30	,	,	PUNCT
cjfa-33340	327	31	2004	2004	NUM
cjfa-33340	327	32	)	)	PUNCT
cjfa-33340	327	33	methodology	methodology	NOUN
cjfa-33340	327	34	.	.	PUNCT
cjfa-33340	328	1	the	the	DET
cjfa-33340	328	2	log	log	NOUN
cjfa-33340	328	3	[	[	PUNCT
cjfa-33340	328	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	328	5	�	�	PROPN
cjfa-33340	328	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	328	7	�	�	PROPN
cjfa-33340	328	8	�	�	PROPN
cjfa-33340	328	9	�	�	PROPN
cjfa-33340	328	10	�	�	PROPN
cjfa-33340	328	11	)	)	PUNCT
cjfa-33340	328	12	]	]	PUNCT
cjfa-33340	328	13	is	be	AUX
cjfa-33340	328	14	expected	expect	VERB
cjfa-33340	328	15	to	to	PART
cjfa-33340	328	16	change	change	VERB
cjfa-33340	328	17	with	with	ADP
cjfa-33340	328	18	herding	herding	NOUN
cjfa-33340	328	19	levels	level	NOUN
cjfa-33340	328	20	and	and	CCONJ
cjfa-33340	328	21	this	this	DET
cjfa-33340	328	22	variation	variation	NOUN
cjfa-33340	328	23	is	be	AUX
cjfa-33340	328	24	reflected	reflect	VERB
cjfa-33340	328	25	through	through	ADP
cjfa-33340	328	26	(	(	PUNCT
cjfa-33340	328	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	328	28	�	�	PROPN
cjfa-33340	328	29	�	�	PROPN
cjfa-33340	328	30	)	)	PUNCT
cjfa-33340	328	31	.	.	PUNCT
cjfa-33340	329	1	when	when	SCONJ
cjfa-33340	329	2	the	the	DET
cjfa-33340	329	3	variance	variance	NOUN
cjfa-33340	329	4	of	of	ADP
cjfa-33340	329	5	the	the	DET
cjfa-33340	329	6	error	error	NOUN
cjfa-33340	329	7	term	term	NOUN
cjfa-33340	329	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	329	9	�	�	PROPN
cjfa-33340	329	10	�	�	PROPN
cjfa-33340	329	11	(	(	PUNCT
cjfa-33340	329	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	329	13	�	�	PROPN
cjfa-33340	329	14	�	�	PROPN
cjfa-33340	329	15	�	�	PROPN
cjfa-33340	329	16	�	�	PROPN
cjfa-33340	329	17	)	)	PUNCT
cjfa-33340	329	18	is	be	AUX
cjfa-33340	329	19	statistically	statistically	ADV
cjfa-33340	329	20	significant	significant	ADJ
cjfa-33340	329	21	,	,	PUNCT
cjfa-33340	329	22	this	this	PRON
cjfa-33340	329	23	indicates	indicate	VERB
cjfa-33340	329	24	the	the	DET
cjfa-33340	329	25	presence	presence	NOUN
cjfa-33340	329	26	of	of	ADP
cjfa-33340	329	27	herding	herd	VERB
cjfa-33340	329	28	behaviour	behaviour	NOUN
cjfa-33340	329	29	among	among	ADP
cjfa-33340	329	30	investors	investor	NOUN
cjfa-33340	329	31	and	and	CCONJ
cjfa-33340	329	32	a	a	DET
cjfa-33340	329	33	statistically	statistically	ADV
cjfa-33340	329	34	significant	significant	ADJ
cjfa-33340	329	35	of	of	ADP
cjfa-33340	329	36	the	the	DET
cjfa-33340	329	37	(	(	PUNCT
cjfa-33340	329	38	7	7	NUM
cjfa-33340	329	39	)	)	PUNCT
cjfa-33340	329	40	with	with	ADP
cjfa-33340	329	41	of	of	ADP
cjfa-33340	329	42	the	the	DET
cjfa-33340	329	43	market	market	NOUN
cjfa-33340	329	44	excess	excess	ADJ
cjfa-33340	329	45	returns	return	NOUN
cjfa-33340	329	46	.	.	PUNCT
cjfa-33340	330	1	(	(	PUNCT
cjfa-33340	330	2	ℎ	ℎ	PROPN
cjfa-33340	330	3	�	�	PROPN
cjfa-33340	330	4	�	�	PROPN
cjfa-33340	330	5	)	)	PUNCT
cjfa-33340	330	6	is	be	AUX
cjfa-33340	330	7	a	a	DET
cjfa-33340	330	8	time	time	NOUN
cjfa-33340	330	9	-	-	PUNCT
cjfa-33340	330	10	variant	variant	ADJ
cjfa-33340	330	11	latent	latent	NOUN
cjfa-33340	330	12	herding	herding	NOUN
cjfa-33340	330	13	behaviour	behaviour	NOUN
cjfa-33340	330	14	parameter	parameter	NOUN
cjfa-33340	330	15	,	,	PUNCT
cjfa-33340	330	16	(	(	PUNCT
cjfa-33340	330	17	ℎ	ℎ	PROPN
cjfa-33340	330	18	�	�	NOUN
cjfa-33340	330	19	�	�	PROPN
cjfa-33340	330	20	)	)	PUNCT
cjfa-33340	330	21	=	=	SYM
cjfa-33340	330	22	0	0	NUM
cjfa-33340	330	23	indicates	indicate	VERB
cjfa-33340	330	24	the	the	DET
cjfa-33340	330	25	absence	absence	NOUN
cjfa-33340	330	26	of	of	ADP
cjfa-33340	330	27	herding	herd	VERB
cjfa-33340	330	28	behaviour	behaviour	NOUN
cjfa-33340	330	29	and	and	CCONJ
cjfa-33340	330	30	(	(	PUNCT
cjfa-33340	330	31	ℎ	ℎ	PROPN
cjfa-33340	330	32	�	�	PROPN
cjfa-33340	330	33	�	�	PROPN
cjfa-33340	330	34	)	)	PUNCT
cjfa-33340	330	35	=	=	SYM
cjfa-33340	330	36	1	1	NUM
cjfa-33340	330	37	indicates	indicate	VERB
cjfa-33340	330	38	the	the	DET
cjfa-33340	330	39	presence	presence	NOUN
cjfa-33340	330	40	of	of	ADP
cjfa-33340	330	41	perfect	perfect	ADJ
cjfa-33340	330	42	herding	herding	NOUN
cjfa-33340	330	43	behaviour	behaviour	NOUN
cjfa-33340	330	44	that	that	PRON
cjfa-33340	330	45	means	mean	VERB
cjfa-33340	330	46	that	that	SCONJ
cjfa-33340	330	47	all	all	DET
cjfa-33340	330	48	the	the	DET
cjfa-33340	330	49	individual	individual	ADJ
cjfa-33340	330	50	stock	stock	NOUN
cjfa-33340	330	51	returns	return	NOUN
cjfa-33340	330	52	change	change	VERB
cjfa-33340	330	53	following	follow	VERB
cjfa-33340	330	54	the	the	DET
cjfa-33340	330	55	market	market	NOUN
cjfa-33340	330	56	portfolio	portfolio	NOUN
cjfa-33340	330	57	movements	movement	NOUN
cjfa-33340	330	58	.	.	PUNCT
cjfa-33340	331	1	to	to	PART
cjfa-33340	331	2	measure	measure	VERB
cjfa-33340	331	3	herding	herd	VERB
cjfa-33340	331	4	behaviour	behaviour	NOUN
cjfa-33340	331	5	(	(	PUNCT
cjfa-33340	331	6	ℎ	ℎ	PROPN
cjfa-33340	331	7	�	�	PROPN
cjfa-33340	331	8	�	�	PROPN
cjfa-33340	331	9	)	)	PUNCT
cjfa-33340	331	10	on	on	ADP
cjfa-33340	331	11	a	a	DET
cjfa-33340	331	12	market	market	NOUN
cjfa-33340	331	13	-	-	PUNCT
cjfa-33340	331	14	wide	wide	ADJ
cjfa-33340	331	15	basis	basis	NOUN
cjfa-33340	331	16	,	,	PUNCT
cjfa-33340	331	17	the	the	DET
cjfa-33340	331	18	cross	cross	ADJ
cjfa-33340	331	19	-	-	ADJ
cjfa-33340	331	20	sectional	sectional	ADJ
cjfa-33340	331	21	dispersion	dispersion	NOUN
cjfa-33340	331	22	of	of	ADP
cjfa-33340	331	23	(	(	PUNCT
cjfa-33340	331	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	331	25	�	�	PROPN
cjfa-33340	331	26	�	�	PROPN
cjfa-33340	331	27	�	�	PROPN
cjfa-33340	331	28	�	�	PROPN
cjfa-33340	331	29	)	)	PUNCT
cjfa-33340	331	30	is	be	AUX
cjfa-33340	331	31	calculated	calculate	VERB
cjfa-33340	331	32	,	,	PUNCT
cjfa-33340	331	33	as	as	ADP
cjfa-33340	331	34	:	:	PUNCT
cjfa-33340	331	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	331	36	�	�	PROPN
cjfa-33340	331	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	331	38	�	�	PROPN
cjfa-33340	331	39	�	�	PROPN
cjfa-33340	331	40	�	�	PROPN
cjfa-33340	331	41	�	�	PROPN
cjfa-33340	331	42	)	)	PUNCT
cjfa-33340	332	1	=	=	SYM
cjfa-33340	332	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	332	3	�	�	PROPN
cjfa-33340	332	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	332	5	�	�	PROPN
cjfa-33340	332	6	�	�	PROPN
cjfa-33340	332	7	�	�	PROPN
cjfa-33340	332	8	)	)	PUNCT
cjfa-33340	332	9	(	(	PUNCT
cjfa-33340	332	10	1ℎ	1ℎ	PROPN
cjfa-33340	332	11	�	�	PROPN
cjfa-33340	332	12	�	�	PROPN
cjfa-33340	332	13	)	)	PUNCT
cjfa-33340	332	14	(	(	PUNCT
cjfa-33340	332	15	4	4	X
cjfa-33340	332	16	)	)	PUNCT
cjfa-33340	332	17	when	when	SCONJ
cjfa-33340	332	18	taking	take	VERB
cjfa-33340	332	19	the	the	DET
cjfa-33340	332	20	logarithms	logarithm	NOUN
cjfa-33340	332	21	on	on	ADP
cjfa-33340	332	22	both	both	DET
cjfa-33340	332	23	sides	side	NOUN
cjfa-33340	332	24	,	,	PUNCT
cjfa-33340	332	25	equation	equation	NOUN
cjfa-33340	332	26	(	(	PUNCT
cjfa-33340	332	27	4	4	X
cjfa-33340	332	28	)	)	PUNCT
cjfa-33340	332	29	is	be	AUX
cjfa-33340	332	30	rewritten	rewrite	VERB
cjfa-33340	332	31	as	as	SCONJ
cjfa-33340	332	32	follows	follow	VERB
cjfa-33340	332	33	:	:	PUNCT
cjfa-33340	332	34	log	log	NOUN
cjfa-33340	332	35	[	[	PUNCT
cjfa-33340	332	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	332	37	�	�	PROPN
cjfa-33340	332	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	332	39	�	�	PROPN
cjfa-33340	332	40	�	�	PROPN
cjfa-33340	332	41	�	�	PROPN
cjfa-33340	332	42	�	�	PROPN
cjfa-33340	332	43	)	)	PUNCT
cjfa-33340	332	44	]	]	PUNCT
cjfa-33340	333	1	=	=	PUNCT
cjfa-33340	333	2	log	log	NOUN
cjfa-33340	333	3	[	[	PUNCT
cjfa-33340	333	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	333	5	�	�	PROPN
cjfa-33340	333	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	333	7	�	�	PROPN
cjfa-33340	333	8	�	�	PROPN
cjfa-33340	333	9	�	�	PROPN
cjfa-33340	333	10	)	)	PUNCT
cjfa-33340	333	11	]	]	PUNCT
cjfa-33340	334	1	+	+	CCONJ
cjfa-33340	334	2	log	log	NOUN
cjfa-33340	334	3	(	(	PUNCT
cjfa-33340	334	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	334	5	�	�	PROPN
cjfa-33340	334	6	�	�	PROPN
cjfa-33340	334	7	)	)	PUNCT
cjfa-33340	334	8	(	(	PUNCT
cjfa-33340	334	9	5	5	X
cjfa-33340	334	10	)	)	PUNCT
cjfa-33340	334	11	equation	equation	NOUN
cjfa-33340	334	12	(	(	PUNCT
cjfa-33340	334	13	5	5	NUM
cjfa-33340	334	14	)	)	PUNCT
cjfa-33340	334	15	may	may	AUX
cjfa-33340	334	16	be	be	AUX
cjfa-33340	334	17	rewritten	rewrite	VERB
cjfa-33340	334	18	as	as	SCONJ
cjfa-33340	334	19	follows	follow	VERB
cjfa-33340	334	20	:	:	PUNCT
cjfa-33340	334	21	log	log	NOUN
cjfa-33340	334	22	[	[	PUNCT
cjfa-33340	334	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	334	24	�	�	PROPN
cjfa-33340	334	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	334	26	�	�	PROPN
cjfa-33340	334	27	�	�	PROPN
cjfa-33340	334	28	�	�	PROPN
cjfa-33340	334	29	�	�	PROPN
cjfa-33340	334	30	)	)	PUNCT
cjfa-33340	334	31	]	]	PUNCT
cjfa-33340	335	1	=	=	PUNCT
cjfa-33340	335	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	335	3	�	�	PROPN
cjfa-33340	335	4	+	+	CCONJ
cjfa-33340	335	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	335	6	�	�	PROPN
cjfa-33340	335	7	�	�	PROPN
cjfa-33340	335	8	+	+	CCONJ
cjfa-33340	335	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	335	10	�	�	PROPN
cjfa-33340	335	11	�	�	PROPN
cjfa-33340	335	12	(	(	PUNCT
cjfa-33340	335	13	6	6	NUM
cjfa-33340	335	14	)	)	PUNCT
cjfa-33340	335	15	where	where	SCONJ
cjfa-33340	335	16	:	:	PUNCT
cjfa-33340	335	17	log	log	VERB
cjfa-33340	335	18	[	[	PUNCT
cjfa-33340	335	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	335	20	�	�	PROPN
cjfa-33340	335	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	335	22	�	�	PROPN
cjfa-33340	335	23	�	�	PROPN
cjfa-33340	335	24	�	�	PROPN
cjfa-33340	335	25	)	)	PUNCT
cjfa-33340	335	26	]	]	PUNCT
cjfa-33340	336	1	=	=	PUNCT
cjfa-33340	336	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	336	3	�	�	PROPN
cjfa-33340	336	4	+	+	CCONJ
cjfa-33340	336	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	336	6	�	�	PROPN
cjfa-33340	336	7	�	�	PROPN
cjfa-33340	336	8	(	(	PUNCT
cjfa-33340	336	9	7	7	NUM
cjfa-33340	336	10	)	)	PUNCT
cjfa-33340	336	11	with	with	ADP
cjfa-33340	336	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	336	13	�	�	PROPN
cjfa-33340	336	14	=	=	SYM
cjfa-33340	336	15	e	e	X
cjfa-33340	337	1	[	[	X
cjfa-33340	337	2	log	log	X
cjfa-33340	337	3	[	[	PUNCT
cjfa-33340	337	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	337	5	�	�	PROPN
cjfa-33340	337	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	337	7	�	�	PROPN
cjfa-33340	337	8	�	�	PROPN
cjfa-33340	337	9	�	�	PROPN
cjfa-33340	337	10	)	)	PUNCT
cjfa-33340	337	11	]	]	PUNCT
cjfa-33340	337	12	]	]	PUNCT
cjfa-33340	337	13	and	and	CCONJ
cjfa-33340	337	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	337	15	�	�	PROPN
cjfa-33340	337	16	�	�	PROPN
cjfa-33340	337	17	~	~	PUNCT
cjfa-33340	337	18	iid	iid	NOUN
cjfa-33340	337	19	(	(	PUNCT
cjfa-33340	337	20	0	0	NUM
cjfa-33340	337	21	,	,	PUNCT
cjfa-33340	337	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	337	23	�	�	PROPN
cjfa-33340	337	24	�	�	PROPN
cjfa-33340	337	25	�	�	PROPN
cjfa-33340	337	26	�	�	PROPN
cjfa-33340	337	27	)	)	PUNCT
cjfa-33340	337	28	and	and	CCONJ
cjfa-33340	337	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	337	30	�	�	PROPN
cjfa-33340	337	31	�	�	PROPN
cjfa-33340	337	32	=	=	PUNCT
cjfa-33340	337	33	log	log	PROPN
cjfa-33340	337	34	(	(	PUNCT
cjfa-33340	337	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	337	36	�	�	PROPN
cjfa-33340	337	37	�	�	PROPN
cjfa-33340	337	38	)	)	PUNCT
cjfa-33340	337	39	(	(	PUNCT
cjfa-33340	337	40	8)	8)	NUM
cjfa-33340	337	41	(	(	PUNCT
cjfa-33340	337	42	hwang	hwang	PROPN
cjfa-33340	337	43	&	&	CCONJ
cjfa-33340	337	44	salmon	salmon	PROPN
cjfa-33340	337	45	,	,	PUNCT
cjfa-33340	337	46	2004	2004	NUM
cjfa-33340	337	47	)	)	PUNCT
cjfa-33340	337	48	allow	allow	VERB
cjfa-33340	337	49	herding	herding	NOUN
cjfa-33340	337	50	(	(	PUNCT
cjfa-33340	337	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	337	52	�	�	PROPN
cjfa-33340	337	53	�	�	PROPN
cjfa-33340	337	54	)	)	PUNCT
cjfa-33340	337	55	to	to	PART
cjfa-33340	337	56	follow	follow	VERB
cjfa-33340	337	57	an	an	DET
cjfa-33340	337	58	ar	ar	NOUN
cjfa-33340	337	59	(	(	PUNCT
cjfa-33340	337	60	1	1	NUM
cjfa-33340	337	61	)	)	PUNCT
cjfa-33340	337	62	process	process	NOUN
cjfa-33340	337	63	and	and	CCONJ
cjfa-33340	337	64	the	the	DET
cjfa-33340	337	65	model	model	NOUN
cjfa-33340	337	66	becomes	become	VERB
cjfa-33340	337	67	:	:	PUNCT
cjfa-33340	337	68	log	log	NOUN
cjfa-33340	337	69	[	[	PUNCT
cjfa-33340	337	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	337	71	�	�	PROPN
cjfa-33340	337	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	337	73	�	�	PROPN
cjfa-33340	337	74	�	�	PROPN
cjfa-33340	337	75	�	�	PROPN
cjfa-33340	337	76	�	�	PROPN
cjfa-33340	337	77	)	)	PUNCT
cjfa-33340	337	78	]	]	PUNCT
cjfa-33340	338	1	=	=	PUNCT
cjfa-33340	338	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	338	3	�	�	PROPN
cjfa-33340	338	4	+	+	CCONJ
cjfa-33340	338	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	338	6	�	�	PROPN
cjfa-33340	338	7	�	�	PROPN
cjfa-33340	338	8	+	+	CCONJ
cjfa-33340	338	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	338	10	�	�	PROPN
cjfa-33340	338	11	�	�	PROPN
cjfa-33340	338	12	(	(	PUNCT
cjfa-33340	338	13	9	9	NUM
cjfa-33340	338	14	)	)	PUNCT
cjfa-33340	338	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	338	16	�	�	PROPN
cjfa-33340	338	17	�	�	PROPN
cjfa-33340	338	18	=	=	PUNCT
cjfa-33340	338	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	338	20	�	�	PROPN
cjfa-33340	338	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	338	22	�	�	PROPN
cjfa-33340	338	23	�	�	PROPN
cjfa-33340	338	24	�	�	PROPN
cjfa-33340	338	25	�	�	PROPN
cjfa-33340	338	26	�	�	PROPN
cjfa-33340	338	27	+	+	CCONJ
cjfa-33340	338	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	338	29	�	�	PROPN
cjfa-33340	338	30	�	�	PROPN
cjfa-33340	338	31	(	(	PUNCT
cjfa-33340	338	32	10	10	NUM
cjfa-33340	338	33	)	)	PUNCT
cjfa-33340	338	34	where	where	SCONJ
cjfa-33340	338	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	338	36	�	�	PROPN
cjfa-33340	338	37	�	�	NOUN
cjfa-33340	338	38	~	~	SYM
cjfa-33340	338	39	iid	iid	NOUN
cjfa-33340	338	40	(	(	PUNCT
cjfa-33340	338	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	338	42	�	�	PROPN
cjfa-33340	338	43	�	�	PROPN
cjfa-33340	338	44	�	�	PROPN
cjfa-33340	338	45	�	�	PROPN
cjfa-33340	338	46	)	)	PUNCT
cjfa-33340	338	47	.	.	PUNCT
cjfa-33340	339	1	the	the	DET
cjfa-33340	339	2	equations	equation	NOUN
cjfa-33340	339	3	(	(	PUNCT
cjfa-33340	339	4	9	9	NUM
cjfa-33340	339	5	)	)	PUNCT
cjfa-33340	339	6	and	and	CCONJ
cjfa-33340	339	7	(	(	PUNCT
cjfa-33340	339	8	10	10	NUM
cjfa-33340	339	9	)	)	PUNCT
cjfa-33340	339	10	contain	contain	VERB
cjfa-33340	339	11	herding	herd	VERB
cjfa-33340	339	12	as	as	ADP
cjfa-33340	339	13	an	an	DET
cjfa-33340	339	14	unobserved	unobserved	ADJ
cjfa-33340	339	15	component	component	NOUN
cjfa-33340	339	16	,	,	PUNCT
cjfa-33340	339	17	which	which	PRON
cjfa-33340	339	18	will	will	AUX
cjfa-33340	339	19	be	be	AUX
cjfa-33340	339	20	extracted	extract	VERB
cjfa-33340	339	21	using	use	VERB
cjfa-33340	339	22	the	the	DET
cjfa-33340	339	23	kalman	kalman	NOUN
cjfa-33340	339	24	filter	filter	NOUN
cjfa-33340	339	25	like	like	ADP
cjfa-33340	339	26	(	(	PUNCT
cjfa-33340	339	27	hwang	hwang	PROPN
cjfa-33340	339	28	&	&	CCONJ
cjfa-33340	339	29	salmon	salmon	PROPN
cjfa-33340	339	30	,	,	PUNCT
cjfa-33340	339	31	2004	2004	NUM
cjfa-33340	339	32	)	)	PUNCT
cjfa-33340	339	33	methodology	methodology	NOUN
cjfa-33340	339	34	.	.	PUNCT
cjfa-33340	340	1	the	the	DET
cjfa-33340	340	2	log	log	NOUN
cjfa-33340	340	3	[	[	PUNCT
cjfa-33340	340	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	340	5	�	�	PROPN
cjfa-33340	340	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	340	7	�	�	PROPN
cjfa-33340	340	8	�	�	PROPN
cjfa-33340	340	9	�	�	PROPN
cjfa-33340	340	10	�	�	PROPN
cjfa-33340	340	11	)	)	PUNCT
cjfa-33340	340	12	]	]	PUNCT
cjfa-33340	340	13	is	be	AUX
cjfa-33340	340	14	expected	expect	VERB
cjfa-33340	340	15	to	to	PART
cjfa-33340	340	16	change	change	VERB
cjfa-33340	340	17	with	with	ADP
cjfa-33340	340	18	herding	herding	NOUN
cjfa-33340	340	19	levels	level	NOUN
cjfa-33340	340	20	and	and	CCONJ
cjfa-33340	340	21	this	this	DET
cjfa-33340	340	22	variation	variation	NOUN
cjfa-33340	340	23	is	be	AUX
cjfa-33340	340	24	reflected	reflect	VERB
cjfa-33340	340	25	through	through	ADP
cjfa-33340	340	26	(	(	PUNCT
cjfa-33340	340	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	340	28	�	�	PROPN
cjfa-33340	340	29	�	�	PROPN
cjfa-33340	340	30	)	)	PUNCT
cjfa-33340	340	31	.	.	PUNCT
cjfa-33340	341	1	when	when	SCONJ
cjfa-33340	341	2	the	the	DET
cjfa-33340	341	3	variance	variance	NOUN
cjfa-33340	341	4	of	of	ADP
cjfa-33340	341	5	the	the	DET
cjfa-33340	341	6	error	error	NOUN
cjfa-33340	341	7	term	term	NOUN
cjfa-33340	341	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	341	9	�	�	PROPN
cjfa-33340	341	10	�	�	PROPN
cjfa-33340	341	11	(	(	PUNCT
cjfa-33340	341	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	341	13	�	�	PROPN
cjfa-33340	341	14	�	�	PROPN
cjfa-33340	341	15	�	�	PROPN
cjfa-33340	341	16	�	�	PROPN
cjfa-33340	341	17	)	)	PUNCT
cjfa-33340	341	18	is	be	AUX
cjfa-33340	341	19	statistically	statistically	ADV
cjfa-33340	341	20	significant	significant	ADJ
cjfa-33340	341	21	,	,	PUNCT
cjfa-33340	341	22	this	this	PRON
cjfa-33340	341	23	indicates	indicate	VERB
cjfa-33340	341	24	the	the	DET
cjfa-33340	341	25	presence	presence	NOUN
cjfa-33340	341	26	of	of	ADP
cjfa-33340	341	27	herding	herd	VERB
cjfa-33340	341	28	behaviour	behaviour	NOUN
cjfa-33340	341	29	among	among	ADP
cjfa-33340	341	30	investors	investor	NOUN
cjfa-33340	341	31	and	and	CCONJ
cjfa-33340	341	32	a	a	DET
cjfa-33340	341	33	statistically	statistically	ADV
cjfa-33340	341	34	significant	significant	ADJ
cjfa-33340	341	35	of	of	ADP
cjfa-33340	341	36	the	the	PRON
cjfa-33340	341	37	and	and	CCONJ
cjfa-33340	341	38	of	of	ADP
cjfa-33340	341	39	the	the	DET
cjfa-33340	341	40	market	market	NOUN
cjfa-33340	341	41	excess	excess	ADJ
cjfa-33340	341	42	returns	return	NOUN
cjfa-33340	341	43	.	.	PUNCT
cjfa-33340	342	1	(	(	PUNCT
cjfa-33340	342	2	ℎ	ℎ	PROPN
cjfa-33340	342	3	�	�	PROPN
cjfa-33340	342	4	�	�	PROPN
cjfa-33340	342	5	)	)	PUNCT
cjfa-33340	342	6	is	be	AUX
cjfa-33340	342	7	a	a	DET
cjfa-33340	342	8	time	time	NOUN
cjfa-33340	342	9	-	-	PUNCT
cjfa-33340	342	10	variant	variant	ADJ
cjfa-33340	342	11	latent	latent	NOUN
cjfa-33340	342	12	herding	herding	NOUN
cjfa-33340	342	13	behaviour	behaviour	NOUN
cjfa-33340	342	14	parameter	parameter	NOUN
cjfa-33340	342	15	,	,	PUNCT
cjfa-33340	342	16	(	(	PUNCT
cjfa-33340	342	17	ℎ	ℎ	PROPN
cjfa-33340	342	18	�	�	NOUN
cjfa-33340	342	19	�	�	PROPN
cjfa-33340	342	20	)	)	PUNCT
cjfa-33340	342	21	=	=	SYM
cjfa-33340	342	22	0	0	NUM
cjfa-33340	342	23	indicates	indicate	VERB
cjfa-33340	342	24	the	the	DET
cjfa-33340	342	25	absence	absence	NOUN
cjfa-33340	342	26	of	of	ADP
cjfa-33340	342	27	herding	herd	VERB
cjfa-33340	342	28	behaviour	behaviour	NOUN
cjfa-33340	342	29	and	and	CCONJ
cjfa-33340	342	30	(	(	PUNCT
cjfa-33340	342	31	ℎ	ℎ	PROPN
cjfa-33340	342	32	�	�	PROPN
cjfa-33340	342	33	�	�	PROPN
cjfa-33340	342	34	)	)	PUNCT
cjfa-33340	342	35	=	=	SYM
cjfa-33340	342	36	1	1	NUM
cjfa-33340	342	37	indicates	indicate	VERB
cjfa-33340	342	38	the	the	DET
cjfa-33340	342	39	presence	presence	NOUN
cjfa-33340	342	40	of	of	ADP
cjfa-33340	342	41	perfect	perfect	ADJ
cjfa-33340	342	42	herding	herding	NOUN
cjfa-33340	342	43	behaviour	behaviour	NOUN
cjfa-33340	342	44	that	that	PRON
cjfa-33340	342	45	means	mean	VERB
cjfa-33340	342	46	that	that	SCONJ
cjfa-33340	342	47	all	all	DET
cjfa-33340	342	48	the	the	DET
cjfa-33340	342	49	individual	individual	ADJ
cjfa-33340	342	50	stock	stock	NOUN
cjfa-33340	342	51	returns	return	NOUN
cjfa-33340	342	52	change	change	VERB
cjfa-33340	342	53	following	follow	VERB
cjfa-33340	342	54	the	the	DET
cjfa-33340	342	55	market	market	NOUN
cjfa-33340	342	56	portfolio	portfolio	NOUN
cjfa-33340	342	57	movements	movement	NOUN
cjfa-33340	342	58	.	.	PUNCT
cjfa-33340	343	1	to	to	PART
cjfa-33340	343	2	measure	measure	VERB
cjfa-33340	343	3	herding	herd	VERB
cjfa-33340	343	4	behaviour	behaviour	NOUN
cjfa-33340	343	5	(	(	PUNCT
cjfa-33340	343	6	ℎ	ℎ	PROPN
cjfa-33340	343	7	�	�	PROPN
cjfa-33340	343	8	�	�	PROPN
cjfa-33340	343	9	)	)	PUNCT
cjfa-33340	343	10	on	on	ADP
cjfa-33340	343	11	a	a	DET
cjfa-33340	343	12	market	market	NOUN
cjfa-33340	343	13	-	-	PUNCT
cjfa-33340	343	14	wide	wide	ADJ
cjfa-33340	343	15	basis	basis	NOUN
cjfa-33340	343	16	,	,	PUNCT
cjfa-33340	343	17	the	the	DET
cjfa-33340	343	18	cross	cross	ADJ
cjfa-33340	343	19	-	-	ADJ
cjfa-33340	343	20	sectional	sectional	ADJ
cjfa-33340	343	21	dispersion	dispersion	NOUN
cjfa-33340	343	22	of	of	ADP
cjfa-33340	343	23	(	(	PUNCT
cjfa-33340	343	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	343	25	�	�	PROPN
cjfa-33340	343	26	�	�	PROPN
cjfa-33340	343	27	�	�	PROPN
cjfa-33340	343	28	�	�	PROPN
cjfa-33340	343	29	)	)	PUNCT
cjfa-33340	343	30	is	be	AUX
cjfa-33340	343	31	calculated	calculate	VERB
cjfa-33340	343	32	,	,	PUNCT
cjfa-33340	343	33	as	as	ADP
cjfa-33340	343	34	:	:	PUNCT
cjfa-33340	343	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	343	36	�	�	PROPN
cjfa-33340	343	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	343	38	�	�	PROPN
cjfa-33340	343	39	�	�	PROPN
cjfa-33340	343	40	�	�	PROPN
cjfa-33340	343	41	�	�	PROPN
cjfa-33340	343	42	)	)	PUNCT
cjfa-33340	344	1	=	=	SYM
cjfa-33340	344	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	344	3	�	�	PROPN
cjfa-33340	344	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	344	5	�	�	PROPN
cjfa-33340	344	6	�	�	PROPN
cjfa-33340	344	7	�	�	PROPN
cjfa-33340	344	8	)	)	PUNCT
cjfa-33340	344	9	(	(	PUNCT
cjfa-33340	344	10	1ℎ	1ℎ	PROPN
cjfa-33340	344	11	�	�	PROPN
cjfa-33340	344	12	�	�	PROPN
cjfa-33340	344	13	)	)	PUNCT
cjfa-33340	344	14	(	(	PUNCT
cjfa-33340	344	15	4	4	X
cjfa-33340	344	16	)	)	PUNCT
cjfa-33340	344	17	when	when	SCONJ
cjfa-33340	344	18	taking	take	VERB
cjfa-33340	344	19	the	the	DET
cjfa-33340	344	20	logarithms	logarithm	NOUN
cjfa-33340	344	21	on	on	ADP
cjfa-33340	344	22	both	both	DET
cjfa-33340	344	23	sides	side	NOUN
cjfa-33340	344	24	,	,	PUNCT
cjfa-33340	344	25	equation	equation	NOUN
cjfa-33340	344	26	(	(	PUNCT
cjfa-33340	344	27	4	4	X
cjfa-33340	344	28	)	)	PUNCT
cjfa-33340	344	29	is	be	AUX
cjfa-33340	344	30	rewritten	rewrite	VERB
cjfa-33340	344	31	as	as	SCONJ
cjfa-33340	344	32	follows	follow	VERB
cjfa-33340	344	33	:	:	PUNCT
cjfa-33340	344	34	log	log	NOUN
cjfa-33340	344	35	[	[	PUNCT
cjfa-33340	344	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	344	37	�	�	PROPN
cjfa-33340	344	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	344	39	�	�	PROPN
cjfa-33340	344	40	�	�	PROPN
cjfa-33340	344	41	�	�	PROPN
cjfa-33340	344	42	�	�	PROPN
cjfa-33340	344	43	)	)	PUNCT
cjfa-33340	344	44	]	]	PUNCT
cjfa-33340	345	1	=	=	PUNCT
cjfa-33340	345	2	log	log	NOUN
cjfa-33340	345	3	[	[	PUNCT
cjfa-33340	345	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	345	5	�	�	PROPN
cjfa-33340	345	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	345	7	�	�	PROPN
cjfa-33340	345	8	�	�	PROPN
cjfa-33340	345	9	�	�	PROPN
cjfa-33340	345	10	)	)	PUNCT
cjfa-33340	345	11	]	]	PUNCT
cjfa-33340	346	1	+	+	CCONJ
cjfa-33340	346	2	log	log	NOUN
cjfa-33340	346	3	(	(	PUNCT
cjfa-33340	346	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	346	5	�	�	PROPN
cjfa-33340	346	6	�	�	PROPN
cjfa-33340	346	7	)	)	PUNCT
cjfa-33340	346	8	(	(	PUNCT
cjfa-33340	346	9	5	5	X
cjfa-33340	346	10	)	)	PUNCT
cjfa-33340	346	11	equation	equation	NOUN
cjfa-33340	346	12	(	(	PUNCT
cjfa-33340	346	13	5	5	NUM
cjfa-33340	346	14	)	)	PUNCT
cjfa-33340	346	15	may	may	AUX
cjfa-33340	346	16	be	be	AUX
cjfa-33340	346	17	rewritten	rewrite	VERB
cjfa-33340	346	18	as	as	SCONJ
cjfa-33340	346	19	follows	follow	VERB
cjfa-33340	346	20	:	:	PUNCT
cjfa-33340	346	21	log	log	NOUN
cjfa-33340	346	22	[	[	PUNCT
cjfa-33340	346	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	346	24	�	�	PROPN
cjfa-33340	346	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	346	26	�	�	PROPN
cjfa-33340	346	27	�	�	PROPN
cjfa-33340	346	28	�	�	PROPN
cjfa-33340	346	29	�	�	PROPN
cjfa-33340	346	30	)	)	PUNCT
cjfa-33340	346	31	]	]	PUNCT
cjfa-33340	347	1	=	=	PUNCT
cjfa-33340	347	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	347	3	�	�	PROPN
cjfa-33340	347	4	+	+	CCONJ
cjfa-33340	347	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	347	6	�	�	PROPN
cjfa-33340	347	7	�	�	PROPN
cjfa-33340	347	8	+	+	CCONJ
cjfa-33340	347	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	347	10	�	�	PROPN
cjfa-33340	347	11	�	�	PROPN
cjfa-33340	347	12	(	(	PUNCT
cjfa-33340	347	13	6	6	NUM
cjfa-33340	347	14	)	)	PUNCT
cjfa-33340	347	15	where	where	SCONJ
cjfa-33340	347	16	:	:	PUNCT
cjfa-33340	347	17	log	log	VERB
cjfa-33340	347	18	[	[	PUNCT
cjfa-33340	347	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	347	20	�	�	PROPN
cjfa-33340	347	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	347	22	�	�	PROPN
cjfa-33340	347	23	�	�	PROPN
cjfa-33340	347	24	�	�	PROPN
cjfa-33340	347	25	)	)	PUNCT
cjfa-33340	347	26	]	]	PUNCT
cjfa-33340	348	1	=	=	PUNCT
cjfa-33340	348	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	348	3	�	�	PROPN
cjfa-33340	348	4	+	+	CCONJ
cjfa-33340	348	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	348	6	�	�	PROPN
cjfa-33340	348	7	�	�	PROPN
cjfa-33340	348	8	(	(	PUNCT
cjfa-33340	348	9	7	7	NUM
cjfa-33340	348	10	)	)	PUNCT
cjfa-33340	348	11	with	with	ADP
cjfa-33340	348	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	348	13	�	�	PROPN
cjfa-33340	348	14	=	=	SYM
cjfa-33340	348	15	e	e	X
cjfa-33340	349	1	[	[	X
cjfa-33340	349	2	log	log	X
cjfa-33340	349	3	[	[	PUNCT
cjfa-33340	349	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	349	5	�	�	PROPN
cjfa-33340	349	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	349	7	�	�	PROPN
cjfa-33340	349	8	�	�	PROPN
cjfa-33340	349	9	�	�	PROPN
cjfa-33340	349	10	)	)	PUNCT
cjfa-33340	349	11	]	]	PUNCT
cjfa-33340	349	12	]	]	PUNCT
cjfa-33340	349	13	and	and	CCONJ
cjfa-33340	349	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	349	15	�	�	PROPN
cjfa-33340	349	16	�	�	PROPN
cjfa-33340	349	17	~	~	PUNCT
cjfa-33340	349	18	iid	iid	NOUN
cjfa-33340	349	19	(	(	PUNCT
cjfa-33340	349	20	0	0	NUM
cjfa-33340	349	21	,	,	PUNCT
cjfa-33340	349	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	349	23	�	�	PROPN
cjfa-33340	349	24	�	�	PROPN
cjfa-33340	349	25	�	�	PROPN
cjfa-33340	349	26	�	�	PROPN
cjfa-33340	349	27	)	)	PUNCT
cjfa-33340	349	28	and	and	CCONJ
cjfa-33340	349	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	349	30	�	�	PROPN
cjfa-33340	349	31	�	�	PROPN
cjfa-33340	349	32	=	=	PUNCT
cjfa-33340	349	33	log	log	PROPN
cjfa-33340	349	34	(	(	PUNCT
cjfa-33340	349	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	349	36	�	�	PROPN
cjfa-33340	349	37	�	�	PROPN
cjfa-33340	349	38	)	)	PUNCT
cjfa-33340	349	39	(	(	PUNCT
cjfa-33340	349	40	8)	8)	NUM
cjfa-33340	349	41	(	(	PUNCT
cjfa-33340	349	42	hwang	hwang	PROPN
cjfa-33340	349	43	&	&	CCONJ
cjfa-33340	349	44	salmon	salmon	PROPN
cjfa-33340	349	45	,	,	PUNCT
cjfa-33340	349	46	2004	2004	NUM
cjfa-33340	349	47	)	)	PUNCT
cjfa-33340	349	48	allow	allow	VERB
cjfa-33340	349	49	herding	herding	NOUN
cjfa-33340	349	50	(	(	PUNCT
cjfa-33340	349	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	349	52	�	�	PROPN
cjfa-33340	349	53	�	�	PROPN
cjfa-33340	349	54	)	)	PUNCT
cjfa-33340	349	55	to	to	PART
cjfa-33340	349	56	follow	follow	VERB
cjfa-33340	349	57	an	an	DET
cjfa-33340	349	58	ar	ar	NOUN
cjfa-33340	349	59	(	(	PUNCT
cjfa-33340	349	60	1	1	NUM
cjfa-33340	349	61	)	)	PUNCT
cjfa-33340	349	62	process	process	NOUN
cjfa-33340	349	63	and	and	CCONJ
cjfa-33340	349	64	the	the	DET
cjfa-33340	349	65	model	model	NOUN
cjfa-33340	349	66	becomes	become	VERB
cjfa-33340	349	67	:	:	PUNCT
cjfa-33340	349	68	log	log	NOUN
cjfa-33340	349	69	[	[	PUNCT
cjfa-33340	349	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	349	71	�	�	PROPN
cjfa-33340	349	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	349	73	�	�	PROPN
cjfa-33340	349	74	�	�	PROPN
cjfa-33340	349	75	�	�	PROPN
cjfa-33340	349	76	�	�	PROPN
cjfa-33340	349	77	)	)	PUNCT
cjfa-33340	349	78	]	]	PUNCT
cjfa-33340	350	1	=	=	PUNCT
cjfa-33340	350	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	350	3	�	�	PROPN
cjfa-33340	350	4	+	+	CCONJ
cjfa-33340	350	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	350	6	�	�	PROPN
cjfa-33340	350	7	�	�	PROPN
cjfa-33340	350	8	+	+	CCONJ
cjfa-33340	350	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	350	10	�	�	PROPN
cjfa-33340	350	11	�	�	PROPN
cjfa-33340	350	12	(	(	PUNCT
cjfa-33340	350	13	9	9	NUM
cjfa-33340	350	14	)	)	PUNCT
cjfa-33340	350	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	350	16	�	�	PROPN
cjfa-33340	350	17	�	�	PROPN
cjfa-33340	350	18	=	=	PUNCT
cjfa-33340	350	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	350	20	�	�	PROPN
cjfa-33340	350	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	350	22	�	�	PROPN
cjfa-33340	350	23	�	�	PROPN
cjfa-33340	350	24	�	�	PROPN
cjfa-33340	350	25	�	�	PROPN
cjfa-33340	350	26	�	�	PROPN
cjfa-33340	350	27	+	+	CCONJ
cjfa-33340	350	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	350	29	�	�	PROPN
cjfa-33340	350	30	�	�	PROPN
cjfa-33340	350	31	(	(	PUNCT
cjfa-33340	350	32	10	10	NUM
cjfa-33340	350	33	)	)	PUNCT
cjfa-33340	350	34	where	where	SCONJ
cjfa-33340	350	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	350	36	�	�	PROPN
cjfa-33340	350	37	�	�	NOUN
cjfa-33340	350	38	~	~	SYM
cjfa-33340	350	39	iid	iid	NOUN
cjfa-33340	350	40	(	(	PUNCT
cjfa-33340	350	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	350	42	�	�	PROPN
cjfa-33340	350	43	�	�	PROPN
cjfa-33340	350	44	�	�	PROPN
cjfa-33340	350	45	�	�	PROPN
cjfa-33340	350	46	)	)	PUNCT
cjfa-33340	350	47	.	.	PUNCT
cjfa-33340	351	1	the	the	DET
cjfa-33340	351	2	equations	equation	NOUN
cjfa-33340	351	3	(	(	PUNCT
cjfa-33340	351	4	9	9	NUM
cjfa-33340	351	5	)	)	PUNCT
cjfa-33340	351	6	and	and	CCONJ
cjfa-33340	351	7	(	(	PUNCT
cjfa-33340	351	8	10	10	NUM
cjfa-33340	351	9	)	)	PUNCT
cjfa-33340	351	10	contain	contain	VERB
cjfa-33340	351	11	herding	herd	VERB
cjfa-33340	351	12	as	as	ADP
cjfa-33340	351	13	an	an	DET
cjfa-33340	351	14	unobserved	unobserved	ADJ
cjfa-33340	351	15	component	component	NOUN
cjfa-33340	351	16	,	,	PUNCT
cjfa-33340	351	17	which	which	PRON
cjfa-33340	351	18	will	will	AUX
cjfa-33340	351	19	be	be	AUX
cjfa-33340	351	20	extracted	extract	VERB
cjfa-33340	351	21	using	use	VERB
cjfa-33340	351	22	the	the	DET
cjfa-33340	351	23	kalman	kalman	NOUN
cjfa-33340	351	24	filter	filter	NOUN
cjfa-33340	351	25	like	like	ADP
cjfa-33340	351	26	(	(	PUNCT
cjfa-33340	351	27	hwang	hwang	PROPN
cjfa-33340	351	28	&	&	CCONJ
cjfa-33340	351	29	salmon	salmon	PROPN
cjfa-33340	351	30	,	,	PUNCT
cjfa-33340	351	31	2004	2004	NUM
cjfa-33340	351	32	)	)	PUNCT
cjfa-33340	351	33	methodology	methodology	NOUN
cjfa-33340	351	34	.	.	PUNCT
cjfa-33340	352	1	the	the	DET
cjfa-33340	352	2	log	log	NOUN
cjfa-33340	352	3	[	[	PUNCT
cjfa-33340	352	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	352	5	�	�	PROPN
cjfa-33340	352	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	352	7	�	�	PROPN
cjfa-33340	352	8	�	�	PROPN
cjfa-33340	352	9	�	�	PROPN
cjfa-33340	352	10	�	�	PROPN
cjfa-33340	352	11	)	)	PUNCT
cjfa-33340	352	12	]	]	PUNCT
cjfa-33340	352	13	is	be	AUX
cjfa-33340	352	14	expected	expect	VERB
cjfa-33340	352	15	to	to	PART
cjfa-33340	352	16	change	change	VERB
cjfa-33340	352	17	with	with	ADP
cjfa-33340	352	18	herding	herding	NOUN
cjfa-33340	352	19	levels	level	NOUN
cjfa-33340	352	20	and	and	CCONJ
cjfa-33340	352	21	this	this	DET
cjfa-33340	352	22	variation	variation	NOUN
cjfa-33340	352	23	is	be	AUX
cjfa-33340	352	24	reflected	reflect	VERB
cjfa-33340	352	25	through	through	ADP
cjfa-33340	352	26	(	(	PUNCT
cjfa-33340	352	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	352	28	�	�	PROPN
cjfa-33340	352	29	�	�	PROPN
cjfa-33340	352	30	)	)	PUNCT
cjfa-33340	352	31	.	.	PUNCT
cjfa-33340	353	1	when	when	SCONJ
cjfa-33340	353	2	the	the	DET
cjfa-33340	353	3	variance	variance	NOUN
cjfa-33340	353	4	of	of	ADP
cjfa-33340	353	5	the	the	DET
cjfa-33340	353	6	error	error	NOUN
cjfa-33340	353	7	term	term	NOUN
cjfa-33340	353	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	353	9	�	�	PROPN
cjfa-33340	353	10	�	�	PROPN
cjfa-33340	353	11	(	(	PUNCT
cjfa-33340	353	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	353	13	�	�	PROPN
cjfa-33340	353	14	�	�	PROPN
cjfa-33340	353	15	�	�	PROPN
cjfa-33340	353	16	�	�	PROPN
cjfa-33340	353	17	)	)	PUNCT
cjfa-33340	353	18	is	be	AUX
cjfa-33340	353	19	statistically	statistically	ADV
cjfa-33340	353	20	significant	significant	ADJ
cjfa-33340	353	21	,	,	PUNCT
cjfa-33340	353	22	this	this	PRON
cjfa-33340	353	23	indicates	indicate	VERB
cjfa-33340	353	24	the	the	DET
cjfa-33340	353	25	presence	presence	NOUN
cjfa-33340	353	26	of	of	ADP
cjfa-33340	353	27	herding	herd	VERB
cjfa-33340	353	28	behaviour	behaviour	NOUN
cjfa-33340	353	29	among	among	ADP
cjfa-33340	353	30	investors	investor	NOUN
cjfa-33340	353	31	and	and	CCONJ
cjfa-33340	353	32	a	a	DET
cjfa-33340	353	33	statistically	statistically	ADV
cjfa-33340	353	34	significant	significant	ADJ
cjfa-33340	353	35	of	of	ADP
cjfa-33340	353	36	the	the	DET
cjfa-33340	353	37	(	(	PUNCT
cjfa-33340	353	38	8)	8)	NUM
cjfa-33340	353	39	hwang	hwang	PROPN
cjfa-33340	353	40	and	and	CCONJ
cjfa-33340	353	41	salmon	salmon	NOUN
cjfa-33340	353	42	(	(	PUNCT
cjfa-33340	353	43	2004	2004	NUM
cjfa-33340	353	44	)	)	PUNCT
cjfa-33340	353	45	allow	allow	VERB
cjfa-33340	353	46	herding	herding	NOUN
cjfa-33340	353	47	(	(	PUNCT
cjfa-33340	353	48	hmt	hmt	NOUN
cjfa-33340	353	49	 	 	SPACE
cjfa-33340	353	50	)	)	PUNCT
cjfa-33340	353	51	to	to	PART
cjfa-33340	353	52	follow	follow	VERB
cjfa-33340	353	53	an	an	DET
cjfa-33340	353	54	ar	ar	NOUN
cjfa-33340	353	55	(	(	PUNCT
cjfa-33340	353	56	1	1	NUM
cjfa-33340	353	57	)	)	PUNCT
cjfa-33340	353	58	process	process	NOUN
cjfa-33340	353	59	and	and	CCONJ
cjfa-33340	353	60	the	the	DET
cjfa-33340	353	61	model	model	NOUN
cjfa-33340	353	62	becomes	become	VERB
cjfa-33340	353	63	:	:	PUNCT
cjfa-33340	353	64	of	of	ADP
cjfa-33340	353	65	the	the	DET
cjfa-33340	353	66	market	market	NOUN
cjfa-33340	353	67	excess	excess	ADJ
cjfa-33340	353	68	returns	return	NOUN
cjfa-33340	353	69	.	.	PUNCT
cjfa-33340	354	1	(	(	PUNCT
cjfa-33340	354	2	ℎ	ℎ	PROPN
cjfa-33340	354	3	�	�	PROPN
cjfa-33340	354	4	�	�	PROPN
cjfa-33340	354	5	)	)	PUNCT
cjfa-33340	354	6	is	be	AUX
cjfa-33340	354	7	a	a	DET
cjfa-33340	354	8	time	time	NOUN
cjfa-33340	354	9	-	-	PUNCT
cjfa-33340	354	10	variant	variant	ADJ
cjfa-33340	354	11	latent	latent	NOUN
cjfa-33340	354	12	herding	herding	NOUN
cjfa-33340	354	13	behaviour	behaviour	NOUN
cjfa-33340	354	14	parameter	parameter	NOUN
cjfa-33340	354	15	,	,	PUNCT
cjfa-33340	354	16	(	(	PUNCT
cjfa-33340	354	17	ℎ	ℎ	PROPN
cjfa-33340	354	18	�	�	NOUN
cjfa-33340	354	19	�	�	PROPN
cjfa-33340	354	20	)	)	PUNCT
cjfa-33340	354	21	=	=	SYM
cjfa-33340	354	22	0	0	NUM
cjfa-33340	354	23	indicates	indicate	VERB
cjfa-33340	354	24	the	the	DET
cjfa-33340	354	25	absence	absence	NOUN
cjfa-33340	354	26	of	of	ADP
cjfa-33340	354	27	herding	herd	VERB
cjfa-33340	354	28	behaviour	behaviour	NOUN
cjfa-33340	354	29	and	and	CCONJ
cjfa-33340	354	30	(	(	PUNCT
cjfa-33340	354	31	ℎ	ℎ	PROPN
cjfa-33340	354	32	�	�	PROPN
cjfa-33340	354	33	�	�	PROPN
cjfa-33340	354	34	)	)	PUNCT
cjfa-33340	354	35	=	=	SYM
cjfa-33340	354	36	1	1	NUM
cjfa-33340	354	37	indicates	indicate	VERB
cjfa-33340	354	38	the	the	DET
cjfa-33340	354	39	presence	presence	NOUN
cjfa-33340	354	40	of	of	ADP
cjfa-33340	354	41	perfect	perfect	ADJ
cjfa-33340	354	42	herding	herding	NOUN
cjfa-33340	354	43	behaviour	behaviour	NOUN
cjfa-33340	354	44	that	that	PRON
cjfa-33340	354	45	means	mean	VERB
cjfa-33340	354	46	that	that	SCONJ
cjfa-33340	354	47	all	all	DET
cjfa-33340	354	48	the	the	DET
cjfa-33340	354	49	individual	individual	ADJ
cjfa-33340	354	50	stock	stock	NOUN
cjfa-33340	354	51	returns	return	NOUN
cjfa-33340	354	52	change	change	VERB
cjfa-33340	354	53	following	follow	VERB
cjfa-33340	354	54	the	the	DET
cjfa-33340	354	55	market	market	NOUN
cjfa-33340	354	56	portfolio	portfolio	NOUN
cjfa-33340	354	57	movements	movement	NOUN
cjfa-33340	354	58	.	.	PUNCT
cjfa-33340	355	1	to	to	PART
cjfa-33340	355	2	measure	measure	VERB
cjfa-33340	355	3	herding	herd	VERB
cjfa-33340	355	4	behaviour	behaviour	NOUN
cjfa-33340	355	5	(	(	PUNCT
cjfa-33340	355	6	ℎ	ℎ	PROPN
cjfa-33340	355	7	�	�	PROPN
cjfa-33340	355	8	�	�	PROPN
cjfa-33340	355	9	)	)	PUNCT
cjfa-33340	355	10	on	on	ADP
cjfa-33340	355	11	a	a	DET
cjfa-33340	355	12	market	market	NOUN
cjfa-33340	355	13	-	-	PUNCT
cjfa-33340	355	14	wide	wide	ADJ
cjfa-33340	355	15	basis	basis	NOUN
cjfa-33340	355	16	,	,	PUNCT
cjfa-33340	355	17	the	the	DET
cjfa-33340	355	18	cross	cross	ADJ
cjfa-33340	355	19	-	-	ADJ
cjfa-33340	355	20	sectional	sectional	ADJ
cjfa-33340	355	21	dispersion	dispersion	NOUN
cjfa-33340	355	22	of	of	ADP
cjfa-33340	355	23	(	(	PUNCT
cjfa-33340	355	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	355	25	�	�	PROPN
cjfa-33340	355	26	�	�	PROPN
cjfa-33340	355	27	�	�	PROPN
cjfa-33340	355	28	�	�	PROPN
cjfa-33340	355	29	)	)	PUNCT
cjfa-33340	355	30	is	be	AUX
cjfa-33340	355	31	calculated	calculate	VERB
cjfa-33340	355	32	,	,	PUNCT
cjfa-33340	355	33	as	as	ADP
cjfa-33340	355	34	:	:	PUNCT
cjfa-33340	355	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	355	36	�	�	PROPN
cjfa-33340	355	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	355	38	�	�	PROPN
cjfa-33340	355	39	�	�	PROPN
cjfa-33340	355	40	�	�	PROPN
cjfa-33340	355	41	�	�	PROPN
cjfa-33340	355	42	)	)	PUNCT
cjfa-33340	356	1	=	=	SYM
cjfa-33340	356	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	356	3	�	�	PROPN
cjfa-33340	356	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	356	5	�	�	PROPN
cjfa-33340	356	6	�	�	PROPN
cjfa-33340	356	7	�	�	PROPN
cjfa-33340	356	8	)	)	PUNCT
cjfa-33340	356	9	(	(	PUNCT
cjfa-33340	356	10	1ℎ	1ℎ	PROPN
cjfa-33340	356	11	�	�	PROPN
cjfa-33340	356	12	�	�	PROPN
cjfa-33340	356	13	)	)	PUNCT
cjfa-33340	356	14	(	(	PUNCT
cjfa-33340	356	15	4	4	X
cjfa-33340	356	16	)	)	PUNCT
cjfa-33340	356	17	when	when	SCONJ
cjfa-33340	356	18	taking	take	VERB
cjfa-33340	356	19	the	the	DET
cjfa-33340	356	20	logarithms	logarithm	NOUN
cjfa-33340	356	21	on	on	ADP
cjfa-33340	356	22	both	both	DET
cjfa-33340	356	23	sides	side	NOUN
cjfa-33340	356	24	,	,	PUNCT
cjfa-33340	356	25	equation	equation	NOUN
cjfa-33340	356	26	(	(	PUNCT
cjfa-33340	356	27	4	4	X
cjfa-33340	356	28	)	)	PUNCT
cjfa-33340	356	29	is	be	AUX
cjfa-33340	356	30	rewritten	rewrite	VERB
cjfa-33340	356	31	as	as	SCONJ
cjfa-33340	356	32	follows	follow	VERB
cjfa-33340	356	33	:	:	PUNCT
cjfa-33340	356	34	log	log	NOUN
cjfa-33340	356	35	[	[	PUNCT
cjfa-33340	356	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	356	37	�	�	PROPN
cjfa-33340	356	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	356	39	�	�	PROPN
cjfa-33340	356	40	�	�	PROPN
cjfa-33340	356	41	�	�	PROPN
cjfa-33340	356	42	�	�	PROPN
cjfa-33340	356	43	)	)	PUNCT
cjfa-33340	356	44	]	]	PUNCT
cjfa-33340	357	1	=	=	PUNCT
cjfa-33340	357	2	log	log	NOUN
cjfa-33340	357	3	[	[	PUNCT
cjfa-33340	357	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	357	5	�	�	PROPN
cjfa-33340	357	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	357	7	�	�	PROPN
cjfa-33340	357	8	�	�	PROPN
cjfa-33340	357	9	�	�	PROPN
cjfa-33340	357	10	)	)	PUNCT
cjfa-33340	357	11	]	]	PUNCT
cjfa-33340	358	1	+	+	CCONJ
cjfa-33340	358	2	log	log	NOUN
cjfa-33340	358	3	(	(	PUNCT
cjfa-33340	358	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	358	5	�	�	PROPN
cjfa-33340	358	6	�	�	PROPN
cjfa-33340	358	7	)	)	PUNCT
cjfa-33340	358	8	(	(	PUNCT
cjfa-33340	358	9	5	5	X
cjfa-33340	358	10	)	)	PUNCT
cjfa-33340	358	11	equation	equation	NOUN
cjfa-33340	358	12	(	(	PUNCT
cjfa-33340	358	13	5	5	NUM
cjfa-33340	358	14	)	)	PUNCT
cjfa-33340	358	15	may	may	AUX
cjfa-33340	358	16	be	be	AUX
cjfa-33340	358	17	rewritten	rewrite	VERB
cjfa-33340	358	18	as	as	SCONJ
cjfa-33340	358	19	follows	follow	VERB
cjfa-33340	358	20	:	:	PUNCT
cjfa-33340	358	21	log	log	NOUN
cjfa-33340	358	22	[	[	PUNCT
cjfa-33340	358	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	358	24	�	�	PROPN
cjfa-33340	358	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	358	26	�	�	PROPN
cjfa-33340	358	27	�	�	PROPN
cjfa-33340	358	28	�	�	PROPN
cjfa-33340	358	29	�	�	PROPN
cjfa-33340	358	30	)	)	PUNCT
cjfa-33340	358	31	]	]	PUNCT
cjfa-33340	359	1	=	=	PUNCT
cjfa-33340	359	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	359	3	�	�	PROPN
cjfa-33340	359	4	+	+	CCONJ
cjfa-33340	359	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	359	6	�	�	PROPN
cjfa-33340	359	7	�	�	PROPN
cjfa-33340	359	8	+	+	CCONJ
cjfa-33340	359	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	359	10	�	�	PROPN
cjfa-33340	359	11	�	�	PROPN
cjfa-33340	359	12	(	(	PUNCT
cjfa-33340	359	13	6	6	NUM
cjfa-33340	359	14	)	)	PUNCT
cjfa-33340	359	15	where	where	SCONJ
cjfa-33340	359	16	:	:	PUNCT
cjfa-33340	359	17	log	log	VERB
cjfa-33340	359	18	[	[	PUNCT
cjfa-33340	359	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	359	20	�	�	PROPN
cjfa-33340	359	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	359	22	�	�	PROPN
cjfa-33340	359	23	�	�	PROPN
cjfa-33340	359	24	�	�	PROPN
cjfa-33340	359	25	)	)	PUNCT
cjfa-33340	359	26	]	]	PUNCT
cjfa-33340	360	1	=	=	PUNCT
cjfa-33340	360	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	360	3	�	�	PROPN
cjfa-33340	360	4	+	+	CCONJ
cjfa-33340	360	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	360	6	�	�	PROPN
cjfa-33340	360	7	�	�	PROPN
cjfa-33340	360	8	(	(	PUNCT
cjfa-33340	360	9	7	7	NUM
cjfa-33340	360	10	)	)	PUNCT
cjfa-33340	360	11	with	with	ADP
cjfa-33340	360	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	360	13	�	�	PROPN
cjfa-33340	360	14	=	=	SYM
cjfa-33340	360	15	e	e	X
cjfa-33340	361	1	[	[	X
cjfa-33340	361	2	log	log	X
cjfa-33340	361	3	[	[	PUNCT
cjfa-33340	361	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	361	5	�	�	PROPN
cjfa-33340	361	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	361	7	�	�	PROPN
cjfa-33340	361	8	�	�	PROPN
cjfa-33340	361	9	�	�	PROPN
cjfa-33340	361	10	)	)	PUNCT
cjfa-33340	361	11	]	]	PUNCT
cjfa-33340	361	12	]	]	PUNCT
cjfa-33340	361	13	and	and	CCONJ
cjfa-33340	361	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	361	15	�	�	PROPN
cjfa-33340	361	16	�	�	PROPN
cjfa-33340	361	17	~	~	PUNCT
cjfa-33340	361	18	iid	iid	NOUN
cjfa-33340	361	19	(	(	PUNCT
cjfa-33340	361	20	0	0	NUM
cjfa-33340	361	21	,	,	PUNCT
cjfa-33340	361	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	361	23	�	�	PROPN
cjfa-33340	361	24	�	�	PROPN
cjfa-33340	361	25	�	�	PROPN
cjfa-33340	361	26	�	�	PROPN
cjfa-33340	361	27	)	)	PUNCT
cjfa-33340	361	28	and	and	CCONJ
cjfa-33340	361	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	361	30	�	�	PROPN
cjfa-33340	361	31	�	�	PROPN
cjfa-33340	361	32	=	=	PUNCT
cjfa-33340	361	33	log	log	PROPN
cjfa-33340	361	34	(	(	PUNCT
cjfa-33340	361	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	361	36	�	�	PROPN
cjfa-33340	361	37	�	�	PROPN
cjfa-33340	361	38	)	)	PUNCT
cjfa-33340	361	39	(	(	PUNCT
cjfa-33340	361	40	8)	8)	NUM
cjfa-33340	361	41	(	(	PUNCT
cjfa-33340	361	42	hwang	hwang	PROPN
cjfa-33340	361	43	&	&	CCONJ
cjfa-33340	361	44	salmon	salmon	PROPN
cjfa-33340	361	45	,	,	PUNCT
cjfa-33340	361	46	2004	2004	NUM
cjfa-33340	361	47	)	)	PUNCT
cjfa-33340	361	48	allow	allow	VERB
cjfa-33340	361	49	herding	herding	NOUN
cjfa-33340	361	50	(	(	PUNCT
cjfa-33340	361	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	361	52	�	�	PROPN
cjfa-33340	361	53	�	�	PROPN
cjfa-33340	361	54	)	)	PUNCT
cjfa-33340	361	55	to	to	PART
cjfa-33340	361	56	follow	follow	VERB
cjfa-33340	361	57	an	an	DET
cjfa-33340	361	58	ar	ar	NOUN
cjfa-33340	361	59	(	(	PUNCT
cjfa-33340	361	60	1	1	NUM
cjfa-33340	361	61	)	)	PUNCT
cjfa-33340	361	62	process	process	NOUN
cjfa-33340	361	63	and	and	CCONJ
cjfa-33340	361	64	the	the	DET
cjfa-33340	361	65	model	model	NOUN
cjfa-33340	361	66	becomes	become	VERB
cjfa-33340	361	67	:	:	PUNCT
cjfa-33340	361	68	log	log	NOUN
cjfa-33340	361	69	[	[	PUNCT
cjfa-33340	361	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	361	71	�	�	PROPN
cjfa-33340	361	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	361	73	�	�	PROPN
cjfa-33340	361	74	�	�	PROPN
cjfa-33340	361	75	�	�	PROPN
cjfa-33340	361	76	�	�	PROPN
cjfa-33340	361	77	)	)	PUNCT
cjfa-33340	361	78	]	]	PUNCT
cjfa-33340	362	1	=	=	PUNCT
cjfa-33340	362	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	362	3	�	�	PROPN
cjfa-33340	362	4	+	+	CCONJ
cjfa-33340	362	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	362	6	�	�	PROPN
cjfa-33340	362	7	�	�	PROPN
cjfa-33340	362	8	+	+	CCONJ
cjfa-33340	362	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	362	10	�	�	PROPN
cjfa-33340	362	11	�	�	PROPN
cjfa-33340	362	12	(	(	PUNCT
cjfa-33340	362	13	9	9	NUM
cjfa-33340	362	14	)	)	PUNCT
cjfa-33340	362	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	362	16	�	�	PROPN
cjfa-33340	362	17	�	�	PROPN
cjfa-33340	362	18	=	=	PUNCT
cjfa-33340	362	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	362	20	�	�	PROPN
cjfa-33340	362	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	362	22	�	�	PROPN
cjfa-33340	362	23	�	�	PROPN
cjfa-33340	362	24	�	�	PROPN
cjfa-33340	362	25	�	�	PROPN
cjfa-33340	362	26	�	�	PROPN
cjfa-33340	362	27	+	+	CCONJ
cjfa-33340	362	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	362	29	�	�	PROPN
cjfa-33340	362	30	�	�	PROPN
cjfa-33340	362	31	(	(	PUNCT
cjfa-33340	362	32	10	10	NUM
cjfa-33340	362	33	)	)	PUNCT
cjfa-33340	362	34	where	where	SCONJ
cjfa-33340	362	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	362	36	�	�	PROPN
cjfa-33340	362	37	�	�	NOUN
cjfa-33340	362	38	~	~	SYM
cjfa-33340	362	39	iid	iid	NOUN
cjfa-33340	362	40	(	(	PUNCT
cjfa-33340	362	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	362	42	�	�	PROPN
cjfa-33340	362	43	�	�	PROPN
cjfa-33340	362	44	�	�	PROPN
cjfa-33340	362	45	�	�	PROPN
cjfa-33340	362	46	)	)	PUNCT
cjfa-33340	362	47	.	.	PUNCT
cjfa-33340	363	1	the	the	DET
cjfa-33340	363	2	equations	equation	NOUN
cjfa-33340	363	3	(	(	PUNCT
cjfa-33340	363	4	9	9	NUM
cjfa-33340	363	5	)	)	PUNCT
cjfa-33340	363	6	and	and	CCONJ
cjfa-33340	363	7	(	(	PUNCT
cjfa-33340	363	8	10	10	NUM
cjfa-33340	363	9	)	)	PUNCT
cjfa-33340	363	10	contain	contain	VERB
cjfa-33340	363	11	herding	herd	VERB
cjfa-33340	363	12	as	as	ADP
cjfa-33340	363	13	an	an	DET
cjfa-33340	363	14	unobserved	unobserved	ADJ
cjfa-33340	363	15	component	component	NOUN
cjfa-33340	363	16	,	,	PUNCT
cjfa-33340	363	17	which	which	PRON
cjfa-33340	363	18	will	will	AUX
cjfa-33340	363	19	be	be	AUX
cjfa-33340	363	20	extracted	extract	VERB
cjfa-33340	363	21	using	use	VERB
cjfa-33340	363	22	the	the	DET
cjfa-33340	363	23	kalman	kalman	NOUN
cjfa-33340	363	24	filter	filter	NOUN
cjfa-33340	363	25	like	like	ADP
cjfa-33340	363	26	(	(	PUNCT
cjfa-33340	363	27	hwang	hwang	PROPN
cjfa-33340	363	28	&	&	CCONJ
cjfa-33340	363	29	salmon	salmon	PROPN
cjfa-33340	363	30	,	,	PUNCT
cjfa-33340	363	31	2004	2004	NUM
cjfa-33340	363	32	)	)	PUNCT
cjfa-33340	363	33	methodology	methodology	NOUN
cjfa-33340	363	34	.	.	PUNCT
cjfa-33340	364	1	the	the	DET
cjfa-33340	364	2	log	log	NOUN
cjfa-33340	364	3	[	[	PUNCT
cjfa-33340	364	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	364	5	�	�	PROPN
cjfa-33340	364	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	364	7	�	�	PROPN
cjfa-33340	364	8	�	�	PROPN
cjfa-33340	364	9	�	�	PROPN
cjfa-33340	364	10	�	�	PROPN
cjfa-33340	364	11	)	)	PUNCT
cjfa-33340	364	12	]	]	PUNCT
cjfa-33340	364	13	is	be	AUX
cjfa-33340	364	14	expected	expect	VERB
cjfa-33340	364	15	to	to	PART
cjfa-33340	364	16	change	change	VERB
cjfa-33340	364	17	with	with	ADP
cjfa-33340	364	18	herding	herding	NOUN
cjfa-33340	364	19	levels	level	NOUN
cjfa-33340	364	20	and	and	CCONJ
cjfa-33340	364	21	this	this	DET
cjfa-33340	364	22	variation	variation	NOUN
cjfa-33340	364	23	is	be	AUX
cjfa-33340	364	24	reflected	reflect	VERB
cjfa-33340	364	25	through	through	ADP
cjfa-33340	364	26	(	(	PUNCT
cjfa-33340	364	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	364	28	�	�	PROPN
cjfa-33340	364	29	�	�	PROPN
cjfa-33340	364	30	)	)	PUNCT
cjfa-33340	364	31	.	.	PUNCT
cjfa-33340	365	1	when	when	SCONJ
cjfa-33340	365	2	the	the	DET
cjfa-33340	365	3	variance	variance	NOUN
cjfa-33340	365	4	of	of	ADP
cjfa-33340	365	5	the	the	DET
cjfa-33340	365	6	error	error	NOUN
cjfa-33340	365	7	term	term	NOUN
cjfa-33340	365	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	365	9	�	�	PROPN
cjfa-33340	365	10	�	�	PROPN
cjfa-33340	365	11	(	(	PUNCT
cjfa-33340	365	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	365	13	�	�	PROPN
cjfa-33340	365	14	�	�	PROPN
cjfa-33340	365	15	�	�	PROPN
cjfa-33340	365	16	�	�	PROPN
cjfa-33340	365	17	)	)	PUNCT
cjfa-33340	365	18	is	be	AUX
cjfa-33340	365	19	statistically	statistically	ADV
cjfa-33340	365	20	significant	significant	ADJ
cjfa-33340	365	21	,	,	PUNCT
cjfa-33340	365	22	this	this	PRON
cjfa-33340	365	23	indicates	indicate	VERB
cjfa-33340	365	24	the	the	DET
cjfa-33340	365	25	presence	presence	NOUN
cjfa-33340	365	26	of	of	ADP
cjfa-33340	365	27	herding	herd	VERB
cjfa-33340	365	28	behaviour	behaviour	NOUN
cjfa-33340	365	29	among	among	ADP
cjfa-33340	365	30	investors	investor	NOUN
cjfa-33340	365	31	and	and	CCONJ
cjfa-33340	365	32	a	a	DET
cjfa-33340	365	33	statistically	statistically	ADV
cjfa-33340	365	34	significant	significant	ADJ
cjfa-33340	365	35	of	of	ADP
cjfa-33340	365	36	the	the	DET
cjfa-33340	365	37	(	(	PUNCT
cjfa-33340	365	38	9	9	NUM
cjfa-33340	365	39	)	)	PUNCT
cjfa-33340	365	40	of	of	ADP
cjfa-33340	365	41	the	the	DET
cjfa-33340	365	42	market	market	NOUN
cjfa-33340	365	43	excess	excess	ADJ
cjfa-33340	365	44	returns	return	NOUN
cjfa-33340	365	45	.	.	PUNCT
cjfa-33340	366	1	(	(	PUNCT
cjfa-33340	366	2	ℎ	ℎ	PROPN
cjfa-33340	366	3	�	�	PROPN
cjfa-33340	366	4	�	�	PROPN
cjfa-33340	366	5	)	)	PUNCT
cjfa-33340	366	6	is	be	AUX
cjfa-33340	366	7	a	a	DET
cjfa-33340	366	8	time	time	NOUN
cjfa-33340	366	9	-	-	PUNCT
cjfa-33340	366	10	variant	variant	ADJ
cjfa-33340	366	11	latent	latent	NOUN
cjfa-33340	366	12	herding	herding	NOUN
cjfa-33340	366	13	behaviour	behaviour	NOUN
cjfa-33340	366	14	parameter	parameter	NOUN
cjfa-33340	366	15	,	,	PUNCT
cjfa-33340	366	16	(	(	PUNCT
cjfa-33340	366	17	ℎ	ℎ	PROPN
cjfa-33340	366	18	�	�	NOUN
cjfa-33340	366	19	�	�	PROPN
cjfa-33340	366	20	)	)	PUNCT
cjfa-33340	366	21	=	=	SYM
cjfa-33340	366	22	0	0	NUM
cjfa-33340	366	23	indicates	indicate	VERB
cjfa-33340	366	24	the	the	DET
cjfa-33340	366	25	absence	absence	NOUN
cjfa-33340	366	26	of	of	ADP
cjfa-33340	366	27	herding	herd	VERB
cjfa-33340	366	28	behaviour	behaviour	NOUN
cjfa-33340	366	29	and	and	CCONJ
cjfa-33340	366	30	(	(	PUNCT
cjfa-33340	366	31	ℎ	ℎ	PROPN
cjfa-33340	366	32	�	�	PROPN
cjfa-33340	366	33	�	�	PROPN
cjfa-33340	366	34	)	)	PUNCT
cjfa-33340	366	35	=	=	SYM
cjfa-33340	366	36	1	1	NUM
cjfa-33340	366	37	indicates	indicate	VERB
cjfa-33340	366	38	the	the	DET
cjfa-33340	366	39	presence	presence	NOUN
cjfa-33340	366	40	of	of	ADP
cjfa-33340	366	41	perfect	perfect	ADJ
cjfa-33340	366	42	herding	herding	NOUN
cjfa-33340	366	43	behaviour	behaviour	NOUN
cjfa-33340	366	44	that	that	PRON
cjfa-33340	366	45	means	mean	VERB
cjfa-33340	366	46	that	that	SCONJ
cjfa-33340	366	47	all	all	DET
cjfa-33340	366	48	the	the	DET
cjfa-33340	366	49	individual	individual	ADJ
cjfa-33340	366	50	stock	stock	NOUN
cjfa-33340	366	51	returns	return	NOUN
cjfa-33340	366	52	change	change	VERB
cjfa-33340	366	53	following	follow	VERB
cjfa-33340	366	54	the	the	DET
cjfa-33340	366	55	market	market	NOUN
cjfa-33340	366	56	portfolio	portfolio	NOUN
cjfa-33340	366	57	movements	movement	NOUN
cjfa-33340	366	58	.	.	PUNCT
cjfa-33340	367	1	to	to	PART
cjfa-33340	367	2	measure	measure	VERB
cjfa-33340	367	3	herding	herd	VERB
cjfa-33340	367	4	behaviour	behaviour	NOUN
cjfa-33340	367	5	(	(	PUNCT
cjfa-33340	367	6	ℎ	ℎ	PROPN
cjfa-33340	367	7	�	�	PROPN
cjfa-33340	367	8	�	�	PROPN
cjfa-33340	367	9	)	)	PUNCT
cjfa-33340	367	10	on	on	ADP
cjfa-33340	367	11	a	a	DET
cjfa-33340	367	12	market	market	NOUN
cjfa-33340	367	13	-	-	PUNCT
cjfa-33340	367	14	wide	wide	ADJ
cjfa-33340	367	15	basis	basis	NOUN
cjfa-33340	367	16	,	,	PUNCT
cjfa-33340	367	17	the	the	DET
cjfa-33340	367	18	cross	cross	ADJ
cjfa-33340	367	19	-	-	ADJ
cjfa-33340	367	20	sectional	sectional	ADJ
cjfa-33340	367	21	dispersion	dispersion	NOUN
cjfa-33340	367	22	of	of	ADP
cjfa-33340	367	23	(	(	PUNCT
cjfa-33340	367	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	367	25	�	�	PROPN
cjfa-33340	367	26	�	�	PROPN
cjfa-33340	367	27	�	�	PROPN
cjfa-33340	367	28	�	�	PROPN
cjfa-33340	367	29	)	)	PUNCT
cjfa-33340	367	30	is	be	AUX
cjfa-33340	367	31	calculated	calculate	VERB
cjfa-33340	367	32	,	,	PUNCT
cjfa-33340	367	33	as	as	ADP
cjfa-33340	367	34	:	:	PUNCT
cjfa-33340	367	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	367	36	�	�	PROPN
cjfa-33340	367	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	367	38	�	�	PROPN
cjfa-33340	367	39	�	�	PROPN
cjfa-33340	367	40	�	�	PROPN
cjfa-33340	367	41	�	�	PROPN
cjfa-33340	367	42	)	)	PUNCT
cjfa-33340	368	1	=	=	SYM
cjfa-33340	368	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	368	3	�	�	PROPN
cjfa-33340	368	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	368	5	�	�	PROPN
cjfa-33340	368	6	�	�	PROPN
cjfa-33340	368	7	�	�	PROPN
cjfa-33340	368	8	)	)	PUNCT
cjfa-33340	368	9	(	(	PUNCT
cjfa-33340	368	10	1ℎ	1ℎ	PROPN
cjfa-33340	368	11	�	�	PROPN
cjfa-33340	368	12	�	�	PROPN
cjfa-33340	368	13	)	)	PUNCT
cjfa-33340	368	14	(	(	PUNCT
cjfa-33340	368	15	4	4	X
cjfa-33340	368	16	)	)	PUNCT
cjfa-33340	368	17	when	when	SCONJ
cjfa-33340	368	18	taking	take	VERB
cjfa-33340	368	19	the	the	DET
cjfa-33340	368	20	logarithms	logarithm	NOUN
cjfa-33340	368	21	on	on	ADP
cjfa-33340	368	22	both	both	DET
cjfa-33340	368	23	sides	side	NOUN
cjfa-33340	368	24	,	,	PUNCT
cjfa-33340	368	25	equation	equation	NOUN
cjfa-33340	368	26	(	(	PUNCT
cjfa-33340	368	27	4	4	X
cjfa-33340	368	28	)	)	PUNCT
cjfa-33340	368	29	is	be	AUX
cjfa-33340	368	30	rewritten	rewrite	VERB
cjfa-33340	368	31	as	as	SCONJ
cjfa-33340	368	32	follows	follow	VERB
cjfa-33340	368	33	:	:	PUNCT
cjfa-33340	368	34	log	log	NOUN
cjfa-33340	368	35	[	[	PUNCT
cjfa-33340	368	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	368	37	�	�	PROPN
cjfa-33340	368	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	368	39	�	�	PROPN
cjfa-33340	368	40	�	�	PROPN
cjfa-33340	368	41	�	�	PROPN
cjfa-33340	368	42	�	�	PROPN
cjfa-33340	368	43	)	)	PUNCT
cjfa-33340	368	44	]	]	PUNCT
cjfa-33340	369	1	=	=	PUNCT
cjfa-33340	369	2	log	log	NOUN
cjfa-33340	369	3	[	[	PUNCT
cjfa-33340	369	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	369	5	�	�	PROPN
cjfa-33340	369	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	369	7	�	�	PROPN
cjfa-33340	369	8	�	�	PROPN
cjfa-33340	369	9	�	�	PROPN
cjfa-33340	369	10	)	)	PUNCT
cjfa-33340	369	11	]	]	PUNCT
cjfa-33340	370	1	+	+	CCONJ
cjfa-33340	370	2	log	log	NOUN
cjfa-33340	370	3	(	(	PUNCT
cjfa-33340	370	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	370	5	�	�	PROPN
cjfa-33340	370	6	�	�	PROPN
cjfa-33340	370	7	)	)	PUNCT
cjfa-33340	370	8	(	(	PUNCT
cjfa-33340	370	9	5	5	X
cjfa-33340	370	10	)	)	PUNCT
cjfa-33340	370	11	equation	equation	NOUN
cjfa-33340	370	12	(	(	PUNCT
cjfa-33340	370	13	5	5	NUM
cjfa-33340	370	14	)	)	PUNCT
cjfa-33340	370	15	may	may	AUX
cjfa-33340	370	16	be	be	AUX
cjfa-33340	370	17	rewritten	rewrite	VERB
cjfa-33340	370	18	as	as	SCONJ
cjfa-33340	370	19	follows	follow	VERB
cjfa-33340	370	20	:	:	PUNCT
cjfa-33340	370	21	log	log	NOUN
cjfa-33340	370	22	[	[	PUNCT
cjfa-33340	370	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	370	24	�	�	PROPN
cjfa-33340	370	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	370	26	�	�	PROPN
cjfa-33340	370	27	�	�	PROPN
cjfa-33340	370	28	�	�	PROPN
cjfa-33340	370	29	�	�	PROPN
cjfa-33340	370	30	)	)	PUNCT
cjfa-33340	370	31	]	]	PUNCT
cjfa-33340	371	1	=	=	PUNCT
cjfa-33340	371	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	371	3	�	�	PROPN
cjfa-33340	371	4	+	+	CCONJ
cjfa-33340	371	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	371	6	�	�	PROPN
cjfa-33340	371	7	�	�	PROPN
cjfa-33340	371	8	+	+	CCONJ
cjfa-33340	371	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	371	10	�	�	PROPN
cjfa-33340	371	11	�	�	PROPN
cjfa-33340	371	12	(	(	PUNCT
cjfa-33340	371	13	6	6	NUM
cjfa-33340	371	14	)	)	PUNCT
cjfa-33340	371	15	where	where	SCONJ
cjfa-33340	371	16	:	:	PUNCT
cjfa-33340	371	17	log	log	VERB
cjfa-33340	371	18	[	[	PUNCT
cjfa-33340	371	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	371	20	�	�	PROPN
cjfa-33340	371	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	371	22	�	�	PROPN
cjfa-33340	371	23	�	�	PROPN
cjfa-33340	371	24	�	�	PROPN
cjfa-33340	371	25	)	)	PUNCT
cjfa-33340	371	26	]	]	PUNCT
cjfa-33340	372	1	=	=	PUNCT
cjfa-33340	372	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	372	3	�	�	PROPN
cjfa-33340	372	4	+	+	CCONJ
cjfa-33340	372	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	372	6	�	�	PROPN
cjfa-33340	372	7	�	�	PROPN
cjfa-33340	372	8	(	(	PUNCT
cjfa-33340	372	9	7	7	NUM
cjfa-33340	372	10	)	)	PUNCT
cjfa-33340	372	11	with	with	ADP
cjfa-33340	372	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	372	13	�	�	PROPN
cjfa-33340	372	14	=	=	SYM
cjfa-33340	372	15	e	e	X
cjfa-33340	373	1	[	[	X
cjfa-33340	373	2	log	log	X
cjfa-33340	373	3	[	[	PUNCT
cjfa-33340	373	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	373	5	�	�	PROPN
cjfa-33340	373	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	373	7	�	�	PROPN
cjfa-33340	373	8	�	�	PROPN
cjfa-33340	373	9	�	�	PROPN
cjfa-33340	373	10	)	)	PUNCT
cjfa-33340	373	11	]	]	PUNCT
cjfa-33340	373	12	]	]	PUNCT
cjfa-33340	373	13	and	and	CCONJ
cjfa-33340	373	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	373	15	�	�	PROPN
cjfa-33340	373	16	�	�	PROPN
cjfa-33340	373	17	~	~	PUNCT
cjfa-33340	373	18	iid	iid	NOUN
cjfa-33340	373	19	(	(	PUNCT
cjfa-33340	373	20	0	0	NUM
cjfa-33340	373	21	,	,	PUNCT
cjfa-33340	373	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	373	23	�	�	PROPN
cjfa-33340	373	24	�	�	PROPN
cjfa-33340	373	25	�	�	PROPN
cjfa-33340	373	26	�	�	PROPN
cjfa-33340	373	27	)	)	PUNCT
cjfa-33340	373	28	and	and	CCONJ
cjfa-33340	373	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	373	30	�	�	PROPN
cjfa-33340	373	31	�	�	PROPN
cjfa-33340	373	32	=	=	PUNCT
cjfa-33340	373	33	log	log	PROPN
cjfa-33340	373	34	(	(	PUNCT
cjfa-33340	373	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	373	36	�	�	PROPN
cjfa-33340	373	37	�	�	PROPN
cjfa-33340	373	38	)	)	PUNCT
cjfa-33340	373	39	(	(	PUNCT
cjfa-33340	373	40	8)	8)	NUM
cjfa-33340	373	41	(	(	PUNCT
cjfa-33340	373	42	hwang	hwang	PROPN
cjfa-33340	373	43	&	&	CCONJ
cjfa-33340	373	44	salmon	salmon	PROPN
cjfa-33340	373	45	,	,	PUNCT
cjfa-33340	373	46	2004	2004	NUM
cjfa-33340	373	47	)	)	PUNCT
cjfa-33340	373	48	allow	allow	VERB
cjfa-33340	373	49	herding	herding	NOUN
cjfa-33340	373	50	(	(	PUNCT
cjfa-33340	373	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	373	52	�	�	PROPN
cjfa-33340	373	53	�	�	PROPN
cjfa-33340	373	54	)	)	PUNCT
cjfa-33340	373	55	to	to	PART
cjfa-33340	373	56	follow	follow	VERB
cjfa-33340	373	57	an	an	DET
cjfa-33340	373	58	ar	ar	NOUN
cjfa-33340	373	59	(	(	PUNCT
cjfa-33340	373	60	1	1	NUM
cjfa-33340	373	61	)	)	PUNCT
cjfa-33340	373	62	process	process	NOUN
cjfa-33340	373	63	and	and	CCONJ
cjfa-33340	373	64	the	the	DET
cjfa-33340	373	65	model	model	NOUN
cjfa-33340	373	66	becomes	become	VERB
cjfa-33340	373	67	:	:	PUNCT
cjfa-33340	373	68	log	log	NOUN
cjfa-33340	373	69	[	[	PUNCT
cjfa-33340	373	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	373	71	�	�	PROPN
cjfa-33340	373	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	373	73	�	�	PROPN
cjfa-33340	373	74	�	�	PROPN
cjfa-33340	373	75	�	�	PROPN
cjfa-33340	373	76	�	�	PROPN
cjfa-33340	373	77	)	)	PUNCT
cjfa-33340	373	78	]	]	PUNCT
cjfa-33340	374	1	=	=	PUNCT
cjfa-33340	374	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	374	3	�	�	PROPN
cjfa-33340	374	4	+	+	CCONJ
cjfa-33340	374	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	374	6	�	�	PROPN
cjfa-33340	374	7	�	�	PROPN
cjfa-33340	374	8	+	+	CCONJ
cjfa-33340	374	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	374	10	�	�	PROPN
cjfa-33340	374	11	�	�	PROPN
cjfa-33340	374	12	(	(	PUNCT
cjfa-33340	374	13	9	9	NUM
cjfa-33340	374	14	)	)	PUNCT
cjfa-33340	374	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	374	16	�	�	PROPN
cjfa-33340	374	17	�	�	PROPN
cjfa-33340	374	18	=	=	PUNCT
cjfa-33340	374	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	374	20	�	�	PROPN
cjfa-33340	374	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	374	22	�	�	PROPN
cjfa-33340	374	23	�	�	PROPN
cjfa-33340	374	24	�	�	PROPN
cjfa-33340	374	25	�	�	PROPN
cjfa-33340	374	26	�	�	PROPN
cjfa-33340	374	27	+	+	CCONJ
cjfa-33340	374	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	374	29	�	�	PROPN
cjfa-33340	374	30	�	�	PROPN
cjfa-33340	374	31	(	(	PUNCT
cjfa-33340	374	32	10	10	NUM
cjfa-33340	374	33	)	)	PUNCT
cjfa-33340	374	34	where	where	SCONJ
cjfa-33340	374	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	374	36	�	�	PROPN
cjfa-33340	374	37	�	�	NOUN
cjfa-33340	374	38	~	~	SYM
cjfa-33340	374	39	iid	iid	NOUN
cjfa-33340	374	40	(	(	PUNCT
cjfa-33340	374	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	374	42	�	�	PROPN
cjfa-33340	374	43	�	�	PROPN
cjfa-33340	374	44	�	�	PROPN
cjfa-33340	374	45	�	�	PROPN
cjfa-33340	374	46	)	)	PUNCT
cjfa-33340	374	47	.	.	PUNCT
cjfa-33340	375	1	the	the	DET
cjfa-33340	375	2	equations	equation	NOUN
cjfa-33340	375	3	(	(	PUNCT
cjfa-33340	375	4	9	9	NUM
cjfa-33340	375	5	)	)	PUNCT
cjfa-33340	375	6	and	and	CCONJ
cjfa-33340	375	7	(	(	PUNCT
cjfa-33340	375	8	10	10	NUM
cjfa-33340	375	9	)	)	PUNCT
cjfa-33340	375	10	contain	contain	VERB
cjfa-33340	375	11	herding	herd	VERB
cjfa-33340	375	12	as	as	ADP
cjfa-33340	375	13	an	an	DET
cjfa-33340	375	14	unobserved	unobserved	ADJ
cjfa-33340	375	15	component	component	NOUN
cjfa-33340	375	16	,	,	PUNCT
cjfa-33340	375	17	which	which	PRON
cjfa-33340	375	18	will	will	AUX
cjfa-33340	375	19	be	be	AUX
cjfa-33340	375	20	extracted	extract	VERB
cjfa-33340	375	21	using	use	VERB
cjfa-33340	375	22	the	the	DET
cjfa-33340	375	23	kalman	kalman	NOUN
cjfa-33340	375	24	filter	filter	NOUN
cjfa-33340	375	25	like	like	ADP
cjfa-33340	375	26	(	(	PUNCT
cjfa-33340	375	27	hwang	hwang	PROPN
cjfa-33340	375	28	&	&	CCONJ
cjfa-33340	375	29	salmon	salmon	PROPN
cjfa-33340	375	30	,	,	PUNCT
cjfa-33340	375	31	2004	2004	NUM
cjfa-33340	375	32	)	)	PUNCT
cjfa-33340	375	33	methodology	methodology	NOUN
cjfa-33340	375	34	.	.	PUNCT
cjfa-33340	376	1	the	the	DET
cjfa-33340	376	2	log	log	NOUN
cjfa-33340	376	3	[	[	PUNCT
cjfa-33340	376	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	376	5	�	�	PROPN
cjfa-33340	376	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	376	7	�	�	PROPN
cjfa-33340	376	8	�	�	PROPN
cjfa-33340	376	9	�	�	PROPN
cjfa-33340	376	10	�	�	PROPN
cjfa-33340	376	11	)	)	PUNCT
cjfa-33340	376	12	]	]	PUNCT
cjfa-33340	376	13	is	be	AUX
cjfa-33340	376	14	expected	expect	VERB
cjfa-33340	376	15	to	to	PART
cjfa-33340	376	16	change	change	VERB
cjfa-33340	376	17	with	with	ADP
cjfa-33340	376	18	herding	herding	NOUN
cjfa-33340	376	19	levels	level	NOUN
cjfa-33340	376	20	and	and	CCONJ
cjfa-33340	376	21	this	this	DET
cjfa-33340	376	22	variation	variation	NOUN
cjfa-33340	376	23	is	be	AUX
cjfa-33340	376	24	reflected	reflect	VERB
cjfa-33340	376	25	through	through	ADP
cjfa-33340	376	26	(	(	PUNCT
cjfa-33340	376	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	376	28	�	�	PROPN
cjfa-33340	376	29	�	�	PROPN
cjfa-33340	376	30	)	)	PUNCT
cjfa-33340	376	31	.	.	PUNCT
cjfa-33340	377	1	when	when	SCONJ
cjfa-33340	377	2	the	the	DET
cjfa-33340	377	3	variance	variance	NOUN
cjfa-33340	377	4	of	of	ADP
cjfa-33340	377	5	the	the	DET
cjfa-33340	377	6	error	error	NOUN
cjfa-33340	377	7	term	term	NOUN
cjfa-33340	377	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	377	9	�	�	PROPN
cjfa-33340	377	10	�	�	PROPN
cjfa-33340	377	11	(	(	PUNCT
cjfa-33340	377	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	377	13	�	�	PROPN
cjfa-33340	377	14	�	�	PROPN
cjfa-33340	377	15	�	�	PROPN
cjfa-33340	377	16	�	�	PROPN
cjfa-33340	377	17	)	)	PUNCT
cjfa-33340	377	18	is	be	AUX
cjfa-33340	377	19	statistically	statistically	ADV
cjfa-33340	377	20	significant	significant	ADJ
cjfa-33340	377	21	,	,	PUNCT
cjfa-33340	377	22	this	this	PRON
cjfa-33340	377	23	indicates	indicate	VERB
cjfa-33340	377	24	the	the	DET
cjfa-33340	377	25	presence	presence	NOUN
cjfa-33340	377	26	of	of	ADP
cjfa-33340	377	27	herding	herd	VERB
cjfa-33340	377	28	behaviour	behaviour	NOUN
cjfa-33340	377	29	among	among	ADP
cjfa-33340	377	30	investors	investor	NOUN
cjfa-33340	377	31	and	and	CCONJ
cjfa-33340	377	32	a	a	DET
cjfa-33340	377	33	statistically	statistically	ADV
cjfa-33340	377	34	significant	significant	ADJ
cjfa-33340	377	35	of	of	ADP
cjfa-33340	377	36	the	the	DET
cjfa-33340	377	37	(	(	PUNCT
cjfa-33340	377	38	10	10	NUM
cjfa-33340	377	39	)	)	PUNCT
cjfa-33340	377	40	where	where	SCONJ
cjfa-33340	377	41	of	of	ADP
cjfa-33340	377	42	the	the	DET
cjfa-33340	377	43	market	market	NOUN
cjfa-33340	377	44	excess	excess	ADJ
cjfa-33340	377	45	returns	return	NOUN
cjfa-33340	377	46	.	.	PUNCT
cjfa-33340	378	1	(	(	PUNCT
cjfa-33340	378	2	ℎ	ℎ	PROPN
cjfa-33340	378	3	�	�	PROPN
cjfa-33340	378	4	�	�	PROPN
cjfa-33340	378	5	)	)	PUNCT
cjfa-33340	378	6	is	be	AUX
cjfa-33340	378	7	a	a	DET
cjfa-33340	378	8	time	time	NOUN
cjfa-33340	378	9	-	-	PUNCT
cjfa-33340	378	10	variant	variant	ADJ
cjfa-33340	378	11	latent	latent	NOUN
cjfa-33340	378	12	herding	herding	NOUN
cjfa-33340	378	13	behaviour	behaviour	NOUN
cjfa-33340	378	14	parameter	parameter	NOUN
cjfa-33340	378	15	,	,	PUNCT
cjfa-33340	378	16	(	(	PUNCT
cjfa-33340	378	17	ℎ	ℎ	PROPN
cjfa-33340	378	18	�	�	NOUN
cjfa-33340	378	19	�	�	PROPN
cjfa-33340	378	20	)	)	PUNCT
cjfa-33340	378	21	=	=	SYM
cjfa-33340	378	22	0	0	NUM
cjfa-33340	378	23	indicates	indicate	VERB
cjfa-33340	378	24	the	the	DET
cjfa-33340	378	25	absence	absence	NOUN
cjfa-33340	378	26	of	of	ADP
cjfa-33340	378	27	herding	herd	VERB
cjfa-33340	378	28	behaviour	behaviour	NOUN
cjfa-33340	378	29	and	and	CCONJ
cjfa-33340	378	30	(	(	PUNCT
cjfa-33340	378	31	ℎ	ℎ	PROPN
cjfa-33340	378	32	�	�	PROPN
cjfa-33340	378	33	�	�	PROPN
cjfa-33340	378	34	)	)	PUNCT
cjfa-33340	378	35	=	=	SYM
cjfa-33340	378	36	1	1	NUM
cjfa-33340	378	37	indicates	indicate	VERB
cjfa-33340	378	38	the	the	DET
cjfa-33340	378	39	presence	presence	NOUN
cjfa-33340	378	40	of	of	ADP
cjfa-33340	378	41	perfect	perfect	ADJ
cjfa-33340	378	42	herding	herding	NOUN
cjfa-33340	378	43	behaviour	behaviour	NOUN
cjfa-33340	378	44	that	that	PRON
cjfa-33340	378	45	means	mean	VERB
cjfa-33340	378	46	that	that	SCONJ
cjfa-33340	378	47	all	all	DET
cjfa-33340	378	48	the	the	DET
cjfa-33340	378	49	individual	individual	ADJ
cjfa-33340	378	50	stock	stock	NOUN
cjfa-33340	378	51	returns	return	NOUN
cjfa-33340	378	52	change	change	VERB
cjfa-33340	378	53	following	follow	VERB
cjfa-33340	378	54	the	the	DET
cjfa-33340	378	55	market	market	NOUN
cjfa-33340	378	56	portfolio	portfolio	NOUN
cjfa-33340	378	57	movements	movement	NOUN
cjfa-33340	378	58	.	.	PUNCT
cjfa-33340	379	1	to	to	PART
cjfa-33340	379	2	measure	measure	VERB
cjfa-33340	379	3	herding	herd	VERB
cjfa-33340	379	4	behaviour	behaviour	NOUN
cjfa-33340	379	5	(	(	PUNCT
cjfa-33340	379	6	ℎ	ℎ	PROPN
cjfa-33340	379	7	�	�	PROPN
cjfa-33340	379	8	�	�	PROPN
cjfa-33340	379	9	)	)	PUNCT
cjfa-33340	379	10	on	on	ADP
cjfa-33340	379	11	a	a	DET
cjfa-33340	379	12	market	market	NOUN
cjfa-33340	379	13	-	-	PUNCT
cjfa-33340	379	14	wide	wide	ADJ
cjfa-33340	379	15	basis	basis	NOUN
cjfa-33340	379	16	,	,	PUNCT
cjfa-33340	379	17	the	the	DET
cjfa-33340	379	18	cross	cross	ADJ
cjfa-33340	379	19	-	-	ADJ
cjfa-33340	379	20	sectional	sectional	ADJ
cjfa-33340	379	21	dispersion	dispersion	NOUN
cjfa-33340	379	22	of	of	ADP
cjfa-33340	379	23	(	(	PUNCT
cjfa-33340	379	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	379	25	�	�	PROPN
cjfa-33340	379	26	�	�	PROPN
cjfa-33340	379	27	�	�	PROPN
cjfa-33340	379	28	�	�	PROPN
cjfa-33340	379	29	)	)	PUNCT
cjfa-33340	379	30	is	be	AUX
cjfa-33340	379	31	calculated	calculate	VERB
cjfa-33340	379	32	,	,	PUNCT
cjfa-33340	379	33	as	as	ADP
cjfa-33340	379	34	:	:	PUNCT
cjfa-33340	379	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	379	36	�	�	PROPN
cjfa-33340	379	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	379	38	�	�	PROPN
cjfa-33340	379	39	�	�	PROPN
cjfa-33340	379	40	�	�	PROPN
cjfa-33340	379	41	�	�	PROPN
cjfa-33340	379	42	)	)	PUNCT
cjfa-33340	380	1	=	=	SYM
cjfa-33340	380	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	380	3	�	�	PROPN
cjfa-33340	380	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	380	5	�	�	PROPN
cjfa-33340	380	6	�	�	PROPN
cjfa-33340	380	7	�	�	PROPN
cjfa-33340	380	8	)	)	PUNCT
cjfa-33340	380	9	(	(	PUNCT
cjfa-33340	380	10	1ℎ	1ℎ	PROPN
cjfa-33340	380	11	�	�	PROPN
cjfa-33340	380	12	�	�	PROPN
cjfa-33340	380	13	)	)	PUNCT
cjfa-33340	380	14	(	(	PUNCT
cjfa-33340	380	15	4	4	X
cjfa-33340	380	16	)	)	PUNCT
cjfa-33340	380	17	when	when	SCONJ
cjfa-33340	380	18	taking	take	VERB
cjfa-33340	380	19	the	the	DET
cjfa-33340	380	20	logarithms	logarithm	NOUN
cjfa-33340	380	21	on	on	ADP
cjfa-33340	380	22	both	both	DET
cjfa-33340	380	23	sides	side	NOUN
cjfa-33340	380	24	,	,	PUNCT
cjfa-33340	380	25	equation	equation	NOUN
cjfa-33340	380	26	(	(	PUNCT
cjfa-33340	380	27	4	4	X
cjfa-33340	380	28	)	)	PUNCT
cjfa-33340	380	29	is	be	AUX
cjfa-33340	380	30	rewritten	rewrite	VERB
cjfa-33340	380	31	as	as	SCONJ
cjfa-33340	380	32	follows	follow	VERB
cjfa-33340	380	33	:	:	PUNCT
cjfa-33340	380	34	log	log	NOUN
cjfa-33340	380	35	[	[	PUNCT
cjfa-33340	380	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	380	37	�	�	PROPN
cjfa-33340	380	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	380	39	�	�	PROPN
cjfa-33340	380	40	�	�	PROPN
cjfa-33340	380	41	�	�	PROPN
cjfa-33340	380	42	�	�	PROPN
cjfa-33340	380	43	)	)	PUNCT
cjfa-33340	380	44	]	]	PUNCT
cjfa-33340	381	1	=	=	PUNCT
cjfa-33340	381	2	log	log	NOUN
cjfa-33340	381	3	[	[	PUNCT
cjfa-33340	381	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	381	5	�	�	PROPN
cjfa-33340	381	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	381	7	�	�	PROPN
cjfa-33340	381	8	�	�	PROPN
cjfa-33340	381	9	�	�	PROPN
cjfa-33340	381	10	)	)	PUNCT
cjfa-33340	381	11	]	]	PUNCT
cjfa-33340	382	1	+	+	CCONJ
cjfa-33340	382	2	log	log	NOUN
cjfa-33340	382	3	(	(	PUNCT
cjfa-33340	382	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	382	5	�	�	PROPN
cjfa-33340	382	6	�	�	PROPN
cjfa-33340	382	7	)	)	PUNCT
cjfa-33340	382	8	(	(	PUNCT
cjfa-33340	382	9	5	5	X
cjfa-33340	382	10	)	)	PUNCT
cjfa-33340	382	11	equation	equation	NOUN
cjfa-33340	382	12	(	(	PUNCT
cjfa-33340	382	13	5	5	NUM
cjfa-33340	382	14	)	)	PUNCT
cjfa-33340	382	15	may	may	AUX
cjfa-33340	382	16	be	be	AUX
cjfa-33340	382	17	rewritten	rewrite	VERB
cjfa-33340	382	18	as	as	SCONJ
cjfa-33340	382	19	follows	follow	VERB
cjfa-33340	382	20	:	:	PUNCT
cjfa-33340	382	21	log	log	NOUN
cjfa-33340	382	22	[	[	PUNCT
cjfa-33340	382	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	382	24	�	�	PROPN
cjfa-33340	382	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	382	26	�	�	PROPN
cjfa-33340	382	27	�	�	PROPN
cjfa-33340	382	28	�	�	PROPN
cjfa-33340	382	29	�	�	PROPN
cjfa-33340	382	30	)	)	PUNCT
cjfa-33340	382	31	]	]	PUNCT
cjfa-33340	383	1	=	=	PUNCT
cjfa-33340	383	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	383	3	�	�	PROPN
cjfa-33340	383	4	+	+	CCONJ
cjfa-33340	383	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	383	6	�	�	PROPN
cjfa-33340	383	7	�	�	PROPN
cjfa-33340	383	8	+	+	CCONJ
cjfa-33340	383	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	383	10	�	�	PROPN
cjfa-33340	383	11	�	�	PROPN
cjfa-33340	383	12	(	(	PUNCT
cjfa-33340	383	13	6	6	NUM
cjfa-33340	383	14	)	)	PUNCT
cjfa-33340	383	15	where	where	SCONJ
cjfa-33340	383	16	:	:	PUNCT
cjfa-33340	383	17	log	log	VERB
cjfa-33340	383	18	[	[	PUNCT
cjfa-33340	383	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	383	20	�	�	PROPN
cjfa-33340	383	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	383	22	�	�	PROPN
cjfa-33340	383	23	�	�	PROPN
cjfa-33340	383	24	�	�	PROPN
cjfa-33340	383	25	)	)	PUNCT
cjfa-33340	383	26	]	]	PUNCT
cjfa-33340	384	1	=	=	PUNCT
cjfa-33340	384	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	384	3	�	�	PROPN
cjfa-33340	384	4	+	+	CCONJ
cjfa-33340	384	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	384	6	�	�	PROPN
cjfa-33340	384	7	�	�	PROPN
cjfa-33340	384	8	(	(	PUNCT
cjfa-33340	384	9	7	7	NUM
cjfa-33340	384	10	)	)	PUNCT
cjfa-33340	384	11	with	with	ADP
cjfa-33340	384	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	384	13	�	�	PROPN
cjfa-33340	384	14	=	=	SYM
cjfa-33340	384	15	e	e	X
cjfa-33340	385	1	[	[	X
cjfa-33340	385	2	log	log	X
cjfa-33340	385	3	[	[	PUNCT
cjfa-33340	385	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	385	5	�	�	PROPN
cjfa-33340	385	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	385	7	�	�	PROPN
cjfa-33340	385	8	�	�	PROPN
cjfa-33340	385	9	�	�	PROPN
cjfa-33340	385	10	)	)	PUNCT
cjfa-33340	385	11	]	]	PUNCT
cjfa-33340	385	12	]	]	PUNCT
cjfa-33340	385	13	and	and	CCONJ
cjfa-33340	385	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	385	15	�	�	PROPN
cjfa-33340	385	16	�	�	PROPN
cjfa-33340	385	17	~	~	PUNCT
cjfa-33340	385	18	iid	iid	NOUN
cjfa-33340	385	19	(	(	PUNCT
cjfa-33340	385	20	0	0	NUM
cjfa-33340	385	21	,	,	PUNCT
cjfa-33340	385	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	385	23	�	�	PROPN
cjfa-33340	385	24	�	�	PROPN
cjfa-33340	385	25	�	�	PROPN
cjfa-33340	385	26	�	�	PROPN
cjfa-33340	385	27	)	)	PUNCT
cjfa-33340	385	28	and	and	CCONJ
cjfa-33340	385	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	385	30	�	�	PROPN
cjfa-33340	385	31	�	�	PROPN
cjfa-33340	385	32	=	=	PUNCT
cjfa-33340	385	33	log	log	PROPN
cjfa-33340	385	34	(	(	PUNCT
cjfa-33340	385	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	385	36	�	�	PROPN
cjfa-33340	385	37	�	�	PROPN
cjfa-33340	385	38	)	)	PUNCT
cjfa-33340	385	39	(	(	PUNCT
cjfa-33340	385	40	8)	8)	NUM
cjfa-33340	385	41	(	(	PUNCT
cjfa-33340	385	42	hwang	hwang	PROPN
cjfa-33340	385	43	&	&	CCONJ
cjfa-33340	385	44	salmon	salmon	PROPN
cjfa-33340	385	45	,	,	PUNCT
cjfa-33340	385	46	2004	2004	NUM
cjfa-33340	385	47	)	)	PUNCT
cjfa-33340	385	48	allow	allow	VERB
cjfa-33340	385	49	herding	herding	NOUN
cjfa-33340	385	50	(	(	PUNCT
cjfa-33340	385	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	385	52	�	�	PROPN
cjfa-33340	385	53	�	�	PROPN
cjfa-33340	385	54	)	)	PUNCT
cjfa-33340	385	55	to	to	PART
cjfa-33340	385	56	follow	follow	VERB
cjfa-33340	385	57	an	an	DET
cjfa-33340	385	58	ar	ar	NOUN
cjfa-33340	385	59	(	(	PUNCT
cjfa-33340	385	60	1	1	NUM
cjfa-33340	385	61	)	)	PUNCT
cjfa-33340	385	62	process	process	NOUN
cjfa-33340	385	63	and	and	CCONJ
cjfa-33340	385	64	the	the	DET
cjfa-33340	385	65	model	model	NOUN
cjfa-33340	385	66	becomes	become	VERB
cjfa-33340	385	67	:	:	PUNCT
cjfa-33340	385	68	log	log	NOUN
cjfa-33340	385	69	[	[	PUNCT
cjfa-33340	385	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	385	71	�	�	PROPN
cjfa-33340	385	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	385	73	�	�	PROPN
cjfa-33340	385	74	�	�	PROPN
cjfa-33340	385	75	�	�	PROPN
cjfa-33340	385	76	�	�	PROPN
cjfa-33340	385	77	)	)	PUNCT
cjfa-33340	385	78	]	]	PUNCT
cjfa-33340	386	1	=	=	PUNCT
cjfa-33340	386	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	386	3	�	�	PROPN
cjfa-33340	386	4	+	+	CCONJ
cjfa-33340	386	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	386	6	�	�	PROPN
cjfa-33340	386	7	�	�	PROPN
cjfa-33340	386	8	+	+	CCONJ
cjfa-33340	386	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	386	10	�	�	PROPN
cjfa-33340	386	11	�	�	PROPN
cjfa-33340	386	12	(	(	PUNCT
cjfa-33340	386	13	9	9	NUM
cjfa-33340	386	14	)	)	PUNCT
cjfa-33340	386	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	386	16	�	�	PROPN
cjfa-33340	386	17	�	�	PROPN
cjfa-33340	386	18	=	=	PUNCT
cjfa-33340	386	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	386	20	�	�	PROPN
cjfa-33340	386	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	386	22	�	�	PROPN
cjfa-33340	386	23	�	�	PROPN
cjfa-33340	386	24	�	�	PROPN
cjfa-33340	386	25	�	�	PROPN
cjfa-33340	386	26	�	�	PROPN
cjfa-33340	386	27	+	+	CCONJ
cjfa-33340	386	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	386	29	�	�	PROPN
cjfa-33340	386	30	�	�	PROPN
cjfa-33340	386	31	(	(	PUNCT
cjfa-33340	386	32	10	10	NUM
cjfa-33340	386	33	)	)	PUNCT
cjfa-33340	386	34	where	where	SCONJ
cjfa-33340	386	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	386	36	�	�	PROPN
cjfa-33340	386	37	�	�	NOUN
cjfa-33340	386	38	~	~	SYM
cjfa-33340	386	39	iid	iid	NOUN
cjfa-33340	386	40	(	(	PUNCT
cjfa-33340	386	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	386	42	�	�	PROPN
cjfa-33340	386	43	�	�	PROPN
cjfa-33340	386	44	�	�	PROPN
cjfa-33340	386	45	�	�	PROPN
cjfa-33340	386	46	)	)	PUNCT
cjfa-33340	386	47	.	.	PUNCT
cjfa-33340	387	1	the	the	DET
cjfa-33340	387	2	equations	equation	NOUN
cjfa-33340	387	3	(	(	PUNCT
cjfa-33340	387	4	9	9	NUM
cjfa-33340	387	5	)	)	PUNCT
cjfa-33340	387	6	and	and	CCONJ
cjfa-33340	387	7	(	(	PUNCT
cjfa-33340	387	8	10	10	NUM
cjfa-33340	387	9	)	)	PUNCT
cjfa-33340	387	10	contain	contain	VERB
cjfa-33340	387	11	herding	herd	VERB
cjfa-33340	387	12	as	as	ADP
cjfa-33340	387	13	an	an	DET
cjfa-33340	387	14	unobserved	unobserved	ADJ
cjfa-33340	387	15	component	component	NOUN
cjfa-33340	387	16	,	,	PUNCT
cjfa-33340	387	17	which	which	PRON
cjfa-33340	387	18	will	will	AUX
cjfa-33340	387	19	be	be	AUX
cjfa-33340	387	20	extracted	extract	VERB
cjfa-33340	387	21	using	use	VERB
cjfa-33340	387	22	the	the	DET
cjfa-33340	387	23	kalman	kalman	NOUN
cjfa-33340	387	24	filter	filter	NOUN
cjfa-33340	387	25	like	like	ADP
cjfa-33340	387	26	(	(	PUNCT
cjfa-33340	387	27	hwang	hwang	PROPN
cjfa-33340	387	28	&	&	CCONJ
cjfa-33340	387	29	salmon	salmon	PROPN
cjfa-33340	387	30	,	,	PUNCT
cjfa-33340	387	31	2004	2004	NUM
cjfa-33340	387	32	)	)	PUNCT
cjfa-33340	387	33	methodology	methodology	NOUN
cjfa-33340	387	34	.	.	PUNCT
cjfa-33340	388	1	the	the	DET
cjfa-33340	388	2	log	log	NOUN
cjfa-33340	388	3	[	[	PUNCT
cjfa-33340	388	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	388	5	�	�	PROPN
cjfa-33340	388	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	388	7	�	�	PROPN
cjfa-33340	388	8	�	�	PROPN
cjfa-33340	388	9	�	�	PROPN
cjfa-33340	388	10	�	�	PROPN
cjfa-33340	388	11	)	)	PUNCT
cjfa-33340	388	12	]	]	PUNCT
cjfa-33340	388	13	is	be	AUX
cjfa-33340	388	14	expected	expect	VERB
cjfa-33340	388	15	to	to	PART
cjfa-33340	388	16	change	change	VERB
cjfa-33340	388	17	with	with	ADP
cjfa-33340	388	18	herding	herding	NOUN
cjfa-33340	388	19	levels	level	NOUN
cjfa-33340	388	20	and	and	CCONJ
cjfa-33340	388	21	this	this	DET
cjfa-33340	388	22	variation	variation	NOUN
cjfa-33340	388	23	is	be	AUX
cjfa-33340	388	24	reflected	reflect	VERB
cjfa-33340	388	25	through	through	ADP
cjfa-33340	388	26	(	(	PUNCT
cjfa-33340	388	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	388	28	�	�	PROPN
cjfa-33340	388	29	�	�	PROPN
cjfa-33340	388	30	)	)	PUNCT
cjfa-33340	388	31	.	.	PUNCT
cjfa-33340	389	1	when	when	SCONJ
cjfa-33340	389	2	the	the	DET
cjfa-33340	389	3	variance	variance	NOUN
cjfa-33340	389	4	of	of	ADP
cjfa-33340	389	5	the	the	DET
cjfa-33340	389	6	error	error	NOUN
cjfa-33340	389	7	term	term	NOUN
cjfa-33340	389	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	389	9	�	�	PROPN
cjfa-33340	389	10	�	�	PROPN
cjfa-33340	389	11	(	(	PUNCT
cjfa-33340	389	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	389	13	�	�	PROPN
cjfa-33340	389	14	�	�	PROPN
cjfa-33340	389	15	�	�	PROPN
cjfa-33340	389	16	�	�	PROPN
cjfa-33340	389	17	)	)	PUNCT
cjfa-33340	389	18	is	be	AUX
cjfa-33340	389	19	statistically	statistically	ADV
cjfa-33340	389	20	significant	significant	ADJ
cjfa-33340	389	21	,	,	PUNCT
cjfa-33340	389	22	this	this	PRON
cjfa-33340	389	23	indicates	indicate	VERB
cjfa-33340	389	24	the	the	DET
cjfa-33340	389	25	presence	presence	NOUN
cjfa-33340	389	26	of	of	ADP
cjfa-33340	389	27	herding	herd	VERB
cjfa-33340	389	28	behaviour	behaviour	NOUN
cjfa-33340	389	29	among	among	ADP
cjfa-33340	389	30	investors	investor	NOUN
cjfa-33340	389	31	and	and	CCONJ
cjfa-33340	389	32	a	a	DET
cjfa-33340	389	33	statistically	statistically	ADV
cjfa-33340	389	34	significant	significant	ADJ
cjfa-33340	389	35	of	of	ADP
cjfa-33340	389	36	the	the	DET
cjfa-33340	389	37	the	the	DET
cjfa-33340	389	38	equations	equation	NOUN
cjfa-33340	389	39	(	(	PUNCT
cjfa-33340	389	40	9	9	NUM
cjfa-33340	389	41	)	)	PUNCT
cjfa-33340	389	42	and	and	CCONJ
cjfa-33340	389	43	(	(	PUNCT
cjfa-33340	389	44	10	10	NUM
cjfa-33340	389	45	)	)	PUNCT
cjfa-33340	389	46	contain	contain	VERB
cjfa-33340	389	47	herding	herd	VERB
cjfa-33340	389	48	as	as	ADP
cjfa-33340	389	49	an	an	DET
cjfa-33340	389	50	unobserved	unobserved	ADJ
cjfa-33340	389	51	component	component	NOUN
cjfa-33340	389	52	,	,	PUNCT
cjfa-33340	389	53	which	which	PRON
cjfa-33340	389	54	will	will	AUX
cjfa-33340	389	55	be	be	AUX
cjfa-33340	389	56	extracted	extract	VERB
cjfa-33340	389	57	using	use	VERB
cjfa-33340	389	58	the	the	DET
cjfa-33340	389	59	kalman	kalman	NOUN
cjfa-33340	389	60	filter	filter	NOUN
cjfa-33340	389	61	like	like	ADP
cjfa-33340	389	62	hwang	hwang	PROPN
cjfa-33340	389	63	and	and	CCONJ
cjfa-33340	389	64	salmon	salmon	NOUN
cjfa-33340	389	65	(	(	PUNCT
cjfa-33340	389	66	2004	2004	NUM
cjfa-33340	389	67	)	)	PUNCT
cjfa-33340	389	68	methodology	methodology	NOUN
cjfa-33340	389	69	.	.	PUNCT
cjfa-33340	390	1	the	the	DET
cjfa-33340	390	2	log	log	NOUN
cjfa-33340	390	3	of	of	ADP
cjfa-33340	390	4	the	the	DET
cjfa-33340	390	5	market	market	NOUN
cjfa-33340	390	6	excess	excess	ADJ
cjfa-33340	390	7	returns	return	NOUN
cjfa-33340	390	8	.	.	PUNCT
cjfa-33340	391	1	(	(	PUNCT
cjfa-33340	391	2	ℎ	ℎ	PROPN
cjfa-33340	391	3	�	�	PROPN
cjfa-33340	391	4	�	�	PROPN
cjfa-33340	391	5	)	)	PUNCT
cjfa-33340	391	6	is	be	AUX
cjfa-33340	391	7	a	a	DET
cjfa-33340	391	8	time	time	NOUN
cjfa-33340	391	9	-	-	PUNCT
cjfa-33340	391	10	variant	variant	ADJ
cjfa-33340	391	11	latent	latent	NOUN
cjfa-33340	391	12	herding	herding	NOUN
cjfa-33340	391	13	behaviour	behaviour	NOUN
cjfa-33340	391	14	parameter	parameter	NOUN
cjfa-33340	391	15	,	,	PUNCT
cjfa-33340	391	16	(	(	PUNCT
cjfa-33340	391	17	ℎ	ℎ	PROPN
cjfa-33340	391	18	�	�	NOUN
cjfa-33340	391	19	�	�	PROPN
cjfa-33340	391	20	)	)	PUNCT
cjfa-33340	391	21	=	=	SYM
cjfa-33340	391	22	0	0	NUM
cjfa-33340	391	23	indicates	indicate	VERB
cjfa-33340	391	24	the	the	DET
cjfa-33340	391	25	absence	absence	NOUN
cjfa-33340	391	26	of	of	ADP
cjfa-33340	391	27	herding	herd	VERB
cjfa-33340	391	28	behaviour	behaviour	NOUN
cjfa-33340	391	29	and	and	CCONJ
cjfa-33340	391	30	(	(	PUNCT
cjfa-33340	391	31	ℎ	ℎ	PROPN
cjfa-33340	391	32	�	�	PROPN
cjfa-33340	391	33	�	�	PROPN
cjfa-33340	391	34	)	)	PUNCT
cjfa-33340	391	35	=	=	SYM
cjfa-33340	391	36	1	1	NUM
cjfa-33340	391	37	indicates	indicate	VERB
cjfa-33340	391	38	the	the	DET
cjfa-33340	391	39	presence	presence	NOUN
cjfa-33340	391	40	of	of	ADP
cjfa-33340	391	41	perfect	perfect	ADJ
cjfa-33340	391	42	herding	herding	NOUN
cjfa-33340	391	43	behaviour	behaviour	NOUN
cjfa-33340	391	44	that	that	PRON
cjfa-33340	391	45	means	mean	VERB
cjfa-33340	391	46	that	that	SCONJ
cjfa-33340	391	47	all	all	DET
cjfa-33340	391	48	the	the	DET
cjfa-33340	391	49	individual	individual	ADJ
cjfa-33340	391	50	stock	stock	NOUN
cjfa-33340	391	51	returns	return	NOUN
cjfa-33340	391	52	change	change	VERB
cjfa-33340	391	53	following	follow	VERB
cjfa-33340	391	54	the	the	DET
cjfa-33340	391	55	market	market	NOUN
cjfa-33340	391	56	portfolio	portfolio	NOUN
cjfa-33340	391	57	movements	movement	NOUN
cjfa-33340	391	58	.	.	PUNCT
cjfa-33340	392	1	to	to	PART
cjfa-33340	392	2	measure	measure	VERB
cjfa-33340	392	3	herding	herd	VERB
cjfa-33340	392	4	behaviour	behaviour	NOUN
cjfa-33340	392	5	(	(	PUNCT
cjfa-33340	392	6	ℎ	ℎ	PROPN
cjfa-33340	392	7	�	�	PROPN
cjfa-33340	392	8	�	�	PROPN
cjfa-33340	392	9	)	)	PUNCT
cjfa-33340	392	10	on	on	ADP
cjfa-33340	392	11	a	a	DET
cjfa-33340	392	12	market	market	NOUN
cjfa-33340	392	13	-	-	PUNCT
cjfa-33340	392	14	wide	wide	ADJ
cjfa-33340	392	15	basis	basis	NOUN
cjfa-33340	392	16	,	,	PUNCT
cjfa-33340	392	17	the	the	DET
cjfa-33340	392	18	cross	cross	ADJ
cjfa-33340	392	19	-	-	ADJ
cjfa-33340	392	20	sectional	sectional	ADJ
cjfa-33340	392	21	dispersion	dispersion	NOUN
cjfa-33340	392	22	of	of	ADP
cjfa-33340	392	23	(	(	PUNCT
cjfa-33340	392	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	392	25	�	�	PROPN
cjfa-33340	392	26	�	�	PROPN
cjfa-33340	392	27	�	�	PROPN
cjfa-33340	392	28	�	�	PROPN
cjfa-33340	392	29	)	)	PUNCT
cjfa-33340	392	30	is	be	AUX
cjfa-33340	392	31	calculated	calculate	VERB
cjfa-33340	392	32	,	,	PUNCT
cjfa-33340	392	33	as	as	ADP
cjfa-33340	392	34	:	:	PUNCT
cjfa-33340	392	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	392	36	�	�	PROPN
cjfa-33340	392	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	392	38	�	�	PROPN
cjfa-33340	392	39	�	�	PROPN
cjfa-33340	392	40	�	�	PROPN
cjfa-33340	392	41	�	�	PROPN
cjfa-33340	392	42	)	)	PUNCT
cjfa-33340	393	1	=	=	SYM
cjfa-33340	393	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	393	3	�	�	PROPN
cjfa-33340	393	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	393	5	�	�	PROPN
cjfa-33340	393	6	�	�	PROPN
cjfa-33340	393	7	�	�	PROPN
cjfa-33340	393	8	)	)	PUNCT
cjfa-33340	393	9	(	(	PUNCT
cjfa-33340	393	10	1ℎ	1ℎ	PROPN
cjfa-33340	393	11	�	�	PROPN
cjfa-33340	393	12	�	�	PROPN
cjfa-33340	393	13	)	)	PUNCT
cjfa-33340	393	14	(	(	PUNCT
cjfa-33340	393	15	4	4	X
cjfa-33340	393	16	)	)	PUNCT
cjfa-33340	393	17	when	when	SCONJ
cjfa-33340	393	18	taking	take	VERB
cjfa-33340	393	19	the	the	DET
cjfa-33340	393	20	logarithms	logarithm	NOUN
cjfa-33340	393	21	on	on	ADP
cjfa-33340	393	22	both	both	DET
cjfa-33340	393	23	sides	side	NOUN
cjfa-33340	393	24	,	,	PUNCT
cjfa-33340	393	25	equation	equation	NOUN
cjfa-33340	393	26	(	(	PUNCT
cjfa-33340	393	27	4	4	X
cjfa-33340	393	28	)	)	PUNCT
cjfa-33340	393	29	is	be	AUX
cjfa-33340	393	30	rewritten	rewrite	VERB
cjfa-33340	393	31	as	as	SCONJ
cjfa-33340	393	32	follows	follow	VERB
cjfa-33340	393	33	:	:	PUNCT
cjfa-33340	393	34	log	log	NOUN
cjfa-33340	393	35	[	[	PUNCT
cjfa-33340	393	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	393	37	�	�	PROPN
cjfa-33340	393	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	393	39	�	�	PROPN
cjfa-33340	393	40	�	�	PROPN
cjfa-33340	393	41	�	�	PROPN
cjfa-33340	393	42	�	�	PROPN
cjfa-33340	393	43	)	)	PUNCT
cjfa-33340	393	44	]	]	PUNCT
cjfa-33340	394	1	=	=	PUNCT
cjfa-33340	394	2	log	log	NOUN
cjfa-33340	394	3	[	[	PUNCT
cjfa-33340	394	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	394	5	�	�	PROPN
cjfa-33340	394	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	394	7	�	�	PROPN
cjfa-33340	394	8	�	�	PROPN
cjfa-33340	394	9	�	�	PROPN
cjfa-33340	394	10	)	)	PUNCT
cjfa-33340	394	11	]	]	PUNCT
cjfa-33340	395	1	+	+	CCONJ
cjfa-33340	395	2	log	log	NOUN
cjfa-33340	395	3	(	(	PUNCT
cjfa-33340	395	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	395	5	�	�	PROPN
cjfa-33340	395	6	�	�	PROPN
cjfa-33340	395	7	)	)	PUNCT
cjfa-33340	395	8	(	(	PUNCT
cjfa-33340	395	9	5	5	X
cjfa-33340	395	10	)	)	PUNCT
cjfa-33340	395	11	equation	equation	NOUN
cjfa-33340	395	12	(	(	PUNCT
cjfa-33340	395	13	5	5	NUM
cjfa-33340	395	14	)	)	PUNCT
cjfa-33340	395	15	may	may	AUX
cjfa-33340	395	16	be	be	AUX
cjfa-33340	395	17	rewritten	rewrite	VERB
cjfa-33340	395	18	as	as	SCONJ
cjfa-33340	395	19	follows	follow	VERB
cjfa-33340	395	20	:	:	PUNCT
cjfa-33340	395	21	log	log	NOUN
cjfa-33340	395	22	[	[	PUNCT
cjfa-33340	395	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	395	24	�	�	PROPN
cjfa-33340	395	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	395	26	�	�	PROPN
cjfa-33340	395	27	�	�	PROPN
cjfa-33340	395	28	�	�	PROPN
cjfa-33340	395	29	�	�	PROPN
cjfa-33340	395	30	)	)	PUNCT
cjfa-33340	395	31	]	]	PUNCT
cjfa-33340	396	1	=	=	PUNCT
cjfa-33340	396	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	396	3	�	�	PROPN
cjfa-33340	396	4	+	+	CCONJ
cjfa-33340	396	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	396	6	�	�	PROPN
cjfa-33340	396	7	�	�	PROPN
cjfa-33340	396	8	+	+	CCONJ
cjfa-33340	396	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	396	10	�	�	PROPN
cjfa-33340	396	11	�	�	PROPN
cjfa-33340	396	12	(	(	PUNCT
cjfa-33340	396	13	6	6	NUM
cjfa-33340	396	14	)	)	PUNCT
cjfa-33340	396	15	where	where	SCONJ
cjfa-33340	396	16	:	:	PUNCT
cjfa-33340	396	17	log	log	VERB
cjfa-33340	396	18	[	[	PUNCT
cjfa-33340	396	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	396	20	�	�	PROPN
cjfa-33340	396	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	396	22	�	�	PROPN
cjfa-33340	396	23	�	�	PROPN
cjfa-33340	396	24	�	�	PROPN
cjfa-33340	396	25	)	)	PUNCT
cjfa-33340	396	26	]	]	PUNCT
cjfa-33340	397	1	=	=	PUNCT
cjfa-33340	397	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	397	3	�	�	PROPN
cjfa-33340	397	4	+	+	CCONJ
cjfa-33340	397	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	397	6	�	�	PROPN
cjfa-33340	397	7	�	�	PROPN
cjfa-33340	397	8	(	(	PUNCT
cjfa-33340	397	9	7	7	NUM
cjfa-33340	397	10	)	)	PUNCT
cjfa-33340	397	11	with	with	ADP
cjfa-33340	397	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	397	13	�	�	PROPN
cjfa-33340	397	14	=	=	SYM
cjfa-33340	397	15	e	e	X
cjfa-33340	398	1	[	[	X
cjfa-33340	398	2	log	log	X
cjfa-33340	398	3	[	[	PUNCT
cjfa-33340	398	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	398	5	�	�	PROPN
cjfa-33340	398	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	398	7	�	�	PROPN
cjfa-33340	398	8	�	�	PROPN
cjfa-33340	398	9	�	�	PROPN
cjfa-33340	398	10	)	)	PUNCT
cjfa-33340	398	11	]	]	PUNCT
cjfa-33340	398	12	]	]	PUNCT
cjfa-33340	398	13	and	and	CCONJ
cjfa-33340	398	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	398	15	�	�	PROPN
cjfa-33340	398	16	�	�	PROPN
cjfa-33340	398	17	~	~	PUNCT
cjfa-33340	398	18	iid	iid	NOUN
cjfa-33340	398	19	(	(	PUNCT
cjfa-33340	398	20	0	0	NUM
cjfa-33340	398	21	,	,	PUNCT
cjfa-33340	398	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	398	23	�	�	PROPN
cjfa-33340	398	24	�	�	PROPN
cjfa-33340	398	25	�	�	PROPN
cjfa-33340	398	26	�	�	PROPN
cjfa-33340	398	27	)	)	PUNCT
cjfa-33340	398	28	and	and	CCONJ
cjfa-33340	398	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	398	30	�	�	PROPN
cjfa-33340	398	31	�	�	PROPN
cjfa-33340	398	32	=	=	PUNCT
cjfa-33340	398	33	log	log	PROPN
cjfa-33340	398	34	(	(	PUNCT
cjfa-33340	398	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	398	36	�	�	PROPN
cjfa-33340	398	37	�	�	PROPN
cjfa-33340	398	38	)	)	PUNCT
cjfa-33340	398	39	(	(	PUNCT
cjfa-33340	398	40	8)	8)	NUM
cjfa-33340	398	41	(	(	PUNCT
cjfa-33340	398	42	hwang	hwang	PROPN
cjfa-33340	398	43	&	&	CCONJ
cjfa-33340	398	44	salmon	salmon	PROPN
cjfa-33340	398	45	,	,	PUNCT
cjfa-33340	398	46	2004	2004	NUM
cjfa-33340	398	47	)	)	PUNCT
cjfa-33340	398	48	allow	allow	VERB
cjfa-33340	398	49	herding	herding	NOUN
cjfa-33340	398	50	(	(	PUNCT
cjfa-33340	398	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	398	52	�	�	PROPN
cjfa-33340	398	53	�	�	PROPN
cjfa-33340	398	54	)	)	PUNCT
cjfa-33340	398	55	to	to	PART
cjfa-33340	398	56	follow	follow	VERB
cjfa-33340	398	57	an	an	DET
cjfa-33340	398	58	ar	ar	NOUN
cjfa-33340	398	59	(	(	PUNCT
cjfa-33340	398	60	1	1	NUM
cjfa-33340	398	61	)	)	PUNCT
cjfa-33340	398	62	process	process	NOUN
cjfa-33340	398	63	and	and	CCONJ
cjfa-33340	398	64	the	the	DET
cjfa-33340	398	65	model	model	NOUN
cjfa-33340	398	66	becomes	become	VERB
cjfa-33340	398	67	:	:	PUNCT
cjfa-33340	398	68	log	log	NOUN
cjfa-33340	398	69	[	[	PUNCT
cjfa-33340	398	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	398	71	�	�	PROPN
cjfa-33340	398	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	398	73	�	�	PROPN
cjfa-33340	398	74	�	�	PROPN
cjfa-33340	398	75	�	�	PROPN
cjfa-33340	398	76	�	�	PROPN
cjfa-33340	398	77	)	)	PUNCT
cjfa-33340	398	78	]	]	PUNCT
cjfa-33340	399	1	=	=	PUNCT
cjfa-33340	399	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	399	3	�	�	PROPN
cjfa-33340	399	4	+	+	CCONJ
cjfa-33340	399	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	399	6	�	�	PROPN
cjfa-33340	399	7	�	�	PROPN
cjfa-33340	399	8	+	+	CCONJ
cjfa-33340	399	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	399	10	�	�	PROPN
cjfa-33340	399	11	�	�	PROPN
cjfa-33340	399	12	(	(	PUNCT
cjfa-33340	399	13	9	9	NUM
cjfa-33340	399	14	)	)	PUNCT
cjfa-33340	399	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	399	16	�	�	PROPN
cjfa-33340	399	17	�	�	PROPN
cjfa-33340	399	18	=	=	PUNCT
cjfa-33340	399	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	399	20	�	�	PROPN
cjfa-33340	399	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	399	22	�	�	PROPN
cjfa-33340	399	23	�	�	PROPN
cjfa-33340	399	24	�	�	PROPN
cjfa-33340	399	25	�	�	PROPN
cjfa-33340	399	26	�	�	PROPN
cjfa-33340	399	27	+	+	CCONJ
cjfa-33340	399	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	399	29	�	�	PROPN
cjfa-33340	399	30	�	�	PROPN
cjfa-33340	399	31	(	(	PUNCT
cjfa-33340	399	32	10	10	NUM
cjfa-33340	399	33	)	)	PUNCT
cjfa-33340	399	34	where	where	SCONJ
cjfa-33340	399	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	399	36	�	�	PROPN
cjfa-33340	399	37	�	�	NOUN
cjfa-33340	399	38	~	~	SYM
cjfa-33340	399	39	iid	iid	NOUN
cjfa-33340	399	40	(	(	PUNCT
cjfa-33340	399	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	399	42	�	�	PROPN
cjfa-33340	399	43	�	�	PROPN
cjfa-33340	399	44	�	�	PROPN
cjfa-33340	399	45	�	�	PROPN
cjfa-33340	399	46	)	)	PUNCT
cjfa-33340	399	47	.	.	PUNCT
cjfa-33340	400	1	the	the	DET
cjfa-33340	400	2	equations	equation	NOUN
cjfa-33340	400	3	(	(	PUNCT
cjfa-33340	400	4	9	9	NUM
cjfa-33340	400	5	)	)	PUNCT
cjfa-33340	400	6	and	and	CCONJ
cjfa-33340	400	7	(	(	PUNCT
cjfa-33340	400	8	10	10	NUM
cjfa-33340	400	9	)	)	PUNCT
cjfa-33340	400	10	contain	contain	VERB
cjfa-33340	400	11	herding	herd	VERB
cjfa-33340	400	12	as	as	ADP
cjfa-33340	400	13	an	an	DET
cjfa-33340	400	14	unobserved	unobserved	ADJ
cjfa-33340	400	15	component	component	NOUN
cjfa-33340	400	16	,	,	PUNCT
cjfa-33340	400	17	which	which	PRON
cjfa-33340	400	18	will	will	AUX
cjfa-33340	400	19	be	be	AUX
cjfa-33340	400	20	extracted	extract	VERB
cjfa-33340	400	21	using	use	VERB
cjfa-33340	400	22	the	the	DET
cjfa-33340	400	23	kalman	kalman	NOUN
cjfa-33340	400	24	filter	filter	NOUN
cjfa-33340	400	25	like	like	ADP
cjfa-33340	400	26	(	(	PUNCT
cjfa-33340	400	27	hwang	hwang	PROPN
cjfa-33340	400	28	&	&	CCONJ
cjfa-33340	400	29	salmon	salmon	PROPN
cjfa-33340	400	30	,	,	PUNCT
cjfa-33340	400	31	2004	2004	NUM
cjfa-33340	400	32	)	)	PUNCT
cjfa-33340	400	33	methodology	methodology	NOUN
cjfa-33340	400	34	.	.	PUNCT
cjfa-33340	401	1	the	the	DET
cjfa-33340	401	2	log	log	NOUN
cjfa-33340	401	3	[	[	PUNCT
cjfa-33340	401	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	401	5	�	�	PROPN
cjfa-33340	401	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	401	7	�	�	PROPN
cjfa-33340	401	8	�	�	PROPN
cjfa-33340	401	9	�	�	PROPN
cjfa-33340	401	10	�	�	PROPN
cjfa-33340	401	11	)	)	PUNCT
cjfa-33340	401	12	]	]	PUNCT
cjfa-33340	401	13	is	be	AUX
cjfa-33340	401	14	expected	expect	VERB
cjfa-33340	401	15	to	to	PART
cjfa-33340	401	16	change	change	VERB
cjfa-33340	401	17	with	with	ADP
cjfa-33340	401	18	herding	herding	NOUN
cjfa-33340	401	19	levels	level	NOUN
cjfa-33340	401	20	and	and	CCONJ
cjfa-33340	401	21	this	this	DET
cjfa-33340	401	22	variation	variation	NOUN
cjfa-33340	401	23	is	be	AUX
cjfa-33340	401	24	reflected	reflect	VERB
cjfa-33340	401	25	through	through	ADP
cjfa-33340	401	26	(	(	PUNCT
cjfa-33340	401	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	401	28	�	�	PROPN
cjfa-33340	401	29	�	�	PROPN
cjfa-33340	401	30	)	)	PUNCT
cjfa-33340	401	31	.	.	PUNCT
cjfa-33340	402	1	when	when	SCONJ
cjfa-33340	402	2	the	the	DET
cjfa-33340	402	3	variance	variance	NOUN
cjfa-33340	402	4	of	of	ADP
cjfa-33340	402	5	the	the	DET
cjfa-33340	402	6	error	error	NOUN
cjfa-33340	402	7	term	term	NOUN
cjfa-33340	402	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	402	9	�	�	PROPN
cjfa-33340	402	10	�	�	PROPN
cjfa-33340	402	11	(	(	PUNCT
cjfa-33340	402	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	402	13	�	�	PROPN
cjfa-33340	402	14	�	�	PROPN
cjfa-33340	402	15	�	�	PROPN
cjfa-33340	402	16	�	�	PROPN
cjfa-33340	402	17	)	)	PUNCT
cjfa-33340	402	18	is	be	AUX
cjfa-33340	402	19	statistically	statistically	ADV
cjfa-33340	402	20	significant	significant	ADJ
cjfa-33340	402	21	,	,	PUNCT
cjfa-33340	402	22	this	this	PRON
cjfa-33340	402	23	indicates	indicate	VERB
cjfa-33340	402	24	the	the	DET
cjfa-33340	402	25	presence	presence	NOUN
cjfa-33340	402	26	of	of	ADP
cjfa-33340	402	27	herding	herd	VERB
cjfa-33340	402	28	behaviour	behaviour	NOUN
cjfa-33340	402	29	among	among	ADP
cjfa-33340	402	30	investors	investor	NOUN
cjfa-33340	402	31	and	and	CCONJ
cjfa-33340	402	32	a	a	DET
cjfa-33340	402	33	statistically	statistically	ADV
cjfa-33340	402	34	significant	significant	ADJ
cjfa-33340	402	35	of	of	ADP
cjfa-33340	402	36	the	the	PRON
cjfa-33340	402	37	is	be	AUX
cjfa-33340	402	38	expected	expect	VERB
cjfa-33340	402	39	to	to	PART
cjfa-33340	402	40	change	change	VERB
cjfa-33340	402	41	with	with	ADP
cjfa-33340	402	42	herding	herding	NOUN
cjfa-33340	402	43	levels	level	NOUN
cjfa-33340	402	44	and	and	CCONJ
cjfa-33340	402	45	this	this	DET
cjfa-33340	402	46	variation	variation	NOUN
cjfa-33340	402	47	is	be	AUX
cjfa-33340	402	48	reflected	reflect	VERB
cjfa-33340	402	49	through	through	ADP
cjfa-33340	402	50	of	of	ADP
cjfa-33340	402	51	the	the	DET
cjfa-33340	402	52	market	market	NOUN
cjfa-33340	402	53	excess	excess	ADJ
cjfa-33340	402	54	returns	return	NOUN
cjfa-33340	402	55	.	.	PUNCT
cjfa-33340	403	1	(	(	PUNCT
cjfa-33340	403	2	ℎ	ℎ	PROPN
cjfa-33340	403	3	�	�	PROPN
cjfa-33340	403	4	�	�	PROPN
cjfa-33340	403	5	)	)	PUNCT
cjfa-33340	403	6	is	be	AUX
cjfa-33340	403	7	a	a	DET
cjfa-33340	403	8	time	time	NOUN
cjfa-33340	403	9	-	-	PUNCT
cjfa-33340	403	10	variant	variant	ADJ
cjfa-33340	403	11	latent	latent	NOUN
cjfa-33340	403	12	herding	herding	NOUN
cjfa-33340	403	13	behaviour	behaviour	NOUN
cjfa-33340	403	14	parameter	parameter	NOUN
cjfa-33340	403	15	,	,	PUNCT
cjfa-33340	403	16	(	(	PUNCT
cjfa-33340	403	17	ℎ	ℎ	PROPN
cjfa-33340	403	18	�	�	NOUN
cjfa-33340	403	19	�	�	PROPN
cjfa-33340	403	20	)	)	PUNCT
cjfa-33340	403	21	=	=	SYM
cjfa-33340	403	22	0	0	NUM
cjfa-33340	403	23	indicates	indicate	VERB
cjfa-33340	403	24	the	the	DET
cjfa-33340	403	25	absence	absence	NOUN
cjfa-33340	403	26	of	of	ADP
cjfa-33340	403	27	herding	herd	VERB
cjfa-33340	403	28	behaviour	behaviour	NOUN
cjfa-33340	403	29	and	and	CCONJ
cjfa-33340	403	30	(	(	PUNCT
cjfa-33340	403	31	ℎ	ℎ	PROPN
cjfa-33340	403	32	�	�	PROPN
cjfa-33340	403	33	�	�	PROPN
cjfa-33340	403	34	)	)	PUNCT
cjfa-33340	403	35	=	=	SYM
cjfa-33340	403	36	1	1	NUM
cjfa-33340	403	37	indicates	indicate	VERB
cjfa-33340	403	38	the	the	DET
cjfa-33340	403	39	presence	presence	NOUN
cjfa-33340	403	40	of	of	ADP
cjfa-33340	403	41	perfect	perfect	ADJ
cjfa-33340	403	42	herding	herding	NOUN
cjfa-33340	403	43	behaviour	behaviour	NOUN
cjfa-33340	403	44	that	that	PRON
cjfa-33340	403	45	means	mean	VERB
cjfa-33340	403	46	that	that	SCONJ
cjfa-33340	403	47	all	all	DET
cjfa-33340	403	48	the	the	DET
cjfa-33340	403	49	individual	individual	ADJ
cjfa-33340	403	50	stock	stock	NOUN
cjfa-33340	403	51	returns	return	NOUN
cjfa-33340	403	52	change	change	VERB
cjfa-33340	403	53	following	follow	VERB
cjfa-33340	403	54	the	the	DET
cjfa-33340	403	55	market	market	NOUN
cjfa-33340	403	56	portfolio	portfolio	NOUN
cjfa-33340	403	57	movements	movement	NOUN
cjfa-33340	403	58	.	.	PUNCT
cjfa-33340	404	1	to	to	PART
cjfa-33340	404	2	measure	measure	VERB
cjfa-33340	404	3	herding	herd	VERB
cjfa-33340	404	4	behaviour	behaviour	NOUN
cjfa-33340	404	5	(	(	PUNCT
cjfa-33340	404	6	ℎ	ℎ	PROPN
cjfa-33340	404	7	�	�	PROPN
cjfa-33340	404	8	�	�	PROPN
cjfa-33340	404	9	)	)	PUNCT
cjfa-33340	404	10	on	on	ADP
cjfa-33340	404	11	a	a	DET
cjfa-33340	404	12	market	market	NOUN
cjfa-33340	404	13	-	-	PUNCT
cjfa-33340	404	14	wide	wide	ADJ
cjfa-33340	404	15	basis	basis	NOUN
cjfa-33340	404	16	,	,	PUNCT
cjfa-33340	404	17	the	the	DET
cjfa-33340	404	18	cross	cross	ADJ
cjfa-33340	404	19	-	-	ADJ
cjfa-33340	404	20	sectional	sectional	ADJ
cjfa-33340	404	21	dispersion	dispersion	NOUN
cjfa-33340	404	22	of	of	ADP
cjfa-33340	404	23	(	(	PUNCT
cjfa-33340	404	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	404	25	�	�	PROPN
cjfa-33340	404	26	�	�	PROPN
cjfa-33340	404	27	�	�	PROPN
cjfa-33340	404	28	�	�	PROPN
cjfa-33340	404	29	)	)	PUNCT
cjfa-33340	404	30	is	be	AUX
cjfa-33340	404	31	calculated	calculate	VERB
cjfa-33340	404	32	,	,	PUNCT
cjfa-33340	404	33	as	as	ADP
cjfa-33340	404	34	:	:	PUNCT
cjfa-33340	404	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	404	36	�	�	PROPN
cjfa-33340	404	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	404	38	�	�	PROPN
cjfa-33340	404	39	�	�	PROPN
cjfa-33340	404	40	�	�	PROPN
cjfa-33340	404	41	�	�	PROPN
cjfa-33340	404	42	)	)	PUNCT
cjfa-33340	405	1	=	=	SYM
cjfa-33340	405	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	405	3	�	�	PROPN
cjfa-33340	405	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	405	5	�	�	PROPN
cjfa-33340	405	6	�	�	PROPN
cjfa-33340	405	7	�	�	PROPN
cjfa-33340	405	8	)	)	PUNCT
cjfa-33340	405	9	(	(	PUNCT
cjfa-33340	405	10	1ℎ	1ℎ	PROPN
cjfa-33340	405	11	�	�	PROPN
cjfa-33340	405	12	�	�	PROPN
cjfa-33340	405	13	)	)	PUNCT
cjfa-33340	405	14	(	(	PUNCT
cjfa-33340	405	15	4	4	X
cjfa-33340	405	16	)	)	PUNCT
cjfa-33340	405	17	when	when	SCONJ
cjfa-33340	405	18	taking	take	VERB
cjfa-33340	405	19	the	the	DET
cjfa-33340	405	20	logarithms	logarithm	NOUN
cjfa-33340	405	21	on	on	ADP
cjfa-33340	405	22	both	both	DET
cjfa-33340	405	23	sides	side	NOUN
cjfa-33340	405	24	,	,	PUNCT
cjfa-33340	405	25	equation	equation	NOUN
cjfa-33340	405	26	(	(	PUNCT
cjfa-33340	405	27	4	4	X
cjfa-33340	405	28	)	)	PUNCT
cjfa-33340	405	29	is	be	AUX
cjfa-33340	405	30	rewritten	rewrite	VERB
cjfa-33340	405	31	as	as	SCONJ
cjfa-33340	405	32	follows	follow	VERB
cjfa-33340	405	33	:	:	PUNCT
cjfa-33340	405	34	log	log	NOUN
cjfa-33340	405	35	[	[	PUNCT
cjfa-33340	405	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	405	37	�	�	PROPN
cjfa-33340	405	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	405	39	�	�	PROPN
cjfa-33340	405	40	�	�	PROPN
cjfa-33340	405	41	�	�	PROPN
cjfa-33340	405	42	�	�	PROPN
cjfa-33340	405	43	)	)	PUNCT
cjfa-33340	405	44	]	]	PUNCT
cjfa-33340	406	1	=	=	PUNCT
cjfa-33340	406	2	log	log	NOUN
cjfa-33340	406	3	[	[	PUNCT
cjfa-33340	406	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	406	5	�	�	PROPN
cjfa-33340	406	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	406	7	�	�	PROPN
cjfa-33340	406	8	�	�	PROPN
cjfa-33340	406	9	�	�	PROPN
cjfa-33340	406	10	)	)	PUNCT
cjfa-33340	406	11	]	]	PUNCT
cjfa-33340	407	1	+	+	CCONJ
cjfa-33340	407	2	log	log	NOUN
cjfa-33340	407	3	(	(	PUNCT
cjfa-33340	407	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	407	5	�	�	PROPN
cjfa-33340	407	6	�	�	PROPN
cjfa-33340	407	7	)	)	PUNCT
cjfa-33340	407	8	(	(	PUNCT
cjfa-33340	407	9	5	5	X
cjfa-33340	407	10	)	)	PUNCT
cjfa-33340	407	11	equation	equation	NOUN
cjfa-33340	407	12	(	(	PUNCT
cjfa-33340	407	13	5	5	NUM
cjfa-33340	407	14	)	)	PUNCT
cjfa-33340	407	15	may	may	AUX
cjfa-33340	407	16	be	be	AUX
cjfa-33340	407	17	rewritten	rewrite	VERB
cjfa-33340	407	18	as	as	SCONJ
cjfa-33340	407	19	follows	follow	VERB
cjfa-33340	407	20	:	:	PUNCT
cjfa-33340	407	21	log	log	NOUN
cjfa-33340	407	22	[	[	PUNCT
cjfa-33340	407	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	407	24	�	�	PROPN
cjfa-33340	407	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	407	26	�	�	PROPN
cjfa-33340	407	27	�	�	PROPN
cjfa-33340	407	28	�	�	PROPN
cjfa-33340	407	29	�	�	PROPN
cjfa-33340	407	30	)	)	PUNCT
cjfa-33340	407	31	]	]	PUNCT
cjfa-33340	408	1	=	=	PUNCT
cjfa-33340	408	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	408	3	�	�	PROPN
cjfa-33340	408	4	+	+	CCONJ
cjfa-33340	408	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	408	6	�	�	PROPN
cjfa-33340	408	7	�	�	PROPN
cjfa-33340	408	8	+	+	CCONJ
cjfa-33340	408	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	408	10	�	�	PROPN
cjfa-33340	408	11	�	�	PROPN
cjfa-33340	408	12	(	(	PUNCT
cjfa-33340	408	13	6	6	NUM
cjfa-33340	408	14	)	)	PUNCT
cjfa-33340	408	15	where	where	SCONJ
cjfa-33340	408	16	:	:	PUNCT
cjfa-33340	408	17	log	log	VERB
cjfa-33340	408	18	[	[	PUNCT
cjfa-33340	408	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	408	20	�	�	PROPN
cjfa-33340	408	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	408	22	�	�	PROPN
cjfa-33340	408	23	�	�	PROPN
cjfa-33340	408	24	�	�	PROPN
cjfa-33340	408	25	)	)	PUNCT
cjfa-33340	408	26	]	]	PUNCT
cjfa-33340	409	1	=	=	PUNCT
cjfa-33340	409	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	409	3	�	�	PROPN
cjfa-33340	409	4	+	+	CCONJ
cjfa-33340	409	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	409	6	�	�	PROPN
cjfa-33340	409	7	�	�	PROPN
cjfa-33340	409	8	(	(	PUNCT
cjfa-33340	409	9	7	7	NUM
cjfa-33340	409	10	)	)	PUNCT
cjfa-33340	409	11	with	with	ADP
cjfa-33340	409	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	409	13	�	�	PROPN
cjfa-33340	409	14	=	=	SYM
cjfa-33340	409	15	e	e	X
cjfa-33340	410	1	[	[	X
cjfa-33340	410	2	log	log	X
cjfa-33340	410	3	[	[	PUNCT
cjfa-33340	410	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	410	5	�	�	PROPN
cjfa-33340	410	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	410	7	�	�	PROPN
cjfa-33340	410	8	�	�	PROPN
cjfa-33340	410	9	�	�	PROPN
cjfa-33340	410	10	)	)	PUNCT
cjfa-33340	410	11	]	]	PUNCT
cjfa-33340	410	12	]	]	PUNCT
cjfa-33340	410	13	and	and	CCONJ
cjfa-33340	410	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	410	15	�	�	PROPN
cjfa-33340	410	16	�	�	PROPN
cjfa-33340	410	17	~	~	PUNCT
cjfa-33340	410	18	iid	iid	NOUN
cjfa-33340	410	19	(	(	PUNCT
cjfa-33340	410	20	0	0	NUM
cjfa-33340	410	21	,	,	PUNCT
cjfa-33340	410	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	410	23	�	�	PROPN
cjfa-33340	410	24	�	�	PROPN
cjfa-33340	410	25	�	�	PROPN
cjfa-33340	410	26	�	�	PROPN
cjfa-33340	410	27	)	)	PUNCT
cjfa-33340	410	28	and	and	CCONJ
cjfa-33340	410	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	410	30	�	�	PROPN
cjfa-33340	410	31	�	�	PROPN
cjfa-33340	410	32	=	=	PUNCT
cjfa-33340	410	33	log	log	PROPN
cjfa-33340	410	34	(	(	PUNCT
cjfa-33340	410	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	410	36	�	�	PROPN
cjfa-33340	410	37	�	�	PROPN
cjfa-33340	410	38	)	)	PUNCT
cjfa-33340	410	39	(	(	PUNCT
cjfa-33340	410	40	8)	8)	NUM
cjfa-33340	410	41	(	(	PUNCT
cjfa-33340	410	42	hwang	hwang	PROPN
cjfa-33340	410	43	&	&	CCONJ
cjfa-33340	410	44	salmon	salmon	PROPN
cjfa-33340	410	45	,	,	PUNCT
cjfa-33340	410	46	2004	2004	NUM
cjfa-33340	410	47	)	)	PUNCT
cjfa-33340	410	48	allow	allow	VERB
cjfa-33340	410	49	herding	herding	NOUN
cjfa-33340	410	50	(	(	PUNCT
cjfa-33340	410	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	410	52	�	�	PROPN
cjfa-33340	410	53	�	�	PROPN
cjfa-33340	410	54	)	)	PUNCT
cjfa-33340	410	55	to	to	PART
cjfa-33340	410	56	follow	follow	VERB
cjfa-33340	410	57	an	an	DET
cjfa-33340	410	58	ar	ar	NOUN
cjfa-33340	410	59	(	(	PUNCT
cjfa-33340	410	60	1	1	NUM
cjfa-33340	410	61	)	)	PUNCT
cjfa-33340	410	62	process	process	NOUN
cjfa-33340	410	63	and	and	CCONJ
cjfa-33340	410	64	the	the	DET
cjfa-33340	410	65	model	model	NOUN
cjfa-33340	410	66	becomes	become	VERB
cjfa-33340	410	67	:	:	PUNCT
cjfa-33340	410	68	log	log	NOUN
cjfa-33340	410	69	[	[	PUNCT
cjfa-33340	410	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	410	71	�	�	PROPN
cjfa-33340	410	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	410	73	�	�	PROPN
cjfa-33340	410	74	�	�	PROPN
cjfa-33340	410	75	�	�	PROPN
cjfa-33340	410	76	�	�	PROPN
cjfa-33340	410	77	)	)	PUNCT
cjfa-33340	410	78	]	]	PUNCT
cjfa-33340	411	1	=	=	PUNCT
cjfa-33340	411	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	411	3	�	�	PROPN
cjfa-33340	411	4	+	+	CCONJ
cjfa-33340	411	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	411	6	�	�	PROPN
cjfa-33340	411	7	�	�	PROPN
cjfa-33340	411	8	+	+	CCONJ
cjfa-33340	411	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	411	10	�	�	PROPN
cjfa-33340	411	11	�	�	PROPN
cjfa-33340	411	12	(	(	PUNCT
cjfa-33340	411	13	9	9	NUM
cjfa-33340	411	14	)	)	PUNCT
cjfa-33340	411	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	411	16	�	�	PROPN
cjfa-33340	411	17	�	�	PROPN
cjfa-33340	411	18	=	=	PUNCT
cjfa-33340	411	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	411	20	�	�	PROPN
cjfa-33340	411	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	411	22	�	�	PROPN
cjfa-33340	411	23	�	�	PROPN
cjfa-33340	411	24	�	�	PROPN
cjfa-33340	411	25	�	�	PROPN
cjfa-33340	411	26	�	�	PROPN
cjfa-33340	411	27	+	+	CCONJ
cjfa-33340	411	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	411	29	�	�	PROPN
cjfa-33340	411	30	�	�	PROPN
cjfa-33340	411	31	(	(	PUNCT
cjfa-33340	411	32	10	10	NUM
cjfa-33340	411	33	)	)	PUNCT
cjfa-33340	411	34	where	where	SCONJ
cjfa-33340	411	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	411	36	�	�	PROPN
cjfa-33340	411	37	�	�	NOUN
cjfa-33340	411	38	~	~	SYM
cjfa-33340	411	39	iid	iid	NOUN
cjfa-33340	411	40	(	(	PUNCT
cjfa-33340	411	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	411	42	�	�	PROPN
cjfa-33340	411	43	�	�	PROPN
cjfa-33340	411	44	�	�	PROPN
cjfa-33340	411	45	�	�	PROPN
cjfa-33340	411	46	)	)	PUNCT
cjfa-33340	411	47	.	.	PUNCT
cjfa-33340	412	1	the	the	DET
cjfa-33340	412	2	equations	equation	NOUN
cjfa-33340	412	3	(	(	PUNCT
cjfa-33340	412	4	9	9	NUM
cjfa-33340	412	5	)	)	PUNCT
cjfa-33340	412	6	and	and	CCONJ
cjfa-33340	412	7	(	(	PUNCT
cjfa-33340	412	8	10	10	NUM
cjfa-33340	412	9	)	)	PUNCT
cjfa-33340	412	10	contain	contain	VERB
cjfa-33340	412	11	herding	herd	VERB
cjfa-33340	412	12	as	as	ADP
cjfa-33340	412	13	an	an	DET
cjfa-33340	412	14	unobserved	unobserved	ADJ
cjfa-33340	412	15	component	component	NOUN
cjfa-33340	412	16	,	,	PUNCT
cjfa-33340	412	17	which	which	PRON
cjfa-33340	412	18	will	will	AUX
cjfa-33340	412	19	be	be	AUX
cjfa-33340	412	20	extracted	extract	VERB
cjfa-33340	412	21	using	use	VERB
cjfa-33340	412	22	the	the	DET
cjfa-33340	412	23	kalman	kalman	NOUN
cjfa-33340	412	24	filter	filter	NOUN
cjfa-33340	412	25	like	like	ADP
cjfa-33340	412	26	(	(	PUNCT
cjfa-33340	412	27	hwang	hwang	PROPN
cjfa-33340	412	28	&	&	CCONJ
cjfa-33340	412	29	salmon	salmon	PROPN
cjfa-33340	412	30	,	,	PUNCT
cjfa-33340	412	31	2004	2004	NUM
cjfa-33340	412	32	)	)	PUNCT
cjfa-33340	412	33	methodology	methodology	NOUN
cjfa-33340	412	34	.	.	PUNCT
cjfa-33340	413	1	the	the	DET
cjfa-33340	413	2	log	log	NOUN
cjfa-33340	413	3	[	[	PUNCT
cjfa-33340	413	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	413	5	�	�	PROPN
cjfa-33340	413	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	413	7	�	�	PROPN
cjfa-33340	413	8	�	�	PROPN
cjfa-33340	413	9	�	�	PROPN
cjfa-33340	413	10	�	�	PROPN
cjfa-33340	413	11	)	)	PUNCT
cjfa-33340	413	12	]	]	PUNCT
cjfa-33340	413	13	is	be	AUX
cjfa-33340	413	14	expected	expect	VERB
cjfa-33340	413	15	to	to	PART
cjfa-33340	413	16	change	change	VERB
cjfa-33340	413	17	with	with	ADP
cjfa-33340	413	18	herding	herding	NOUN
cjfa-33340	413	19	levels	level	NOUN
cjfa-33340	413	20	and	and	CCONJ
cjfa-33340	413	21	this	this	DET
cjfa-33340	413	22	variation	variation	NOUN
cjfa-33340	413	23	is	be	AUX
cjfa-33340	413	24	reflected	reflect	VERB
cjfa-33340	413	25	through	through	ADP
cjfa-33340	413	26	(	(	PUNCT
cjfa-33340	413	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	413	28	�	�	PROPN
cjfa-33340	413	29	�	�	PROPN
cjfa-33340	413	30	)	)	PUNCT
cjfa-33340	413	31	.	.	PUNCT
cjfa-33340	414	1	when	when	SCONJ
cjfa-33340	414	2	the	the	DET
cjfa-33340	414	3	variance	variance	NOUN
cjfa-33340	414	4	of	of	ADP
cjfa-33340	414	5	the	the	DET
cjfa-33340	414	6	error	error	NOUN
cjfa-33340	414	7	term	term	NOUN
cjfa-33340	414	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	414	9	�	�	PROPN
cjfa-33340	414	10	�	�	PROPN
cjfa-33340	414	11	(	(	PUNCT
cjfa-33340	414	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	414	13	�	�	PROPN
cjfa-33340	414	14	�	�	PROPN
cjfa-33340	414	15	�	�	PROPN
cjfa-33340	414	16	�	�	PROPN
cjfa-33340	414	17	)	)	PUNCT
cjfa-33340	414	18	is	be	AUX
cjfa-33340	414	19	statistically	statistically	ADV
cjfa-33340	414	20	significant	significant	ADJ
cjfa-33340	414	21	,	,	PUNCT
cjfa-33340	414	22	this	this	PRON
cjfa-33340	414	23	indicates	indicate	VERB
cjfa-33340	414	24	the	the	DET
cjfa-33340	414	25	presence	presence	NOUN
cjfa-33340	414	26	of	of	ADP
cjfa-33340	414	27	herding	herd	VERB
cjfa-33340	414	28	behaviour	behaviour	NOUN
cjfa-33340	414	29	among	among	ADP
cjfa-33340	414	30	investors	investor	NOUN
cjfa-33340	414	31	and	and	CCONJ
cjfa-33340	414	32	a	a	DET
cjfa-33340	414	33	statistically	statistically	ADV
cjfa-33340	414	34	significant	significant	ADJ
cjfa-33340	414	35	of	of	ADP
cjfa-33340	414	36	the	the	PRON
cjfa-33340	414	37	.	.	PUNCT
cjfa-33340	415	1	when	when	SCONJ
cjfa-33340	415	2	the	the	DET
cjfa-33340	415	3	variance	variance	NOUN
cjfa-33340	415	4	of	of	ADP
cjfa-33340	415	5	the	the	DET
cjfa-33340	415	6	error	error	NOUN
cjfa-33340	415	7	term	term	NOUN
cjfa-33340	415	8	of	of	ADP
cjfa-33340	415	9	the	the	DET
cjfa-33340	415	10	market	market	NOUN
cjfa-33340	415	11	excess	excess	ADJ
cjfa-33340	415	12	returns	return	NOUN
cjfa-33340	415	13	.	.	PUNCT
cjfa-33340	416	1	(	(	PUNCT
cjfa-33340	416	2	ℎ	ℎ	PROPN
cjfa-33340	416	3	�	�	PROPN
cjfa-33340	416	4	�	�	PROPN
cjfa-33340	416	5	)	)	PUNCT
cjfa-33340	416	6	is	be	AUX
cjfa-33340	416	7	a	a	DET
cjfa-33340	416	8	time	time	NOUN
cjfa-33340	416	9	-	-	PUNCT
cjfa-33340	416	10	variant	variant	ADJ
cjfa-33340	416	11	latent	latent	NOUN
cjfa-33340	416	12	herding	herding	NOUN
cjfa-33340	416	13	behaviour	behaviour	NOUN
cjfa-33340	416	14	parameter	parameter	NOUN
cjfa-33340	416	15	,	,	PUNCT
cjfa-33340	416	16	(	(	PUNCT
cjfa-33340	416	17	ℎ	ℎ	PROPN
cjfa-33340	416	18	�	�	NOUN
cjfa-33340	416	19	�	�	PROPN
cjfa-33340	416	20	)	)	PUNCT
cjfa-33340	416	21	=	=	SYM
cjfa-33340	416	22	0	0	NUM
cjfa-33340	416	23	indicates	indicate	VERB
cjfa-33340	416	24	the	the	DET
cjfa-33340	416	25	absence	absence	NOUN
cjfa-33340	416	26	of	of	ADP
cjfa-33340	416	27	herding	herd	VERB
cjfa-33340	416	28	behaviour	behaviour	NOUN
cjfa-33340	416	29	and	and	CCONJ
cjfa-33340	416	30	(	(	PUNCT
cjfa-33340	416	31	ℎ	ℎ	PROPN
cjfa-33340	416	32	�	�	PROPN
cjfa-33340	416	33	�	�	PROPN
cjfa-33340	416	34	)	)	PUNCT
cjfa-33340	416	35	=	=	SYM
cjfa-33340	416	36	1	1	NUM
cjfa-33340	416	37	indicates	indicate	VERB
cjfa-33340	416	38	the	the	DET
cjfa-33340	416	39	presence	presence	NOUN
cjfa-33340	416	40	of	of	ADP
cjfa-33340	416	41	perfect	perfect	ADJ
cjfa-33340	416	42	herding	herding	NOUN
cjfa-33340	416	43	behaviour	behaviour	NOUN
cjfa-33340	416	44	that	that	PRON
cjfa-33340	416	45	means	mean	VERB
cjfa-33340	416	46	that	that	SCONJ
cjfa-33340	416	47	all	all	DET
cjfa-33340	416	48	the	the	DET
cjfa-33340	416	49	individual	individual	ADJ
cjfa-33340	416	50	stock	stock	NOUN
cjfa-33340	416	51	returns	return	NOUN
cjfa-33340	416	52	change	change	VERB
cjfa-33340	416	53	following	follow	VERB
cjfa-33340	416	54	the	the	DET
cjfa-33340	416	55	market	market	NOUN
cjfa-33340	416	56	portfolio	portfolio	NOUN
cjfa-33340	416	57	movements	movement	NOUN
cjfa-33340	416	58	.	.	PUNCT
cjfa-33340	417	1	to	to	PART
cjfa-33340	417	2	measure	measure	VERB
cjfa-33340	417	3	herding	herd	VERB
cjfa-33340	417	4	behaviour	behaviour	NOUN
cjfa-33340	417	5	(	(	PUNCT
cjfa-33340	417	6	ℎ	ℎ	PROPN
cjfa-33340	417	7	�	�	PROPN
cjfa-33340	417	8	�	�	PROPN
cjfa-33340	417	9	)	)	PUNCT
cjfa-33340	417	10	on	on	ADP
cjfa-33340	417	11	a	a	DET
cjfa-33340	417	12	market	market	NOUN
cjfa-33340	417	13	-	-	PUNCT
cjfa-33340	417	14	wide	wide	ADJ
cjfa-33340	417	15	basis	basis	NOUN
cjfa-33340	417	16	,	,	PUNCT
cjfa-33340	417	17	the	the	DET
cjfa-33340	417	18	cross	cross	ADJ
cjfa-33340	417	19	-	-	ADJ
cjfa-33340	417	20	sectional	sectional	ADJ
cjfa-33340	417	21	dispersion	dispersion	NOUN
cjfa-33340	417	22	of	of	ADP
cjfa-33340	417	23	(	(	PUNCT
cjfa-33340	417	24	𝛽𝛽	𝛽𝛽	ADP
cjfa-33340	417	25	�	�	PROPN
cjfa-33340	417	26	�	�	PROPN
cjfa-33340	417	27	�	�	PROPN
cjfa-33340	417	28	�	�	PROPN
cjfa-33340	417	29	)	)	PUNCT
cjfa-33340	417	30	is	be	AUX
cjfa-33340	417	31	calculated	calculate	VERB
cjfa-33340	417	32	,	,	PUNCT
cjfa-33340	417	33	as	as	ADP
cjfa-33340	417	34	:	:	PUNCT
cjfa-33340	417	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	417	36	�	�	PROPN
cjfa-33340	417	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	417	38	�	�	PROPN
cjfa-33340	417	39	�	�	PROPN
cjfa-33340	417	40	�	�	PROPN
cjfa-33340	417	41	�	�	PROPN
cjfa-33340	417	42	)	)	PUNCT
cjfa-33340	418	1	=	=	SYM
cjfa-33340	418	2	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	418	3	�	�	PROPN
cjfa-33340	418	4	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	418	5	�	�	PROPN
cjfa-33340	418	6	�	�	PROPN
cjfa-33340	418	7	�	�	PROPN
cjfa-33340	418	8	)	)	PUNCT
cjfa-33340	418	9	(	(	PUNCT
cjfa-33340	418	10	1ℎ	1ℎ	PROPN
cjfa-33340	418	11	�	�	PROPN
cjfa-33340	418	12	�	�	PROPN
cjfa-33340	418	13	)	)	PUNCT
cjfa-33340	418	14	(	(	PUNCT
cjfa-33340	418	15	4	4	X
cjfa-33340	418	16	)	)	PUNCT
cjfa-33340	418	17	when	when	SCONJ
cjfa-33340	418	18	taking	take	VERB
cjfa-33340	418	19	the	the	DET
cjfa-33340	418	20	logarithms	logarithm	NOUN
cjfa-33340	418	21	on	on	ADP
cjfa-33340	418	22	both	both	DET
cjfa-33340	418	23	sides	side	NOUN
cjfa-33340	418	24	,	,	PUNCT
cjfa-33340	418	25	equation	equation	NOUN
cjfa-33340	418	26	(	(	PUNCT
cjfa-33340	418	27	4	4	X
cjfa-33340	418	28	)	)	PUNCT
cjfa-33340	418	29	is	be	AUX
cjfa-33340	418	30	rewritten	rewrite	VERB
cjfa-33340	418	31	as	as	SCONJ
cjfa-33340	418	32	follows	follow	VERB
cjfa-33340	418	33	:	:	PUNCT
cjfa-33340	418	34	log	log	NOUN
cjfa-33340	418	35	[	[	PUNCT
cjfa-33340	418	36	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	418	37	�	�	PROPN
cjfa-33340	418	38	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	418	39	�	�	PROPN
cjfa-33340	418	40	�	�	PROPN
cjfa-33340	418	41	�	�	PROPN
cjfa-33340	418	42	�	�	PROPN
cjfa-33340	418	43	)	)	PUNCT
cjfa-33340	418	44	]	]	PUNCT
cjfa-33340	419	1	=	=	PUNCT
cjfa-33340	419	2	log	log	NOUN
cjfa-33340	419	3	[	[	PUNCT
cjfa-33340	419	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	419	5	�	�	PROPN
cjfa-33340	419	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	419	7	�	�	PROPN
cjfa-33340	419	8	�	�	PROPN
cjfa-33340	419	9	�	�	PROPN
cjfa-33340	419	10	)	)	PUNCT
cjfa-33340	419	11	]	]	PUNCT
cjfa-33340	420	1	+	+	CCONJ
cjfa-33340	420	2	log	log	NOUN
cjfa-33340	420	3	(	(	PUNCT
cjfa-33340	420	4	1-ℎ	1-ℎ	PROPN
cjfa-33340	420	5	�	�	PROPN
cjfa-33340	420	6	�	�	PROPN
cjfa-33340	420	7	)	)	PUNCT
cjfa-33340	420	8	(	(	PUNCT
cjfa-33340	420	9	5	5	X
cjfa-33340	420	10	)	)	PUNCT
cjfa-33340	420	11	equation	equation	NOUN
cjfa-33340	420	12	(	(	PUNCT
cjfa-33340	420	13	5	5	NUM
cjfa-33340	420	14	)	)	PUNCT
cjfa-33340	420	15	may	may	AUX
cjfa-33340	420	16	be	be	AUX
cjfa-33340	420	17	rewritten	rewrite	VERB
cjfa-33340	420	18	as	as	SCONJ
cjfa-33340	420	19	follows	follow	VERB
cjfa-33340	420	20	:	:	PUNCT
cjfa-33340	420	21	log	log	NOUN
cjfa-33340	420	22	[	[	PUNCT
cjfa-33340	420	23	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	420	24	�	�	PROPN
cjfa-33340	420	25	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	420	26	�	�	PROPN
cjfa-33340	420	27	�	�	PROPN
cjfa-33340	420	28	�	�	PROPN
cjfa-33340	420	29	�	�	PROPN
cjfa-33340	420	30	)	)	PUNCT
cjfa-33340	420	31	]	]	PUNCT
cjfa-33340	421	1	=	=	PUNCT
cjfa-33340	421	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	421	3	�	�	PROPN
cjfa-33340	421	4	+	+	CCONJ
cjfa-33340	421	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	421	6	�	�	PROPN
cjfa-33340	421	7	�	�	PROPN
cjfa-33340	421	8	+	+	CCONJ
cjfa-33340	421	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	421	10	�	�	PROPN
cjfa-33340	421	11	�	�	PROPN
cjfa-33340	421	12	(	(	PUNCT
cjfa-33340	421	13	6	6	NUM
cjfa-33340	421	14	)	)	PUNCT
cjfa-33340	421	15	where	where	SCONJ
cjfa-33340	421	16	:	:	PUNCT
cjfa-33340	421	17	log	log	VERB
cjfa-33340	421	18	[	[	PUNCT
cjfa-33340	421	19	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	421	20	�	�	PROPN
cjfa-33340	421	21	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	421	22	�	�	PROPN
cjfa-33340	421	23	�	�	PROPN
cjfa-33340	421	24	�	�	PROPN
cjfa-33340	421	25	)	)	PUNCT
cjfa-33340	421	26	]	]	PUNCT
cjfa-33340	422	1	=	=	PUNCT
cjfa-33340	422	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	422	3	�	�	PROPN
cjfa-33340	422	4	+	+	CCONJ
cjfa-33340	422	5	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	422	6	�	�	PROPN
cjfa-33340	422	7	�	�	PROPN
cjfa-33340	422	8	(	(	PUNCT
cjfa-33340	422	9	7	7	NUM
cjfa-33340	422	10	)	)	PUNCT
cjfa-33340	422	11	with	with	ADP
cjfa-33340	422	12	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	422	13	�	�	PROPN
cjfa-33340	422	14	=	=	SYM
cjfa-33340	422	15	e	e	X
cjfa-33340	423	1	[	[	X
cjfa-33340	423	2	log	log	X
cjfa-33340	423	3	[	[	PUNCT
cjfa-33340	423	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	423	5	�	�	PROPN
cjfa-33340	423	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	423	7	�	�	PROPN
cjfa-33340	423	8	�	�	PROPN
cjfa-33340	423	9	�	�	PROPN
cjfa-33340	423	10	)	)	PUNCT
cjfa-33340	423	11	]	]	PUNCT
cjfa-33340	423	12	]	]	PUNCT
cjfa-33340	423	13	and	and	CCONJ
cjfa-33340	423	14	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	423	15	�	�	PROPN
cjfa-33340	423	16	�	�	PROPN
cjfa-33340	423	17	~	~	PUNCT
cjfa-33340	423	18	iid	iid	NOUN
cjfa-33340	423	19	(	(	PUNCT
cjfa-33340	423	20	0	0	NUM
cjfa-33340	423	21	,	,	PUNCT
cjfa-33340	423	22	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	423	23	�	�	PROPN
cjfa-33340	423	24	�	�	PROPN
cjfa-33340	423	25	�	�	PROPN
cjfa-33340	423	26	�	�	PROPN
cjfa-33340	423	27	)	)	PUNCT
cjfa-33340	423	28	and	and	CCONJ
cjfa-33340	423	29	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	423	30	�	�	PROPN
cjfa-33340	423	31	�	�	PROPN
cjfa-33340	423	32	=	=	PUNCT
cjfa-33340	423	33	log	log	PROPN
cjfa-33340	423	34	(	(	PUNCT
cjfa-33340	423	35	1-ℎ	1-ℎ	PROPN
cjfa-33340	423	36	�	�	PROPN
cjfa-33340	423	37	�	�	PROPN
cjfa-33340	423	38	)	)	PUNCT
cjfa-33340	423	39	(	(	PUNCT
cjfa-33340	423	40	8)	8)	NUM
cjfa-33340	423	41	(	(	PUNCT
cjfa-33340	423	42	hwang	hwang	PROPN
cjfa-33340	423	43	&	&	CCONJ
cjfa-33340	423	44	salmon	salmon	PROPN
cjfa-33340	423	45	,	,	PUNCT
cjfa-33340	423	46	2004	2004	NUM
cjfa-33340	423	47	)	)	PUNCT
cjfa-33340	423	48	allow	allow	VERB
cjfa-33340	423	49	herding	herding	NOUN
cjfa-33340	423	50	(	(	PUNCT
cjfa-33340	423	51	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	423	52	�	�	PROPN
cjfa-33340	423	53	�	�	PROPN
cjfa-33340	423	54	)	)	PUNCT
cjfa-33340	423	55	to	to	PART
cjfa-33340	423	56	follow	follow	VERB
cjfa-33340	423	57	an	an	DET
cjfa-33340	423	58	ar	ar	NOUN
cjfa-33340	423	59	(	(	PUNCT
cjfa-33340	423	60	1	1	NUM
cjfa-33340	423	61	)	)	PUNCT
cjfa-33340	423	62	process	process	NOUN
cjfa-33340	423	63	and	and	CCONJ
cjfa-33340	423	64	the	the	DET
cjfa-33340	423	65	model	model	NOUN
cjfa-33340	423	66	becomes	become	VERB
cjfa-33340	423	67	:	:	PUNCT
cjfa-33340	423	68	log	log	NOUN
cjfa-33340	423	69	[	[	PUNCT
cjfa-33340	423	70	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	423	71	�	�	PROPN
cjfa-33340	423	72	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	423	73	�	�	PROPN
cjfa-33340	423	74	�	�	PROPN
cjfa-33340	423	75	�	�	PROPN
cjfa-33340	423	76	�	�	PROPN
cjfa-33340	423	77	)	)	PUNCT
cjfa-33340	423	78	]	]	PUNCT
cjfa-33340	424	1	=	=	PUNCT
cjfa-33340	424	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-33340	424	3	�	�	PROPN
cjfa-33340	424	4	+	+	CCONJ
cjfa-33340	424	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	424	6	�	�	PROPN
cjfa-33340	424	7	�	�	PROPN
cjfa-33340	424	8	+	+	CCONJ
cjfa-33340	424	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-33340	424	10	�	�	PROPN
cjfa-33340	424	11	�	�	PROPN
cjfa-33340	424	12	(	(	PUNCT
cjfa-33340	424	13	9	9	NUM
cjfa-33340	424	14	)	)	PUNCT
cjfa-33340	424	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	424	16	�	�	PROPN
cjfa-33340	424	17	�	�	PROPN
cjfa-33340	424	18	=	=	PUNCT
cjfa-33340	424	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	424	20	�	�	PROPN
cjfa-33340	424	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	424	22	�	�	PROPN
cjfa-33340	424	23	�	�	PROPN
cjfa-33340	424	24	�	�	PROPN
cjfa-33340	424	25	�	�	PROPN
cjfa-33340	424	26	�	�	PROPN
cjfa-33340	424	27	+	+	CCONJ
cjfa-33340	424	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-33340	424	29	�	�	PROPN
cjfa-33340	424	30	�	�	PROPN
cjfa-33340	424	31	(	(	PUNCT
cjfa-33340	424	32	10	10	NUM
cjfa-33340	424	33	)	)	PUNCT
cjfa-33340	424	34	where	where	SCONJ
cjfa-33340	424	35	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	424	36	�	�	PROPN
cjfa-33340	424	37	�	�	NOUN
cjfa-33340	424	38	~	~	SYM
cjfa-33340	424	39	iid	iid	NOUN
cjfa-33340	424	40	(	(	PUNCT
cjfa-33340	424	41	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-33340	424	42	�	�	PROPN
cjfa-33340	424	43	�	�	PROPN
cjfa-33340	424	44	�	�	PROPN
cjfa-33340	424	45	�	�	PROPN
cjfa-33340	424	46	)	)	PUNCT
cjfa-33340	424	47	.	.	PUNCT
cjfa-33340	425	1	the	the	DET
cjfa-33340	425	2	equations	equation	NOUN
cjfa-33340	425	3	(	(	PUNCT
cjfa-33340	425	4	9	9	NUM
cjfa-33340	425	5	)	)	PUNCT
cjfa-33340	425	6	and	and	CCONJ
cjfa-33340	425	7	(	(	PUNCT
cjfa-33340	425	8	10	10	NUM
cjfa-33340	425	9	)	)	PUNCT
cjfa-33340	425	10	contain	contain	VERB
cjfa-33340	425	11	herding	herd	VERB
cjfa-33340	425	12	as	as	ADP
cjfa-33340	425	13	an	an	DET
cjfa-33340	425	14	unobserved	unobserved	ADJ
cjfa-33340	425	15	component	component	NOUN
cjfa-33340	425	16	,	,	PUNCT
cjfa-33340	425	17	which	which	PRON
cjfa-33340	425	18	will	will	AUX
cjfa-33340	425	19	be	be	AUX
cjfa-33340	425	20	extracted	extract	VERB
cjfa-33340	425	21	using	use	VERB
cjfa-33340	425	22	the	the	DET
cjfa-33340	425	23	kalman	kalman	NOUN
cjfa-33340	425	24	filter	filter	NOUN
cjfa-33340	425	25	like	like	ADP
cjfa-33340	425	26	(	(	PUNCT
cjfa-33340	425	27	hwang	hwang	PROPN
cjfa-33340	425	28	&	&	CCONJ
cjfa-33340	425	29	salmon	salmon	PROPN
cjfa-33340	425	30	,	,	PUNCT
cjfa-33340	425	31	2004	2004	NUM
cjfa-33340	425	32	)	)	PUNCT
cjfa-33340	425	33	methodology	methodology	NOUN
cjfa-33340	425	34	.	.	PUNCT
cjfa-33340	426	1	the	the	DET
cjfa-33340	426	2	log	log	NOUN
cjfa-33340	426	3	[	[	PUNCT
cjfa-33340	426	4	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	426	5	�	�	PROPN
cjfa-33340	426	6	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-33340	426	7	�	�	PROPN
cjfa-33340	426	8	�	�	PROPN
cjfa-33340	426	9	�	�	PROPN
cjfa-33340	426	10	�	�	PROPN
cjfa-33340	426	11	)	)	PUNCT
cjfa-33340	426	12	]	]	PUNCT
cjfa-33340	426	13	is	be	AUX
cjfa-33340	426	14	expected	expect	VERB
cjfa-33340	426	15	to	to	PART
cjfa-33340	426	16	change	change	VERB
cjfa-33340	426	17	with	with	ADP
cjfa-33340	426	18	herding	herding	NOUN
cjfa-33340	426	19	levels	level	NOUN
cjfa-33340	426	20	and	and	CCONJ
cjfa-33340	426	21	this	this	DET
cjfa-33340	426	22	variation	variation	NOUN
cjfa-33340	426	23	is	be	AUX
cjfa-33340	426	24	reflected	reflect	VERB
cjfa-33340	426	25	through	through	ADP
cjfa-33340	426	26	(	(	PUNCT
cjfa-33340	426	27	𝐻𝐻	𝐻𝐻	PROPN
cjfa-33340	426	28	�	�	PROPN
cjfa-33340	426	29	�	�	PROPN
cjfa-33340	426	30	)	)	PUNCT
cjfa-33340	426	31	.	.	PUNCT
cjfa-33340	427	1	when	when	SCONJ
cjfa-33340	427	2	the	the	DET
cjfa-33340	427	3	variance	variance	NOUN
cjfa-33340	427	4	of	of	ADP
cjfa-33340	427	5	the	the	DET
cjfa-33340	427	6	error	error	NOUN
cjfa-33340	427	7	term	term	NOUN
cjfa-33340	427	8	𝜂𝜂	𝜂𝜂	ADP
cjfa-33340	427	9	�	�	PROPN
cjfa-33340	427	10	�	�	PROPN
cjfa-33340	427	11	(	(	PUNCT
cjfa-33340	427	12	𝜎𝜎	𝜎𝜎	PROPN
cjfa-33340	427	13	�	�	PROPN
cjfa-33340	427	14	�	�	PROPN
cjfa-33340	427	15	�	�	PROPN
cjfa-33340	427	16	�	�	PROPN
cjfa-33340	427	17	)	)	PUNCT
cjfa-33340	427	18	is	be	AUX
cjfa-33340	427	19	statistically	statistically	ADV
cjfa-33340	427	20	significant	significant	ADJ
cjfa-33340	427	21	,	,	PUNCT
cjfa-33340	427	22	this	this	PRON
cjfa-33340	427	23	indicates	indicate	VERB
cjfa-33340	427	24	the	the	DET
cjfa-33340	427	25	presence	presence	NOUN
cjfa-33340	427	26	of	of	ADP
cjfa-33340	427	27	herding	herd	VERB
cjfa-33340	427	28	behaviour	behaviour	NOUN
cjfa-33340	427	29	among	among	ADP
cjfa-33340	427	30	investors	investor	NOUN
cjfa-33340	427	31	and	and	CCONJ
cjfa-33340	427	32	a	a	DET
cjfa-33340	427	33	statistically	statistically	ADV
cjfa-33340	427	34	significant	significant	ADJ
cjfa-33340	427	35	of	of	ADP
cjfa-33340	427	36	the	the	PRON
cjfa-33340	427	37	is	be	AUX
cjfa-33340	427	38	statistically	statistically	ADV
cjfa-33340	427	39	significant	significant	ADJ
cjfa-33340	427	40	,	,	PUNCT
cjfa-33340	427	41	this	this	PRON
cjfa-33340	427	42	indicates	indicate	VERB
cjfa-33340	427	43	the	the	DET
cjfa-33340	427	44	presence	presence	NOUN
cjfa-33340	427	45	of	of	ADP
cjfa-33340	427	46	herding	herd	VERB
cjfa-33340	427	47	behaviour	behaviour	NOUN
cjfa-33340	427	48	among	among	ADP
cjfa-33340	427	49	investors	investor	NOUN
cjfa-33340	427	50	and	and	CCONJ
cjfa-33340	427	51	a	a	DET
cjfa-33340	427	52	statismostafa	statismostafa	ADJ
cjfa-33340	427	53	hussein	hussein	PROPN
cjfa-33340	427	54	abd	abd	PROPN
cjfa-33340	427	55	-	-	PUNCT
cjfa-33340	427	56	alla18	alla18	NOUN
cjfa-33340	427	57	tically	tically	ADV
cjfa-33340	427	58	significant	significant	ADJ
cjfa-33340	427	59	of	of	ADP
cjfa-33340	427	60	the	the	DET
cjfa-33340	427	61	persistence	persistence	NOUN
cjfa-33340	427	62	parameter	parameter	NOUN
cjfa-33340	427	63	(	(	PUNCT
cjfa-33340	427	64	φm	φm	PROPN
cjfa-33340	427	65	)	)	PUNCT
cjfa-33340	427	66	supports	support	VERB
cjfa-33340	427	67	this	this	DET
cjfa-33340	427	68	observation	observation	NOUN
cjfa-33340	427	69	.	.	PUNCT
cjfa-33340	428	1	authors	author	NOUN
cjfa-33340	428	2	require	require	VERB
cjfa-33340	428	3	that	that	SCONJ
cjfa-33340	428	4	(	(	PUNCT
cjfa-33340	428	5	φ	φ	NOUN
cjfa-33340	428	6	)	)	PUNCT
cjfa-33340	428	7	must	must	AUX
cjfa-33340	428	8	be	be	AUX
cjfa-33340	428	9	stationary	stationary	ADJ
cjfa-33340	428	10	,	,	PUNCT
cjfa-33340	428	11	i.e.	i.e.	X
cjfa-33340	428	12	,	,	PUNCT
cjfa-33340	428	13	|φ|	|φ|	PROPN
cjfa-33340	428	14	≤1	≤1	PROPN
cjfa-33340	428	15	.	.	PUNCT
cjfa-33340	429	1	the	the	DET
cjfa-33340	429	2	cross	cross	ADJ
cjfa-33340	429	3	-	-	ADJ
cjfa-33340	429	4	sectional	sectional	ADJ
cjfa-33340	429	5	standard	standard	ADJ
cjfa-33340	429	6	deviation	deviation	NOUN
cjfa-33340	429	7	of	of	ADP
cjfa-33340	429	8	betas	beta	NOUN
cjfa-33340	429	9	is	be	AUX
cjfa-33340	429	10	calculated	calculate	VERB
cjfa-33340	429	11	monthly	monthly	ADV
cjfa-33340	429	12	by	by	ADP
cjfa-33340	429	13	the	the	DET
cjfa-33340	429	14	following	follow	VERB
cjfa-33340	429	15	equation	equation	NOUN
cjfa-33340	429	16	:	:	PUNCT
cjfa-33340	429	17	persistence	persistence	NOUN
cjfa-33340	429	18	parameter	parameter	NOUN
cjfa-33340	429	19	(	(	PUNCT
cjfa-33340	429	20	𝜑𝜑	𝜑𝜑	NOUN
cjfa-33340	429	21	�	�	NOUN
cjfa-33340	429	22	)	)	PUNCT
cjfa-33340	429	23	supports	support	VERB
cjfa-33340	429	24	this	this	DET
cjfa-33340	429	25	observation	observation	NOUN
cjfa-33340	429	26	.	.	PUNCT
cjfa-33340	430	1	authors	author	NOUN
cjfa-33340	430	2	require	require	VERB
cjfa-33340	430	3	that	that	SCONJ
cjfa-33340	430	4	(	(	PUNCT
cjfa-33340	430	5	φ	φ	NOUN
cjfa-33340	430	6	)	)	PUNCT
cjfa-33340	430	7	must	must	AUX
cjfa-33340	430	8	be	be	AUX
cjfa-33340	430	9	stationary	stationary	ADJ
cjfa-33340	430	10	,	,	PUNCT
cjfa-33340	430	11	i.e.	i.e.	X
cjfa-33340	430	12	,	,	PUNCT
cjfa-33340	430	13	|φ|	|φ|	PROPN
cjfa-33340	430	14	≤1	≤1	PROPN
cjfa-33340	430	15	.	.	PUNCT
cjfa-33340	431	1	the	the	DET
cjfa-33340	431	2	cross	cross	ADJ
cjfa-33340	431	3	-	-	ADJ
cjfa-33340	431	4	sectional	sectional	ADJ
cjfa-33340	431	5	standard	standard	ADJ
cjfa-33340	431	6	deviation	deviation	NOUN
cjfa-33340	431	7	of	of	ADP
cjfa-33340	431	8	betas	beta	NOUN
cjfa-33340	431	9	is	be	AUX
cjfa-33340	431	10	calculated	calculate	VERB
cjfa-33340	431	11	monthly	monthly	ADV
cjfa-33340	431	12	by	by	ADP
cjfa-33340	431	13	the	the	DET
cjfa-33340	431	14	following	follow	VERB
cjfa-33340	431	15	equation	equation	NOUN
cjfa-33340	431	16	:	:	PUNCT
cjfa-33340	431	17	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-33340	431	18	�	�	PROPN
cjfa-33340	431	19	(𝛽𝛽	(𝛽𝛽	NUM
cjfa-33340	431	20	)	)	PUNCT
cjfa-33340	431	21	�	�	PROPN
cjfa-33340	431	22	)	)	PUNCT
cjfa-33340	431	23	=	=	SYM
cjfa-33340	431	24	�	�	PROPN
cjfa-33340	431	25	�	�	PROPN
cjfa-33340	431	26	�	�	PROPN
cjfa-33340	431	27	�	�	PROPN
cjfa-33340	431	28	�	�	PROPN
cjfa-33340	431	29	�	�	PROPN
cjfa-33340	431	30	(	(	PUNCT
cjfa-33340	431	31	�	�	PROPN
cjfa-33340	431	32	�	�	PROPN
cjfa-33340	431	33	�	�	PROPN
cjfa-33340	431	34	�	�	PROPN
cjfa-33340	431	35	�	�	PROPN
cjfa-33340	431	36	�	�	PROPN
cjfa-33340	431	37	�	�	PROPN
cjfa-33340	431	38	�	�	PROPN
cjfa-33340	431	39	�	�	PROPN
cjfa-33340	431	40	�	�	PROPN
cjfa-33340	431	41	�	�	PROPN
cjfa-33340	431	42	�	�	PROPN
cjfa-33340	431	43	)	)	PUNCT
cjfa-33340	431	44	�	�	PROPN
cjfa-33340	431	45	�	�	PROPN
cjfa-33340	431	46	�	�	PROPN
cjfa-33340	431	47	�	�	PROPN
cjfa-33340	431	48	�	�	PROPN
cjfa-33340	431	49	�	�	PROPN
cjfa-33340	431	50	�	�	PROPN
cjfa-33340	431	51	�	�	PROPN
cjfa-33340	431	52	�	�	PROPN
cjfa-33340	431	53	�	�	PROPN
cjfa-33340	431	54	�	�	PROPN
cjfa-33340	431	55	�	�	PROPN
cjfa-33340	431	56	(	(	PUNCT
cjfa-33340	431	57	11	11	NUM
cjfa-33340	431	58	)	)	PUNCT
cjfa-33340	431	59	the	the	DET
cjfa-33340	431	60	study	study	NOUN
cjfa-33340	431	61	also	also	ADV
cjfa-33340	431	62	uses	use	VERB
cjfa-33340	431	63	(	(	PUNCT
cjfa-33340	431	64	chang	chang	PROPN
cjfa-33340	431	65	et	et	PROPN
cjfa-33340	431	66	al	al	PROPN
cjfa-33340	431	67	.	.	PROPN
cjfa-33340	431	68	,	,	PUNCT
cjfa-33340	431	69	2000	2000	NUM
cjfa-33340	431	70	)	)	PUNCT
cjfa-33340	431	71	method	method	NOUN
cjfa-33340	431	72	based	base	VERB
cjfa-33340	431	73	on	on	ADP
cjfa-33340	431	74	the	the	DET
cjfa-33340	431	75	cross	cross	ADJ
cjfa-33340	431	76	-	-	ADJ
cjfa-33340	431	77	sectional	sectional	ADJ
cjfa-33340	431	78	absolute	absolute	ADJ
cjfa-33340	431	79	deviation	deviation	NOUN
cjfa-33340	431	80	(	(	PUNCT
cjfa-33340	431	81	csad	csad	NOUN
cjfa-33340	431	82	)	)	PUNCT
cjfa-33340	431	83	to	to	PART
cjfa-33340	431	84	measure	measure	VERB
cjfa-33340	431	85	herding	herding	NOUN
cjfa-33340	431	86	behaviour	behaviour	NOUN
cjfa-33340	431	87	,	,	PUNCT
cjfa-33340	431	88	which	which	PRON
cjfa-33340	431	89	is	be	AUX
cjfa-33340	431	90	measured	measure	VERB
cjfa-33340	431	91	by	by	ADP
cjfa-33340	431	92	:	:	PUNCT
cjfa-33340	431	93	csad	csad	ADJ
cjfa-33340	431	94	=	=	SYM
cjfa-33340	431	95	�	�	PROPN
cjfa-33340	431	96	�	�	PROPN
cjfa-33340	431	97	∑	∑	ADP
cjfa-33340	431	98	|𝑅𝑅	|𝑅𝑅	PROPN
cjfa-33340	431	99	�	�	PROPN
cjfa-33340	431	100	�	�	PROPN
cjfa-33340	431	101	�	�	PROPN
cjfa-33340	431	102	�	�	PROPN
cjfa-33340	431	103	�	�	PROPN
cjfa-33340	431	104	�	�	PROPN
cjfa-33340	431	105	�	�	PROPN
cjfa-33340	431	106	-𝑅𝑅	-𝑅𝑅	PROPN
cjfa-33340	431	107	�	�	PROPN
cjfa-33340	431	108	�	�	PROPN
cjfa-33340	431	109	�	�	PROPN
cjfa-33340	431	110	|	|	CCONJ
cjfa-33340	431	111	(	(	PUNCT
cjfa-33340	431	112	12	12	NUM
cjfa-33340	431	113	)	)	PUNCT
cjfa-33340	431	114	where	where	SCONJ
cjfa-33340	431	115	:	:	PUNCT
cjfa-33340	431	116	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	431	117	�	�	PROPN
cjfa-33340	431	118	�	�	PROPN
cjfa-33340	431	119	�	�	PROPN
cjfa-33340	431	120	and	and	CCONJ
cjfa-33340	431	121	𝑅𝑅	𝑅𝑅	PROPN
cjfa-33340	431	122	�	�	PROPN
cjfa-33340	431	123	�	�	PROPN
cjfa-33340	431	124	�	�	PROPN
cjfa-33340	431	125	is	be	AUX
cjfa-33340	431	126	the	the	DET
cjfa-33340	431	127	rate	rate	NOUN
cjfa-33340	431	128	of	of	ADP
cjfa-33340	431	129	return	return	NOUN
cjfa-33340	431	130	on	on	ADP
cjfa-33340	431	131	stock	stock	NOUN
cjfa-33340	431	132	i	i	PROPN
cjfa-33340	431	133	and	and	CCONJ
cjfa-33340	431	134	market	market	NOUN
cjfa-33340	431	135	portfolio	portfolio	NOUN
cjfa-33340	431	136	at	at	ADP
cjfa-33340	431	137	time	time	NOUN
cjfa-33340	431	138	t	t	PROPN
cjfa-33340	431	139	,	,	PUNCT
cjfa-33340	431	140	respectively	respectively	ADV
cjfa-33340	431	141	.	.	PUNCT
cjfa-33340	432	1	n	n	PRON
cjfa-33340	432	2	is	be	AUX
cjfa-33340	432	3	the	the	DET
cjfa-33340	432	4	number	number	NOUN
cjfa-33340	432	5	of	of	ADP
cjfa-33340	432	6	stocks	stock	NOUN
cjfa-33340	432	7	in	in	ADP
cjfa-33340	432	8	the	the	DET
cjfa-33340	432	9	market	market	NOUN
cjfa-33340	432	10	portfolio	portfolio	NOUN
cjfa-33340	432	11	.	.	PUNCT
cjfa-33340	433	1	(	(	PUNCT
cjfa-33340	433	2	chang	chang	PROPN
cjfa-33340	433	3	et	et	PROPN
cjfa-33340	433	4	al	al	PROPN
cjfa-33340	433	5	.	.	PROPN
cjfa-33340	433	6	,	,	PUNCT
cjfa-33340	433	7	2000	2000	NUM
cjfa-33340	433	8	)	)	PUNCT
cjfa-33340	433	9	suggested	suggest	VERB
cjfa-33340	433	10	a	a	DET
cjfa-33340	433	11	testing	testing	NOUN
cjfa-33340	433	12	methodology	methodology	NOUN
cjfa-33340	433	13	based	base	VERB
cjfa-33340	433	14	on	on	ADP
cjfa-33340	433	15	the	the	DET
cjfa-33340	433	16	non	non	ADJ
cjfa-33340	433	17	-	-	ADJ
cjfa-33340	433	18	linear	linear	ADJ
cjfa-33340	433	19	relationship	relationship	NOUN
cjfa-33340	433	20	between	between	ADP
cjfa-33340	433	21	stock	stock	NOUN
cjfa-33340	433	22	return	return	NOUN
cjfa-33340	433	23	dispersions	dispersion	NOUN
cjfa-33340	433	24	and	and	CCONJ
cjfa-33340	433	25	the	the	DET
cjfa-33340	433	26	market	market	NOUN
cjfa-33340	433	27	return	return	NOUN
cjfa-33340	433	28	,	,	PUNCT
cjfa-33340	433	29	as	as	SCONJ
cjfa-33340	433	30	follows	follow	VERB
cjfa-33340	433	31	:	:	PUNCT
cjfa-33340	433	32	𝐶𝐶𝑆𝑆𝐶𝐶𝐶𝐶	𝐶𝐶𝑆𝑆𝐶𝐶𝐶𝐶	ADP
cjfa-33340	433	33	�	�	NOUN
cjfa-33340	434	1	=	=	PUNCT
cjfa-33340	434	2	𝝰𝝰	𝝰𝝰	PROPN
cjfa-33340	434	3	+	+	NUM
cjfa-33340	434	4	𝛾𝛾	𝛾𝛾	PROPN
cjfa-33340	434	5	�	�	PROPN
cjfa-33340	434	6	|r	|r	PROPN
cjfa-33340	434	7	�	�	PROPN
cjfa-33340	434	8	�	�	PROPN
cjfa-33340	434	9	�	�	PROPN
cjfa-33340	434	10	|+	|+	NOUN
cjfa-33340	434	11	𝛾𝛾	𝛾𝛾	PROPN
cjfa-33340	434	12	�	�	PROPN
cjfa-33340	434	13	r	r	PROPN
cjfa-33340	434	14	�	�	PROPN
cjfa-33340	434	15	�	�	PROPN
cjfa-33340	434	16	�	�	PROPN
cjfa-33340	434	17	�	�	PROPN
cjfa-33340	434	18	+	+	CCONJ
cjfa-33340	434	19	ε	ε	PROPN
cjfa-33340	434	20	�	�	PROPN
cjfa-33340	434	21	according	accord	VERB
cjfa-33340	434	22	to	to	ADP
cjfa-33340	434	23	(	(	PUNCT
cjfa-33340	434	24	chang	chang	PROPN
cjfa-33340	434	25	et	et	PROPN
cjfa-33340	434	26	al	al	PROPN
cjfa-33340	434	27	.	.	PROPN
cjfa-33340	434	28	,	,	PUNCT
cjfa-33340	434	29	2000	2000	NUM
cjfa-33340	434	30	)	)	PUNCT
cjfa-33340	434	31	methodology	methodology	NOUN
cjfa-33340	434	32	,	,	PUNCT
cjfa-33340	434	33	during	during	ADP
cjfa-33340	434	34	periods	period	NOUN
cjfa-33340	434	35	of	of	ADP
cjfa-33340	434	36	extreme	extreme	ADJ
cjfa-33340	434	37	market	market	NOUN
cjfa-33340	434	38	price	price	NOUN
cjfa-33340	434	39	movements	movement	NOUN
cjfa-33340	434	40	,	,	PUNCT
cjfa-33340	434	41	the	the	DET
cjfa-33340	434	42	relations	relation	NOUN
cjfa-33340	434	43	between	between	ADP
cjfa-33340	434	44	individual	individual	ADJ
cjfa-33340	434	45	stocks	stock	NOUN
cjfa-33340	434	46	return	return	VERB
cjfa-33340	434	47	desperation	desperation	NOUN
cjfa-33340	434	48	and	and	CCONJ
cjfa-33340	434	49	market	market	NOUN
cjfa-33340	434	50	return	return	NOUN
cjfa-33340	434	51	is	be	AUX
cjfa-33340	434	52	expected	expect	VERB
cjfa-33340	434	53	to	to	PART
cjfa-33340	434	54	be	be	AUX
cjfa-33340	434	55	a	a	DET
cjfa-33340	434	56	non	non	ADJ
cjfa-33340	434	57	-	-	ADJ
cjfa-33340	434	58	linear	linear	ADJ
cjfa-33340	434	59	relationship	relationship	NOUN
cjfa-33340	434	60	.	.	PUNCT
cjfa-33340	435	1	the	the	DET
cjfa-33340	435	2	non	non	ADJ
cjfa-33340	435	3	-	-	ADJ
cjfa-33340	435	4	linear	linear	ADJ
cjfa-33340	435	5	coefficient	coefficient	NOUN
cjfa-33340	435	6	captured	capture	VERB
cjfa-33340	435	7	by	by	ADP
cjfa-33340	435	8	𝛾𝛾	𝛾𝛾	PROPN
cjfa-33340	435	9	�	�	PROPN
cjfa-33340	435	10	.	.	PUNCT
cjfa-33340	436	1	a	a	DET
cjfa-33340	436	2	negatively	negatively	ADV
cjfa-33340	436	3	significant	significant	ADJ
cjfa-33340	436	4	coefficient	coefficient	NOUN
cjfa-33340	436	5	γ2	γ2	PROPN
cjfa-33340	436	6	indicates	indicate	VERB
cjfa-33340	436	7	the	the	DET
cjfa-33340	436	8	existence	existence	NOUN
cjfa-33340	436	9	of	of	ADP
cjfa-33340	436	10	herding	herding	NOUN
cjfa-33340	436	11	behaviour	behaviour	NOUN
cjfa-33340	436	12	.	.	PUNCT
cjfa-33340	437	1	empirical	empirical	ADJ
cjfa-33340	437	2	results	result	NOUN
cjfa-33340	437	3	table	table	NOUN
cjfa-33340	437	4	1	1	NUM
cjfa-33340	437	5	shows	show	VERB
cjfa-33340	437	6	the	the	DET
cjfa-33340	437	7	herding	herd	VERB
cjfa-33340	437	8	space	space	NOUN
cjfa-33340	437	9	-	-	PUNCT
cjfa-33340	437	10	state	state	NOUN
cjfa-33340	437	11	model	model	NOUN
cjfa-33340	437	12	.	.	PUNCT
cjfa-33340	438	1	the	the	DET
cjfa-33340	438	2	results	result	NOUN
cjfa-33340	438	3	show	show	VERB
cjfa-33340	438	4	that	that	SCONJ
cjfa-33340	438	5	the	the	DET
cjfa-33340	438	6	coefficient	coefficient	NOUN
cjfa-33340	438	7	c(3	c(3	PROPN
cjfa-33340	438	8	)	)	PUNCT
cjfa-33340	438	9	which	which	PRON
cjfa-33340	438	10	represents	represent	VERB
cjfa-33340	438	11	the	the	DET
cjfa-33340	438	12	persistence	persistence	NOUN
cjfa-33340	438	13	parameter	parameter	NOUN
cjfa-33340	438	14	(	(	PUNCT
cjfa-33340	438	15	φm	φm	PROPN
cjfa-33340	438	16	)	)	PUNCT
cjfa-33340	438	17	and	and	CCONJ
cjfa-33340	438	18	c(4	c(4	PROPN
cjfa-33340	438	19	)	)	PUNCT
cjfa-33340	438	20	which	which	PRON
cjfa-33340	438	21	represents	represent	VERB
cjfa-33340	438	22	the	the	DET
cjfa-33340	438	23	standard	standard	ADJ
cjfa-33340	438	24	deviation	deviation	NOUN
cjfa-33340	438	25	(	(	PUNCT
cjfa-33340	438	26	σmη	σmη	NOUN
cjfa-33340	438	27	)	)	PUNCT
cjfa-33340	438	28	of	of	ADP
cjfa-33340	438	29	the	the	DET
cjfa-33340	438	30	state	state	NOUN
cjfa-33340	438	31	-	-	PUNCT
cjfa-33340	438	32	equation	equation	NOUN
cjfa-33340	438	33	error	error	NOUN
cjfa-33340	438	34	(	(	PUNCT
cjfa-33340	438	35	ηmt	ηmt	NOUN
cjfa-33340	438	36	)	)	PUNCT
cjfa-33340	438	37	are	be	AUX
cjfa-33340	438	38	not	not	PART
cjfa-33340	438	39	statistically	statistically	ADV
cjfa-33340	438	40	significant	significant	ADJ
cjfa-33340	438	41	at	at	ADP
cjfa-33340	438	42	the	the	DET
cjfa-33340	438	43	5	5	NUM
cjfa-33340	438	44	%	%	NOUN
cjfa-33340	438	45	level	level	NOUN
cjfa-33340	438	46	of	of	ADP
cjfa-33340	438	47	significance	significance	NOUN
cjfa-33340	438	48	,	,	PUNCT
cjfa-33340	438	49	which	which	PRON
cjfa-33340	438	50	confirms	confirm	VERB
cjfa-33340	438	51	the	the	DET
cjfa-33340	438	52	absence	absence	NOUN
cjfa-33340	438	53	of	of	ADP
cjfa-33340	438	54	herding	herd	VERB
cjfa-33340	438	55	behaviour	behaviour	NOUN
cjfa-33340	438	56	during	during	ADP
cjfa-33340	438	57	covid-19	covid-19	PROPN
cjfa-33340	438	58	crisis	crisis	NOUN
cjfa-33340	438	59	in	in	ADP
cjfa-33340	438	60	the	the	DET
cjfa-33340	438	61	egyptian	egyptian	ADJ
cjfa-33340	438	62	stock	stock	NOUN
cjfa-33340	438	63	market	market	NOUN
cjfa-33340	438	64	for	for	ADP
cjfa-33340	438	65	all	all	DET
cjfa-33340	438	66	cases	case	NOUN
cjfa-33340	438	67	.	.	PUNCT
cjfa-33340	439	1	(	(	PUNCT
cjfa-33340	439	2	11	11	NUM
cjfa-33340	439	3	)	)	PUNCT
cjfa-33340	439	4	the	the	DET
cjfa-33340	439	5	study	study	NOUN
cjfa-33340	439	6	also	also	ADV
cjfa-33340	439	7	uses	use	VERB
cjfa-33340	439	8	chang	chang	PROPN
cjfa-33340	439	9	et	et	PROPN
cjfa-33340	439	10	al	al	PROPN
cjfa-33340	439	11	.	.	PROPN
cjfa-33340	440	1	(	(	PUNCT
cjfa-33340	440	2	2000	2000	NUM
cjfa-33340	440	3	)	)	PUNCT
cjfa-33340	440	4	method	method	NOUN
cjfa-33340	440	5	based	base	VERB
cjfa-33340	440	6	on	on	ADP
cjfa-33340	440	7	the	the	DET
cjfa-33340	440	8	cross	cross	ADJ
cjfa-33340	440	9	-	-	ADJ
cjfa-33340	440	10	sectional	sectional	ADJ
cjfa-33340	440	11	absolute	absolute	ADJ
cjfa-33340	440	12	deviation	deviation	NOUN
cjfa-33340	440	13	(	(	PUNCT
cjfa-33340	440	14	csad	csad	NOUN
cjfa-33340	440	15	)	)	PUNCT
cjfa-33340	440	16	to	to	PART
cjfa-33340	440	17	measure	measure	VERB
cjfa-33340	440	18	herding	herding	NOUN
cjfa-33340	440	19	behaviour	behaviour	NOUN
cjfa-33340	440	20	,	,	PUNCT
cjfa-33340	440	21	which	which	PRON
cjfa-33340	440	22	is	be	AUX
cjfa-33340	440	23	measured	measure	VERB
cjfa-33340	440	24	by	by	ADP
cjfa-33340	440	25	:	:	PUNCT
cjfa-33340	440	26	s.	s.	PROPN
cjfa-33340	440	27	18	18	NUM
cjfa-33340	440	28	csad	csad	ADJ
cjfa-33340	440	29	=	=	SYM
cjfa-33340	440	30	1	1	NUM
cjfa-33340	440	31	n∑	n∑	NOUN
cjfa-33340	440	32	|𝑅𝑅𝑖𝑖,𝑡𝑡	|𝑅𝑅𝑖𝑖,𝑡𝑡	PUNCT
cjfa-33340	440	33	−	−	NOUN
cjfa-33340	440	34	𝑅𝑅𝑚𝑚,𝑡𝑡|𝑁𝑁	𝑅𝑅𝑚𝑚,𝑡𝑡|𝑁𝑁	NOUN
cjfa-33340	440	35	𝑖𝑖=1	𝑖𝑖=1	PROPN
cjfa-33340	440	36	(	(	PUNCT
cjfa-33340	440	37	12	12	NUM
cjfa-33340	440	38	)	)	PUNCT
cjfa-33340	440	39	csadt	csadt	NOUN
cjfa-33340	440	40	=	=	SYM
cjfa-33340	440	41	α	α	PROPN
cjfa-33340	440	42	+	+	X
cjfa-33340	440	43	𝛾𝛾1|rm	𝛾𝛾1|rm	NUM
cjfa-33340	440	44	,	,	PUNCT
cjfa-33340	440	45	t|	t|	NOUN
cjfa-33340	440	46	+	+	CCONJ
cjfa-33340	440	47	𝛾𝛾2	𝛾𝛾2	ADJ
cjfa-33340	440	48	rm	rm	NOUN
cjfa-33340	440	49	,	,	PUNCT
cjfa-33340	440	50	t	t	PROPN
cjfa-33340	440	51	2	2	NUM
cjfa-33340	440	52	+	+	CCONJ
cjfa-33340	440	53	ε𝑡𝑡	ε𝑡𝑡	PROPN
cjfa-33340	440	54	(	(	PUNCT
cjfa-33340	440	55	13	13	NUM
cjfa-33340	440	56	)	)	PUNCT
cjfa-33340	440	57	s.	s.	PROPN
cjfa-33340	441	1	92	92	NUM
cjfa-33340	441	2	s.	s.	PROPN
cjfa-33340	441	3	122	122	NUM
cjfa-33340	441	4	81	81	NUM
cjfa-33340	441	5	4	4	NUM
cjfa-33340	441	6	.	.	ADP
cjfa-33340	441	7	1	1	NUM
cjfa-33340	441	8	98	98	NUM
cjfa-33340	441	9	3	3	NUM
cjfa-33340	441	10	1	1	NUM
cjfa-33340	441	11	08	08	NUM
cjfa-33340	441	12	8	8	NUM
cjfa-33340	441	13	2	2	NUM
cjfa-33340	441	14	72	72	NUM
cjfa-33340	441	15	5	5	NUM
cjfa-33340	441	16	5	5	NUM
cjfa-33340	441	17	06	06	NUM
cjfa-33340	441	18	3	3	NUM
cjfa-33340	441	19	.	.	NOUN
cjfa-33340	441	20	90	90	NUM
cjfa-33340	441	21	6	6	NUM
cjfa-33340	441	22	54	54	NUM
cjfa-33340	441	23	1	1	NUM
cjfa-33340	441	24	.	.	X
cjfa-33340	441	25	88	88	NUM
cjfa-33340	441	26	5	5	NUM
cjfa-33340	441	27	36	36	NUM
cjfa-33340	441	28	6	6	NUM
cjfa-33340	441	29	.	.	PUNCT
cjfa-33340	441	30	55	55	NUM
cjfa-33340	441	31	7	7	NUM
cjfa-33340	441	32	07	07	NUM
cjfa-33340	441	33	5	5	NUM
cjfa-33340	441	34	.	.	PUNCT
cjfa-33340	441	35	77	77	NUM
cjfa-33340	441	36	8	8	NUM
cjfa-33340	441	37	63	63	NUM
cjfa-33340	441	38	3	3	NUM
cjfa-33340	441	39	.	.	PUNCT
cjfa-33340	441	40	71	71	NUM
cjfa-33340	441	41	2	2	NUM
cjfa-33340	441	42	009	009	NUM
cjfa-33340	441	43	-10	-10	SYM
cjfa-33340	441	44	2010	2010	NUM
cjfa-33340	441	45	-	-	SYM
cjfa-33340	441	46	11	11	NUM
cjfa-33340	441	47	2011	2011	NUM
cjfa-33340	441	48	-	-	SYM
cjfa-33340	441	49	12	12	NUM
cjfa-33340	441	50	2012	2012	NUM
cjfa-33340	441	51	-	-	SYM
cjfa-33340	441	52	13	13	NUM
cjfa-33340	441	53	2013	2013	NUM
cjfa-33340	441	54	-	-	SYM
cjfa-33340	441	55	14	14	NUM
cjfa-33340	441	56	2014	2014	NUM
cjfa-33340	441	57	-	-	SYM
cjfa-33340	441	58	15	15	NUM
cjfa-33340	441	59	2015	2015	NUM
cjfa-33340	441	60	-	-	SYM
cjfa-33340	441	61	16	16	NUM
cjfa-33340	441	62	2016	2016	NUM
cjfa-33340	441	63	-	-	SYM
cjfa-33340	441	64	17	17	NUM
cjfa-33340	441	65	2017	2017	NUM
cjfa-33340	441	66	-	-	SYM
cjfa-33340	441	67	18	18	NUM
cjfa-33340	441	68	fi	fi	NOUN
cjfa-33340	441	69	g	g	NOUN
cjfa-33340	441	70	u	u	NOUN
cjfa-33340	441	71	r	r	NOUN
cjfa-33340	441	72	es	es	NOUN
cjfa-33340	441	73	in	in	ADP
cjfa-33340	441	74	a	a	DET
cjfa-33340	441	75	m	m	NOUN
cjfa-33340	441	76	o	o	NOUN
cjfa-33340	441	77	u	u	NOUN
cjfa-33340	441	78	n	n	ADP
cjfa-33340	441	79	t	t	NOUN
cjfa-33340	441	80	year	year	NOUN
cjfa-33340	441	81	amount	amount	NOUN
cjfa-33340	441	82	of	of	ADP
cjfa-33340	441	83	credit	credit	NOUN
cjfa-33340	441	84	-200,00	-200,00	NOUN
cjfa-33340	441	85	%	%	NOUN
cjfa-33340	441	86	0,00	0,00	NUM
cjfa-33340	441	87	%	%	NOUN
cjfa-33340	441	88	200,00	200,00	NUM
cjfa-33340	441	89	%	%	NOUN
cjfa-33340	441	90	400,00	400,00	NUM
cjfa-33340	441	91	%	%	NOUN
cjfa-33340	441	92	600,00	600,00	NOUN
cjfa-33340	441	93	%	%	NOUN
cjfa-33340	441	94	800,00	800,00	NUM
cjfa-33340	441	95	%	%	NOUN
cjfa-33340	441	96	1000,00	1000,00	NUM
cjfa-33340	441	97	%	%	NOUN
cjfa-33340	441	98	1200,00	1200,00	NUM
cjfa-33340	441	99	%	%	NOUN
cjfa-33340	441	100	1400,00	1400,00	NUM
cjfa-33340	441	101	%	%	NOUN
cjfa-33340	441	102	1600,00	1600,00	NUM
cjfa-33340	441	103	%	%	NOUN
cjfa-33340	441	104	%	%	NOUN
cjfa-33340	441	105	change	change	NOUN
cjfa-33340	441	106	(	(	PUNCT
cjfa-33340	441	107	december	december	PROPN
cjfa-33340	441	108	,	,	PUNCT
cjfa-33340	441	109	2014	2014	NUM
cjfa-33340	441	110	to	to	ADP
cjfa-33340	441	111	december	december	PROPN
cjfa-33340	441	112	,	,	PUNCT
cjfa-33340	441	113	2019	2019	NUM
cjfa-33340	441	114	)	)	PUNCT
cjfa-33340	441	115	(	(	PUNCT
cjfa-33340	441	116	12	12	NUM
cjfa-33340	441	117	)	)	PUNCT
cjfa-33340	441	118	where	where	SCONJ
cjfa-33340	441	119	:	:	PUNCT
cjfa-33340	441	120	ri	ri	PROPN
cjfa-33340	441	121	,	,	PUNCT
cjfa-33340	441	122	t	t	PROPN
cjfa-33340	441	123	and	and	CCONJ
cjfa-33340	441	124	rm	rm	PROPN
cjfa-33340	441	125	,	,	PUNCT
cjfa-33340	441	126	t	t	PROPN
cjfa-33340	441	127	is	be	AUX
cjfa-33340	441	128	the	the	DET
cjfa-33340	441	129	rate	rate	NOUN
cjfa-33340	441	130	of	of	ADP
cjfa-33340	441	131	return	return	NOUN
cjfa-33340	441	132	on	on	ADP
cjfa-33340	441	133	stock	stock	NOUN
cjfa-33340	441	134	i	i	PROPN
cjfa-33340	441	135	and	and	CCONJ
cjfa-33340	441	136	market	market	NOUN
cjfa-33340	441	137	portfolio	portfolio	NOUN
cjfa-33340	441	138	at	at	ADP
cjfa-33340	441	139	time	time	NOUN
cjfa-33340	441	140	t	t	PROPN
cjfa-33340	441	141	,	,	PUNCT
cjfa-33340	441	142	respectively	respectively	ADV
cjfa-33340	441	143	.	.	PUNCT
cjfa-33340	442	1	n	n	PRON
cjfa-33340	442	2	is	be	AUX
cjfa-33340	442	3	the	the	DET
cjfa-33340	442	4	number	number	NOUN
cjfa-33340	442	5	of	of	ADP
cjfa-33340	442	6	stocks	stock	NOUN
cjfa-33340	442	7	in	in	ADP
cjfa-33340	442	8	the	the	DET
cjfa-33340	442	9	market	market	NOUN
cjfa-33340	442	10	portfolio	portfolio	NOUN
cjfa-33340	442	11	.	.	PUNCT
cjfa-33340	443	1	chang	chang	PROPN
cjfa-33340	443	2	et	et	PROPN
cjfa-33340	443	3	al	al	PROPN
cjfa-33340	443	4	.	.	PROPN
cjfa-33340	444	1	(	(	PUNCT
cjfa-33340	444	2	2000	2000	NUM
cjfa-33340	444	3	)	)	PUNCT
cjfa-33340	444	4	suggested	suggest	VERB
cjfa-33340	444	5	a	a	DET
cjfa-33340	444	6	testing	testing	NOUN
cjfa-33340	444	7	methodology	methodology	NOUN
cjfa-33340	444	8	based	base	VERB
cjfa-33340	444	9	on	on	ADP
cjfa-33340	444	10	the	the	DET
cjfa-33340	444	11	non	non	ADJ
cjfa-33340	444	12	-	-	ADJ
cjfa-33340	444	13	linear	linear	ADJ
cjfa-33340	444	14	relationship	relationship	NOUN
cjfa-33340	444	15	between	between	ADP
cjfa-33340	444	16	stock	stock	NOUN
cjfa-33340	444	17	return	return	NOUN
cjfa-33340	444	18	dispersions	dispersion	NOUN
cjfa-33340	444	19	and	and	CCONJ
cjfa-33340	444	20	the	the	DET
cjfa-33340	444	21	market	market	NOUN
cjfa-33340	444	22	return	return	NOUN
cjfa-33340	444	23	,	,	PUNCT
cjfa-33340	444	24	as	as	SCONJ
cjfa-33340	444	25	follows	follow	VERB
cjfa-33340	444	26	:	:	PUNCT
cjfa-33340	444	27	s.	s.	PROPN
cjfa-33340	444	28	18	18	NUM
cjfa-33340	444	29	csad	csad	ADJ
cjfa-33340	444	30	=	=	SYM
cjfa-33340	444	31	1	1	NUM
cjfa-33340	444	32	n∑	n∑	NOUN
cjfa-33340	444	33	|𝑅𝑅𝑖𝑖,𝑡𝑡	|𝑅𝑅𝑖𝑖,𝑡𝑡	PUNCT
cjfa-33340	444	34	−	−	NOUN
cjfa-33340	444	35	𝑅𝑅𝑚𝑚,𝑡𝑡|𝑁𝑁	𝑅𝑅𝑚𝑚,𝑡𝑡|𝑁𝑁	NOUN
cjfa-33340	444	36	𝑖𝑖=1	𝑖𝑖=1	PROPN
cjfa-33340	444	37	(	(	PUNCT
cjfa-33340	444	38	12	12	NUM
cjfa-33340	444	39	)	)	PUNCT
cjfa-33340	444	40	csadt	csadt	NOUN
cjfa-33340	444	41	=	=	SYM
cjfa-33340	444	42	α	α	PROPN
cjfa-33340	444	43	+	+	X
cjfa-33340	444	44	𝛾𝛾1|rm	𝛾𝛾1|rm	NUM
cjfa-33340	444	45	,	,	PUNCT
cjfa-33340	444	46	t|	t|	NOUN
cjfa-33340	444	47	+	+	CCONJ
cjfa-33340	444	48	𝛾𝛾2	𝛾𝛾2	ADJ
cjfa-33340	444	49	rm	rm	NOUN
cjfa-33340	444	50	,	,	PUNCT
cjfa-33340	444	51	t	t	PROPN
cjfa-33340	444	52	2	2	NUM
cjfa-33340	444	53	+	+	CCONJ
cjfa-33340	444	54	ε𝑡𝑡	ε𝑡𝑡	PROPN
cjfa-33340	444	55	(	(	PUNCT
cjfa-33340	444	56	13	13	NUM
cjfa-33340	444	57	)	)	PUNCT
cjfa-33340	444	58	s.	s.	PROPN
cjfa-33340	444	59	92	92	NUM
cjfa-33340	444	60	s.	s.	PROPN
cjfa-33340	444	61	122	122	NUM
cjfa-33340	444	62	81	81	NUM
cjfa-33340	444	63	4	4	NUM
cjfa-33340	444	64	.	.	ADP
cjfa-33340	444	65	1	1	NUM
cjfa-33340	444	66	98	98	NUM
cjfa-33340	444	67	3	3	NUM
cjfa-33340	444	68	1	1	NUM
cjfa-33340	444	69	08	08	NUM
cjfa-33340	444	70	8	8	NUM
cjfa-33340	444	71	2	2	NUM
cjfa-33340	444	72	72	72	NUM
cjfa-33340	444	73	5	5	NUM
cjfa-33340	444	74	5	5	NUM
cjfa-33340	444	75	06	06	NUM
cjfa-33340	444	76	3	3	NUM
cjfa-33340	444	77	.	.	NOUN
cjfa-33340	444	78	90	90	NUM
cjfa-33340	444	79	6	6	NUM
cjfa-33340	444	80	54	54	NUM
cjfa-33340	444	81	1	1	NUM
cjfa-33340	444	82	.	.	X
cjfa-33340	444	83	88	88	NUM
cjfa-33340	444	84	5	5	NUM
cjfa-33340	444	85	36	36	NUM
cjfa-33340	444	86	6	6	NUM
cjfa-33340	444	87	.	.	PUNCT
cjfa-33340	445	1	55	55	NUM
cjfa-33340	445	2	7	7	NUM
cjfa-33340	445	3	07	07	NUM
cjfa-33340	445	4	5	5	NUM
cjfa-33340	445	5	.	.	PUNCT
cjfa-33340	445	6	77	77	NUM
cjfa-33340	445	7	8	8	NUM
cjfa-33340	445	8	63	63	NUM
cjfa-33340	445	9	3	3	NUM
cjfa-33340	445	10	.	.	PUNCT
cjfa-33340	445	11	71	71	NUM
cjfa-33340	445	12	2	2	NUM
cjfa-33340	445	13	009	009	NUM
cjfa-33340	445	14	-10	-10	SYM
cjfa-33340	445	15	2010	2010	NUM
cjfa-33340	445	16	-	-	SYM
cjfa-33340	445	17	11	11	NUM
cjfa-33340	445	18	2011	2011	NUM
cjfa-33340	445	19	-	-	SYM
cjfa-33340	445	20	12	12	NUM
cjfa-33340	445	21	2012	2012	NUM
cjfa-33340	445	22	-	-	SYM
cjfa-33340	445	23	13	13	NUM
cjfa-33340	445	24	2013	2013	NUM
cjfa-33340	445	25	-	-	SYM
cjfa-33340	445	26	14	14	NUM
cjfa-33340	445	27	2014	2014	NUM
cjfa-33340	445	28	-	-	SYM
cjfa-33340	445	29	15	15	NUM
cjfa-33340	445	30	2015	2015	NUM
cjfa-33340	445	31	-	-	SYM
cjfa-33340	445	32	16	16	NUM
cjfa-33340	445	33	2016	2016	NUM
cjfa-33340	445	34	-	-	SYM
cjfa-33340	445	35	17	17	NUM
cjfa-33340	445	36	2017	2017	NUM
cjfa-33340	445	37	-	-	SYM
cjfa-33340	445	38	18	18	NUM
cjfa-33340	445	39	fi	fi	NOUN
cjfa-33340	445	40	g	g	NOUN
cjfa-33340	445	41	u	u	NOUN
cjfa-33340	445	42	r	r	NOUN
cjfa-33340	445	43	es	es	NOUN
cjfa-33340	445	44	in	in	ADP
cjfa-33340	445	45	a	a	DET
cjfa-33340	445	46	m	m	NOUN
cjfa-33340	445	47	o	o	NOUN
cjfa-33340	445	48	u	u	NOUN
cjfa-33340	445	49	n	n	ADP
cjfa-33340	445	50	t	t	NOUN
cjfa-33340	445	51	year	year	NOUN
cjfa-33340	445	52	amount	amount	NOUN
cjfa-33340	445	53	of	of	ADP
cjfa-33340	445	54	credit	credit	NOUN
cjfa-33340	445	55	-200,00	-200,00	NOUN
cjfa-33340	445	56	%	%	NOUN
cjfa-33340	445	57	0,00	0,00	NUM
cjfa-33340	445	58	%	%	NOUN
cjfa-33340	445	59	200,00	200,00	NUM
cjfa-33340	445	60	%	%	NOUN
cjfa-33340	445	61	400,00	400,00	NUM
cjfa-33340	445	62	%	%	NOUN
cjfa-33340	445	63	600,00	600,00	NOUN
cjfa-33340	445	64	%	%	NOUN
cjfa-33340	445	65	800,00	800,00	NUM
cjfa-33340	445	66	%	%	NOUN
cjfa-33340	445	67	1000,00	1000,00	NUM
cjfa-33340	445	68	%	%	NOUN
cjfa-33340	445	69	1200,00	1200,00	NUM
cjfa-33340	445	70	%	%	NOUN
cjfa-33340	445	71	1400,00	1400,00	NUM
cjfa-33340	445	72	%	%	NOUN
cjfa-33340	445	73	1600,00	1600,00	NUM
cjfa-33340	445	74	%	%	NOUN
cjfa-33340	445	75	%	%	NOUN
cjfa-33340	445	76	change	change	NOUN
cjfa-33340	445	77	(	(	PUNCT
cjfa-33340	445	78	december	december	PROPN
cjfa-33340	445	79	,	,	PUNCT
cjfa-33340	445	80	2014	2014	NUM
cjfa-33340	445	81	to	to	ADP
cjfa-33340	445	82	december	december	PROPN
cjfa-33340	445	83	,	,	PUNCT
cjfa-33340	445	84	2019	2019	NUM
cjfa-33340	445	85	)	)	PUNCT
cjfa-33340	445	86	according	accord	VERB
cjfa-33340	445	87	to	to	ADP
cjfa-33340	445	88	chang	chang	PROPN
cjfa-33340	445	89	et	et	PROPN
cjfa-33340	445	90	al	al	PROPN
cjfa-33340	445	91	.	.	PROPN
cjfa-33340	446	1	(	(	PUNCT
cjfa-33340	446	2	2000	2000	NUM
cjfa-33340	446	3	)	)	PUNCT
cjfa-33340	446	4	methodology	methodology	NOUN
cjfa-33340	446	5	,	,	PUNCT
cjfa-33340	446	6	during	during	ADP
cjfa-33340	446	7	periods	period	NOUN
cjfa-33340	446	8	of	of	ADP
cjfa-33340	446	9	extreme	extreme	ADJ
cjfa-33340	446	10	market	market	NOUN
cjfa-33340	446	11	price	price	NOUN
cjfa-33340	446	12	movements	movement	NOUN
cjfa-33340	446	13	,	,	PUNCT
cjfa-33340	446	14	the	the	DET
cjfa-33340	446	15	relations	relation	NOUN
cjfa-33340	446	16	between	between	ADP
cjfa-33340	446	17	individual	individual	ADJ
cjfa-33340	446	18	stocks	stock	NOUN
cjfa-33340	446	19	return	return	VERB
cjfa-33340	446	20	desperation	desperation	NOUN
cjfa-33340	446	21	and	and	CCONJ
cjfa-33340	446	22	market	market	NOUN
cjfa-33340	446	23	return	return	NOUN
cjfa-33340	446	24	is	be	AUX
cjfa-33340	446	25	expected	expect	VERB
cjfa-33340	446	26	to	to	PART
cjfa-33340	446	27	be	be	AUX
cjfa-33340	446	28	a	a	DET
cjfa-33340	446	29	non	non	ADJ
cjfa-33340	446	30	-	-	ADJ
cjfa-33340	446	31	linear	linear	ADJ
cjfa-33340	446	32	relationship	relationship	NOUN
cjfa-33340	446	33	.	.	PUNCT
cjfa-33340	447	1	the	the	DET
cjfa-33340	447	2	non	non	ADJ
cjfa-33340	447	3	-	-	ADJ
cjfa-33340	447	4	linear	linear	ADJ
cjfa-33340	447	5	coefficient	coefficient	NOUN
cjfa-33340	447	6	captured	capture	VERB
cjfa-33340	447	7	by	by	ADP
cjfa-33340	447	8	γ2	γ2	PROPN
cjfa-33340	447	9	.	.	PUNCT
cjfa-33340	448	1	a	a	DET
cjfa-33340	448	2	negatively	negatively	ADV
cjfa-33340	448	3	significant	significant	ADJ
cjfa-33340	448	4	coefficient	coefficient	NOUN
cjfa-33340	448	5	γ2	γ2	PROPN
cjfa-33340	448	6	indicates	indicate	VERB
cjfa-33340	448	7	the	the	DET
cjfa-33340	448	8	existence	existence	NOUN
cjfa-33340	448	9	of	of	ADP
cjfa-33340	448	10	herding	herding	NOUN
cjfa-33340	448	11	behaviour	behaviour	NOUN
cjfa-33340	448	12	.	.	PUNCT
cjfa-33340	449	1	empirical	empirical	ADJ
cjfa-33340	449	2	results	result	NOUN
cjfa-33340	449	3	table	table	NOUN
cjfa-33340	449	4	1	1	NUM
cjfa-33340	449	5	shows	show	VERB
cjfa-33340	449	6	the	the	DET
cjfa-33340	449	7	herding	herd	VERB
cjfa-33340	449	8	space	space	NOUN
cjfa-33340	449	9	-	-	PUNCT
cjfa-33340	449	10	state	state	NOUN
cjfa-33340	449	11	model	model	NOUN
cjfa-33340	449	12	.	.	PUNCT
cjfa-33340	450	1	the	the	DET
cjfa-33340	450	2	results	result	NOUN
cjfa-33340	450	3	show	show	VERB
cjfa-33340	450	4	that	that	SCONJ
cjfa-33340	450	5	the	the	DET
cjfa-33340	450	6	coefficient	coefficient	NOUN
cjfa-33340	450	7	c(3	c(3	PROPN
cjfa-33340	450	8	)	)	PUNCT
cjfa-33340	450	9	which	which	PRON
cjfa-33340	450	10	represents	represent	VERB
cjfa-33340	450	11	the	the	DET
cjfa-33340	450	12	persistence	persistence	NOUN
cjfa-33340	450	13	parameter	parameter	NOUN
cjfa-33340	450	14	(	(	PUNCT
cjfa-33340	450	15	φm	φm	PROPN
cjfa-33340	450	16	)	)	PUNCT
cjfa-33340	450	17	and	and	CCONJ
cjfa-33340	450	18	c(4	c(4	PROPN
cjfa-33340	450	19	)	)	PUNCT
cjfa-33340	450	20	which	which	PRON
cjfa-33340	450	21	represents	represent	VERB
cjfa-33340	450	22	the	the	DET
cjfa-33340	450	23	standard	standard	ADJ
cjfa-33340	450	24	deviation	deviation	NOUN
cjfa-33340	450	25	(	(	PUNCT
cjfa-33340	450	26	σmη	σmη	NOUN
cjfa-33340	450	27	)	)	PUNCT
cjfa-33340	450	28	of	of	ADP
cjfa-33340	450	29	the	the	DET
cjfa-33340	450	30	state	state	NOUN
cjfa-33340	450	31	-	-	PUNCT
cjfa-33340	450	32	equation	equation	NOUN
cjfa-33340	450	33	error	error	NOUN
cjfa-33340	450	34	(	(	PUNCT
cjfa-33340	450	35	ηmt	ηmt	NOUN
cjfa-33340	450	36	)	)	PUNCT
cjfa-33340	450	37	are	be	AUX
cjfa-33340	450	38	not	not	PART
cjfa-33340	450	39	statistically	statistically	ADV
cjfa-33340	450	40	significant	significant	ADJ
cjfa-33340	450	41	at	at	ADP
cjfa-33340	450	42	the	the	DET
cjfa-33340	450	43	5	5	NUM
cjfa-33340	450	44	%	%	NOUN
cjfa-33340	450	45	level	level	NOUN
cjfa-33340	450	46	of	of	ADP
cjfa-33340	450	47	significance	significance	NOUN
cjfa-33340	450	48	,	,	PUNCT
cjfa-33340	450	49	which	which	PRON
cjfa-33340	450	50	confirms	confirm	VERB
cjfa-33340	450	51	the	the	DET
cjfa-33340	450	52	absence	absence	NOUN
cjfa-33340	450	53	of	of	ADP
cjfa-33340	450	54	herding	herd	VERB
cjfa-33340	450	55	behaviour	behaviour	NOUN
cjfa-33340	450	56	during	during	ADP
cjfa-33340	450	57	covid-19	covid-19	PROPN
cjfa-33340	450	58	crisis	crisis	NOUN
cjfa-33340	450	59	in	in	ADP
cjfa-33340	450	60	the	the	DET
cjfa-33340	450	61	egyptian	egyptian	ADJ
cjfa-33340	450	62	stock	stock	NOUN
cjfa-33340	450	63	market	market	NOUN
cjfa-33340	450	64	for	for	ADP
cjfa-33340	450	65	all	all	DET
cjfa-33340	450	66	cases	case	NOUN
cjfa-33340	450	67	.	.	PUNCT
cjfa-33340	451	1	sentimental	sentimental	ADJ
cjfa-33340	451	2	herding	herding	NOUN
cjfa-33340	451	3	:	:	PUNCT
cjfa-33340	451	4	the	the	DET
cjfa-33340	451	5	role	role	NOUN
cjfa-33340	451	6	of	of	ADP
cjfa-33340	451	7	covid-19	covid-19	PROPN
cjfa-33340	451	8	crisis	crisis	NOUN
cjfa-33340	451	9	…	…	PUNCT
cjfa-33340	451	10	19	19	NUM
cjfa-33340	451	11	table	table	NOUN
cjfa-33340	451	12	1	1	NUM
cjfa-33340	451	13	.	.	PUNCT
cjfa-33340	451	14	results	result	NOUN
cjfa-33340	451	15	of	of	ADP
cjfa-33340	451	16	the	the	DET
cjfa-33340	451	17	state	state	NOUN
cjfa-33340	451	18	-	-	PUNCT
cjfa-33340	451	19	space	space	NOUN
cjfa-33340	451	20	model	model	NOUN
cjfa-33340	451	21	table	table	NOUN
cjfa-33340	451	22	1	1	NUM
cjfa-33340	451	23	.	.	PUNCT
cjfa-33340	451	24	results	result	NOUN
cjfa-33340	451	25	of	of	ADP
cjfa-33340	451	26	the	the	DET
cjfa-33340	451	27	state	state	NOUN
cjfa-33340	451	28	-	-	PUNCT
cjfa-33340	451	29	space	space	NOUN
cjfa-33340	451	30	model	model	NOUN
cjfa-33340	451	31	coefficient	coefficient	NOUN
cjfa-33340	451	32	std	std	PROPN
cjfa-33340	451	33	.	.	PUNCT
cjfa-33340	452	1	error	error	NOUN
cjfa-33340	452	2	z	z	NOUN
cjfa-33340	452	3	-	-	PUNCT
cjfa-33340	452	4	statistic	statistic	ADJ
cjfa-33340	452	5	prob	prob	NOUN
cjfa-33340	452	6	.	.	PUNCT
cjfa-33340	453	1	c(1)=	c(1)=	NOUN
cjfa-33340	453	2	μm	μm	NUM
cjfa-33340	453	3	0.015467	0.015467	NUM
cjfa-33340	453	4	0.083333	0.083333	NUM
cjfa-33340	453	5	0.185607	0.185607	NUM
cjfa-33340	453	6	0.8528	0.8528	NUM
cjfa-33340	453	7	c(2)=	c(2)=	NOUN
cjfa-33340	454	1	vmt	vmt	PROPN
cjfa-33340	454	2	-26.01392	-26.01392	PROPN
cjfa-33340	454	3	1.38e+11	1.38e+11	PROPN
cjfa-33340	454	4	-1.88e-10	-1.88e-10	DET
cjfa-33340	454	5	1.0000	1.0000	NUM
cjfa-33340	454	6	c(3)=	c(3)=	NOUN
cjfa-33340	454	7	φm	φm	ADP
cjfa-33340	454	8	0.209998	0.209998	NUM
cjfa-33340	454	9	3.10935	3.10935	NUM
cjfa-33340	454	10	0.067538	0.067538	NUM
cjfa-33340	454	11	0.9462	0.9462	NUM
cjfa-33340	454	12	c(4)=	c(4)=	NOUN
cjfa-33340	454	13	ηmt	ηmt	NOUN
cjfa-33340	454	14	-3.027382	-3.027382	NOUN
cjfa-33340	454	15	14.80419	14.80419	NUM
cjfa-33340	454	16	-0.204495	-0.204495	NOUN
cjfa-33340	454	17	0.838	0.838	NUM
cjfa-33340	454	18	coefficient	coefficient	ADJ
cjfa-33340	454	19	std	std	NOUN
cjfa-33340	454	20	.	.	NOUN
cjfa-33340	455	1	error	error	NOUN
cjfa-33340	455	2	z	z	NOUN
cjfa-33340	455	3	-	-	PUNCT
cjfa-33340	455	4	statistic	statistic	ADJ
cjfa-33340	455	5	prob	prob	NOUN
cjfa-33340	455	6	.	.	PUNCT
cjfa-33340	456	1	c(1)=	c(1)=	NOUN
cjfa-33340	456	2	μm	μm	NUM
cjfa-33340	456	3	0.033894	0.033894	NUM
cjfa-33340	456	4	0.099929	0.099929	NUM
cjfa-33340	456	5	0.33918	0.33918	NUM
cjfa-33340	456	6	0.7345	0.7345	NUM
cjfa-33340	456	7	c(2)=	c(2)=	NOUN
cjfa-33340	456	8	vmt	vmt	PROPN
cjfa-33340	456	9	-22.79446	-22.79446	PROPN
cjfa-33340	456	10	4.09e+10	4.09e+10	PROPN
cjfa-33340	456	11	-5.57e-10	-5.57e-10	PROPN
cjfa-33340	456	12	1.0000	1.0000	NUM
cjfa-33340	456	13	c(3)=	c(3)=	NOUN
cjfa-33340	456	14	φm	φm	ADP
cjfa-33340	456	15	0.097342	0.097342	NUM
cjfa-33340	456	16	6.270044	6.270044	NUM
cjfa-33340	456	17	0.015525	0.015525	NUM
cjfa-33340	456	18	0.9876	0.9876	NUM
cjfa-33340	456	19	c(4)=	c(4)=	NOUN
cjfa-33340	456	20	ηmt	ηmt	NOUN
cjfa-33340	456	21	-2.510401	-2.510401	PROPN
cjfa-33340	456	22	63.88309	63.88309	NUM
cjfa-33340	456	23	-0.039297	-0.039297	NOUN
cjfa-33340	457	1	0.9687	0.9687	NUM
cjfa-33340	457	2	coefficient	coefficient	NOUN
cjfa-33340	457	3	std	std	NOUN
cjfa-33340	457	4	.	.	NOUN
cjfa-33340	457	5	error	error	NOUN
cjfa-33340	457	6	z	z	NOUN
cjfa-33340	457	7	-	-	PUNCT
cjfa-33340	457	8	statistic	statistic	ADJ
cjfa-33340	457	9	prob	prob	NOUN
cjfa-33340	457	10	.	.	PUNCT
cjfa-33340	458	1	c(1)=	c(1)=	PROPN
cjfa-33340	458	2	μm	μm	NUM
cjfa-33340	458	3	-0.033964	-0.033964	NOUN
cjfa-33340	459	1	0.036863	0.036863	NUM
cjfa-33340	459	2	-0.921346	-0.921346	NOUN
cjfa-33340	459	3	0.3569	0.3569	NUM
cjfa-33340	459	4	c(2)=	c(2)=	NOUN
cjfa-33340	459	5	vmt	vmt	X
cjfa-33340	459	6	-25.31355	-25.31355	PUNCT
cjfa-33340	459	7	1.24e+11	1.24e+11	PROPN
cjfa-33340	459	8	-2.04e-10	-2.04e-10	PUNCT
cjfa-33340	459	9	1.0000	1.0000	NUM
cjfa-33340	459	10	c(3)=	c(3)=	NOUN
cjfa-33340	459	11	φm	φm	ADP
cjfa-33340	459	12	-0.098035	-0.098035	NOUN
cjfa-33340	459	13	4.538214	4.538214	NUM
cjfa-33340	459	14	-0.021602	-0.021602	NOUN
cjfa-33340	459	15	0.9828	0.9828	NUM
cjfa-33340	459	16	c(4)=	c(4)=	NOUN
cjfa-33340	459	17	ηmt	ηmt	NOUN
cjfa-33340	459	18	-3.619681	-3.619681	VERB
cjfa-33340	459	19	47.17804	47.17804	NUM
cjfa-33340	459	20	-0.076724	-0.076724	NOUN
cjfa-33340	459	21	0.9388	0.9388	NUM
cjfa-33340	459	22	coefficient	coefficient	NOUN
cjfa-33340	459	23	std	std	NOUN
cjfa-33340	459	24	.	.	NOUN
cjfa-33340	459	25	error	error	NOUN
cjfa-33340	459	26	z	z	NOUN
cjfa-33340	459	27	-	-	PUNCT
cjfa-33340	459	28	statistic	statistic	ADJ
cjfa-33340	459	29	prob	prob	NOUN
cjfa-33340	459	30	.	.	PUNCT
cjfa-33340	460	1	c(1)=	c(1)=	PROPN
cjfa-33340	461	1	μm	μm	NUM
cjfa-33340	461	2	-0.01478	-0.01478	PROPN
cjfa-33340	461	3	0.091988	0.091988	NUM
cjfa-33340	461	4	-0.160672	-0.160672	VERB
cjfa-33340	461	5	0.8724	0.8724	NUM
cjfa-33340	461	6	c(2)=	c(2)=	NOUN
cjfa-33340	461	7	vmt	vmt	PROPN
cjfa-33340	461	8	-25.30821	-25.30821	PRON
cjfa-33340	461	9	1.47e+10	1.47e+10	NUM
cjfa-33340	461	10	-1.72e-09	-1.72e-09	NUM
cjfa-33340	461	11	1.0000	1.0000	NUM
cjfa-33340	461	12	c(3)=	c(3)=	NOUN
cjfa-33340	461	13	φm	φm	ADP
cjfa-33340	461	14	0.364828	0.364828	NUM
cjfa-33340	461	15	1.044999	1.044999	NUM
cjfa-33340	461	16	0.349118	0.349118	NUM
cjfa-33340	461	17	0.727	0.727	NUM
cjfa-33340	461	18	c(4)=	c(4)=	NOUN
cjfa-33340	461	19	ηmt	ηmt	NOUN
cjfa-33340	461	20	-2.911684	-2.911684	NOUN
cjfa-33340	461	21	3.230393	3.230393	NUM
cjfa-33340	461	22	-0.901341	-0.901341	NOUN
cjfa-33340	461	23	0.3674	0.3674	NUM
cjfa-33340	461	24	coefficient	coefficient	NOUN
cjfa-33340	461	25	std	std	NOUN
cjfa-33340	461	26	.	.	NOUN
cjfa-33340	462	1	error	error	NOUN
cjfa-33340	462	2	z	z	NOUN
cjfa-33340	462	3	-	-	PUNCT
cjfa-33340	462	4	statistic	statistic	ADJ
cjfa-33340	462	5	prob	prob	NOUN
cjfa-33340	462	6	.	.	PUNCT
cjfa-33340	463	1	c(1)=	c(1)=	PROPN
cjfa-33340	463	2	μm	μm	NUM
cjfa-33340	463	3	-0.008076	-0.008076	NOUN
cjfa-33340	463	4	0.073362	0.073362	NUM
cjfa-33340	463	5	-0.110082	-0.110082	NOUN
cjfa-33340	463	6	0.9123	0.9123	NUM
cjfa-33340	463	7	c(2)=	c(2)=	NOUN
cjfa-33340	463	8	vmt	vmt	PROPN
cjfa-33340	463	9	-25.30716	-25.30716	PROPN
cjfa-33340	463	10	1.50e+11	1.50e+11	PROPN
cjfa-33340	463	11	-1.68e-10	-1.68e-10	PROPN
cjfa-33340	463	12	1.0000	1.0000	NUM
cjfa-33340	463	13	c(3)=	c(3)=	NOUN
cjfa-33340	463	14	φm	φm	X
cjfa-33340	463	15	-0.132373	-0.132373	PROPN
cjfa-33340	463	16	3.060431	3.060431	NUM
cjfa-33340	463	17	-0.043253	-0.043253	ADJ
cjfa-33340	463	18	0.9655	0.9655	NUM
cjfa-33340	463	19	c(4)=	c(4)=	NOUN
cjfa-33340	463	20	ηmt	ηmt	NOUN
cjfa-33340	463	21	-2.734563	-2.734563	NOUN
cjfa-33340	463	22	24.00065	24.00065	NUM
cjfa-33340	463	23	-0.113937	-0.113937	X
cjfa-33340	464	1	0.9093	0.9093	NUM
cjfa-33340	464	2	coefficient	coefficient	NOUN
cjfa-33340	464	3	std	std	NOUN
cjfa-33340	464	4	.	.	NOUN
cjfa-33340	464	5	error	error	NOUN
cjfa-33340	464	6	z	z	NOUN
cjfa-33340	464	7	-	-	PUNCT
cjfa-33340	464	8	statistic	statistic	ADJ
cjfa-33340	464	9	prob	prob	NOUN
cjfa-33340	464	10	.	.	PUNCT
cjfa-33340	465	1	c(1)=	c(1)=	NOUN
cjfa-33340	465	2	μm	μm	NUM
cjfa-33340	465	3	0.04183	0.04183	NUM
cjfa-33340	465	4	0.114405	0.114405	NUM
cjfa-33340	465	5	0.365632	0.365632	NUM
cjfa-33340	465	6	0.7146	0.7146	NUM
cjfa-33340	465	7	c(2)=	c(2)=	NOUN
cjfa-33340	465	8	vmt	vmt	PROPN
cjfa-33340	465	9	-6.043024	-6.043024	NOUN
cjfa-33340	465	10	34.53124	34.53124	NUM
cjfa-33340	465	11	-0.175002	-0.175002	NOUN
cjfa-33340	465	12	0.8611	0.8611	NUM
cjfa-33340	465	13	c(3)=	c(3)=	NOUN
cjfa-33340	465	14	φm	φm	ADP
cjfa-33340	465	15	0.461076	0.461076	NUM
cjfa-33340	465	16	1.075942	1.075942	NUM
cjfa-33340	465	17	0.428533	0.428533	NUM
cjfa-33340	465	18	0.6683	0.6683	NUM
cjfa-33340	465	19	c(4)=	c(4)=	NOUN
cjfa-33340	465	20	ηmt	ηmt	NOUN
cjfa-33340	465	21	-3.305924	-3.305924	NOUN
cjfa-33340	465	22	2.815955	2.815955	NUM
cjfa-33340	465	23	-1.173997	-1.173997	NOUN
cjfa-33340	465	24	0.2404	0.2404	NUM
cjfa-33340	465	25	big	big	ADJ
cjfa-33340	465	26	stocks	stock	NOUN
cjfa-33340	465	27	all	all	DET
cjfa-33340	465	28	sample	sample	VERB
cjfa-33340	465	29	stocks	stock	NOUN
cjfa-33340	465	30	stocks	stock	NOUN
cjfa-33340	465	31	with	with	ADP
cjfa-33340	465	32	high	high	ADJ
cjfa-33340	465	33	book	book	NOUN
cjfa-33340	465	34	-	-	PUNCT
cjfa-33340	465	35	to	to	ADP
cjfa-33340	465	36	-	-	PUNCT
cjfa-33340	465	37	market	market	NOUN
cjfa-33340	465	38	ratio	ratio	NOUN
cjfa-33340	465	39	stocks	stock	NOUN
cjfa-33340	465	40	with	with	ADP
cjfa-33340	465	41	medium	medium	ADJ
cjfa-33340	465	42	book	book	NOUN
cjfa-33340	465	43	-	-	PUNCT
cjfa-33340	465	44	to	to	ADP
cjfa-33340	465	45	-	-	PUNCT
cjfa-33340	465	46	market	market	NOUN
cjfa-33340	465	47	ratio	ratio	NOUN
cjfa-33340	465	48	stocks	stock	NOUN
cjfa-33340	465	49	with	with	ADP
cjfa-33340	465	50	low	low	ADJ
cjfa-33340	465	51	book	book	NOUN
cjfa-33340	465	52	-	-	PUNCT
cjfa-33340	465	53	to	to	ADP
cjfa-33340	465	54	-	-	PUNCT
cjfa-33340	465	55	market	market	NOUN
cjfa-33340	465	56	ratio	ratio	NOUN
cjfa-33340	465	57	small	small	ADJ
cjfa-33340	465	58	stocks	stock	NOUN
cjfa-33340	465	59	source	source	NOUN
cjfa-33340	465	60	:	:	PUNCT
cjfa-33340	465	61	author	author	NOUN
cjfa-33340	465	62	's	's	PART
cjfa-33340	465	63	construction	construction	NOUN
cjfa-33340	465	64	table	table	NOUN
cjfa-33340	465	65	2	2	NUM
cjfa-33340	465	66	shows	show	VERB
cjfa-33340	465	67	the	the	DET
cjfa-33340	465	68	results	result	NOUN
cjfa-33340	465	69	of	of	ADP
cjfa-33340	465	70	herding	herd	VERB
cjfa-33340	465	71	behaviour	behaviour	NOUN
cjfa-33340	465	72	in	in	ADP
cjfa-33340	465	73	the	the	DET
cjfa-33340	465	74	egyptian	egyptian	ADJ
cjfa-33340	465	75	stock	stock	NOUN
cjfa-33340	465	76	market	market	NOUN
cjfa-33340	465	77	using	use	VERB
cjfa-33340	465	78	the	the	DET
cjfa-33340	465	79	cross	cross	ADJ
cjfa-33340	465	80	-	-	ADJ
cjfa-33340	465	81	sectional	sectional	ADJ
cjfa-33340	465	82	absolute	absolute	ADJ
cjfa-33340	465	83	deviation	deviation	NOUN
cjfa-33340	465	84	(	(	PUNCT
cjfa-33340	465	85	csad	csad	NOUN
cjfa-33340	465	86	)	)	PUNCT
cjfa-33340	465	87	model	model	NOUN
cjfa-33340	465	88	.	.	PUNCT
cjfa-33340	466	1	results	result	NOUN
cjfa-33340	466	2	show	show	VERB
cjfa-33340	466	3	that	that	SCONJ
cjfa-33340	466	4	the	the	DET
cjfa-33340	466	5	coefficient	coefficient	NOUN
cjfa-33340	466	6	γ2	γ2	PROPN
cjfa-33340	466	7	is	be	AUX
cjfa-33340	466	8	s	s	PROPN
cjfa-33340	466	9	o	o	NOUN
cjfa-33340	466	10	u	u	NOUN
cjfa-33340	466	11	r	r	NOUN
cjfa-33340	466	12	c	c	NOUN
cjfa-33340	466	13	e	e	NOUN
cjfa-33340	466	14	:	:	PUNCT
cjfa-33340	466	15	author	author	NOUN
cjfa-33340	466	16	’s	’s	PART
cjfa-33340	466	17	construction	construction	NOUN
cjfa-33340	466	18	.	.	PUNCT
cjfa-33340	467	1	mostafa	mostafa	PROPN
cjfa-33340	467	2	hussein	hussein	PROPN
cjfa-33340	467	3	abd	abd	PROPN
cjfa-33340	467	4	-	-	PUNCT
cjfa-33340	467	5	alla20	alla20	NOUN
cjfa-33340	467	6	table	table	NOUN
cjfa-33340	467	7	2	2	NUM
cjfa-33340	467	8	shows	show	VERB
cjfa-33340	467	9	the	the	DET
cjfa-33340	467	10	results	result	NOUN
cjfa-33340	467	11	of	of	ADP
cjfa-33340	467	12	herding	herd	VERB
cjfa-33340	467	13	behaviour	behaviour	NOUN
cjfa-33340	467	14	in	in	ADP
cjfa-33340	467	15	the	the	DET
cjfa-33340	467	16	egyptian	egyptian	ADJ
cjfa-33340	467	17	stock	stock	NOUN
cjfa-33340	467	18	market	market	NOUN
cjfa-33340	467	19	using	use	VERB
cjfa-33340	467	20	the	the	DET
cjfa-33340	467	21	cross	cross	ADJ
cjfa-33340	467	22	-	-	ADJ
cjfa-33340	467	23	sectional	sectional	ADJ
cjfa-33340	467	24	absolute	absolute	ADJ
cjfa-33340	467	25	deviation	deviation	NOUN
cjfa-33340	467	26	(	(	PUNCT
cjfa-33340	467	27	csad	csad	NOUN
cjfa-33340	467	28	)	)	PUNCT
cjfa-33340	467	29	model	model	NOUN
cjfa-33340	467	30	.	.	PUNCT
cjfa-33340	468	1	results	result	NOUN
cjfa-33340	468	2	show	show	VERB
cjfa-33340	468	3	that	that	SCONJ
cjfa-33340	468	4	the	the	DET
cjfa-33340	468	5	coefficient	coefficient	NOUN
cjfa-33340	468	6	γ2	γ2	PROPN
cjfa-33340	468	7	is	be	AUX
cjfa-33340	468	8	negative	negative	ADJ
cjfa-33340	468	9	and	and	CCONJ
cjfa-33340	468	10	statistically	statistically	ADV
cjfa-33340	468	11	significant	significant	ADJ
cjfa-33340	468	12	at	at	ADP
cjfa-33340	468	13	10	10	NUM
cjfa-33340	468	14	%	%	NOUN
cjfa-33340	468	15	level	level	NOUN
cjfa-33340	468	16	of	of	ADP
cjfa-33340	468	17	significance	significance	NOUN
cjfa-33340	468	18	in	in	ADP
cjfa-33340	468	19	the	the	DET
cjfa-33340	468	20	case	case	NOUN
cjfa-33340	468	21	of	of	ADP
cjfa-33340	468	22	measuring	measure	VERB
cjfa-33340	468	23	the	the	DET
cjfa-33340	468	24	herding	herding	NOUN
cjfa-33340	468	25	behaviour	behaviour	NOUN
cjfa-33340	468	26	for	for	ADP
cjfa-33340	468	27	all	all	DET
cjfa-33340	468	28	sample	sample	NOUN
cjfa-33340	468	29	stocks	stock	NOUN
cjfa-33340	468	30	.	.	PUNCT
cjfa-33340	469	1	a	a	DET
cjfa-33340	469	2	negative	negative	ADJ
cjfa-33340	469	3	and	and	CCONJ
cjfa-33340	469	4	statistically	statistically	ADV
cjfa-33340	469	5	significant	significant	ADJ
cjfa-33340	469	6	coefficient	coefficient	NOUN
cjfa-33340	469	7	γ2	γ2	PROPN
cjfa-33340	469	8	indicates	indicate	VERB
cjfa-33340	469	9	the	the	DET
cjfa-33340	469	10	existence	existence	NOUN
cjfa-33340	469	11	of	of	ADP
cjfa-33340	469	12	herding	herd	VERB
cjfa-33340	469	13	behaviour	behaviour	NOUN
cjfa-33340	469	14	during	during	ADP
cjfa-33340	469	15	covid-19	covid-19	PROPN
cjfa-33340	469	16	crisis	crisis	NOUN
cjfa-33340	469	17	in	in	ADP
cjfa-33340	469	18	the	the	DET
cjfa-33340	469	19	egyptian	egyptian	ADJ
cjfa-33340	469	20	stock	stock	NOUN
cjfa-33340	469	21	market	market	NOUN
cjfa-33340	469	22	.	.	PUNCT
cjfa-33340	470	1	for	for	ADP
cjfa-33340	470	2	the	the	DET
cjfa-33340	470	3	portfolios	portfolio	NOUN
cjfa-33340	470	4	divided	divide	VERB
cjfa-33340	470	5	by	by	ADP
cjfa-33340	470	6	the	the	DET
cjfa-33340	470	7	value	value	NOUN
cjfa-33340	470	8	factor	factor	NOUN
cjfa-33340	470	9	measured	measure	VERB
cjfa-33340	470	10	by	by	ADP
cjfa-33340	470	11	(	(	PUNCT
cjfa-33340	470	12	book	book	NOUN
cjfa-33340	470	13	/	/	SYM
cjfa-33340	470	14	market	market	NOUN
cjfa-33340	470	15	)	)	PUNCT
cjfa-33340	470	16	ratio	ratio	NOUN
cjfa-33340	470	17	,	,	PUNCT
cjfa-33340	470	18	the	the	DET
cjfa-33340	470	19	results	result	NOUN
cjfa-33340	470	20	show	show	VERB
cjfa-33340	470	21	that	that	SCONJ
cjfa-33340	470	22	the	the	DET
cjfa-33340	470	23	coefficient	coefficient	NOUN
cjfa-33340	470	24	γ2	γ2	PROPN
cjfa-33340	470	25	is	be	AUX
cjfa-33340	470	26	negative	negative	ADJ
cjfa-33340	470	27	and	and	CCONJ
cjfa-33340	470	28	statistically	statistically	ADV
cjfa-33340	470	29	significant	significant	ADJ
cjfa-33340	470	30	at	at	ADP
cjfa-33340	470	31	10	10	NUM
cjfa-33340	470	32	%	%	NOUN
cjfa-33340	470	33	level	level	NOUN
cjfa-33340	470	34	of	of	ADP
cjfa-33340	470	35	significance	significance	NOUN
cjfa-33340	470	36	for	for	ADP
cjfa-33340	470	37	the	the	DET
cjfa-33340	470	38	portfolio	portfolio	NOUN
cjfa-33340	470	39	of	of	ADP
cjfa-33340	470	40	stocks	stock	NOUN
cjfa-33340	470	41	with	with	ADP
cjfa-33340	470	42	low	low	ADJ
cjfa-33340	470	43	(	(	PUNCT
cjfa-33340	470	44	b	b	NOUN
cjfa-33340	470	45	/	/	SYM
cjfa-33340	470	46	m	m	NOUN
cjfa-33340	470	47	)	)	PUNCT
cjfa-33340	470	48	ratio	ratio	NOUN
cjfa-33340	470	49	and	and	CCONJ
cjfa-33340	470	50	it	it	PRON
cjfa-33340	470	51	is	be	AUX
cjfa-33340	470	52	negative	negative	ADJ
cjfa-33340	470	53	and	and	CCONJ
cjfa-33340	470	54	statistically	statistically	ADV
cjfa-33340	470	55	significant	significant	ADJ
cjfa-33340	470	56	at	at	ADP
cjfa-33340	470	57	5	5	NUM
cjfa-33340	470	58	%	%	NOUN
cjfa-33340	470	59	level	level	NOUN
cjfa-33340	470	60	of	of	ADP
cjfa-33340	470	61	significance	significance	NOUN
cjfa-33340	470	62	for	for	ADP
cjfa-33340	470	63	the	the	DET
cjfa-33340	470	64	portfolio	portfolio	NOUN
cjfa-33340	470	65	of	of	ADP
cjfa-33340	470	66	stocks	stock	NOUN
cjfa-33340	470	67	with	with	ADP
cjfa-33340	470	68	high	high	ADJ
cjfa-33340	470	69	(	(	PUNCT
cjfa-33340	470	70	b	b	NOUN
cjfa-33340	470	71	/	/	SYM
cjfa-33340	470	72	m	m	NOUN
cjfa-33340	470	73	)	)	PUNCT
cjfa-33340	470	74	ratio	ratio	NOUN
cjfa-33340	470	75	,	,	PUNCT
cjfa-33340	470	76	which	which	PRON
cjfa-33340	470	77	indicates	indicate	VERB
cjfa-33340	470	78	the	the	DET
cjfa-33340	470	79	existence	existence	NOUN
cjfa-33340	470	80	of	of	ADP
cjfa-33340	470	81	herding	herd	VERB
cjfa-33340	470	82	behaviour	behaviour	NOUN
cjfa-33340	470	83	during	during	ADP
cjfa-33340	470	84	covid-19	covid-19	PROPN
cjfa-33340	470	85	crisis	crisis	NOUN
cjfa-33340	470	86	in	in	ADP
cjfa-33340	470	87	the	the	DET
cjfa-33340	470	88	portfolio	portfolio	NOUN
cjfa-33340	470	89	of	of	ADP
cjfa-33340	470	90	stocks	stock	NOUN
cjfa-33340	470	91	with	with	ADP
cjfa-33340	470	92	high	high	ADJ
cjfa-33340	470	93	(	(	PUNCT
cjfa-33340	470	94	b	b	X
cjfa-33340	470	95	/	/	SYM
cjfa-33340	470	96	m	m	NOUN
cjfa-33340	470	97	)	)	PUNCT
cjfa-33340	470	98	ratio	ratio	NOUN
cjfa-33340	470	99	and	and	CCONJ
cjfa-33340	470	100	the	the	DET
cjfa-33340	470	101	portfolio	portfolio	NOUN
cjfa-33340	470	102	of	of	ADP
cjfa-33340	470	103	stocks	stock	NOUN
cjfa-33340	470	104	with	with	ADP
cjfa-33340	470	105	low	low	ADJ
cjfa-33340	470	106	(	(	PUNCT
cjfa-33340	470	107	b	b	NOUN
cjfa-33340	470	108	/	/	SYM
cjfa-33340	470	109	m	m	NOUN
cjfa-33340	470	110	)	)	PUNCT
cjfa-33340	470	111	ratio	ratio	NOUN
cjfa-33340	470	112	at	at	ADP
cjfa-33340	470	113	5	5	NUM
cjfa-33340	470	114	%	%	NOUN
cjfa-33340	470	115	and	and	CCONJ
cjfa-33340	470	116	10	10	NUM
cjfa-33340	470	117	%	%	NOUN
cjfa-33340	470	118	level	level	NOUN
cjfa-33340	470	119	of	of	ADP
cjfa-33340	470	120	significance	significance	NOUN
cjfa-33340	470	121	respectively	respectively	ADV
cjfa-33340	470	122	.	.	PUNCT
cjfa-33340	471	1	however	however	ADV
cjfa-33340	471	2	,	,	PUNCT
cjfa-33340	471	3	for	for	ADP
cjfa-33340	471	4	the	the	DET
cjfa-33340	471	5	portfolio	portfolio	NOUN
cjfa-33340	471	6	of	of	ADP
cjfa-33340	471	7	stocks	stock	NOUN
cjfa-33340	471	8	with	with	ADP
cjfa-33340	471	9	medium	medium	ADJ
cjfa-33340	471	10	(	(	PUNCT
cjfa-33340	471	11	b	b	NOUN
cjfa-33340	471	12	/	/	SYM
cjfa-33340	471	13	m	m	NOUN
cjfa-33340	471	14	)	)	PUNCT
cjfa-33340	471	15	ratio	ratio	NOUN
cjfa-33340	471	16	the	the	DET
cjfa-33340	471	17	coefficient	coefficient	NOUN
cjfa-33340	471	18	γ2	γ2	NOUN
cjfa-33340	471	19	is	be	AUX
cjfa-33340	471	20	not	not	PART
cjfa-33340	471	21	statistically	statistically	ADV
cjfa-33340	471	22	significant	significant	ADJ
cjfa-33340	471	23	,	,	PUNCT
cjfa-33340	471	24	which	which	PRON
cjfa-33340	471	25	confirms	confirm	VERB
cjfa-33340	471	26	the	the	DET
cjfa-33340	471	27	absence	absence	NOUN
cjfa-33340	471	28	of	of	ADP
cjfa-33340	471	29	herding	herd	VERB
cjfa-33340	471	30	behaviour	behaviour	NOUN
cjfa-33340	471	31	during	during	ADP
cjfa-33340	471	32	covid-19	covid-19	PROPN
cjfa-33340	471	33	crisis	crisis	NOUN
cjfa-33340	471	34	in	in	ADP
cjfa-33340	471	35	the	the	DET
cjfa-33340	471	36	portfolio	portfolio	NOUN
cjfa-33340	471	37	of	of	ADP
cjfa-33340	471	38	stocks	stock	NOUN
cjfa-33340	471	39	with	with	ADP
cjfa-33340	471	40	medium	medium	ADJ
cjfa-33340	471	41	(	(	PUNCT
cjfa-33340	471	42	b	b	NOUN
cjfa-33340	471	43	/	/	SYM
cjfa-33340	471	44	m	m	NOUN
cjfa-33340	471	45	)	)	PUNCT
cjfa-33340	471	46	ratio	ratio	NOUN
cjfa-33340	471	47	.	.	PUNCT
cjfa-33340	472	1	for	for	ADP
cjfa-33340	472	2	the	the	DET
cjfa-33340	472	3	portfolios	portfolio	NOUN
cjfa-33340	472	4	divided	divide	VERB
cjfa-33340	472	5	by	by	ADP
cjfa-33340	472	6	the	the	DET
cjfa-33340	472	7	size	size	NOUN
cjfa-33340	472	8	factor	factor	NOUN
cjfa-33340	472	9	measured	measure	VERB
cjfa-33340	472	10	by	by	ADP
cjfa-33340	472	11	the	the	DET
cjfa-33340	472	12	market	market	NOUN
cjfa-33340	472	13	capitalization	capitalization	NOUN
cjfa-33340	472	14	,	,	PUNCT
cjfa-33340	472	15	the	the	DET
cjfa-33340	472	16	results	result	NOUN
cjfa-33340	472	17	show	show	VERB
cjfa-33340	472	18	that	that	SCONJ
cjfa-33340	472	19	the	the	DET
cjfa-33340	472	20	coefficient	coefficient	NOUN
cjfa-33340	472	21	γ2	γ2	PROPN
cjfa-33340	472	22	is	be	AUX
cjfa-33340	472	23	negative	negative	ADJ
cjfa-33340	472	24	and	and	CCONJ
cjfa-33340	472	25	statistically	statistically	ADV
cjfa-33340	472	26	significant	significant	ADJ
cjfa-33340	472	27	at	at	ADP
cjfa-33340	472	28	5	5	NUM
cjfa-33340	472	29	%	%	NOUN
cjfa-33340	472	30	level	level	NOUN
cjfa-33340	472	31	of	of	ADP
cjfa-33340	472	32	significance	significance	NOUN
cjfa-33340	472	33	for	for	ADP
cjfa-33340	472	34	the	the	DET
cjfa-33340	472	35	portfolio	portfolio	NOUN
cjfa-33340	472	36	of	of	ADP
cjfa-33340	472	37	big	big	ADJ
cjfa-33340	472	38	stocks	stock	NOUN
cjfa-33340	472	39	,	,	PUNCT
cjfa-33340	472	40	which	which	PRON
cjfa-33340	472	41	indicates	indicate	VERB
cjfa-33340	472	42	the	the	DET
cjfa-33340	472	43	existence	existence	NOUN
cjfa-33340	472	44	of	of	ADP
cjfa-33340	472	45	herding	herd	VERB
cjfa-33340	472	46	behaviour	behaviour	NOUN
cjfa-33340	472	47	during	during	ADP
cjfa-33340	472	48	covid-19	covid-19	PROPN
cjfa-33340	472	49	crisis	crisis	NOUN
cjfa-33340	472	50	in	in	ADP
cjfa-33340	472	51	the	the	DET
cjfa-33340	472	52	portfolio	portfolio	NOUN
cjfa-33340	472	53	of	of	ADP
cjfa-33340	472	54	big	big	ADJ
cjfa-33340	472	55	stocks	stock	NOUN
cjfa-33340	472	56	at	at	ADP
cjfa-33340	472	57	5	5	NUM
cjfa-33340	472	58	%	%	NOUN
cjfa-33340	472	59	level	level	NOUN
cjfa-33340	472	60	of	of	ADP
cjfa-33340	472	61	significance	significance	NOUN
cjfa-33340	472	62	.	.	PUNCT
cjfa-33340	473	1	however	however	ADV
cjfa-33340	473	2	,	,	PUNCT
cjfa-33340	473	3	for	for	ADP
cjfa-33340	473	4	the	the	DET
cjfa-33340	473	5	portfolio	portfolio	NOUN
cjfa-33340	473	6	of	of	ADP
cjfa-33340	473	7	small	small	ADJ
cjfa-33340	473	8	stocks	stock	NOUN
cjfa-33340	473	9	,	,	PUNCT
cjfa-33340	473	10	the	the	DET
cjfa-33340	473	11	coefficient	coefficient	NOUN
cjfa-33340	473	12	γ2	γ2	PROPN
cjfa-33340	473	13	is	be	AUX
cjfa-33340	473	14	not	not	PART
cjfa-33340	473	15	statistically	statistically	ADV
cjfa-33340	473	16	significant	significant	ADJ
cjfa-33340	473	17	,	,	PUNCT
cjfa-33340	473	18	which	which	PRON
cjfa-33340	473	19	confirms	confirm	VERB
cjfa-33340	473	20	the	the	DET
cjfa-33340	473	21	absence	absence	NOUN
cjfa-33340	473	22	of	of	ADP
cjfa-33340	473	23	herding	herd	VERB
cjfa-33340	473	24	behaviour	behaviour	NOUN
cjfa-33340	473	25	during	during	ADP
cjfa-33340	473	26	covid-19	covid-19	PROPN
cjfa-33340	473	27	crisis	crisis	NOUN
cjfa-33340	473	28	in	in	ADP
cjfa-33340	473	29	the	the	DET
cjfa-33340	473	30	portfolio	portfolio	NOUN
cjfa-33340	473	31	of	of	ADP
cjfa-33340	473	32	small	small	ADJ
cjfa-33340	473	33	stocks	stock	NOUN
cjfa-33340	473	34	.	.	PUNCT
cjfa-33340	474	1	table	table	NOUN
cjfa-33340	474	2	2	2	NUM
cjfa-33340	474	3	.	.	PUNCT
cjfa-33340	474	4	results	result	NOUN
cjfa-33340	474	5	of	of	ADP
cjfa-33340	474	6	regression	regression	NOUN
cjfa-33340	474	7	of	of	ADP
cjfa-33340	474	8	daily	daily	ADJ
cjfa-33340	474	9	csad	csad	PROPN
cjfa-33340	474	10	coefficient	coefficient	NOUN
cjfa-33340	474	11	γ2	γ2	PROPN
cjfa-33340	474	12	indicates	indicate	VERB
cjfa-33340	474	13	the	the	DET
cjfa-33340	474	14	existence	existence	NOUN
cjfa-33340	474	15	of	of	ADP
cjfa-33340	474	16	herding	herd	VERB
cjfa-33340	474	17	behaviour	behaviour	NOUN
cjfa-33340	474	18	during	during	ADP
cjfa-33340	474	19	covid-19	covid-19	PROPN
cjfa-33340	474	20	crisis	crisis	NOUN
cjfa-33340	474	21	in	in	ADP
cjfa-33340	474	22	the	the	DET
cjfa-33340	474	23	egyptian	egyptian	ADJ
cjfa-33340	474	24	stock	stock	NOUN
cjfa-33340	474	25	market	market	NOUN
cjfa-33340	474	26	.	.	PUNCT
cjfa-33340	475	1	for	for	ADP
cjfa-33340	475	2	the	the	DET
cjfa-33340	475	3	portfolios	portfolio	NOUN
cjfa-33340	475	4	divided	divide	VERB
cjfa-33340	475	5	by	by	ADP
cjfa-33340	475	6	the	the	DET
cjfa-33340	475	7	value	value	NOUN
cjfa-33340	475	8	factor	factor	NOUN
cjfa-33340	475	9	measured	measure	VERB
cjfa-33340	475	10	by	by	ADP
cjfa-33340	475	11	(	(	PUNCT
cjfa-33340	475	12	book	book	NOUN
cjfa-33340	475	13	/	/	SYM
cjfa-33340	475	14	market	market	NOUN
cjfa-33340	475	15	)	)	PUNCT
cjfa-33340	475	16	ratio	ratio	NOUN
cjfa-33340	475	17	,	,	PUNCT
cjfa-33340	475	18	the	the	DET
cjfa-33340	475	19	results	result	NOUN
cjfa-33340	475	20	show	show	VERB
cjfa-33340	475	21	that	that	SCONJ
cjfa-33340	475	22	the	the	DET
cjfa-33340	475	23	coefficient	coefficient	NOUN
cjfa-33340	475	24	γ2	γ2	PROPN
cjfa-33340	475	25	is	be	AUX
cjfa-33340	475	26	negative	negative	ADJ
cjfa-33340	475	27	and	and	CCONJ
cjfa-33340	475	28	statistically	statistically	ADV
cjfa-33340	475	29	significant	significant	ADJ
cjfa-33340	475	30	at	at	ADP
cjfa-33340	475	31	10	10	NUM
cjfa-33340	475	32	%	%	NOUN
cjfa-33340	475	33	level	level	NOUN
cjfa-33340	475	34	of	of	ADP
cjfa-33340	475	35	significance	significance	NOUN
cjfa-33340	475	36	for	for	ADP
cjfa-33340	475	37	the	the	DET
cjfa-33340	475	38	portfolio	portfolio	NOUN
cjfa-33340	475	39	of	of	ADP
cjfa-33340	475	40	stocks	stock	NOUN
cjfa-33340	475	41	with	with	ADP
cjfa-33340	475	42	low	low	ADJ
cjfa-33340	475	43	(	(	PUNCT
cjfa-33340	475	44	b	b	NOUN
cjfa-33340	475	45	/	/	SYM
cjfa-33340	475	46	m	m	NOUN
cjfa-33340	475	47	)	)	PUNCT
cjfa-33340	475	48	ratio	ratio	NOUN
cjfa-33340	475	49	and	and	CCONJ
cjfa-33340	475	50	it	it	PRON
cjfa-33340	475	51	is	be	AUX
cjfa-33340	475	52	negative	negative	ADJ
cjfa-33340	475	53	and	and	CCONJ
cjfa-33340	475	54	statistically	statistically	ADV
cjfa-33340	475	55	significant	significant	ADJ
cjfa-33340	475	56	at	at	ADP
cjfa-33340	475	57	5	5	NUM
cjfa-33340	475	58	%	%	NOUN
cjfa-33340	475	59	level	level	NOUN
cjfa-33340	475	60	of	of	ADP
cjfa-33340	475	61	significance	significance	NOUN
cjfa-33340	475	62	for	for	ADP
cjfa-33340	475	63	the	the	DET
cjfa-33340	475	64	portfolio	portfolio	NOUN
cjfa-33340	475	65	of	of	ADP
cjfa-33340	475	66	stocks	stock	NOUN
cjfa-33340	475	67	with	with	ADP
cjfa-33340	475	68	high	high	ADJ
cjfa-33340	475	69	(	(	PUNCT
cjfa-33340	475	70	b	b	NOUN
cjfa-33340	475	71	/	/	SYM
cjfa-33340	475	72	m	m	NOUN
cjfa-33340	475	73	)	)	PUNCT
cjfa-33340	475	74	ratio	ratio	NOUN
cjfa-33340	475	75	,	,	PUNCT
cjfa-33340	475	76	which	which	PRON
cjfa-33340	475	77	indicates	indicate	VERB
cjfa-33340	475	78	the	the	DET
cjfa-33340	475	79	existence	existence	NOUN
cjfa-33340	475	80	of	of	ADP
cjfa-33340	475	81	herding	herd	VERB
cjfa-33340	475	82	behaviour	behaviour	NOUN
cjfa-33340	475	83	during	during	ADP
cjfa-33340	475	84	covid-19	covid-19	PROPN
cjfa-33340	475	85	crisis	crisis	NOUN
cjfa-33340	475	86	in	in	ADP
cjfa-33340	475	87	the	the	DET
cjfa-33340	475	88	portfolio	portfolio	NOUN
cjfa-33340	475	89	of	of	ADP
cjfa-33340	475	90	stocks	stock	NOUN
cjfa-33340	475	91	with	with	ADP
cjfa-33340	475	92	high	high	ADJ
cjfa-33340	475	93	(	(	PUNCT
cjfa-33340	475	94	b	b	X
cjfa-33340	475	95	/	/	SYM
cjfa-33340	475	96	m	m	NOUN
cjfa-33340	475	97	)	)	PUNCT
cjfa-33340	475	98	ratio	ratio	NOUN
cjfa-33340	475	99	and	and	CCONJ
cjfa-33340	475	100	the	the	DET
cjfa-33340	475	101	portfolio	portfolio	NOUN
cjfa-33340	475	102	of	of	ADP
cjfa-33340	475	103	stocks	stock	NOUN
cjfa-33340	475	104	with	with	ADP
cjfa-33340	475	105	low	low	ADJ
cjfa-33340	475	106	(	(	PUNCT
cjfa-33340	475	107	b	b	NOUN
cjfa-33340	475	108	/	/	SYM
cjfa-33340	475	109	m	m	NOUN
cjfa-33340	475	110	)	)	PUNCT
cjfa-33340	475	111	ratio	ratio	NOUN
cjfa-33340	475	112	at	at	ADP
cjfa-33340	475	113	5	5	NUM
cjfa-33340	475	114	%	%	NOUN
cjfa-33340	475	115	and	and	CCONJ
cjfa-33340	475	116	10	10	NUM
cjfa-33340	475	117	%	%	NOUN
cjfa-33340	475	118	level	level	NOUN
cjfa-33340	475	119	of	of	ADP
cjfa-33340	475	120	significance	significance	NOUN
cjfa-33340	475	121	respectively	respectively	ADV
cjfa-33340	475	122	.	.	PUNCT
cjfa-33340	476	1	however	however	ADV
cjfa-33340	476	2	,	,	PUNCT
cjfa-33340	476	3	for	for	ADP
cjfa-33340	476	4	the	the	DET
cjfa-33340	476	5	portfolio	portfolio	NOUN
cjfa-33340	476	6	of	of	ADP
cjfa-33340	476	7	stocks	stock	NOUN
cjfa-33340	476	8	with	with	ADP
cjfa-33340	476	9	medium	medium	ADJ
cjfa-33340	476	10	(	(	PUNCT
cjfa-33340	476	11	b	b	NOUN
cjfa-33340	476	12	/	/	SYM
cjfa-33340	476	13	m	m	NOUN
cjfa-33340	476	14	)	)	PUNCT
cjfa-33340	476	15	ratio	ratio	NOUN
cjfa-33340	476	16	the	the	DET
cjfa-33340	476	17	coefficient	coefficient	NOUN
cjfa-33340	476	18	γ2	γ2	NOUN
cjfa-33340	476	19	is	be	AUX
cjfa-33340	476	20	not	not	PART
cjfa-33340	476	21	statistically	statistically	ADV
cjfa-33340	476	22	significant	significant	ADJ
cjfa-33340	476	23	,	,	PUNCT
cjfa-33340	476	24	which	which	PRON
cjfa-33340	476	25	confirms	confirm	VERB
cjfa-33340	476	26	the	the	DET
cjfa-33340	476	27	absence	absence	NOUN
cjfa-33340	476	28	of	of	ADP
cjfa-33340	476	29	herding	herd	VERB
cjfa-33340	476	30	behaviour	behaviour	NOUN
cjfa-33340	476	31	during	during	ADP
cjfa-33340	476	32	covid-19	covid-19	PROPN
cjfa-33340	476	33	crisis	crisis	NOUN
cjfa-33340	476	34	in	in	ADP
cjfa-33340	476	35	the	the	DET
cjfa-33340	476	36	portfolio	portfolio	NOUN
cjfa-33340	476	37	of	of	ADP
cjfa-33340	476	38	stocks	stock	NOUN
cjfa-33340	476	39	with	with	ADP
cjfa-33340	476	40	medium	medium	ADJ
cjfa-33340	476	41	(	(	PUNCT
cjfa-33340	476	42	b	b	NOUN
cjfa-33340	476	43	/	/	SYM
cjfa-33340	476	44	m	m	NOUN
cjfa-33340	476	45	)	)	PUNCT
cjfa-33340	476	46	ratio	ratio	NOUN
cjfa-33340	476	47	.	.	PUNCT
cjfa-33340	477	1	for	for	ADP
cjfa-33340	477	2	the	the	DET
cjfa-33340	477	3	portfolios	portfolio	NOUN
cjfa-33340	477	4	divided	divide	VERB
cjfa-33340	477	5	by	by	ADP
cjfa-33340	477	6	the	the	DET
cjfa-33340	477	7	size	size	NOUN
cjfa-33340	477	8	factor	factor	NOUN
cjfa-33340	477	9	measured	measure	VERB
cjfa-33340	477	10	by	by	ADP
cjfa-33340	477	11	the	the	DET
cjfa-33340	477	12	market	market	NOUN
cjfa-33340	477	13	capitalization	capitalization	NOUN
cjfa-33340	477	14	,	,	PUNCT
cjfa-33340	477	15	the	the	DET
cjfa-33340	477	16	results	result	NOUN
cjfa-33340	477	17	show	show	VERB
cjfa-33340	477	18	that	that	SCONJ
cjfa-33340	477	19	the	the	DET
cjfa-33340	477	20	coefficient	coefficient	NOUN
cjfa-33340	477	21	γ2	γ2	PROPN
cjfa-33340	477	22	is	be	AUX
cjfa-33340	477	23	negative	negative	ADJ
cjfa-33340	477	24	and	and	CCONJ
cjfa-33340	477	25	statistically	statistically	ADV
cjfa-33340	477	26	significant	significant	ADJ
cjfa-33340	477	27	at	at	ADP
cjfa-33340	477	28	5	5	NUM
cjfa-33340	477	29	%	%	NOUN
cjfa-33340	477	30	level	level	NOUN
cjfa-33340	477	31	of	of	ADP
cjfa-33340	477	32	significance	significance	NOUN
cjfa-33340	477	33	for	for	ADP
cjfa-33340	477	34	the	the	DET
cjfa-33340	477	35	portfolio	portfolio	NOUN
cjfa-33340	477	36	of	of	ADP
cjfa-33340	477	37	big	big	ADJ
cjfa-33340	477	38	stocks	stock	NOUN
cjfa-33340	477	39	,	,	PUNCT
cjfa-33340	477	40	which	which	PRON
cjfa-33340	477	41	indicates	indicate	VERB
cjfa-33340	477	42	the	the	DET
cjfa-33340	477	43	existence	existence	NOUN
cjfa-33340	477	44	of	of	ADP
cjfa-33340	477	45	herding	herd	VERB
cjfa-33340	477	46	behaviour	behaviour	NOUN
cjfa-33340	477	47	during	during	ADP
cjfa-33340	477	48	covid-19	covid-19	PROPN
cjfa-33340	477	49	crisis	crisis	NOUN
cjfa-33340	477	50	in	in	ADP
cjfa-33340	477	51	the	the	DET
cjfa-33340	477	52	portfolio	portfolio	NOUN
cjfa-33340	477	53	of	of	ADP
cjfa-33340	477	54	big	big	ADJ
cjfa-33340	477	55	stocks	stock	NOUN
cjfa-33340	477	56	at	at	ADP
cjfa-33340	477	57	5	5	NUM
cjfa-33340	477	58	%	%	NOUN
cjfa-33340	477	59	level	level	NOUN
cjfa-33340	477	60	of	of	ADP
cjfa-33340	477	61	significance	significance	NOUN
cjfa-33340	477	62	.	.	PUNCT
cjfa-33340	478	1	however	however	ADV
cjfa-33340	478	2	,	,	PUNCT
cjfa-33340	478	3	for	for	ADP
cjfa-33340	478	4	the	the	DET
cjfa-33340	478	5	portfolio	portfolio	NOUN
cjfa-33340	478	6	of	of	ADP
cjfa-33340	478	7	small	small	ADJ
cjfa-33340	478	8	stocks	stock	NOUN
cjfa-33340	478	9	,	,	PUNCT
cjfa-33340	478	10	the	the	DET
cjfa-33340	478	11	coefficient	coefficient	NOUN
cjfa-33340	478	12	γ2	γ2	PROPN
cjfa-33340	478	13	is	be	AUX
cjfa-33340	478	14	not	not	PART
cjfa-33340	478	15	statistically	statistically	ADV
cjfa-33340	478	16	significant	significant	ADJ
cjfa-33340	478	17	,	,	PUNCT
cjfa-33340	478	18	which	which	PRON
cjfa-33340	478	19	confirms	confirm	VERB
cjfa-33340	478	20	the	the	DET
cjfa-33340	478	21	absence	absence	NOUN
cjfa-33340	478	22	of	of	ADP
cjfa-33340	478	23	herding	herd	VERB
cjfa-33340	478	24	behaviour	behaviour	NOUN
cjfa-33340	478	25	during	during	ADP
cjfa-33340	478	26	covid19	covid19	NOUN
cjfa-33340	478	27	crisis	crisis	NOUN
cjfa-33340	478	28	in	in	ADP
cjfa-33340	478	29	the	the	DET
cjfa-33340	478	30	portfolio	portfolio	NOUN
cjfa-33340	478	31	of	of	ADP
cjfa-33340	478	32	small	small	ADJ
cjfa-33340	478	33	stocks	stock	NOUN
cjfa-33340	478	34	.	.	PUNCT
cjfa-33340	479	1	table	table	NOUN
cjfa-33340	479	2	2	2	NUM
cjfa-33340	479	3	.	.	PUNCT
cjfa-33340	479	4	results	result	NOUN
cjfa-33340	479	5	of	of	ADP
cjfa-33340	479	6	regression	regression	NOUN
cjfa-33340	479	7	of	of	ADP
cjfa-33340	479	8	daily	daily	ADJ
cjfa-33340	479	9	csad	csad	ADJ
cjfa-33340	479	10	coefficients	coefficient	NOUN
cjfa-33340	479	11	value	value	NOUN
cjfa-33340	479	12	t	t	NOUN
cjfa-33340	479	13	-	-	PUNCT
cjfa-33340	479	14	statistic	statistic	NOUN
cjfa-33340	479	15	p	p	NOUN
cjfa-33340	479	16	-	-	PUNCT
cjfa-33340	479	17	value	value	NOUN
cjfa-33340	479	18	value	value	NOUN
cjfa-33340	479	19	t	t	NOUN
cjfa-33340	479	20	-	-	PUNCT
cjfa-33340	479	21	statistic	statistic	NOUN
cjfa-33340	479	22	p	p	NOUN
cjfa-33340	479	23	-	-	PUNCT
cjfa-33340	479	24	value	value	NOUN
cjfa-33340	479	25	value	value	NOUN
cjfa-33340	479	26	t	t	NOUN
cjfa-33340	479	27	-	-	PUNCT
cjfa-33340	479	28	statistic	statistic	NOUN
cjfa-33340	479	29	p	p	NOUN
cjfa-33340	479	30	-	-	PUNCT
cjfa-33340	479	31	value	value	NOUN
cjfa-33340	479	32	all	all	DET
cjfa-33340	479	33	sample	sample	NOUN
cjfa-33340	479	34	stocks	stock	NOUN
cjfa-33340	479	35	0.0305	0.0305	NUM
cjfa-33340	479	36	12.940	12.940	NUM
cjfa-33340	480	1	0.000	0.000	NUM
cjfa-33340	480	2	0.6804	0.6804	NUM
cjfa-33340	480	3	3.42852	3.42852	NUM
cjfa-33340	480	4	0.0009	0.0009	NUM
cjfa-33340	480	5	-4.803	-4.803	NUM
cjfa-33340	480	6	-1.826	-1.826	NUM
cjfa-33340	480	7	0.071	0.071	NUM
cjfa-33340	480	8	stocks	stock	NOUN
cjfa-33340	480	9	with	with	ADP
cjfa-33340	480	10	high	high	ADJ
cjfa-33340	480	11	(	(	PUNCT
cjfa-33340	480	12	b	b	X
cjfa-33340	480	13	/	/	SYM
cjfa-33340	480	14	m	m	NOUN
cjfa-33340	480	15	)	)	PUNCT
cjfa-33340	480	16	ratio	ratio	NOUN
cjfa-33340	480	17	0.0098	0.0098	NUM
cjfa-33340	480	18	10.58565	10.58565	NUM
cjfa-33340	480	19	0.00	0.00	NUM
cjfa-33340	480	20	0.2138	0.2138	NUM
cjfa-33340	480	21	2.72787	2.72787	NUM
cjfa-33340	480	22	0.0077	0.0077	NUM
cjfa-33340	480	23	-2.100	-2.100	PUNCT
cjfa-33340	480	24	-2.02132	-2.02132	PUNCT
cjfa-33340	480	25	0.0463	0.0463	NUM
cjfa-33340	480	26	stocks	stock	NOUN
cjfa-33340	480	27	with	with	ADP
cjfa-33340	480	28	medium	medium	ADJ
cjfa-33340	480	29	(	(	PUNCT
cjfa-33340	480	30	b	b	NOUN
cjfa-33340	480	31	/	/	SYM
cjfa-33340	480	32	m	m	NOUN
cjfa-33340	480	33	)	)	PUNCT
cjfa-33340	480	34	ratio	ratio	NOUN
cjfa-33340	480	35	0.0121	0.0121	NUM
cjfa-33340	480	36	11.04683	11.04683	NUM
cjfa-33340	480	37	0.000	0.000	NUM
cjfa-33340	480	38	0.250	0.250	NUM
cjfa-33340	480	39	2.69912	2.69912	NUM
cjfa-33340	480	40	0.0084	0.0084	NUM
cjfa-33340	480	41	-0.977	-0.977	NOUN
cjfa-33340	480	42	-0.79699	-0.79699	NOUN
cjfa-33340	480	43	0.4276	0.4276	NUM
cjfa-33340	480	44	stocks	stock	NOUN
cjfa-33340	480	45	with	with	ADP
cjfa-33340	480	46	low	low	ADJ
cjfa-33340	480	47	(	(	PUNCT
cjfa-33340	480	48	b	b	NOUN
cjfa-33340	480	49	/	/	SYM
cjfa-33340	480	50	m	m	NOUN
cjfa-33340	480	51	)	)	PUNCT
cjfa-33340	480	52	ratio	ratio	NOUN
cjfa-33340	480	53	0.005	0.005	NUM
cjfa-33340	480	54	10.344	10.344	NUM
cjfa-33340	480	55	0.000	0.000	NUM
cjfa-33340	480	56	0.217	0.217	NUM
cjfa-33340	480	57	3.13173	3.13173	NUM
cjfa-33340	480	58	0.0024	0.0024	NUM
cjfa-33340	480	59	-1.726	-1.726	SYM
cjfa-33340	480	60	-1.880	-1.880	SYM
cjfa-33340	480	61	0.0635	0.0635	NUM
cjfa-33340	480	62	small	small	ADJ
cjfa-33340	480	63	stocks	stock	NOUN
cjfa-33340	480	64	0.0155	0.0155	NUM
cjfa-33340	480	65	11.06935	11.06935	NUM
cjfa-33340	480	66	0.000	0.000	NUM
cjfa-33340	480	67	0.2858	0.2858	NUM
cjfa-33340	480	68	2.42096	2.42096	NUM
cjfa-33340	480	69	0.0176	0.0176	NUM
cjfa-33340	480	70	-1.918	-1.918	NOUN
cjfa-33340	480	71	-1.22544	-1.22544	NOUN
cjfa-33340	481	1	0.2237	0.2237	NUM
cjfa-33340	481	2	big	big	ADJ
cjfa-33340	481	3	stocks	stock	NOUN
cjfa-33340	481	4	0.009	0.009	NUM
cjfa-33340	481	5	12.847	12.847	NUM
cjfa-33340	481	6	0.000	0.000	NUM
cjfa-33340	481	7	0.3945	0.3945	NUM
cjfa-33340	481	8	4.020	4.020	NUM
cjfa-33340	481	9	0.000	0.000	NUM
cjfa-33340	481	10	-2.885	-2.885	NOUN
cjfa-33340	481	11	-2.21745	-2.21745	NOUN
cjfa-33340	481	12	0.0292	0.0292	NUM
cjfa-33340	481	13	constant	constant	ADJ
cjfa-33340	481	14	γ	γ	PROPN
cjfa-33340	481	15	�	�	PROPN
cjfa-33340	481	16	γ	γ	PROPN
cjfa-33340	481	17	�	�	PROPN
cjfa-33340	481	18	source	source	NOUN
cjfa-33340	481	19	:	:	PUNCT
cjfa-33340	481	20	author	author	NOUN
cjfa-33340	481	21	's	's	PART
cjfa-33340	481	22	construction	construction	NOUN
cjfa-33340	481	23	.	.	PUNCT
cjfa-33340	482	1	conclusion	conclusion	NOUN
cjfa-33340	482	2	s	s	PART
cjfa-33340	482	3	o	o	NOUN
cjfa-33340	482	4	u	u	NOUN
cjfa-33340	482	5	r	r	NOUN
cjfa-33340	482	6	c	c	NOUN
cjfa-33340	482	7	e	e	NOUN
cjfa-33340	482	8	:	:	PUNCT
cjfa-33340	482	9	author	author	NOUN
cjfa-33340	482	10	’s	’s	PART
cjfa-33340	482	11	construction	construction	NOUN
cjfa-33340	482	12	.	.	PUNCT
cjfa-33340	483	1	sentimental	sentimental	ADJ
cjfa-33340	483	2	herding	herding	NOUN
cjfa-33340	483	3	:	:	PUNCT
cjfa-33340	483	4	the	the	DET
cjfa-33340	483	5	role	role	NOUN
cjfa-33340	483	6	of	of	ADP
cjfa-33340	483	7	covid-19	covid-19	PROPN
cjfa-33340	483	8	crisis	crisis	NOUN
cjfa-33340	483	9	…	…	PUNCT
cjfa-33340	483	10	21	21	NUM
cjfa-33340	483	11	 	 	SPACE
cjfa-33340	483	12	conclusion	conclusion	NOUN
cjfa-33340	483	13	herding	herd	VERB
cjfa-33340	483	14	behaviour	behaviour	NOUN
cjfa-33340	483	15	is	be	AUX
cjfa-33340	483	16	considered	consider	VERB
cjfa-33340	483	17	the	the	DET
cjfa-33340	483	18	most	most	ADV
cjfa-33340	483	19	important	important	ADJ
cjfa-33340	483	20	topics	topic	NOUN
cjfa-33340	483	21	in	in	ADP
cjfa-33340	483	22	financial	financial	ADJ
cjfa-33340	483	23	literature	literature	NOUN
cjfa-33340	483	24	,	,	PUNCT
cjfa-33340	483	25	especially	especially	ADV
cjfa-33340	483	26	during	during	ADP
cjfa-33340	483	27	the	the	DET
cjfa-33340	483	28	crisis	crisis	NOUN
cjfa-33340	483	29	.	.	PUNCT
cjfa-33340	484	1	the	the	DET
cjfa-33340	484	2	emerging	emerge	VERB
cjfa-33340	484	3	markets	market	NOUN
cjfa-33340	484	4	have	have	AUX
cjfa-33340	484	5	been	be	AUX
cjfa-33340	484	6	neglected	neglect	VERB
cjfa-33340	484	7	in	in	ADP
cjfa-33340	484	8	previous	previous	ADJ
cjfa-33340	484	9	studies	study	NOUN
cjfa-33340	484	10	on	on	ADP
cjfa-33340	484	11	this	this	DET
cjfa-33340	484	12	topic	topic	NOUN
cjfa-33340	484	13	.	.	PUNCT
cjfa-33340	485	1	this	this	PRON
cjfa-33340	485	2	is	be	AUX
cjfa-33340	485	3	the	the	DET
cjfa-33340	485	4	first	first	ADJ
cjfa-33340	485	5	study	study	NOUN
cjfa-33340	485	6	that	that	PRON
cjfa-33340	485	7	investigates	investigate	VERB
cjfa-33340	485	8	herding	herd	VERB
cjfa-33340	485	9	behaviour	behaviour	NOUN
cjfa-33340	485	10	during	during	ADP
cjfa-33340	485	11	covid-19	covid-19	PROPN
cjfa-33340	485	12	pandemic	pandemic	NOUN
cjfa-33340	485	13	.	.	PUNCT
cjfa-33340	486	1	the	the	DET
cjfa-33340	486	2	study	study	NOUN
cjfa-33340	486	3	tried	try	VERB
cjfa-33340	486	4	to	to	PART
cjfa-33340	486	5	fill	fill	VERB
cjfa-33340	486	6	a	a	DET
cjfa-33340	486	7	gap	gap	NOUN
cjfa-33340	486	8	in	in	ADP
cjfa-33340	486	9	the	the	DET
cjfa-33340	486	10	literature	literature	NOUN
cjfa-33340	486	11	by	by	ADP
cjfa-33340	486	12	providing	provide	VERB
cjfa-33340	486	13	evidence	evidence	NOUN
cjfa-33340	486	14	on	on	ADP
cjfa-33340	486	15	herding	herd	VERB
cjfa-33340	486	16	behaviour	behaviour	NOUN
cjfa-33340	486	17	in	in	ADP
cjfa-33340	486	18	the	the	DET
cjfa-33340	486	19	egyptian	egyptian	ADJ
cjfa-33340	486	20	stock	stock	NOUN
cjfa-33340	486	21	market	market	NOUN
cjfa-33340	486	22	during	during	ADP
cjfa-33340	486	23	covid-19	covid-19	PROPN
cjfa-33340	486	24	crisis	crisis	NOUN
cjfa-33340	486	25	by	by	ADP
cjfa-33340	486	26	using	use	VERB
cjfa-33340	486	27	daily	daily	ADJ
cjfa-33340	486	28	stock	stock	NOUN
cjfa-33340	486	29	returns	return	NOUN
cjfa-33340	486	30	and	and	CCONJ
cjfa-33340	486	31	daily	daily	ADJ
cjfa-33340	486	32	returns	return	NOUN
cjfa-33340	486	33	of	of	ADP
cjfa-33340	486	34	the	the	DET
cjfa-33340	486	35	egx30	egx30	PROPN
cjfa-33340	486	36	index	index	NOUN
cjfa-33340	486	37	.	.	PUNCT
cjfa-33340	487	1	the	the	DET
cjfa-33340	487	2	daily	daily	ADJ
cjfa-33340	487	3	data	data	NOUN
cjfa-33340	487	4	covers	cover	VERB
cjfa-33340	487	5	the	the	DET
cjfa-33340	487	6	period	period	NOUN
cjfa-33340	487	7	from	from	ADP
cjfa-33340	487	8	february	february	PROPN
cjfa-33340	487	9	14th	14th	NUM
cjfa-33340	487	10	,	,	PUNCT
cjfa-33340	487	11	2020	2020	NUM
cjfa-33340	487	12	to	to	ADP
cjfa-33340	487	13	june	june	PROPN
cjfa-33340	487	14	30	30	NUM
cjfa-33340	487	15	,	,	PUNCT
cjfa-33340	487	16	2020	2020	NUM
cjfa-33340	487	17	.	.	PUNCT
cjfa-33340	488	1	the	the	DET
cjfa-33340	488	2	study	study	NOUN
cjfa-33340	488	3	also	also	ADV
cjfa-33340	488	4	examined	examine	VERB
cjfa-33340	488	5	herding	herd	VERB
cjfa-33340	488	6	behaviour	behaviour	NOUN
cjfa-33340	488	7	at	at	ADP
cjfa-33340	488	8	the	the	DET
cjfa-33340	488	9	level	level	NOUN
cjfa-33340	488	10	of	of	ADP
cjfa-33340	488	11	portfolios	portfolio	NOUN
cjfa-33340	488	12	divided	divide	VERB
cjfa-33340	488	13	based	base	VERB
cjfa-33340	488	14	on	on	ADP
cjfa-33340	488	15	the	the	DET
cjfa-33340	488	16	size	size	NOUN
cjfa-33340	488	17	and	and	CCONJ
cjfa-33340	488	18	the	the	DET
cjfa-33340	488	19	value	value	NOUN
cjfa-33340	488	20	factors	factor	NOUN
cjfa-33340	488	21	during	during	ADP
cjfa-33340	488	22	covid-19	covid-19	PROPN
cjfa-33340	488	23	crisis	crisis	NOUN
cjfa-33340	488	24	.	.	PUNCT
cjfa-33340	489	1	the	the	DET
cjfa-33340	489	2	results	result	NOUN
cjfa-33340	489	3	confirm	confirm	VERB
cjfa-33340	489	4	that	that	SCONJ
cjfa-33340	489	5	the	the	DET
cjfa-33340	489	6	egyptian	egyptian	ADJ
cjfa-33340	489	7	stock	stock	NOUN
cjfa-33340	489	8	market	market	NOUN
cjfa-33340	489	9	is	be	AUX
cjfa-33340	489	10	affected	affect	VERB
cjfa-33340	489	11	by	by	ADP
cjfa-33340	489	12	a	a	DET
cjfa-33340	489	13	herding	herd	VERB
cjfa-33340	489	14	behaviour	behaviour	NOUN
cjfa-33340	489	15	during	during	ADP
cjfa-33340	489	16	covid-19	covid-19	PROPN
cjfa-33340	489	17	crisis	crisis	NOUN
cjfa-33340	489	18	when	when	SCONJ
cjfa-33340	489	19	using	use	VERB
cjfa-33340	489	20	chang	chang	PROPN
cjfa-33340	489	21	et	et	PROPN
cjfa-33340	489	22	al	al	PROPN
cjfa-33340	489	23	.	.	PROPN
cjfa-33340	490	1	(	(	PUNCT
cjfa-33340	490	2	2000	2000	NUM
cjfa-33340	490	3	)	)	PUNCT
cjfa-33340	490	4	methodology	methodology	NOUN
cjfa-33340	490	5	.	.	PUNCT
cjfa-33340	491	1	this	this	PRON
cjfa-33340	491	2	may	may	AUX
cjfa-33340	491	3	be	be	AUX
cjfa-33340	491	4	reflecting	reflect	VERB
cjfa-33340	491	5	the	the	DET
cjfa-33340	491	6	investor	investor	NOUN
cjfa-33340	491	7	’s	’s	PART
cjfa-33340	491	8	irrationality	irrationality	NOUN
cjfa-33340	491	9	in	in	ADP
cjfa-33340	491	10	the	the	DET
cjfa-33340	491	11	egyptian	egyptian	ADJ
cjfa-33340	491	12	stock	stock	NOUN
cjfa-33340	491	13	market	market	NOUN
cjfa-33340	491	14	.	.	PUNCT
cjfa-33340	492	1	this	this	DET
cjfa-33340	492	2	irrationality	irrationality	NOUN
cjfa-33340	492	3	may	may	AUX
cjfa-33340	492	4	provide	provide	VERB
cjfa-33340	492	5	investors	investor	NOUN
cjfa-33340	492	6	to	to	PART
cjfa-33340	492	7	decide	decide	VERB
cjfa-33340	492	8	based	base	VERB
cjfa-33340	492	9	on	on	ADP
cjfa-33340	492	10	following	follow	VERB
cjfa-33340	492	11	the	the	DET
cjfa-33340	492	12	others	other	NOUN
cjfa-33340	492	13	rather	rather	ADV
cjfa-33340	492	14	than	than	ADP
cjfa-33340	492	15	their	their	PRON
cjfa-33340	492	16	own	own	ADJ
cjfa-33340	492	17	beliefs	belief	NOUN
cjfa-33340	492	18	.	.	PUNCT
cjfa-33340	493	1	this	this	PRON
cjfa-33340	493	2	indicates	indicate	VERB
cjfa-33340	493	3	that	that	SCONJ
cjfa-33340	493	4	investors	investor	NOUN
cjfa-33340	493	5	do	do	AUX
cjfa-33340	493	6	not	not	PART
cjfa-33340	493	7	trust	trust	VERB
cjfa-33340	493	8	their	their	PRON
cjfa-33340	493	9	information	information	NOUN
cjfa-33340	493	10	during	during	ADP
cjfa-33340	493	11	a	a	DET
cjfa-33340	493	12	crisis	crisis	NOUN
cjfa-33340	493	13	.	.	PUNCT
cjfa-33340	494	1	thus	thus	ADV
cjfa-33340	494	2	,	,	PUNCT
cjfa-33340	494	3	these	these	DET
cjfa-33340	494	4	results	result	NOUN
cjfa-33340	494	5	contradicted	contradict	VERB
cjfa-33340	494	6	with	with	ADP
cjfa-33340	494	7	the	the	DET
cjfa-33340	494	8	assumptions	assumption	NOUN
cjfa-33340	494	9	of	of	ADP
cjfa-33340	494	10	the	the	DET
cjfa-33340	494	11	efficient	efficient	ADJ
cjfa-33340	494	12	market	market	NOUN
cjfa-33340	494	13	hypothesis	hypothesis	NOUN
cjfa-33340	494	14	.	.	PUNCT
cjfa-33340	495	1	in	in	ADP
cjfa-33340	495	2	contrast	contrast	NOUN
cjfa-33340	495	3	,	,	PUNCT
cjfa-33340	495	4	the	the	DET
cjfa-33340	495	5	results	result	NOUN
cjfa-33340	495	6	demonstrated	demonstrate	VERB
cjfa-33340	495	7	the	the	DET
cjfa-33340	495	8	absence	absence	NOUN
cjfa-33340	495	9	of	of	ADP
cjfa-33340	495	10	herding	herd	VERB
cjfa-33340	495	11	behaviour	behaviour	NOUN
cjfa-33340	495	12	when	when	SCONJ
cjfa-33340	495	13	using	use	VERB
cjfa-33340	495	14	hwang	hwang	PROPN
cjfa-33340	495	15	and	and	CCONJ
cjfa-33340	495	16	salmon	salmon	NOUN
cjfa-33340	495	17	(	(	PUNCT
cjfa-33340	495	18	2004	2004	NUM
cjfa-33340	495	19	)	)	PUNCT
cjfa-33340	495	20	methodology	methodology	NOUN
cjfa-33340	495	21	.	.	PUNCT
cjfa-33340	496	1	also	also	ADV
cjfa-33340	496	2	,	,	PUNCT
cjfa-33340	496	3	the	the	DET
cjfa-33340	496	4	results	result	NOUN
cjfa-33340	496	5	demonstrated	demonstrate	VERB
cjfa-33340	496	6	that	that	SCONJ
cjfa-33340	496	7	the	the	DET
cjfa-33340	496	8	portfolio	portfolio	NOUN
cjfa-33340	496	9	of	of	ADP
cjfa-33340	496	10	stocks	stock	NOUN
cjfa-33340	496	11	with	with	ADP
cjfa-33340	496	12	low	low	ADJ
cjfa-33340	496	13	and	and	CCONJ
cjfa-33340	496	14	high	high	ADJ
cjfa-33340	496	15	(	(	PUNCT
cjfa-33340	496	16	b	b	X
cjfa-33340	496	17	/	/	SYM
cjfa-33340	496	18	m	m	NOUN
cjfa-33340	496	19	)	)	PUNCT
cjfa-33340	496	20	ratio	ratio	NOUN
cjfa-33340	496	21	and	and	CCONJ
cjfa-33340	496	22	the	the	DET
cjfa-33340	496	23	portfolio	portfolio	NOUN
cjfa-33340	496	24	of	of	ADP
cjfa-33340	496	25	big	big	ADJ
cjfa-33340	496	26	stocks	stock	NOUN
cjfa-33340	496	27	only	only	ADV
cjfa-33340	496	28	affected	affect	VERB
cjfa-33340	496	29	by	by	ADP
cjfa-33340	496	30	a	a	DET
cjfa-33340	496	31	herding	herd	VERB
cjfa-33340	496	32	behaviour	behaviour	NOUN
cjfa-33340	496	33	during	during	ADP
cjfa-33340	496	34	covid-19	covid-19	PROPN
cjfa-33340	496	35	crisis	crisis	NOUN
cjfa-33340	496	36	,	,	PUNCT
cjfa-33340	496	37	this	this	PRON
cjfa-33340	496	38	is	be	AUX
cjfa-33340	496	39	when	when	SCONJ
cjfa-33340	496	40	using	use	VERB
cjfa-33340	496	41	the	the	DET
cjfa-33340	496	42	chang	chang	PROPN
cjfa-33340	496	43	et	et	PROPN
cjfa-33340	496	44	al	al	PROPN
cjfa-33340	496	45	.	.	PROPN
cjfa-33340	497	1	(	(	PUNCT
cjfa-33340	497	2	2000	2000	NUM
cjfa-33340	497	3	)	)	PUNCT
cjfa-33340	497	4	methodology	methodology	NOUN
cjfa-33340	497	5	.	.	PUNCT
cjfa-33340	498	1	however	however	ADV
cjfa-33340	498	2	,	,	PUNCT
cjfa-33340	498	3	hwang	hwang	PROPN
cjfa-33340	498	4	and	and	CCONJ
cjfa-33340	498	5	salmon	salmon	NOUN
cjfa-33340	498	6	(	(	PUNCT
cjfa-33340	498	7	2004	2004	NUM
cjfa-33340	498	8	)	)	PUNCT
cjfa-33340	498	9	methodology	methodology	NOUN
cjfa-33340	498	10	provide	provide	VERB
cjfa-33340	498	11	no	no	DET
cjfa-33340	498	12	evidence	evidence	NOUN
cjfa-33340	498	13	of	of	ADP
cjfa-33340	498	14	herding	herd	VERB
cjfa-33340	498	15	behaviour	behaviour	NOUN
cjfa-33340	498	16	at	at	ADP
cjfa-33340	498	17	the	the	DET
cjfa-33340	498	18	level	level	NOUN
cjfa-33340	498	19	of	of	ADP
cjfa-33340	498	20	all	all	DET
cjfa-33340	498	21	portfolios	portfolio	NOUN
cjfa-33340	498	22	.	.	PUNCT
cjfa-33340	499	1	the	the	DET
cjfa-33340	499	2	results	result	NOUN
cjfa-33340	499	3	of	of	ADP
cjfa-33340	499	4	this	this	DET
cjfa-33340	499	5	study	study	NOUN
cjfa-33340	499	6	have	have	VERB
cjfa-33340	499	7	important	important	ADJ
cjfa-33340	499	8	practical	practical	ADJ
cjfa-33340	499	9	implication	implication	NOUN
cjfa-33340	499	10	,	,	PUNCT
cjfa-33340	499	11	especially	especially	ADV
cjfa-33340	499	12	for	for	ADP
cjfa-33340	499	13	investors	investor	NOUN
cjfa-33340	499	14	who	who	PRON
cjfa-33340	499	15	concerned	concern	VERB
cjfa-33340	499	16	to	to	PART
cjfa-33340	499	17	know	know	VERB
cjfa-33340	499	18	the	the	DET
cjfa-33340	499	19	degree	degree	NOUN
cjfa-33340	499	20	of	of	ADP
cjfa-33340	499	21	market	market	NOUN
cjfa-33340	499	22	efficiency	efficiency	NOUN
cjfa-33340	499	23	and	and	CCONJ
cjfa-33340	499	24	all	all	DET
cjfa-33340	499	25	anomalies	anomaly	NOUN
cjfa-33340	499	26	kinds	kind	NOUN
cjfa-33340	499	27	that	that	PRON
cjfa-33340	499	28	could	could	AUX
cjfa-33340	499	29	affect	affect	VERB
cjfa-33340	499	30	their	their	PRON
cjfa-33340	499	31	investment	investment	NOUN
cjfa-33340	499	32	return	return	NOUN
cjfa-33340	499	33	,	,	PUNCT
cjfa-33340	499	34	which	which	PRON
cjfa-33340	499	35	helps	help	VERB
cjfa-33340	499	36	them	they	PRON
cjfa-33340	499	37	to	to	PART
cjfa-33340	499	38	create	create	VERB
cjfa-33340	499	39	suitable	suitable	ADJ
cjfa-33340	499	40	portfolios	portfolio	NOUN
cjfa-33340	499	41	.	.	PUNCT
cjfa-33340	500	1	this	this	DET
cjfa-33340	500	2	study	study	NOUN
cjfa-33340	500	3	comparing	compare	VERB
cjfa-33340	500	4	different	different	ADJ
cjfa-33340	500	5	empirical	empirical	ADJ
cjfa-33340	500	6	models	model	NOUN
cjfa-33340	500	7	of	of	ADP
cjfa-33340	500	8	herding	herd	VERB
cjfa-33340	500	9	behaviour	behaviour	NOUN
cjfa-33340	500	10	during	during	ADP
cjfa-33340	500	11	covid-19	covid-19	PROPN
cjfa-33340	500	12	crisis	crisis	NOUN
cjfa-33340	500	13	.	.	PUNCT
cjfa-33340	501	1	it	it	PRON
cjfa-33340	501	2	would	would	AUX
cjfa-33340	501	3	be	be	AUX
cjfa-33340	501	4	interesting	interesting	ADJ
cjfa-33340	501	5	to	to	ADP
cjfa-33340	501	6	retests	retest	VERB
cjfa-33340	501	7	these	these	DET
cjfa-33340	501	8	models	model	NOUN
cjfa-33340	501	9	during	during	ADP
cjfa-33340	501	10	covid-19	covid-19	PROPN
cjfa-33340	501	11	crisis	crisis	NOUN
cjfa-33340	501	12	in	in	ADP
cjfa-33340	501	13	other	other	ADJ
cjfa-33340	501	14	different	different	ADJ
cjfa-33340	501	15	emerging	emerge	VERB
cjfa-33340	501	16	markets	market	NOUN
cjfa-33340	501	17	or	or	CCONJ
cjfa-33340	501	18	developing	develop	VERB
cjfa-33340	501	19	and	and	CCONJ
cjfa-33340	501	20	developed	developed	ADJ
cjfa-33340	501	21	markets	market	NOUN
cjfa-33340	501	22	.	.	PUNCT
cjfa-33340	502	1	it	it	PRON
cjfa-33340	502	2	should	should	AUX
cjfa-33340	502	3	be	be	AUX
cjfa-33340	502	4	noted	note	VERB
cjfa-33340	502	5	that	that	SCONJ
cjfa-33340	502	6	the	the	DET
cjfa-33340	502	7	results	result	NOUN
cjfa-33340	502	8	of	of	ADP
cjfa-33340	502	9	this	this	DET
cjfa-33340	502	10	study	study	NOUN
cjfa-33340	502	11	also	also	ADV
cjfa-33340	502	12	interest	interest	NOUN
cjfa-33340	502	13	market	market	NOUN
cjfa-33340	502	14	authorities	authority	NOUN
cjfa-33340	502	15	,	,	PUNCT
cjfa-33340	502	16	where	where	SCONJ
cjfa-33340	502	17	they	they	PRON
cjfa-33340	502	18	should	should	AUX
cjfa-33340	502	19	monitor	monitor	VERB
cjfa-33340	502	20	all	all	DET
cjfa-33340	502	21	financial	financial	ADJ
cjfa-33340	502	22	decisions	decision	NOUN
cjfa-33340	502	23	taken	take	VERB
cjfa-33340	502	24	by	by	ADP
cjfa-33340	502	25	companies	company	NOUN
cjfa-33340	502	26	and	and	CCONJ
cjfa-33340	502	27	ensure	ensure	VERB
cjfa-33340	502	28	that	that	SCONJ
cjfa-33340	502	29	all	all	DET
cjfa-33340	502	30	companies	company	NOUN
cjfa-33340	502	31	’	'	PUNCT
cjfa-33340	502	32	data	datum	NOUN
cjfa-33340	502	33	are	be	AUX
cjfa-33340	502	34	updated	update	VERB
cjfa-33340	502	35	.	.	PUNCT
cjfa-33340	503	1	they	they	PRON
cjfa-33340	503	2	should	should	AUX
cjfa-33340	503	3	also	also	ADV
cjfa-33340	503	4	announce	announce	VERB
cjfa-33340	503	5	companies	company	NOUN
cjfa-33340	503	6	that	that	PRON
cjfa-33340	503	7	violate	violate	VERB
cjfa-33340	503	8	the	the	DET
cjfa-33340	503	9	publication	publication	NOUN
cjfa-33340	503	10	of	of	ADP
cjfa-33340	503	11	their	their	PRON
cjfa-33340	503	12	data	datum	NOUN
cjfa-33340	503	13	,	,	PUNCT
cjfa-33340	503	14	or	or	CCONJ
cjfa-33340	503	15	that	that	PRON
cjfa-33340	503	16	make	make	VERB
cjfa-33340	503	17	decisions	decision	NOUN
cjfa-33340	503	18	that	that	PRON
cjfa-33340	503	19	demostafa	demostafa	PROPN
cjfa-33340	503	20	hussein	hussein	PROPN
cjfa-33340	503	21	abd	abd	PROPN
cjfa-33340	503	22	-	-	PUNCT
cjfa-33340	503	23	alla22	alla22	NOUN
cjfa-33340	503	24	ceive	ceive	ADJ
cjfa-33340	503	25	investors	investor	NOUN
cjfa-33340	503	26	and	and	CCONJ
cjfa-33340	503	27	enact	enact	VERB
cjfa-33340	503	28	deterrent	deterrent	NOUN
cjfa-33340	503	29	laws	law	NOUN
cjfa-33340	503	30	for	for	ADP
cjfa-33340	503	31	managers	manager	NOUN
cjfa-33340	503	32	or	or	CCONJ
cjfa-33340	503	33	anyone	anyone	PRON
cjfa-33340	503	34	who	who	PRON
cjfa-33340	503	35	can	can	AUX
cjfa-33340	503	36	obtain	obtain	VERB
cjfa-33340	503	37	private	private	ADJ
cjfa-33340	503	38	information	information	NOUN
cjfa-33340	503	39	and	and	CCONJ
cjfa-33340	503	40	benefit	benefit	NOUN
cjfa-33340	503	41	from	from	ADP
cjfa-33340	503	42	it	it	PRON
cjfa-33340	503	43	without	without	ADP
cjfa-33340	503	44	the	the	DET
cjfa-33340	503	45	rest	rest	NOUN
cjfa-33340	503	46	of	of	ADP
cjfa-33340	503	47	the	the	DET
cjfa-33340	503	48	investors	investor	NOUN
cjfa-33340	503	49	.	.	PUNCT
cjfa-33340	503	50	 	 	SPACE
cjfa-33340	504	1	references	reference	NOUN
cjfa-33340	504	2	chang	chang	PROPN
cjfa-33340	504	3	,	,	PUNCT
cjfa-33340	504	4	e.c	e.c	PROPN
cjfa-33340	504	5	.	.	PROPN
cjfa-33340	504	6	,	,	PUNCT
cjfa-33340	504	7	cheng	cheng	PROPN
cjfa-33340	504	8	,	,	PUNCT
cjfa-33340	504	9	j.w	j.w	PROPN
cjfa-33340	504	10	.	.	PROPN
cjfa-33340	504	11	,	,	PUNCT
cjfa-33340	504	12	&	&	CCONJ
cjfa-33340	504	13	khorana	khorana	PROPN
cjfa-33340	504	14	,	,	PUNCT
cjfa-33340	504	15	a.	a.	NOUN
cjfa-33340	504	16	(	(	PUNCT
cjfa-33340	504	17	2000	2000	NUM
cjfa-33340	504	18	)	)	PUNCT
cjfa-33340	504	19	.	.	PUNCT
cjfa-33340	505	1	an	an	DET
cjfa-33340	505	2	examination	examination	NOUN
cjfa-33340	505	3	of	of	ADP
cjfa-33340	505	4	herd	herd	NOUN
cjfa-33340	505	5	behavior	behavior	NOUN
cjfa-33340	505	6	in	in	ADP
cjfa-33340	505	7	equity	equity	NOUN
cjfa-33340	505	8	markets	market	NOUN
cjfa-33340	505	9	:	:	PUNCT
cjfa-33340	505	10	an	an	DET
cjfa-33340	505	11	international	international	ADJ
cjfa-33340	505	12	perspective	perspective	NOUN
cjfa-33340	505	13	.	.	PUNCT
cjfa-33340	506	1	journal	journal	NOUN
cjfa-33340	506	2	of	of	ADP
cjfa-33340	506	3	banking	banking	NOUN
cjfa-33340	506	4	&	&	CCONJ
cjfa-33340	506	5	finance	finance	PROPN
cjfa-33340	506	6	,	,	PUNCT
cjfa-33340	506	7	24(10	24(10	NUM
cjfa-33340	506	8	)	)	PUNCT
cjfa-33340	506	9	,	,	PUNCT
cjfa-33340	506	10	1651	1651	NUM
cjfa-33340	506	11	-	-	SYM
cjfa-33340	506	12	1679	1679	NUM
cjfa-33340	506	13	.	.	PUNCT
cjfa-33340	507	1	http://dx.doi.org/10.1016/s0378-4266(99)00096-5	http://dx.doi.org/10.1016/s0378-4266(99)00096-5	PROPN
cjfa-33340	507	2	.	.	NOUN
cjfa-33340	507	3	choe	choe	PROPN
cjfa-33340	507	4	,	,	PUNCT
cjfa-33340	507	5	h.	h.	PROPN
cjfa-33340	507	6	,	,	PUNCT
cjfa-33340	507	7	khoa	khoa	NOUN
cjfa-33340	507	8	,	,	PUNCT
cjfa-33340	507	9	b.-c	b.-c	NOUN
cjfa-33340	507	10	.	.	PUNCT
cjfa-33340	507	11	,	,	PUNCT
cjfa-33340	507	12	&	&	CCONJ
cjfa-33340	507	13	stulz	stulz	ADJ
cjfa-33340	507	14	,	,	PUNCT
cjfa-33340	507	15	r.m	r.m	PROPN
cjfa-33340	507	16	.	.	PROPN
cjfa-33340	507	17	(	(	PUNCT
cjfa-33340	507	18	1999	1999	NUM
cjfa-33340	507	19	)	)	PUNCT
cjfa-33340	507	20	.	.	PUNCT
cjfa-33340	508	1	do	do	AUX
cjfa-33340	508	2	foreign	foreign	ADJ
cjfa-33340	508	3	investors	investor	NOUN
cjfa-33340	508	4	destabilize	destabilize	VERB
cjfa-33340	508	5	stock	stock	NOUN
cjfa-33340	508	6	markets	market	NOUN
cjfa-33340	508	7	?	?	PUNCT
cjfa-33340	509	1	the	the	DET
cjfa-33340	509	2	korean	korean	ADJ
cjfa-33340	509	3	experience	experience	NOUN
cjfa-33340	509	4	in	in	ADP
cjfa-33340	509	5	1997	1997	NUM
cjfa-33340	509	6	.	.	PUNCT
cjfa-33340	510	1	journal	journal	NOUN
cjfa-33340	510	2	of	of	ADP
cjfa-33340	510	3	financial	financial	ADJ
cjfa-33340	510	4	economics	economic	NOUN
cjfa-33340	510	5	,	,	PUNCT
cjfa-33340	510	6	54(2	54(2	NUM
cjfa-33340	510	7	)	)	PUNCT
cjfa-33340	510	8	,	,	PUNCT
cjfa-33340	510	9	227	227	NUM
cjfa-33340	510	10	-	-	SYM
cjfa-33340	510	11	264	264	NUM
cjfa-33340	510	12	.	.	PUNCT
cjfa-33340	511	1	http://dx.doi.org/10.1016/s0304-405x(99)00037-9	http://dx.doi.org/10.1016/s0304-405x(99)00037-9	NOUN
cjfa-33340	511	2	.	.	PUNCT
cjfa-33340	512	1	christie	christie	PROPN
cjfa-33340	512	2	,	,	PUNCT
cjfa-33340	512	3	w.g	w.g	PROPN
cjfa-33340	512	4	.	.	PROPN
cjfa-33340	512	5	,	,	PUNCT
cjfa-33340	512	6	&	&	CCONJ
cjfa-33340	512	7	huang	huang	PROPN
cjfa-33340	512	8	,	,	PUNCT
cjfa-33340	512	9	r.d	r.d	PROPN
cjfa-33340	512	10	.	.	PROPN
cjfa-33340	512	11	(	(	PUNCT
cjfa-33340	512	12	1995	1995	NUM
cjfa-33340	512	13	)	)	PUNCT
cjfa-33340	512	14	.	.	PUNCT
cjfa-33340	513	1	following	follow	VERB
cjfa-33340	513	2	the	the	DET
cjfa-33340	513	3	pied	pied	ADJ
cjfa-33340	513	4	piper	piper	NOUN
cjfa-33340	513	5	:	:	PUNCT
cjfa-33340	513	6	do	do	VERB
cjfa-33340	513	7	individual	individual	ADJ
cjfa-33340	513	8	returns	return	NOUN
cjfa-33340	513	9	herd	herd	VERB
cjfa-33340	513	10	around	around	ADP
cjfa-33340	513	11	the	the	DET
cjfa-33340	513	12	market	market	NOUN
cjfa-33340	513	13	?	?	PUNCT
cjfa-33340	514	1	financial	financial	ADJ
cjfa-33340	514	2	analysts	analyst	NOUN
cjfa-33340	514	3	journal	journal	NOUN
cjfa-33340	514	4	,	,	PUNCT
cjfa-33340	514	5	51(4	51(4	NUM
cjfa-33340	514	6	)	)	PUNCT
cjfa-33340	514	7	,	,	PUNCT
cjfa-33340	514	8	31	31	NUM
cjfa-33340	514	9	-	-	SYM
cjfa-33340	514	10	37	37	NUM
cjfa-33340	514	11	.	.	PUNCT
cjfa-33340	515	1	http://dx.doi	http://dx.doi	NOUN
cjfa-33340	515	2	.	.	PUNCT
cjfa-33340	516	1	org/10.2469	org/10.2469	PROPN
cjfa-33340	516	2	/	/	SYM
cjfa-33340	516	3	faj.v51.n4.1918	faj.v51.n4.1918	PROPN
cjfa-33340	516	4	.	.	PUNCT
cjfa-33340	517	1	demir	demir	PROPN
cjfa-33340	517	2	,	,	PUNCT
cjfa-33340	517	3	n.	n.	PROPN
cjfa-33340	517	4	,	,	PUNCT
cjfa-33340	517	5	mahmud	mahmud	PROPN
cjfa-33340	517	6	,	,	PUNCT
cjfa-33340	517	7	s.f	s.f	PROPN
cjfa-33340	517	8	.	.	PROPN
cjfa-33340	517	9	,	,	PUNCT
cjfa-33340	517	10	&	&	CCONJ
cjfa-33340	517	11	solakoglu	solakoglu	PROPN
cjfa-33340	517	12	,	,	PUNCT
cjfa-33340	517	13	m.n	m.n	PROPN
cjfa-33340	517	14	.	.	PROPN
cjfa-33340	517	15	(	(	PUNCT
cjfa-33340	517	16	2014	2014	NUM
cjfa-33340	517	17	)	)	PUNCT
cjfa-33340	517	18	.	.	PUNCT
cjfa-33340	518	1	sentiment	sentiment	NOUN
cjfa-33340	518	2	and	and	CCONJ
cjfa-33340	518	3	beta	beta	NOUN
cjfa-33340	518	4	herding	herding	NOUN
cjfa-33340	518	5	in	in	ADP
cjfa-33340	518	6	the	the	DET
cjfa-33340	518	7	borsa	borsa	PROPN
cjfa-33340	518	8	istanbul	istanbul	PROPN
cjfa-33340	518	9	(	(	PUNCT
cjfa-33340	518	10	bist	bist	NOUN
cjfa-33340	518	11	)	)	PUNCT
cjfa-33340	518	12	.	.	PUNCT
cjfa-33340	519	1	risk	risk	NOUN
cjfa-33340	519	2	management	management	NOUN
cjfa-33340	519	3	post	post	NOUN
cjfa-33340	519	4	financial	financial	ADJ
cjfa-33340	519	5	crisis	crisis	NOUN
cjfa-33340	519	6	:	:	PUNCT
cjfa-33340	519	7	a	a	DET
cjfa-33340	519	8	period	period	NOUN
cjfa-33340	519	9	of	of	ADP
cjfa-33340	519	10	monetary	monetary	ADJ
cjfa-33340	519	11	easing	ease	VERB
cjfa-33340	519	12	contemporary	contemporary	ADJ
cjfa-33340	519	13	studies	study	NOUN
cjfa-33340	519	14	in	in	ADP
cjfa-33340	519	15	economic	economic	ADJ
cjfa-33340	519	16	and	and	CCONJ
cjfa-33340	519	17	financial	financial	ADJ
cjfa-33340	519	18	analysis	analysis	NOUN
cjfa-33340	519	19	,	,	PUNCT
cjfa-33340	519	20	96	96	NUM
cjfa-33340	519	21	,	,	PUNCT
cjfa-33340	519	22	389	389	NUM
cjfa-33340	519	23	-	-	SYM
cjfa-33340	519	24	400	400	NUM
cjfa-33340	519	25	.	.	PUNCT
cjfa-33340	520	1	http://	http://	PROPN
cjfa-33340	520	2	dx.doi.org/10.1108/s1569-375920140000096016	dx.doi.org/10.1108/s1569-375920140000096016	PROPN
cjfa-33340	520	3	.	.	PUNCT
cjfa-33340	521	1	devenow	devenow	PROPN
cjfa-33340	521	2	,	,	PUNCT
cjfa-33340	521	3	a.	a.	PROPN
cjfa-33340	521	4	,	,	PUNCT
cjfa-33340	521	5	&	&	CCONJ
cjfa-33340	521	6	welch	welch	PROPN
cjfa-33340	521	7	,	,	PUNCT
cjfa-33340	521	8	i.	i.	PROPN
cjfa-33340	521	9	(	(	PUNCT
cjfa-33340	521	10	1996	1996	NUM
cjfa-33340	521	11	)	)	PUNCT
cjfa-33340	521	12	.	.	PUNCT
cjfa-33340	522	1	rational	rational	ADJ
cjfa-33340	522	2	herding	herding	NOUN
cjfa-33340	522	3	in	in	ADP
cjfa-33340	522	4	financial	financial	ADJ
cjfa-33340	522	5	economics	economic	NOUN
cjfa-33340	522	6	.	.	PUNCT
cjfa-33340	523	1	european	european	ADJ
cjfa-33340	523	2	economic	economic	PROPN
cjfa-33340	523	3	review	review	PROPN
cjfa-33340	523	4	,	,	PUNCT
cjfa-33340	523	5	40(3	40(3	NOUN
cjfa-33340	523	6	-	-	SYM
cjfa-33340	523	7	5	5	NUM
cjfa-33340	523	8	)	)	PUNCT
cjfa-33340	523	9	,	,	PUNCT
cjfa-33340	523	10	603	603	NUM
cjfa-33340	523	11	-	-	SYM
cjfa-33340	523	12	615	615	NUM
cjfa-33340	523	13	.	.	PUNCT
cjfa-33340	524	1	http://dx.doi.org/10.1016/0014-2921(95)00073-9	http://dx.doi.org/10.1016/0014-2921(95)00073-9	NOUN
cjfa-33340	524	2	.	.	PUNCT
cjfa-33340	525	1	elkhaldi	elkhaldi	NOUN
cjfa-33340	525	2	,	,	PUNCT
cjfa-33340	525	3	a.	a.	NOUN
cjfa-33340	525	4	,	,	PUNCT
cjfa-33340	525	5	&	&	CCONJ
cjfa-33340	525	6	benabdelfatteh	benabdelfatteh	PROPN
cjfa-33340	525	7	,	,	PUNCT
cjfa-33340	525	8	y.	y.	PROPN
cjfa-33340	525	9	(	(	PUNCT
cjfa-33340	525	10	2014	2014	NUM
cjfa-33340	525	11	)	)	PUNCT
cjfa-33340	525	12	.	.	PUNCT
cjfa-33340	526	1	testing	test	VERB
cjfa-33340	526	2	herding	herding	NOUN
cjfa-33340	526	3	effects	effect	NOUN
cjfa-33340	526	4	on	on	ADP
cjfa-33340	526	5	financial	financial	ADJ
cjfa-33340	526	6	assets	asset	NOUN
cjfa-33340	526	7	pricing	pricing	NOUN
cjfa-33340	526	8	:	:	PUNCT
cjfa-33340	526	9	the	the	DET
cjfa-33340	526	10	case	case	NOUN
cjfa-33340	526	11	of	of	ADP
cjfa-33340	526	12	the	the	DET
cjfa-33340	526	13	tunisian	tunisian	ADJ
cjfa-33340	526	14	stock	stock	NOUN
cjfa-33340	526	15	market	market	NOUN
cjfa-33340	526	16	.	.	PUNCT
cjfa-33340	527	1	british	british	ADJ
cjfa-33340	527	2	journal	journal	PROPN
cjfa-33340	527	3	of	of	ADP
cjfa-33340	527	4	economics	economic	NOUN
cjfa-33340	527	5	,	,	PUNCT
cjfa-33340	527	6	management	management	NOUN
cjfa-33340	527	7	&	&	CCONJ
cjfa-33340	527	8	trade	trade	NOUN
cjfa-33340	527	9	,	,	PUNCT
cjfa-33340	527	10	4(7	4(7	NUM
cjfa-33340	527	11	)	)	PUNCT
cjfa-33340	527	12	,	,	PUNCT
cjfa-33340	527	13	1046	1046	NUM
cjfa-33340	527	14	-	-	SYM
cjfa-33340	527	15	1059	1059	NUM
cjfa-33340	527	16	.	.	PUNCT
cjfa-33340	528	1	http://dx.doi.org/10.9734/bjemt/2014/8973	http://dx.doi.org/10.9734/bjemt/2014/8973	NOUN
cjfa-33340	528	2	.	.	PUNCT
cjfa-33340	529	1	filip	filip	PROPN
cjfa-33340	529	2	,	,	PUNCT
cjfa-33340	529	3	a.m.	a.m.	ADV
cjfa-33340	529	4	,	,	PUNCT
cjfa-33340	529	5	pece	pece	PROPN
cjfa-33340	529	6	,	,	PUNCT
cjfa-33340	529	7	m.a	m.a	PROPN
cjfa-33340	529	8	.	.	PROPN
cjfa-33340	529	9	,	,	PUNCT
cjfa-33340	529	10	&	&	CCONJ
cjfa-33340	529	11	pochea	pochea	PROPN
cjfa-33340	529	12	m.m	m.m	PROPN
cjfa-33340	529	13	.	.	PROPN
cjfa-33340	529	14	(	(	PUNCT
cjfa-33340	529	15	2015	2015	NUM
cjfa-33340	529	16	)	)	PUNCT
cjfa-33340	529	17	.	.	PUNCT
cjfa-33340	530	1	an	an	DET
cjfa-33340	530	2	empirical	empirical	ADJ
cjfa-33340	530	3	investigation	investigation	NOUN
cjfa-33340	530	4	of	of	ADP
cjfa-33340	530	5	herding	herd	VERB
cjfa-33340	530	6	behavior	behavior	NOUN
cjfa-33340	530	7	in	in	ADP
cjfa-33340	530	8	cee	cee	NOUN
cjfa-33340	530	9	stock	stock	NOUN
cjfa-33340	530	10	markets	market	NOUN
cjfa-33340	530	11	under	under	ADP
cjfa-33340	530	12	the	the	DET
cjfa-33340	530	13	global	global	ADJ
cjfa-33340	530	14	financial	financial	ADJ
cjfa-33340	530	15	crisis	crisis	NOUN
cjfa-33340	530	16	.	.	PUNCT
cjfa-33340	531	1	procedia	procedia	NOUN
cjfa-33340	531	2	economics	economic	NOUN
cjfa-33340	531	3	and	and	CCONJ
cjfa-33340	531	4	finance	finance	NOUN
cjfa-33340	531	5	,	,	PUNCT
cjfa-33340	531	6	25	25	NUM
cjfa-33340	531	7	,	,	PUNCT
cjfa-33340	531	8	354	354	NUM
cjfa-33340	531	9	-	-	SYM
cjfa-33340	531	10	361	361	NUM
cjfa-33340	531	11	.	.	PUNCT
cjfa-33340	532	1	http://dx.doi.org/10.1016/s2212-5671(15)00745-5	http://dx.doi.org/10.1016/s2212-5671(15)00745-5	NOUN
cjfa-33340	532	2	.	.	PUNCT
cjfa-33340	533	1	güvercin	güvercin	PROPN
cjfa-33340	533	2	,	,	PUNCT
cjfa-33340	533	3	a.	a.	NOUN
cjfa-33340	533	4	(	(	PUNCT
cjfa-33340	533	5	2016	2016	NUM
cjfa-33340	533	6	)	)	PUNCT
cjfa-33340	533	7	.	.	PUNCT
cjfa-33340	534	1	sentimental	sentimental	ADJ
cjfa-33340	534	2	herding	herding	NOUN
cjfa-33340	534	3	:	:	PUNCT
cjfa-33340	534	4	the	the	DET
cjfa-33340	534	5	role	role	NOUN
cjfa-33340	534	6	of	of	ADP
cjfa-33340	534	7	regional	regional	ADJ
cjfa-33340	534	8	and	and	CCONJ
cjfa-33340	534	9	global	global	ADJ
cjfa-33340	534	10	shocks	shock	NOUN
cjfa-33340	534	11	in	in	ADP
cjfa-33340	534	12	egyptian	egyptian	ADJ
cjfa-33340	534	13	and	and	CCONJ
cjfa-33340	534	14	saudi	saudi	ADJ
cjfa-33340	534	15	stock	stock	NOUN
cjfa-33340	534	16	markets	market	NOUN
cjfa-33340	534	17	.	.	PUNCT
cjfa-33340	535	1	sosyoekonomi	sosyoekonomi	PROPN
cjfa-33340	535	2	,	,	PUNCT
cjfa-33340	535	3	24(27	24(27	NUM
cjfa-33340	535	4	)	)	PUNCT
cjfa-33340	535	5	.	.	PUNCT
cjfa-33340	536	1	http://dx.doi	http://dx.doi	NOUN
cjfa-33340	536	2	.	.	PUNCT
cjfa-33340	537	1	org/10.17233	org/10.17233	PROPN
cjfa-33340	537	2	/	/	SYM
cjfa-33340	537	3	se.53541	se.53541	PROPN
cjfa-33340	537	4	.	.	PUNCT
cjfa-33340	538	1	hwang	hwang	PROPN
cjfa-33340	538	2	,	,	PUNCT
cjfa-33340	538	3	s.	s.	PROPN
cjfa-33340	538	4	,	,	PUNCT
cjfa-33340	538	5	&	&	CCONJ
cjfa-33340	538	6	salmon	salmon	PROPN
cjfa-33340	538	7	,	,	PUNCT
cjfa-33340	538	8	m.	m.	NOUN
cjfa-33340	538	9	(	(	PUNCT
cjfa-33340	538	10	2004	2004	NUM
cjfa-33340	538	11	)	)	PUNCT
cjfa-33340	538	12	.	.	PUNCT
cjfa-33340	539	1	market	market	NOUN
cjfa-33340	539	2	stress	stress	NOUN
cjfa-33340	539	3	and	and	CCONJ
cjfa-33340	539	4	herding	herding	NOUN
cjfa-33340	539	5	.	.	PUNCT
cjfa-33340	540	1	journal	journal	PROPN
cjfa-33340	540	2	of	of	ADP
cjfa-33340	540	3	empirical	empirical	ADJ
cjfa-33340	540	4	finance	finance	NOUN
cjfa-33340	540	5	,	,	PUNCT
cjfa-33340	540	6	11(4	11(4	NUM
cjfa-33340	540	7	)	)	PUNCT
cjfa-33340	540	8	,	,	PUNCT
cjfa-33340	540	9	585	585	NUM
cjfa-33340	540	10	-	-	SYM
cjfa-33340	540	11	616	616	NUM
cjfa-33340	540	12	.	.	PUNCT
cjfa-33340	541	1	http://dx.doi.org/10.1016/j.jempfin.2004.04.003	http://dx.doi.org/10.1016/j.jempfin.2004.04.003	PROPN
cjfa-33340	541	2	.	.	PUNCT
cjfa-33340	542	1	javaira	javaira	PROPN
cjfa-33340	542	2	,	,	PUNCT
cjfa-33340	542	3	z.	z.	PROPN
cjfa-33340	542	4	,	,	PUNCT
cjfa-33340	542	5	&	&	CCONJ
cjfa-33340	542	6	hassan	hassan	PROPN
cjfa-33340	542	7	,	,	PUNCT
cjfa-33340	542	8	a.	a.	PROPN
cjfa-33340	542	9	(	(	PUNCT
cjfa-33340	542	10	2015	2015	NUM
cjfa-33340	542	11	)	)	PUNCT
cjfa-33340	542	12	.	.	PUNCT
cjfa-33340	543	1	an	an	DET
cjfa-33340	543	2	examination	examination	NOUN
cjfa-33340	543	3	of	of	ADP
cjfa-33340	543	4	herding	herd	VERB
cjfa-33340	543	5	behavior	behavior	NOUN
cjfa-33340	543	6	in	in	ADP
cjfa-33340	543	7	pakistani	pakistani	ADJ
cjfa-33340	543	8	stock	stock	NOUN
cjfa-33340	543	9	market	market	NOUN
cjfa-33340	543	10	.	.	PUNCT
cjfa-33340	544	1	international	international	ADJ
cjfa-33340	544	2	journal	journal	NOUN
cjfa-33340	544	3	of	of	ADP
cjfa-33340	544	4	emerging	emerge	VERB
cjfa-33340	544	5	markets	market	NOUN
cjfa-33340	544	6	,	,	PUNCT
cjfa-33340	544	7	10(3	10(3	NUM
cjfa-33340	544	8	)	)	PUNCT
cjfa-33340	544	9	,	,	PUNCT
cjfa-33340	544	10	474	474	NUM
cjfa-33340	544	11	-	-	SYM
cjfa-33340	544	12	490	490	NUM
cjfa-33340	544	13	.	.	PUNCT
cjfa-33340	545	1	http:/dx./doi	http:/dx./doi	PROPN
cjfa-33340	545	2	.	.	PUNCT
cjfa-33340	546	1	org/10.1108	org/10.1108	PROPN
cjfa-33340	546	2	/	/	SYM
cjfa-33340	546	3	ijoem-07	ijoem-07	NOUN
cjfa-33340	546	4	-	-	PUNCT
cjfa-33340	546	5	2011	2011	NUM
cjfa-33340	546	6	-	-	SYM
cjfa-33340	546	7	0064	0064	NUM
cjfa-33340	546	8	.	.	PUNCT
cjfa-33340	547	1	kabir	kabir	PROPN
cjfa-33340	547	2	,	,	PUNCT
cjfa-33340	547	3	m.h	m.h	PROPN
cjfa-33340	547	4	.	.	PROPN
cjfa-33340	547	5	,	,	PUNCT
cjfa-33340	547	6	&	&	CCONJ
cjfa-33340	547	7	shakur	shakur	PROPN
cjfa-33340	547	8	,	,	PUNCT
cjfa-33340	547	9	s.	s.	PROPN
cjfa-33340	547	10	(	(	PUNCT
cjfa-33340	547	11	2018	2018	NUM
cjfa-33340	547	12	)	)	PUNCT
cjfa-33340	547	13	.	.	PUNCT
cjfa-33340	548	1	regime	regime	NOUN
cjfa-33340	548	2	-	-	PUNCT
cjfa-33340	548	3	dependent	dependent	ADJ
cjfa-33340	548	4	herding	herding	NOUN
cjfa-33340	548	5	behavior	behavior	NOUN
cjfa-33340	548	6	in	in	ADP
cjfa-33340	548	7	asian	asian	ADJ
cjfa-33340	548	8	and	and	CCONJ
cjfa-33340	548	9	latin	latin	ADJ
cjfa-33340	548	10	american	american	ADJ
cjfa-33340	548	11	stock	stock	NOUN
cjfa-33340	548	12	markets	market	NOUN
cjfa-33340	548	13	.	.	PUNCT
cjfa-33340	549	1	pacific	pacific	ADJ
cjfa-33340	549	2	-	-	PUNCT
cjfa-33340	549	3	basin	basin	NOUN
cjfa-33340	549	4	finance	finance	NOUN
cjfa-33340	549	5	journal	journal	NOUN
cjfa-33340	549	6	,	,	PUNCT
cjfa-33340	549	7	47	47	NUM
cjfa-33340	549	8	,	,	PUNCT
cjfa-33340	549	9	60	60	NUM
cjfa-33340	549	10	-	-	SYM
cjfa-33340	549	11	78	78	NUM
cjfa-33340	549	12	.	.	PUNCT
cjfa-33340	550	1	http://dx.doi	http://dx.doi	NOUN
cjfa-33340	550	2	.	.	PUNCT
cjfa-33340	551	1	org/10.1016	org/10.1016	PROPN
cjfa-33340	551	2	/	/	SYM
cjfa-33340	551	3	j.pacfin.2017.12.002	j.pacfin.2017.12.002	PROPN
cjfa-33340	551	4	.	.	PUNCT
cjfa-33340	552	1	lee	lee	PROPN
cjfa-33340	552	2	,	,	PUNCT
cjfa-33340	552	3	y.-h	y.-h	PROPN
cjfa-33340	552	4	.	.	PROPN
cjfa-33340	552	5	,	,	PUNCT
cjfa-33340	552	6	liao	liao	PROPN
cjfa-33340	552	7	,	,	PUNCT
cjfa-33340	552	8	t.-h	t.-h	PROPN
cjfa-33340	552	9	.	.	PUNCT
cjfa-33340	552	10	,	,	PUNCT
cjfa-33340	552	11	&	&	CCONJ
cjfa-33340	552	12	hsu	hsu	PROPN
cjfa-33340	552	13	,	,	PUNCT
cjfa-33340	552	14	c.-m	c.-m	NOUN
cjfa-33340	552	15	.	.	PUNCT
cjfa-33340	553	1	(	(	PUNCT
cjfa-33340	553	2	2015	2015	NUM
cjfa-33340	553	3	)	)	PUNCT
cjfa-33340	553	4	.	.	PUNCT
cjfa-33340	554	1	the	the	DET
cjfa-33340	554	2	impact	impact	NOUN
cjfa-33340	554	3	of	of	ADP
cjfa-33340	554	4	macroeconomic	macroeconomic	ADJ
cjfa-33340	554	5	factors	factor	NOUN
cjfa-33340	554	6	on	on	ADP
cjfa-33340	554	7	the	the	DET
cjfa-33340	554	8	herding	herd	VERB
cjfa-33340	554	9	behaviour	behaviour	NOUN
cjfa-33340	554	10	of	of	ADP
cjfa-33340	554	11	investors	investor	NOUN
cjfa-33340	554	12	.	.	PUNCT
cjfa-33340	555	1	asian	asian	ADJ
cjfa-33340	555	2	economic	economic	ADJ
cjfa-33340	555	3	and	and	CCONJ
cjfa-33340	555	4	financial	financial	ADJ
cjfa-33340	555	5	review	review	NOUN
cjfa-33340	555	6	,	,	PUNCT
cjfa-33340	555	7	5(2	5(2	NUM
cjfa-33340	555	8	)	)	PUNCT
cjfa-33340	555	9	,	,	PUNCT
cjfa-33340	555	10	295	295	NUM
cjfa-33340	555	11	-	-	SYM
cjfa-33340	555	12	304	304	NUM
cjfa-33340	555	13	.	.	PUNCT
cjfa-33340	556	1	http://dx.doi.org/10.18488/journal.aefr/2015.5.2/102.2.295.304	http://dx.doi.org/10.18488/journal.aefr/2015.5.2/102.2.295.304	PROPN
cjfa-33340	556	2	.	.	PUNCT
cjfa-33340	556	3	litimi	litimi	PROPN
cjfa-33340	556	4	,	,	PUNCT
cjfa-33340	556	5	h.	h.	PROPN
cjfa-33340	556	6	(	(	PUNCT
cjfa-33340	556	7	2017	2017	NUM
cjfa-33340	556	8	)	)	PUNCT
cjfa-33340	556	9	.	.	PUNCT
cjfa-33340	557	1	herd	herd	NOUN
cjfa-33340	557	2	behavior	behavior	NOUN
cjfa-33340	557	3	in	in	ADP
cjfa-33340	557	4	the	the	DET
cjfa-33340	557	5	french	french	ADJ
cjfa-33340	557	6	stock	stock	NOUN
cjfa-33340	557	7	market	market	NOUN
cjfa-33340	557	8	.	.	PUNCT
cjfa-33340	558	1	review	review	NOUN
cjfa-33340	558	2	of	of	ADP
cjfa-33340	558	3	accounting	accounting	NOUN
cjfa-33340	558	4	and	and	CCONJ
cjfa-33340	558	5	finance	finance	NOUN
cjfa-33340	558	6	,	,	PUNCT
cjfa-33340	558	7	16(4	16(4	NUM
cjfa-33340	558	8	)	)	PUNCT
cjfa-33340	558	9	,	,	PUNCT
cjfa-33340	558	10	497	497	NUM
cjfa-33340	558	11	-	-	SYM
cjfa-33340	558	12	515	515	NUM
cjfa-33340	558	13	.	.	PUNCT
cjfa-33340	559	1	http://dx.doi.org/10.1108/raf-11-2016-0188	http://dx.doi.org/10.1108/raf-11-2016-0188	NOUN
cjfa-33340	559	2	.	.	PUNCT
cjfa-33340	560	1	sentimental	sentimental	ADJ
cjfa-33340	560	2	herding	herding	NOUN
cjfa-33340	560	3	:	:	PUNCT
cjfa-33340	560	4	the	the	DET
cjfa-33340	560	5	role	role	NOUN
cjfa-33340	560	6	of	of	ADP
cjfa-33340	560	7	covid-19	covid-19	PROPN
cjfa-33340	560	8	crisis	crisis	NOUN
cjfa-33340	560	9	…	…	PUNCT
cjfa-33340	560	10	23	23	NUM
cjfa-33340	560	11	mertzanis	mertzanis	PROPN
cjfa-33340	560	12	,	,	PUNCT
cjfa-33340	560	13	c.	c.	PROPN
cjfa-33340	560	14	,	,	PUNCT
cjfa-33340	560	15	&	&	CCONJ
cjfa-33340	560	16	allam	allam	PROPN
cjfa-33340	560	17	,	,	PUNCT
cjfa-33340	560	18	n.	n.	PROPN
cjfa-33340	560	19	(	(	PUNCT
cjfa-33340	560	20	2018	2018	NUM
cjfa-33340	560	21	)	)	PUNCT
cjfa-33340	560	22	.	.	PUNCT
cjfa-33340	561	1	political	political	ADJ
cjfa-33340	561	2	instability	instability	NOUN
cjfa-33340	561	3	and	and	CCONJ
cjfa-33340	561	4	herding	herding	NOUN
cjfa-33340	561	5	behaviour	behaviour	NOUN
cjfa-33340	561	6	:	:	PUNCT
cjfa-33340	561	7	evidence	evidence	NOUN
cjfa-33340	561	8	from	from	ADP
cjfa-33340	561	9	egypt	egypt	PROPN
cjfa-33340	561	10	’s	’s	PART
cjfa-33340	561	11	stock	stock	NOUN
cjfa-33340	561	12	market	market	NOUN
cjfa-33340	561	13	.	.	PUNCT
cjfa-33340	562	1	journal	journal	NOUN
cjfa-33340	562	2	of	of	ADP
cjfa-33340	562	3	emerging	emerge	VERB
cjfa-33340	562	4	market	market	NOUN
cjfa-33340	562	5	finance	finance	NOUN
cjfa-33340	562	6	,	,	PUNCT
cjfa-33340	562	7	17(1	17(1	NUM
cjfa-33340	562	8	)	)	PUNCT
cjfa-33340	562	9	,	,	PUNCT
cjfa-33340	562	10	29	29	NUM
cjfa-33340	562	11	-	-	SYM
cjfa-33340	562	12	59	59	NUM
cjfa-33340	562	13	.	.	PUNCT
cjfa-33340	563	1	http://	http://	PROPN
cjfa-33340	563	2	dx.doi.org/10.1177/0972652717748087	dx.doi.org/10.1177/0972652717748087	NOUN
cjfa-33340	563	3	.	.	PUNCT
cjfa-33340	564	1	ouarda	ouarda	PROPN
cjfa-33340	564	2	,	,	PUNCT
cjfa-33340	564	3	m.	m.	NOUN
cjfa-33340	564	4	,	,	PUNCT
cjfa-33340	564	5	el	el	PROPN
cjfa-33340	564	6	bouri	bouri	PROPN
cjfa-33340	564	7	,	,	PUNCT
cjfa-33340	564	8	a.	a.	PROPN
cjfa-33340	564	9	,	,	PUNCT
cjfa-33340	564	10	&	&	CCONJ
cjfa-33340	564	11	bernard	bernard	PROPN
cjfa-33340	564	12	,	,	PUNCT
cjfa-33340	564	13	o.	o.	PROPN
cjfa-33340	564	14	(	(	PUNCT
cjfa-33340	564	15	2012	2012	NUM
cjfa-33340	564	16	)	)	PUNCT
cjfa-33340	564	17	.	.	PUNCT
cjfa-33340	565	1	herding	herd	VERB
cjfa-33340	565	2	behavior	behavior	NOUN
cjfa-33340	565	3	under	under	ADP
cjfa-33340	565	4	markets	market	NOUN
cjfa-33340	565	5	condition	condition	NOUN
cjfa-33340	565	6	:	:	PUNCT
cjfa-33340	565	7	empirical	empirical	ADJ
cjfa-33340	565	8	evidence	evidence	NOUN
cjfa-33340	565	9	on	on	ADP
cjfa-33340	565	10	the	the	DET
cjfa-33340	565	11	european	european	ADJ
cjfa-33340	565	12	financial	financial	ADJ
cjfa-33340	565	13	markets	market	NOUN
cjfa-33340	565	14	.	.	PUNCT
cjfa-33340	566	1	international	international	ADJ
cjfa-33340	566	2	journal	journal	PROPN
cjfa-33340	566	3	of	of	ADP
cjfa-33340	566	4	economics	economic	NOUN
cjfa-33340	566	5	and	and	CCONJ
cjfa-33340	566	6	financial	financial	ADJ
cjfa-33340	566	7	issues	issue	NOUN
cjfa-33340	566	8	,	,	PUNCT
cjfa-33340	566	9	3(1	3(1	NUM
cjfa-33340	566	10	)	)	PUNCT
cjfa-33340	566	11	,	,	PUNCT
cjfa-33340	566	12	214	214	NUM
cjfa-33340	566	13	-	-	SYM
cjfa-33340	566	14	228	228	NUM
cjfa-33340	566	15	.	.	PUNCT
cjfa-33340	567	1	özsu	özsu	NOUN
cjfa-33340	567	2	,	,	PUNCT
cjfa-33340	567	3	h.h	h.h	PROPN
cjfa-33340	567	4	.	.	PROPN
cjfa-33340	567	5	(	(	PUNCT
cjfa-33340	567	6	2015	2015	NUM
cjfa-33340	567	7	)	)	PUNCT
cjfa-33340	567	8	.	.	PUNCT
cjfa-33340	568	1	empirical	empirical	ADJ
cjfa-33340	568	2	analysis	analysis	NOUN
cjfa-33340	568	3	of	of	ADP
cjfa-33340	568	4	herd	herd	NOUN
cjfa-33340	568	5	behavior	behavior	NOUN
cjfa-33340	568	6	in	in	ADP
cjfa-33340	568	7	borsa	borsa	PROPN
cjfa-33340	568	8	istanbul	istanbul	PROPN
cjfa-33340	568	9	.	.	PUNCT
cjfa-33340	569	1	international	international	ADJ
cjfa-33340	569	2	journal	journal	PROPN
cjfa-33340	569	3	of	of	ADP
cjfa-33340	569	4	economic	economic	ADJ
cjfa-33340	569	5	sciences	sciences	PROPN
cjfa-33340	569	6	,	,	PUNCT
cjfa-33340	569	7	iv(4	iv(4	PROPN
cjfa-33340	569	8	)	)	PUNCT
cjfa-33340	569	9	,	,	PUNCT
cjfa-33340	569	10	27	27	NUM
cjfa-33340	569	11	-	-	SYM
cjfa-33340	569	12	52	52	NUM
cjfa-33340	569	13	.	.	PUNCT
cjfa-33340	570	1	http://dx.doi.org/10.20472/	http://dx.doi.org/10.20472/	PROPN
cjfa-33340	570	2	es.2015.4.4.003	es.2015.4.4.003	PROPN
cjfa-33340	570	3	.	.	PROPN
cjfa-33340	570	4	vieira	vieira	PROPN
cjfa-33340	570	5	,	,	PUNCT
cjfa-33340	570	6	e.f.s	e.f.s	NOUN
cjfa-33340	570	7	.	.	PUNCT
cjfa-33340	570	8	,	,	PUNCT
cjfa-33340	570	9	&	&	CCONJ
cjfa-33340	570	10	pereira	pereira	PROPN
cjfa-33340	570	11	,	,	PUNCT
cjfa-33340	570	12	m.s.v	m.s.v	PROPN
cjfa-33340	570	13	.	.	PUNCT
cjfa-33340	571	1	(	(	PUNCT
cjfa-33340	571	2	2015	2015	NUM
cjfa-33340	571	3	)	)	PUNCT
cjfa-33340	571	4	.	.	PUNCT
cjfa-33340	572	1	herding	herd	VERB
cjfa-33340	572	2	behaviour	behaviour	NOUN
cjfa-33340	572	3	and	and	CCONJ
cjfa-33340	572	4	sentiment	sentiment	NOUN
cjfa-33340	572	5	:	:	PUNCT
cjfa-33340	572	6	evidence	evidence	NOUN
cjfa-33340	572	7	in	in	ADP
cjfa-33340	572	8	a	a	DET
cjfa-33340	572	9	small	small	ADJ
cjfa-33340	572	10	european	european	ADJ
cjfa-33340	572	11	market	market	NOUN
cjfa-33340	572	12	.	.	PUNCT
cjfa-33340	573	1	revista	revista	PROPN
cjfa-33340	573	2	de	de	PROPN
cjfa-33340	573	3	contabilidad	contabilidad	PROPN
cjfa-33340	573	4	,	,	PUNCT
cjfa-33340	573	5	18(1	18(1	NUM
cjfa-33340	573	6	)	)	PUNCT
cjfa-33340	573	7	,	,	PUNCT
cjfa-33340	573	8	78	78	NUM
cjfa-33340	573	9	-	-	SYM
cjfa-33340	573	10	86	86	NUM
cjfa-33340	573	11	.	.	PUNCT
cjfa-33340	574	1	http://dx.doi	http://dx.doi	NOUN
cjfa-33340	574	2	.	.	PUNCT
cjfa-33340	575	1	org/10.1016	org/10.1016	PROPN
cjfa-33340	575	2	/	/	SYM
cjfa-33340	575	3	j.rcsar.2014.06.003	j.rcsar.2014.06.003	PROPN
cjfa-33340	575	4	.	.	PUNCT
cjfa-33340	576	1	youssef	youssef	PROPN
cjfa-33340	576	2	,	,	PUNCT
cjfa-33340	576	3	m.	m.	NOUN
cjfa-33340	576	4	,	,	PUNCT
cjfa-33340	576	5	&	&	CCONJ
cjfa-33340	576	6	mokni	mokni	PROPN
cjfa-33340	576	7	,	,	PUNCT
cjfa-33340	576	8	k.	k.	PROPN
cjfa-33340	576	9	(	(	PUNCT
cjfa-33340	576	10	2018	2018	NUM
cjfa-33340	576	11	)	)	PUNCT
cjfa-33340	576	12	.	.	PUNCT
cjfa-33340	577	1	on	on	ADP
cjfa-33340	577	2	the	the	DET
cjfa-33340	577	3	effect	effect	NOUN
cjfa-33340	577	4	of	of	ADP
cjfa-33340	577	5	herding	herd	VERB
cjfa-33340	577	6	behavior	behavior	NOUN
cjfa-33340	577	7	on	on	ADP
cjfa-33340	577	8	dependence	dependence	NOUN
cjfa-33340	577	9	structure	structure	NOUN
cjfa-33340	577	10	between	between	ADP
cjfa-33340	577	11	stock	stock	NOUN
cjfa-33340	577	12	markets	market	NOUN
cjfa-33340	577	13	:	:	PUNCT
cjfa-33340	577	14	evidence	evidence	NOUN
cjfa-33340	577	15	from	from	ADP
cjfa-33340	577	16	gcc	gcc	NOUN
cjfa-33340	577	17	countries	country	NOUN
cjfa-33340	577	18	.	.	PUNCT
cjfa-33340	578	1	journal	journal	NOUN
cjfa-33340	578	2	of	of	ADP
cjfa-33340	578	3	behavioral	behavioral	ADJ
cjfa-33340	578	4	and	and	CCONJ
cjfa-33340	578	5	experimental	experimental	ADJ
cjfa-33340	578	6	finance	finance	NOUN
cjfa-33340	578	7	,	,	PUNCT
cjfa-33340	578	8	20	20	NUM
cjfa-33340	578	9	,	,	PUNCT
cjfa-33340	578	10	52	52	NUM
cjfa-33340	578	11	-	-	SYM
cjfa-33340	578	12	63	63	NUM
cjfa-33340	578	13	.	.	PUNCT
cjfa-33340	579	1	http://dx.doi.org/10.1016/j.jbef.2018.07.003	http://dx.doi.org/10.1016/j.jbef.2018.07.003	PROPN
cjfa-33340	579	2	.	.	PUNCT