id	sid	tid	token	lemma	pos
cjfa-63095	1	1	copernican	copernican	PROPN
cjfa-63095	1	2	journal	journal	PROPN
cjfa-63095	1	3	of	of	ADP
cjfa-63095	1	4	finance	finance	PROPN
cjfa-63095	1	5	&	&	CCONJ
cjfa-63095	1	6	accounting	accounting	PROPN
cjfa-63095	1	7	e	e	PROPN
cjfa-63095	1	8	-	-	PROPN
cjfa-63095	1	9	issn	issn	PROPN
cjfa-63095	1	10	2300	2300	NUM
cjfa-63095	1	11	-	-	SYM
cjfa-63095	1	12	3065	3065	NUM
cjfa-63095	1	13	p	p	PROPN
cjfa-63095	1	14	-	-	PUNCT
cjfa-63095	1	15	issn	issn	PROPN
cjfa-63095	1	16	2300	2300	NUM
cjfa-63095	1	17	-	-	SYM
cjfa-63095	1	18	12402025	12402025	NUM
cjfa-63095	1	19	,	,	PUNCT
cjfa-63095	1	20	volume	volume	NOUN
cjfa-63095	1	21	14	14	NUM
cjfa-63095	1	22	,	,	PUNCT
cjfa-63095	1	23	issue	issue	NOUN
cjfa-63095	1	24	1	1	NUM
cjfa-63095	1	25	date	date	NOUN
cjfa-63095	1	26	of	of	ADP
cjfa-63095	1	27	submission	submission	NOUN
cjfa-63095	1	28	:	:	PUNCT
cjfa-63095	1	29	february	february	NOUN
cjfa-63095	1	30	20	20	NUM
cjfa-63095	1	31	,	,	PUNCT
cjfa-63095	1	32	2025	2025	NUM
cjfa-63095	1	33	;	;	PUNCT
cjfa-63095	1	34	date	date	NOUN
cjfa-63095	1	35	of	of	ADP
cjfa-63095	1	36	acceptance	acceptance	NOUN
cjfa-63095	1	37	:	:	PUNCT
cjfa-63095	1	38	may	may	AUX
cjfa-63095	1	39	23	23	NUM
cjfa-63095	1	40	,	,	PUNCT
cjfa-63095	1	41	2025	2025	NUM
cjfa-63095	1	42	.	.	PUNCT
cjfa-63095	2	1	*	*	PUNCT
cjfa-63095	2	2	contact	contact	NOUN
cjfa-63095	2	3	information	information	NOUN
cjfa-63095	2	4	(	(	PUNCT
cjfa-63095	2	5	corresponding	correspond	VERB
cjfa-63095	2	6	author	author	NOUN
cjfa-63095	2	7	):	):	PUNCT
cjfa-63095	2	8	m_haa60@yahoo.com	m_haa60@yahoo.com	PROPN
cjfa-63095	2	9	,	,	PUNCT
cjfa-63095	2	10	lecturer	lecturer	NOUN
cjfa-63095	2	11	of	of	ADP
cjfa-63095	2	12	business	business	PROPN
cjfa-63095	2	13	administration	administration	PROPN
cjfa-63095	2	14	,	,	PUNCT
cjfa-63095	2	15	sadat	sadat	PROPN
cjfa-63095	2	16	academy	academy	PROPN
cjfa-63095	2	17	for	for	ADP
cjfa-63095	2	18	management	management	NOUN
cjfa-63095	2	19	sciences	sciences	PROPN
cjfa-63095	2	20	,	,	PUNCT
cjfa-63095	2	21	cairo	cairo	PROPN
cjfa-63095	2	22	,	,	PUNCT
cjfa-63095	2	23	egypt	egypt	PROPN
cjfa-63095	2	24	,	,	PUNCT
cjfa-63095	2	25	phone	phone	NOUN
cjfa-63095	2	26	:	:	PUNCT
cjfa-63095	2	27	002	002	NUM
cjfa-63095	2	28	0	0	NUM
cjfa-63095	2	29	109	109	NUM
cjfa-63095	2	30	919	919	NUM
cjfa-63095	2	31	5459	5459	NUM
cjfa-63095	2	32	;	;	PUNCT
cjfa-63095	2	33	orcid	orcid	PROPN
cjfa-63095	3	1	i	i	NOUN
cjfa-63095	3	2	d	d	PROPN
cjfa-63095	3	3	:	:	PUNCT
cjfa-63095	4	1	https://orcid.org/0000-0002-0531-6325	https://orcid.org/0000-0002-0531-6325	PROPN
cjfa-63095	4	2	.	.	PUNCT
cjfa-63095	5	1	*	*	PUNCT
cjfa-63095	5	2	*	*	PUNCT
cjfa-63095	5	3	contact	contact	NOUN
cjfa-63095	5	4	information	information	NOUN
cjfa-63095	5	5	:	:	PUNCT
cjfa-63095	6	1	khloudmagdy@gmail.com	khloudmagdy@gmail.com	X
cjfa-63095	6	2	,	,	PUNCT
cjfa-63095	6	3	master	master	NOUN
cjfa-63095	6	4	of	of	ADP
cjfa-63095	6	5	business	business	PROPN
cjfa-63095	6	6	administration	administration	PROPN
cjfa-63095	6	7	,	,	PUNCT
cjfa-63095	6	8	sadat	sadat	PROPN
cjfa-63095	6	9	academy	academy	PROPN
cjfa-63095	6	10	for	for	ADP
cjfa-63095	6	11	management	management	NOUN
cjfa-63095	6	12	sciences	sciences	PROPN
cjfa-63095	6	13	,	,	PUNCT
cjfa-63095	6	14	cairo	cairo	PROPN
cjfa-63095	6	15	,	,	PUNCT
cjfa-63095	6	16	egypt	egypt	PROPN
cjfa-63095	6	17	,	,	PUNCT
cjfa-63095	6	18	phone	phone	NOUN
cjfa-63095	6	19	:	:	PUNCT
cjfa-63095	6	20	002	002	NUM
cjfa-63095	6	21	0	0	NUM
cjfa-63095	6	22	122	122	NUM
cjfa-63095	6	23	307	307	NUM
cjfa-63095	6	24	8488	8488	NUM
cjfa-63095	6	25	;	;	PUNCT
cjfa-63095	6	26	orcid	orcid	PROPN
cjfa-63095	7	1	i	i	NOUN
cjfa-63095	7	2	d	d	NOUN
cjfa-63095	7	3	:	:	PUNCT
cjfa-63095	8	1	https://orcid.org/0009-0003-5308-9555	https://orcid.org/0009-0003-5308-9555	PROPN
cjfa-63095	8	2	.	.	PUNCT
cjfa-63095	9	1	*	*	PUNCT
cjfa-63095	9	2	*	*	PUNCT
cjfa-63095	9	3	*	*	PUNCT
cjfa-63095	9	4	contact	contact	NOUN
cjfa-63095	9	5	information	information	NOUN
cjfa-63095	9	6	:	:	PUNCT
cjfa-63095	9	7	ma7gw8marsafwat@gmail.com	ma7gw8marsafwat@gmail.com	X
cjfa-63095	9	8	,	,	PUNCT
cjfa-63095	9	9	master	master	NOUN
cjfa-63095	9	10	of	of	ADP
cjfa-63095	9	11	business	business	PROPN
cjfa-63095	9	12	administration	administration	PROPN
cjfa-63095	9	13	,	,	PUNCT
cjfa-63095	9	14	sadat	sadat	PROPN
cjfa-63095	9	15	academy	academy	PROPN
cjfa-63095	9	16	for	for	ADP
cjfa-63095	9	17	management	management	NOUN
cjfa-63095	9	18	sciences	sciences	PROPN
cjfa-63095	9	19	,	,	PUNCT
cjfa-63095	9	20	cairo	cairo	PROPN
cjfa-63095	9	21	,	,	PUNCT
cjfa-63095	9	22	egypt	egypt	PROPN
cjfa-63095	9	23	,	,	PUNCT
cjfa-63095	9	24	phone	phone	NOUN
cjfa-63095	9	25	:	:	PUNCT
cjfa-63095	9	26	002	002	NUM
cjfa-63095	9	27	0	0	NUM
cjfa-63095	10	1	110	110	NUM
cjfa-63095	10	2	416	416	NUM
cjfa-63095	10	3	5280	5280	NUM
cjfa-63095	10	4	;	;	PUNCT
cjfa-63095	11	1	orcid	orcid	PROPN
cjfa-63095	11	2	i	i	NOUN
cjfa-63095	11	3	d	d	NOUN
cjfa-63095	11	4	:	:	PUNCT
cjfa-63095	11	5	https://orcid.org/0009-0003-5378-3125	https://orcid.org/0009-0003-5378-3125	X
cjfa-63095	11	6	.	.	PUNCT
cjfa-63095	12	1	*	*	PUNCT
cjfa-63095	12	2	*	*	PUNCT
cjfa-63095	12	3	*	*	PUNCT
cjfa-63095	12	4	*	*	PUNCT
cjfa-63095	12	5	contact	contact	NOUN
cjfa-63095	12	6	information	information	NOUN
cjfa-63095	12	7	:	:	PUNCT
cjfa-63095	12	8	nada.nour.shawky2002@gmail.com	nada.nour.shawky2002@gmail.com	PROPN
cjfa-63095	12	9	,	,	PUNCT
cjfa-63095	12	10	master	master	NOUN
cjfa-63095	12	11	of	of	ADP
cjfa-63095	12	12	business	business	PROPN
cjfa-63095	12	13	administration	administration	PROPN
cjfa-63095	12	14	,	,	PUNCT
cjfa-63095	12	15	sadat	sadat	PROPN
cjfa-63095	12	16	academy	academy	PROPN
cjfa-63095	12	17	for	for	ADP
cjfa-63095	12	18	management	management	NOUN
cjfa-63095	12	19	sciences	sciences	PROPN
cjfa-63095	12	20	,	,	PUNCT
cjfa-63095	12	21	cairo	cairo	PROPN
cjfa-63095	12	22	,	,	PUNCT
cjfa-63095	12	23	egypt	egypt	PROPN
cjfa-63095	12	24	,	,	PUNCT
cjfa-63095	12	25	phone	phone	NOUN
cjfa-63095	12	26	:	:	PUNCT
cjfa-63095	12	27	002	002	NUM
cjfa-63095	12	28	0	0	NUM
cjfa-63095	12	29	106	106	NUM
cjfa-63095	12	30	556	556	NUM
cjfa-63095	12	31	4332	4332	NUM
cjfa-63095	12	32	;	;	PUNCT
cjfa-63095	12	33	orcid	orcid	PROPN
cjfa-63095	13	1	i	i	NOUN
cjfa-63095	13	2	d	d	NOUN
cjfa-63095	13	3	:	:	PUNCT
cjfa-63095	14	1	https://orcid.org/0009-0009-6995-5001	https://orcid.org/0009-0009-6995-5001	PROPN
cjfa-63095	14	2	.	.	PUNCT
cjfa-63095	15	1	abd	abd	PROPN
cjfa-63095	15	2	-	-	PUNCT
cjfa-63095	15	3	allah	allah	PROPN
cjfa-63095	15	4	,	,	PUNCT
cjfa-63095	15	5	m.h	m.h	PROPN
cjfa-63095	15	6	.	.	PROPN
cjfa-63095	15	7	,	,	PUNCT
cjfa-63095	15	8	mohamed	mohamed	PROPN
cjfa-63095	15	9	,	,	PUNCT
cjfa-63095	15	10	k.m.k	k.m.k	PROPN
cjfa-63095	15	11	.	.	PROPN
cjfa-63095	15	12	,	,	PUNCT
cjfa-63095	15	13	mahmood	mahmood	PROPN
cjfa-63095	15	14	,	,	PUNCT
cjfa-63095	15	15	m.s.m	m.s.m	PROPN
cjfa-63095	15	16	.	.	PROPN
cjfa-63095	15	17	,	,	PUNCT
cjfa-63095	15	18	&	&	CCONJ
cjfa-63095	15	19	mohamed	mohamed	PROPN
cjfa-63095	15	20	,	,	PUNCT
cjfa-63095	15	21	n.n.s	n.n.s	ADV
cjfa-63095	15	22	.	.	PUNCT
cjfa-63095	16	1	(	(	PUNCT
cjfa-63095	16	2	2025	2025	NUM
cjfa-63095	16	3	)	)	PUNCT
cjfa-63095	16	4	.	.	PUNCT
cjfa-63095	17	1	herding	herd	VERB
cjfa-63095	17	2	behaviour	behaviour	NOUN
cjfa-63095	17	3	and	and	CCONJ
cjfa-63095	17	4	stock	stock	NOUN
cjfa-63095	17	5	market	market	NOUN
cjfa-63095	17	6	efficiency	efficiency	NOUN
cjfa-63095	17	7	:	:	PUNCT
cjfa-63095	17	8	an	an	DET
cjfa-63095	17	9	empirical	empirical	ADJ
cjfa-63095	17	10	study	study	NOUN
cjfa-63095	17	11	in	in	ADP
cjfa-63095	17	12	the	the	DET
cjfa-63095	17	13	egyptian	egyptian	ADJ
cjfa-63095	17	14	stock	stock	NOUN
cjfa-63095	17	15	market	market	NOUN
cjfa-63095	17	16	.	.	PUNCT
cjfa-63095	18	1	copernican	copernican	PROPN
cjfa-63095	18	2	journal	journal	PROPN
cjfa-63095	18	3	of	of	ADP
cjfa-63095	18	4	finance	finance	PROPN
cjfa-63095	18	5	&	&	CCONJ
cjfa-63095	18	6	accounting	accounting	NOUN
cjfa-63095	18	7	,	,	PUNCT
cjfa-63095	18	8	14(1	14(1	NUM
cjfa-63095	18	9	)	)	PUNCT
cjfa-63095	18	10	,	,	PUNCT
cjfa-63095	18	11	9–28	9–28	NOUN
cjfa-63095	18	12	.	.	PUNCT
cjfa-63095	19	1	http://dx.doi.org/10.12775/cjfa.2025.001	http://dx.doi.org/10.12775/cjfa.2025.001	PROPN
cjfa-63095	19	2	mustafa	mustafa	PROPN
cjfa-63095	19	3	hussein	hussein	PROPN
cjfa-63095	19	4	abd	abd	PROPN
cjfa-63095	19	5	-	-	PUNCT
cjfa-63095	19	6	allah	allah	PROPN
cjfa-63095	19	7	*	*	PROPN
cjfa-63095	19	8	sadat	sadat	PROPN
cjfa-63095	19	9	academy	academy	PROPN
cjfa-63095	19	10	for	for	ADP
cjfa-63095	19	11	management	management	NOUN
cjfa-63095	19	12	sciences	sciences	PROPN
cjfa-63095	19	13	khloud	khloud	PROPN
cjfa-63095	19	14	magdy	magdy	PROPN
cjfa-63095	19	15	khalaf	khalaf	PROPN
cjfa-63095	19	16	mohamed	mohamed	PROPN
cjfa-63095	19	17	*	*	PROPN
cjfa-63095	19	18	*	*	PROPN
cjfa-63095	19	19	sadat	sadat	PROPN
cjfa-63095	19	20	academy	academy	PROPN
cjfa-63095	19	21	for	for	ADP
cjfa-63095	19	22	management	management	NOUN
cjfa-63095	19	23	sciences	sciences	PROPN
cjfa-63095	19	24	maryam	maryam	PROPN
cjfa-63095	19	25	safwat	safwat	VERB
cjfa-63095	19	26	mohammed	mohammed	PROPN
cjfa-63095	19	27	mahmood	mahmood	PROPN
cjfa-63095	19	28	*	*	PUNCT
cjfa-63095	19	29	*	*	PUNCT
cjfa-63095	19	30	*	*	PUNCT
cjfa-63095	19	31	sadat	sadat	PROPN
cjfa-63095	19	32	academy	academy	PROPN
cjfa-63095	19	33	for	for	ADP
cjfa-63095	19	34	management	management	NOUN
cjfa-63095	19	35	sciences	science	NOUN
cjfa-63095	19	36	nada	nada	PROPN
cjfa-63095	19	37	nour	nour	PROPN
cjfa-63095	19	38	sayed	sayed	PROPN
cjfa-63095	19	39	mohamed	mohamed	PROPN
cjfa-63095	19	40	*	*	PROPN
cjfa-63095	19	41	*	*	PUNCT
cjfa-63095	19	42	*	*	PUNCT
cjfa-63095	19	43	*	*	PUNCT
cjfa-63095	19	44	sadat	sadat	PROPN
cjfa-63095	19	45	academy	academy	PROPN
cjfa-63095	19	46	for	for	ADP
cjfa-63095	19	47	management	management	NOUN
cjfa-63095	19	48	sciences	sciences	PROPN
cjfa-63095	19	49	herding	herding	NOUN
cjfa-63095	19	50	behavior	behavior	NOUN
cjfa-63095	19	51	and	and	CCONJ
cjfa-63095	19	52	stock	stock	NOUN
cjfa-63095	19	53	market	market	NOUN
cjfa-63095	19	54	efficiency	efficiency	NOUN
cjfa-63095	19	55	:	:	PUNCT
cjfa-63095	19	56	an	an	DET
cjfa-63095	19	57	empirical	empirical	ADJ
cjfa-63095	19	58	study	study	NOUN
cjfa-63095	19	59	in	in	ADP
cjfa-63095	19	60	the	the	DET
cjfa-63095	19	61	egyptian	egyptian	ADJ
cjfa-63095	19	62	stock	stock	NOUN
cjfa-63095	19	63	market	market	NOUN
cjfa-63095	19	64	keywords	keyword	NOUN
cjfa-63095	19	65	:	:	PUNCT
cjfa-63095	19	66	herding	herd	VERB
cjfa-63095	19	67	behavior	behavior	NOUN
cjfa-63095	19	68	,	,	PUNCT
cjfa-63095	19	69	stock	stock	NOUN
cjfa-63095	19	70	market	market	NOUN
cjfa-63095	19	71	efficiency	efficiency	NOUN
cjfa-63095	19	72	,	,	PUNCT
cjfa-63095	19	73	egyptian	egyptian	ADJ
cjfa-63095	19	74	stock	stock	PROPN
cjfa-63095	19	75	exchange	exchange	PROPN
cjfa-63095	19	76	,	,	PUNCT
cjfa-63095	19	77	egx100	egx100	PROPN
cjfa-63095	19	78	index	index	PROPN
cjfa-63095	19	79	.	.	PUNCT
cjfa-63095	20	1	m.	m.	PROPN
cjfa-63095	20	2	h.	h.	PROPN
cjfa-63095	20	3	abd	abd	PROPN
cjfa-63095	20	4	-	-	PUNCT
cjfa-63095	20	5	allah	allah	PROPN
cjfa-63095	20	6	,	,	PUNCT
cjfa-63095	20	7	k.	k.	PROPN
cjfa-63095	20	8	m.	m.	PROPN
cjfa-63095	20	9	k.	k.	PROPN
cjfa-63095	20	10	mohamed	mohamed	PROPN
cjfa-63095	20	11	,	,	PUNCT
cjfa-63095	20	12	m.	m.	PROPN
cjfa-63095	20	13	s.	s.	PROPN
cjfa-63095	20	14	m.	m.	PROPN
cjfa-63095	20	15	mahmood	mahmood	PROPN
cjfa-63095	20	16	,	,	PUNCT
cjfa-63095	20	17	n.	n.	PROPN
cjfa-63095	20	18	n.	n.	PROPN
cjfa-63095	20	19	s.	s.	PROPN
cjfa-63095	21	1	mohamed1010	mohamed1010	PROPN
cjfa-63095	21	2	j	j	PROPN
cjfa-63095	21	3	e	e	PROPN
cjfa-63095	21	4	l	l	PROPN
cjfa-63095	21	5	classification	classification	NOUN
cjfa-63095	21	6	:	:	PUNCT
cjfa-63095	21	7	g23	g23	PROPN
cjfa-63095	21	8	,	,	PUNCT
cjfa-63095	21	9	m14	m14	NOUN
cjfa-63095	21	10	,	,	PUNCT
cjfa-63095	21	11	o16	o16	X
cjfa-63095	21	12	.	.	PUNCT
cjfa-63095	22	1	abstract	abstract	ADJ
cjfa-63095	22	2	:	:	PUNCT
cjfa-63095	22	3	this	this	DET
cjfa-63095	22	4	paper	paper	NOUN
cjfa-63095	22	5	examines	examine	VERB
cjfa-63095	22	6	the	the	DET
cjfa-63095	22	7	impact	impact	NOUN
cjfa-63095	22	8	of	of	ADP
cjfa-63095	22	9	herding	herd	VERB
cjfa-63095	22	10	behavior	behavior	NOUN
cjfa-63095	22	11	on	on	ADP
cjfa-63095	22	12	market	market	NOUN
cjfa-63095	22	13	efficiency	efficiency	NOUN
cjfa-63095	22	14	in	in	ADP
cjfa-63095	22	15	the	the	DET
cjfa-63095	22	16	egyptian	egyptian	ADJ
cjfa-63095	22	17	stock	stock	NOUN
cjfa-63095	22	18	market	market	NOUN
cjfa-63095	22	19	.	.	PUNCT
cjfa-63095	23	1	it	it	PRON
cjfa-63095	23	2	does	do	VERB
cjfa-63095	23	3	so	so	ADV
cjfa-63095	23	4	by	by	ADP
cjfa-63095	23	5	testing	test	VERB
cjfa-63095	23	6	the	the	DET
cjfa-63095	23	7	efficiency	efficiency	NOUN
cjfa-63095	23	8	of	of	ADP
cjfa-63095	23	9	two	two	NUM
cjfa-63095	23	10	separate	separate	ADJ
cjfa-63095	23	11	stock	stock	NOUN
cjfa-63095	23	12	portfolios	portfolio	NOUN
cjfa-63095	23	13	:	:	PUNCT
cjfa-63095	23	14	one	one	NUM
cjfa-63095	23	15	that	that	PRON
cjfa-63095	23	16	exhibits	exhibit	VERB
cjfa-63095	23	17	statistically	statistically	ADV
cjfa-63095	23	18	significant	significant	ADJ
cjfa-63095	23	19	herding	herding	NOUN
cjfa-63095	23	20	,	,	PUNCT
cjfa-63095	23	21	and	and	CCONJ
cjfa-63095	23	22	another	another	PRON
cjfa-63095	23	23	in	in	ADP
cjfa-63095	23	24	which	which	PRON
cjfa-63095	23	25	herding	herding	NOUN
cjfa-63095	23	26	is	be	AUX
cjfa-63095	23	27	not	not	PART
cjfa-63095	23	28	significant	significant	ADJ
cjfa-63095	23	29	.	.	PUNCT
cjfa-63095	24	1	the	the	DET
cjfa-63095	24	2	efficiency	efficiency	NOUN
cjfa-63095	24	3	was	be	AUX
cjfa-63095	24	4	tested	test	VERB
cjfa-63095	24	5	using	use	VERB
cjfa-63095	24	6	the	the	DET
cjfa-63095	24	7	runs	run	NOUN
cjfa-63095	24	8	test	test	NOUN
cjfa-63095	24	9	and	and	CCONJ
cjfa-63095	24	10	the	the	DET
cjfa-63095	24	11	augmented	augment	VERB
cjfa-63095	24	12	dickey	dickey	PROPN
cjfa-63095	24	13	-	-	PUNCT
cjfa-63095	24	14	fuller	full	ADJ
cjfa-63095	24	15	test	test	NOUN
cjfa-63095	24	16	for	for	ADP
cjfa-63095	24	17	unit	unit	NOUN
cjfa-63095	24	18	root	root	NOUN
cjfa-63095	24	19	.	.	PUNCT
cjfa-63095	25	1	hwang	hwang	PROPN
cjfa-63095	25	2	and	and	CCONJ
cjfa-63095	25	3	salmon	salmon	NOUN
cjfa-63095	25	4	(	(	PUNCT
cjfa-63095	25	5	2004	2004	NUM
cjfa-63095	25	6	)	)	PUNCT
cjfa-63095	25	7	methodology	methodology	NOUN
cjfa-63095	25	8	was	be	AUX
cjfa-63095	25	9	also	also	ADV
cjfa-63095	25	10	applied	apply	VERB
cjfa-63095	25	11	to	to	PART
cjfa-63095	25	12	measure	measure	VERB
cjfa-63095	25	13	herding	herding	NOUN
cjfa-63095	25	14	behavior	behavior	NOUN
cjfa-63095	25	15	.	.	PUNCT
cjfa-63095	26	1	our	our	PRON
cjfa-63095	26	2	comprehensive	comprehensive	ADJ
cjfa-63095	26	3	analysis	analysis	NOUN
cjfa-63095	26	4	revealed	reveal	VERB
cjfa-63095	26	5	several	several	ADJ
cjfa-63095	26	6	key	key	ADJ
cjfa-63095	26	7	findings	finding	NOUN
cjfa-63095	26	8	regarding	regard	VERB
cjfa-63095	26	9	market	market	NOUN
cjfa-63095	26	10	efficiency	efficiency	NOUN
cjfa-63095	26	11	at	at	ADP
cjfa-63095	26	12	the	the	DET
cjfa-63095	26	13	weak	weak	ADJ
cjfa-63095	26	14	form	form	NOUN
cjfa-63095	26	15	.	.	PUNCT
cjfa-63095	27	1	firstly	firstly	ADV
cjfa-63095	27	2	,	,	PUNCT
cjfa-63095	27	3	shapiro	shapiro	PROPN
cjfa-63095	27	4	-	-	PUNCT
cjfa-63095	27	5	wilk	wilk	PROPN
cjfa-63095	27	6	and	and	CCONJ
cjfa-63095	27	7	kolmogorov	kolmogorov	ADJ
cjfa-63095	27	8	-	-	PUNCT
cjfa-63095	27	9	smirnov	smirnov	ADJ
cjfa-63095	27	10	tests	test	NOUN
cjfa-63095	27	11	indicated	indicate	VERB
cjfa-63095	27	12	that	that	SCONJ
cjfa-63095	27	13	stock	stock	NOUN
cjfa-63095	27	14	prices	price	NOUN
cjfa-63095	27	15	for	for	ADP
cjfa-63095	27	16	both	both	DET
cjfa-63095	27	17	portfolios	portfolio	NOUN
cjfa-63095	27	18	are	be	AUX
cjfa-63095	27	19	not	not	PART
cjfa-63095	27	20	normally	normally	ADV
cjfa-63095	27	21	distributed	distribute	VERB
cjfa-63095	27	22	,	,	PUNCT
cjfa-63095	27	23	suggesting	suggest	VERB
cjfa-63095	27	24	a	a	DET
cjfa-63095	27	25	deviation	deviation	NOUN
cjfa-63095	27	26	from	from	ADP
cjfa-63095	27	27	the	the	DET
cjfa-63095	27	28	assumptions	assumption	NOUN
cjfa-63095	27	29	of	of	ADP
cjfa-63095	27	30	weak	weak	ADJ
cjfa-63095	27	31	-	-	PUNCT
cjfa-63095	27	32	form	form	NOUN
cjfa-63095	27	33	efficiency	efficiency	NOUN
cjfa-63095	27	34	.	.	PUNCT
cjfa-63095	28	1	secondly	secondly	ADV
cjfa-63095	28	2	,	,	PUNCT
cjfa-63095	28	3	the	the	DET
cjfa-63095	28	4	runs	run	NOUN
cjfa-63095	28	5	test	test	NOUN
cjfa-63095	28	6	conclusively	conclusively	ADV
cjfa-63095	28	7	showed	show	VERB
cjfa-63095	28	8	that	that	SCONJ
cjfa-63095	28	9	the	the	DET
cjfa-63095	28	10	time	time	NOUN
cjfa-63095	28	11	series	series	NOUN
cjfa-63095	28	12	for	for	ADP
cjfa-63095	28	13	both	both	DET
cjfa-63095	28	14	portfolios	portfolio	NOUN
cjfa-63095	28	15	are	be	AUX
cjfa-63095	28	16	non	non	ADJ
cjfa-63095	28	17	-	-	ADJ
cjfa-63095	28	18	random	random	ADJ
cjfa-63095	28	19	,	,	PUNCT
cjfa-63095	28	20	further	far	ADV
cjfa-63095	28	21	demonstrating	demonstrate	VERB
cjfa-63095	28	22	the	the	DET
cjfa-63095	28	23	market	market	NOUN
cjfa-63095	28	24	’s	’s	PART
cjfa-63095	28	25	inability	inability	NOUN
cjfa-63095	28	26	to	to	PART
cjfa-63095	28	27	achieve	achieve	VERB
cjfa-63095	28	28	a	a	DET
cjfa-63095	28	29	weak	weak	ADJ
cjfa-63095	28	30	level	level	NOUN
cjfa-63095	28	31	of	of	ADP
cjfa-63095	28	32	efficiency	efficiency	NOUN
cjfa-63095	28	33	.	.	PUNCT
cjfa-63095	29	1	finally	finally	ADV
cjfa-63095	29	2	,	,	PUNCT
cjfa-63095	29	3	the	the	DET
cjfa-63095	29	4	augmented	augment	VERB
cjfa-63095	29	5	dickey	dickey	NOUN
cjfa-63095	29	6	-	-	PUNCT
cjfa-63095	29	7	fuller	full	ADJ
cjfa-63095	29	8	(	(	PUNCT
cjfa-63095	29	9	adf	adf	NOUN
cjfa-63095	29	10	)	)	PUNCT
cjfa-63095	29	11	test	test	NOUN
cjfa-63095	29	12	confirmed	confirm	VERB
cjfa-63095	29	13	the	the	DET
cjfa-63095	29	14	stationarity	stationarity	NOUN
cjfa-63095	29	15	of	of	ADP
cjfa-63095	29	16	the	the	DET
cjfa-63095	29	17	return	return	NOUN
cjfa-63095	29	18	series	series	NOUN
cjfa-63095	29	19	for	for	ADP
cjfa-63095	29	20	both	both	DET
cjfa-63095	29	21	portfolios	portfolio	NOUN
cjfa-63095	29	22	,	,	PUNCT
cjfa-63095	29	23	unequivocally	unequivocally	ADV
cjfa-63095	29	24	rejecting	reject	VERB
cjfa-63095	29	25	the	the	DET
cjfa-63095	29	26	presence	presence	NOUN
cjfa-63095	29	27	of	of	ADP
cjfa-63095	29	28	a	a	DET
cjfa-63095	29	29	unit	unit	NOUN
cjfa-63095	29	30	root	root	NOUN
cjfa-63095	29	31	and	and	CCONJ
cjfa-63095	29	32	reinforcing	reinforce	VERB
cjfa-63095	29	33	the	the	DET
cjfa-63095	29	34	conclusion	conclusion	NOUN
cjfa-63095	29	35	of	of	ADP
cjfa-63095	29	36	market	market	NOUN
cjfa-63095	29	37	inefficiency	inefficiency	NOUN
cjfa-63095	29	38	at	at	ADP
cjfa-63095	29	39	the	the	DET
cjfa-63095	29	40	weak	weak	ADJ
cjfa-63095	29	41	level	level	NOUN
cjfa-63095	29	42	.	.	PUNCT
cjfa-63095	30	1	collectively	collectively	ADV
cjfa-63095	30	2	,	,	PUNCT
cjfa-63095	30	3	these	these	DET
cjfa-63095	30	4	results	result	NOUN
cjfa-63095	30	5	strongly	strongly	ADV
cjfa-63095	30	6	reject	reject	VERB
cjfa-63095	30	7	the	the	DET
cjfa-63095	30	8	random	random	ADJ
cjfa-63095	30	9	walk	walk	NOUN
cjfa-63095	30	10	hypothesis	hypothesis	NOUN
cjfa-63095	30	11	and	and	CCONJ
cjfa-63095	30	12	demonstrate	demonstrate	VERB
cjfa-63095	30	13	that	that	SCONJ
cjfa-63095	30	14	the	the	DET
cjfa-63095	30	15	egyptian	egyptian	ADJ
cjfa-63095	30	16	stock	stock	NOUN
cjfa-63095	30	17	market	market	NOUN
cjfa-63095	30	18	does	do	AUX
cjfa-63095	30	19	not	not	PART
cjfa-63095	30	20	achieve	achieve	VERB
cjfa-63095	30	21	weak	weak	ADJ
cjfa-63095	30	22	-	-	PUNCT
cjfa-63095	30	23	form	form	NOUN
cjfa-63095	30	24	efficiency	efficiency	NOUN
cjfa-63095	30	25	,	,	PUNCT
cjfa-63095	30	26	regardless	regardless	ADV
cjfa-63095	30	27	of	of	ADP
cjfa-63095	30	28	the	the	DET
cjfa-63095	30	29	presence	presence	NOUN
cjfa-63095	30	30	or	or	CCONJ
cjfa-63095	30	31	absence	absence	NOUN
cjfa-63095	30	32	of	of	ADP
cjfa-63095	30	33	herding	herding	NOUN
cjfa-63095	30	34	behavior	behavior	NOUN
cjfa-63095	30	35	.	.	PUNCT
cjfa-63095	31	1	this	this	DET
cjfa-63095	31	2	finding	finding	NOUN
cjfa-63095	31	3	has	have	VERB
cjfa-63095	31	4	significant	significant	ADJ
cjfa-63095	31	5	implications	implication	NOUN
cjfa-63095	31	6	for	for	ADP
cjfa-63095	31	7	investors	investor	NOUN
cjfa-63095	31	8	:	:	PUNCT
cjfa-63095	31	9	it	it	PRON
cjfa-63095	31	10	suggests	suggest	VERB
cjfa-63095	31	11	that	that	SCONJ
cjfa-63095	31	12	investors	investor	NOUN
cjfa-63095	31	13	may	may	AUX
cjfa-63095	31	14	be	be	AUX
cjfa-63095	31	15	able	able	ADJ
cjfa-63095	31	16	to	to	PART
cjfa-63095	31	17	exploit	exploit	VERB
cjfa-63095	31	18	past	past	ADJ
cjfa-63095	31	19	price	price	NOUN
cjfa-63095	31	20	information	information	NOUN
cjfa-63095	31	21	to	to	PART
cjfa-63095	31	22	potentially	potentially	ADV
cjfa-63095	31	23	generate	generate	VERB
cjfa-63095	31	24	abnormal	abnormal	ADJ
cjfa-63095	31	25	returns	return	NOUN
cjfa-63095	31	26	,	,	PUNCT
cjfa-63095	31	27	as	as	SCONJ
cjfa-63095	31	28	market	market	NOUN
cjfa-63095	31	29	prices	price	NOUN
cjfa-63095	31	30	do	do	AUX
cjfa-63095	31	31	not	not	PART
cjfa-63095	31	32	fully	fully	ADV
cjfa-63095	31	33	reflect	reflect	VERB
cjfa-63095	31	34	all	all	DET
cjfa-63095	31	35	available	available	ADJ
cjfa-63095	31	36	historical	historical	ADJ
cjfa-63095	31	37	data	datum	NOUN
cjfa-63095	31	38	.	.	PUNCT
cjfa-63095	31	39	 	 	SPACE
cjfa-63095	32	1	introduction	introduction	NOUN
cjfa-63095	32	2	 	 	SPACE
cjfa-63095	32	3	introduction	introduction	NOUN
cjfa-63095	32	4	the	the	DET
cjfa-63095	32	5	debate	debate	NOUN
cjfa-63095	32	6	between	between	ADP
cjfa-63095	32	7	financial	financial	ADJ
cjfa-63095	32	8	market	market	NOUN
cjfa-63095	32	9	efficiency	efficiency	NOUN
cjfa-63095	32	10	and	and	CCONJ
cjfa-63095	32	11	behavioral	behavioral	ADJ
cjfa-63095	32	12	finance	finance	NOUN
cjfa-63095	32	13	has	have	AUX
cjfa-63095	32	14	been	be	AUX
cjfa-63095	32	15	a	a	DET
cjfa-63095	32	16	topic	topic	NOUN
cjfa-63095	32	17	of	of	ADP
cjfa-63095	32	18	controversy	controversy	NOUN
cjfa-63095	32	19	for	for	ADP
cjfa-63095	32	20	decades	decade	NOUN
cjfa-63095	32	21	.	.	PUNCT
cjfa-63095	33	1	while	while	SCONJ
cjfa-63095	33	2	the	the	DET
cjfa-63095	33	3	theory	theory	NOUN
cjfa-63095	33	4	of	of	ADP
cjfa-63095	33	5	market	market	NOUN
cjfa-63095	33	6	efficiency	efficiency	NOUN
cjfa-63095	33	7	argues	argue	VERB
cjfa-63095	33	8	that	that	SCONJ
cjfa-63095	33	9	investors	investor	NOUN
cjfa-63095	33	10	act	act	VERB
cjfa-63095	33	11	rationally	rationally	ADV
cjfa-63095	33	12	and	and	CCONJ
cjfa-63095	33	13	that	that	SCONJ
cjfa-63095	33	14	stock	stock	NOUN
cjfa-63095	33	15	prices	price	NOUN
cjfa-63095	33	16	rapidly	rapidly	ADV
cjfa-63095	33	17	adjust	adjust	VERB
cjfa-63095	33	18	to	to	PART
cjfa-63095	33	19	reflect	reflect	VERB
cjfa-63095	33	20	all	all	DET
cjfa-63095	33	21	available	available	ADJ
cjfa-63095	33	22	information	information	NOUN
cjfa-63095	33	23	,	,	PUNCT
cjfa-63095	33	24	behavioral	behavioral	ADJ
cjfa-63095	33	25	finance	finance	NOUN
cjfa-63095	33	26	challenges	challenge	VERB
cjfa-63095	33	27	this	this	DET
cjfa-63095	33	28	notion	notion	NOUN
cjfa-63095	33	29	.	.	PUNCT
cjfa-63095	34	1	it	it	PRON
cjfa-63095	34	2	explores	explore	VERB
cjfa-63095	34	3	the	the	DET
cjfa-63095	34	4	influence	influence	NOUN
cjfa-63095	34	5	of	of	ADP
cjfa-63095	34	6	psychology	psychology	NOUN
cjfa-63095	34	7	on	on	ADP
cjfa-63095	34	8	investor	investor	NOUN
cjfa-63095	34	9	behavior	behavior	NOUN
cjfa-63095	34	10	,	,	PUNCT
cjfa-63095	34	11	suggesting	suggest	VERB
cjfa-63095	34	12	that	that	SCONJ
cjfa-63095	34	13	markets	market	NOUN
cjfa-63095	34	14	are	be	AUX
cjfa-63095	34	15	not	not	PART
cjfa-63095	34	16	always	always	ADV
cjfa-63095	34	17	rational	rational	ADJ
cjfa-63095	34	18	and	and	CCONJ
cjfa-63095	34	19	that	that	SCONJ
cjfa-63095	34	20	investors	investor	NOUN
cjfa-63095	34	21	often	often	ADV
cjfa-63095	34	22	make	make	VERB
cjfa-63095	34	23	irrational	irrational	ADJ
cjfa-63095	34	24	decisions	decision	NOUN
cjfa-63095	34	25	,	,	PUNCT
cjfa-63095	34	26	leading	lead	VERB
cjfa-63095	34	27	to	to	ADP
cjfa-63095	34	28	potential	potential	ADJ
cjfa-63095	34	29	mispricing	mispricing	NOUN
cjfa-63095	34	30	of	of	ADP
cjfa-63095	34	31	assets	asset	NOUN
cjfa-63095	34	32	.	.	PUNCT
cjfa-63095	35	1	in	in	ADP
cjfa-63095	35	2	the	the	DET
cjfa-63095	35	3	1960s	1960	NOUN
cjfa-63095	35	4	and	and	CCONJ
cjfa-63095	35	5	early	early	ADJ
cjfa-63095	35	6	1970s	1970	NOUN
cjfa-63095	35	7	,	,	PUNCT
cjfa-63095	35	8	there	there	PRON
cjfa-63095	35	9	was	be	VERB
cjfa-63095	35	10	disagreement	disagreement	NOUN
cjfa-63095	35	11	over	over	ADP
cjfa-63095	35	12	whether	whether	SCONJ
cjfa-63095	35	13	stock	stock	NOUN
cjfa-63095	35	14	prices	price	NOUN
cjfa-63095	35	15	followed	follow	VERB
cjfa-63095	35	16	random	random	ADJ
cjfa-63095	35	17	movement	movement	NOUN
cjfa-63095	35	18	or	or	CCONJ
cjfa-63095	35	19	not	not	PART
cjfa-63095	35	20	.	.	PUNCT
cjfa-63095	36	1	the	the	DET
cjfa-63095	36	2	tests	test	NOUN
cjfa-63095	36	3	by	by	ADP
cjfa-63095	36	4	fama	fama	PROPN
cjfa-63095	36	5	(	(	PUNCT
cjfa-63095	36	6	1965	1965	NUM
cjfa-63095	36	7	)	)	PUNCT
cjfa-63095	36	8	and	and	CCONJ
cjfa-63095	36	9	samuelson	samuelson	PROPN
cjfa-63095	36	10	(	(	PUNCT
cjfa-63095	36	11	1965a	1965a	NUM
cjfa-63095	36	12	)	)	PUNCT
cjfa-63095	36	13	were	be	AUX
cjfa-63095	36	14	conducted	conduct	VERB
cjfa-63095	36	15	to	to	PART
cjfa-63095	36	16	answer	answer	VERB
cjfa-63095	36	17	this	this	DET
cjfa-63095	36	18	question	question	NOUN
cjfa-63095	36	19	;	;	PUNCT
cjfa-63095	36	20	they	they	PRON
cjfa-63095	36	21	concluded	conclude	VERB
cjfa-63095	36	22	that	that	SCONJ
cjfa-63095	36	23	most	most	ADJ
cjfa-63095	36	24	of	of	ADP
cjfa-63095	36	25	the	the	DET
cjfa-63095	36	26	evidence	evidence	NOUN
cjfa-63095	36	27	appeared	appear	VERB
cjfa-63095	36	28	to	to	PART
cjfa-63095	36	29	be	be	AUX
cjfa-63095	36	30	consistent	consistent	ADJ
cjfa-63095	36	31	with	with	ADP
cjfa-63095	36	32	the	the	DET
cjfa-63095	36	33	market	market	NOUN
cjfa-63095	36	34	efficiency	efficiency	NOUN
cjfa-63095	36	35	hypothesis	hypothesis	NOUN
cjfa-63095	36	36	.	.	PUNCT
cjfa-63095	37	1	the	the	DET
cjfa-63095	37	2	stock	stock	NOUN
cjfa-63095	37	3	market	market	NOUN
cjfa-63095	37	4	is	be	AUX
cjfa-63095	37	5	considered	consider	VERB
cjfa-63095	37	6	efficient	efficient	ADJ
cjfa-63095	37	7	when	when	SCONJ
cjfa-63095	37	8	it	it	PRON
cjfa-63095	37	9	is	be	AUX
cjfa-63095	37	10	efficient	efficient	ADJ
cjfa-63095	37	11	to	to	PART
cjfa-63095	37	12	process	process	VERB
cjfa-63095	37	13	information	information	NOUN
cjfa-63095	37	14	,	,	PUNCT
cjfa-63095	37	15	as	as	SCONJ
cjfa-63095	37	16	fama	fama	PROPN
cjfa-63095	37	17	(	(	PUNCT
cjfa-63095	37	18	1976	1976	NUM
cjfa-63095	37	19	)	)	PUNCT
cjfa-63095	37	20	suggests	suggest	VERB
cjfa-63095	37	21	.	.	PUNCT
cjfa-63095	38	1	in	in	ADP
cjfa-63095	38	2	an	an	DET
cjfa-63095	38	3	efficient	efficient	ADJ
cjfa-63095	38	4	stock	stock	NOUN
cjfa-63095	38	5	market	market	NOUN
cjfa-63095	38	6	,	,	PUNCT
cjfa-63095	38	7	stock	stock	NOUN
cjfa-63095	38	8	prices	price	NOUN
cjfa-63095	38	9	fully	fully	ADV
cjfa-63095	38	10	incorporate	incorporate	VERB
cjfa-63095	38	11	all	all	DET
cjfa-63095	38	12	available	available	ADJ
cjfa-63095	38	13	information	information	NOUN
cjfa-63095	38	14	;	;	PUNCT
cjfa-63095	38	15	therefore	therefore	ADV
cjfa-63095	38	16	,	,	PUNCT
cjfa-63095	38	17	no	no	DET
cjfa-63095	38	18	investor	investor	NOUN
cjfa-63095	38	19	can	can	AUX
cjfa-63095	38	20	achieve	achieve	VERB
cjfa-63095	38	21	abnormal	abnormal	ADJ
cjfa-63095	38	22	returns	return	NOUN
cjfa-63095	38	23	through	through	ADP
cjfa-63095	38	24	past	past	ADJ
cjfa-63095	38	25	stock	stock	NOUN
cjfa-63095	38	26	prices	price	NOUN
cjfa-63095	38	27	or	or	CCONJ
cjfa-63095	38	28	private	private	ADJ
cjfa-63095	38	29	sources	source	NOUN
cjfa-63095	38	30	.	.	PUNCT
cjfa-63095	39	1	herding	herd	VERB
cjfa-63095	39	2	behavior	behavior	NOUN
cjfa-63095	39	3	and	and	CCONJ
cjfa-63095	39	4	stock	stock	NOUN
cjfa-63095	39	5	market	market	NOUN
cjfa-63095	39	6	efficiency	efficiency	NOUN
cjfa-63095	39	7	…	…	PUNCT
cjfa-63095	39	8	1111	1111	NUM
cjfa-63095	39	9	regarding	regard	VERB
cjfa-63095	39	10	herding	herd	VERB
cjfa-63095	39	11	behavior	behavior	NOUN
cjfa-63095	39	12	,	,	PUNCT
cjfa-63095	39	13	hwang	hwang	PROPN
cjfa-63095	39	14	and	and	CCONJ
cjfa-63095	39	15	salmon	salmon	NOUN
cjfa-63095	39	16	(	(	PUNCT
cjfa-63095	39	17	2004	2004	NUM
cjfa-63095	39	18	)	)	PUNCT
cjfa-63095	39	19	explained	explain	VERB
cjfa-63095	39	20	that	that	SCONJ
cjfa-63095	39	21	it	it	PRON
cjfa-63095	39	22	occurs	occur	VERB
cjfa-63095	39	23	when	when	SCONJ
cjfa-63095	39	24	investors	investor	NOUN
cjfa-63095	39	25	choose	choose	VERB
cjfa-63095	39	26	to	to	PART
cjfa-63095	39	27	follow	follow	VERB
cjfa-63095	39	28	others	other	NOUN
cjfa-63095	39	29	’	’	PART
cjfa-63095	39	30	decisions	decision	NOUN
cjfa-63095	39	31	in	in	ADP
cjfa-63095	39	32	the	the	DET
cjfa-63095	39	33	market	market	NOUN
cjfa-63095	39	34	instead	instead	ADV
cjfa-63095	39	35	of	of	ADP
cjfa-63095	39	36	relying	rely	VERB
cjfa-63095	39	37	on	on	ADP
cjfa-63095	39	38	their	their	PRON
cjfa-63095	39	39	own	own	ADJ
cjfa-63095	39	40	beliefs	belief	NOUN
cjfa-63095	39	41	and	and	CCONJ
cjfa-63095	39	42	information	information	NOUN
cjfa-63095	39	43	.	.	PUNCT
cjfa-63095	40	1	in	in	ADP
cjfa-63095	40	2	such	such	ADJ
cjfa-63095	40	3	cases	case	NOUN
cjfa-63095	40	4	,	,	PUNCT
cjfa-63095	40	5	investors	investor	NOUN
cjfa-63095	40	6	disregard	disregard	VERB
cjfa-63095	40	7	their	their	PRON
cjfa-63095	40	8	own	own	ADJ
cjfa-63095	40	9	insights	insight	NOUN
cjfa-63095	40	10	in	in	ADP
cjfa-63095	40	11	favor	favor	NOUN
cjfa-63095	40	12	of	of	ADP
cjfa-63095	40	13	imitating	imitate	VERB
cjfa-63095	40	14	others	other	NOUN
cjfa-63095	40	15	,	,	PUNCT
cjfa-63095	40	16	regardless	regardless	ADV
cjfa-63095	40	17	of	of	ADP
cjfa-63095	40	18	whether	whether	SCONJ
cjfa-63095	40	19	the	the	DET
cjfa-63095	40	20	behavior	behavior	NOUN
cjfa-63095	40	21	is	be	AUX
cjfa-63095	40	22	rational	rational	ADJ
cjfa-63095	40	23	.	.	PUNCT
cjfa-63095	41	1	herding	herd	VERB
cjfa-63095	41	2	behavior	behavior	NOUN
cjfa-63095	41	3	is	be	AUX
cjfa-63095	41	4	also	also	ADV
cjfa-63095	41	5	a	a	DET
cjfa-63095	41	6	phenomenon	phenomenon	NOUN
cjfa-63095	41	7	that	that	PRON
cjfa-63095	41	8	occurs	occur	VERB
cjfa-63095	41	9	during	during	ADP
cjfa-63095	41	10	periods	period	NOUN
cjfa-63095	41	11	of	of	ADP
cjfa-63095	41	12	stress	stress	NOUN
cjfa-63095	41	13	.	.	PUNCT
cjfa-63095	42	1	when	when	SCONJ
cjfa-63095	42	2	significant	significant	ADJ
cjfa-63095	42	3	price	price	NOUN
cjfa-63095	42	4	changes	change	NOUN
cjfa-63095	42	5	occur	occur	VERB
cjfa-63095	42	6	,	,	PUNCT
cjfa-63095	42	7	individual	individual	ADJ
cjfa-63095	42	8	investment	investment	NOUN
cjfa-63095	42	9	returns	return	NOUN
cjfa-63095	42	10	align	align	VERB
cjfa-63095	42	11	with	with	ADP
cjfa-63095	42	12	the	the	DET
cjfa-63095	42	13	market	market	NOUN
cjfa-63095	42	14	.	.	PUNCT
cjfa-63095	43	1	in	in	ADP
cjfa-63095	43	2	the	the	DET
cjfa-63095	43	3	presence	presence	NOUN
cjfa-63095	43	4	of	of	ADP
cjfa-63095	43	5	herding	herding	NOUN
cjfa-63095	43	6	behavior	behavior	NOUN
cjfa-63095	43	7	,	,	PUNCT
cjfa-63095	43	8	all	all	DET
cjfa-63095	43	9	investments	investment	NOUN
cjfa-63095	43	10	follow	follow	VERB
cjfa-63095	43	11	the	the	DET
cjfa-63095	43	12	same	same	ADJ
cjfa-63095	43	13	trajectory	trajectory	NOUN
cjfa-63095	43	14	as	as	ADP
cjfa-63095	43	15	the	the	DET
cjfa-63095	43	16	market	market	NOUN
cjfa-63095	43	17	portfolio	portfolio	NOUN
cjfa-63095	43	18	.	.	PUNCT
cjfa-63095	44	1	as	as	ADP
cjfa-63095	44	2	a	a	DET
cjfa-63095	44	3	result	result	NOUN
cjfa-63095	44	4	,	,	PUNCT
cjfa-63095	44	5	investors	investor	NOUN
cjfa-63095	44	6	engaging	engage	VERB
cjfa-63095	44	7	in	in	ADP
cjfa-63095	44	8	herding	herding	NOUN
cjfa-63095	44	9	behavior	behavior	NOUN
cjfa-63095	44	10	cause	cause	VERB
cjfa-63095	44	11	these	these	DET
cjfa-63095	44	12	returns	return	NOUN
cjfa-63095	44	13	to	to	PART
cjfa-63095	44	14	converge	converge	VERB
cjfa-63095	44	15	with	with	ADP
cjfa-63095	44	16	the	the	DET
cjfa-63095	44	17	market	market	NOUN
cjfa-63095	44	18	return	return	NOUN
cjfa-63095	44	19	,	,	PUNCT
cjfa-63095	44	20	thereby	thereby	ADV
cjfa-63095	44	21	reducing	reduce	VERB
cjfa-63095	44	22	their	their	PRON
cjfa-63095	44	23	deviation	deviation	NOUN
cjfa-63095	44	24	from	from	ADP
cjfa-63095	44	25	it	it	PRON
cjfa-63095	44	26	.	.	PUNCT
cjfa-63095	45	1	through	through	ADP
cjfa-63095	45	2	this	this	DET
cjfa-63095	45	3	study	study	NOUN
cjfa-63095	45	4	,	,	PUNCT
cjfa-63095	45	5	we	we	PRON
cjfa-63095	45	6	are	be	AUX
cjfa-63095	45	7	trying	try	VERB
cjfa-63095	45	8	to	to	PART
cjfa-63095	45	9	identify	identify	VERB
cjfa-63095	45	10	the	the	DET
cjfa-63095	45	11	impact	impact	NOUN
cjfa-63095	45	12	of	of	ADP
cjfa-63095	45	13	herding	herd	VERB
cjfa-63095	45	14	behavior	behavior	NOUN
cjfa-63095	45	15	on	on	ADP
cjfa-63095	45	16	the	the	DET
cjfa-63095	45	17	efficiency	efficiency	NOUN
cjfa-63095	45	18	of	of	ADP
cjfa-63095	45	19	the	the	DET
cjfa-63095	45	20	egyptian	egyptian	ADJ
cjfa-63095	45	21	stock	stock	NOUN
cjfa-63095	45	22	market	market	NOUN
cjfa-63095	45	23	by	by	ADP
cjfa-63095	45	24	analyzing	analyze	VERB
cjfa-63095	45	25	the	the	DET
cjfa-63095	45	26	efficiency	efficiency	NOUN
cjfa-63095	45	27	of	of	ADP
cjfa-63095	45	28	a	a	DET
cjfa-63095	45	29	portfolio	portfolio	NOUN
cjfa-63095	45	30	of	of	ADP
cjfa-63095	45	31	stocks	stock	NOUN
cjfa-63095	45	32	showing	show	VERB
cjfa-63095	45	33	herd	herd	NOUN
cjfa-63095	45	34	behavior	behavior	NOUN
cjfa-63095	45	35	among	among	ADP
cjfa-63095	45	36	investors	investor	NOUN
cjfa-63095	45	37	and	and	CCONJ
cjfa-63095	45	38	the	the	DET
cjfa-63095	45	39	efficiency	efficiency	NOUN
cjfa-63095	45	40	of	of	ADP
cjfa-63095	45	41	a	a	DET
cjfa-63095	45	42	portfolio	portfolio	NOUN
cjfa-63095	45	43	of	of	ADP
cjfa-63095	45	44	stocks	stock	NOUN
cjfa-63095	45	45	that	that	PRON
cjfa-63095	45	46	does	do	AUX
cjfa-63095	45	47	not	not	PART
cjfa-63095	45	48	show	show	VERB
cjfa-63095	45	49	herding	herding	NOUN
cjfa-63095	45	50	behavior	behavior	NOUN
cjfa-63095	45	51	.	.	PUNCT
cjfa-63095	46	1	theoretical	theoretical	ADJ
cjfa-63095	46	2	background	background	NOUN
cjfa-63095	46	3	and	and	CCONJ
cjfa-63095	46	4	previous	previous	ADJ
cjfa-63095	46	5	studiestheoretical	studiestheoretical	ADJ
cjfa-63095	46	6	background	background	NOUN
cjfa-63095	46	7	and	and	CCONJ
cjfa-63095	46	8	previous	previous	ADJ
cjfa-63095	46	9	studies	study	NOUN
cjfa-63095	46	10	financial	financial	ADJ
cjfa-63095	46	11	market	market	NOUN
cjfa-63095	46	12	efficiencyfinancial	efficiencyfinancial	ADJ
cjfa-63095	46	13	market	market	NOUN
cjfa-63095	46	14	efficiency	efficiency	NOUN
cjfa-63095	46	15	the	the	DET
cjfa-63095	46	16	market	market	NOUN
cjfa-63095	46	17	efficiency	efficiency	NOUN
cjfa-63095	46	18	hypothesis	hypothesis	NOUN
cjfa-63095	46	19	is	be	AUX
cjfa-63095	46	20	based	base	VERB
cjfa-63095	46	21	on	on	ADP
cjfa-63095	46	22	the	the	DET
cjfa-63095	46	23	“	"	PUNCT
cjfa-63095	46	24	random	random	ADJ
cjfa-63095	46	25	walk	walk	NOUN
cjfa-63095	46	26	theory	theory	NOUN
cjfa-63095	46	27	”	"	PUNCT
cjfa-63095	46	28	for	for	ADP
cjfa-63095	46	29	both	both	DET
cjfa-63095	46	30	kendall	kendall	PROPN
cjfa-63095	46	31	(	(	PUNCT
cjfa-63095	46	32	1953	1953	NUM
cjfa-63095	46	33	)	)	PUNCT
cjfa-63095	46	34	and	and	CCONJ
cjfa-63095	46	35	fama	fama	PROPN
cjfa-63095	46	36	(	(	PUNCT
cjfa-63095	46	37	1965	1965	NUM
cjfa-63095	46	38	)	)	PUNCT
cjfa-63095	46	39	,	,	PUNCT
cjfa-63095	46	40	which	which	PRON
cjfa-63095	46	41	is	be	AUX
cjfa-63095	46	42	used	use	VERB
cjfa-63095	46	43	to	to	PART
cjfa-63095	46	44	characterize	characterize	VERB
cjfa-63095	46	45	the	the	DET
cjfa-63095	46	46	stock	stock	NOUN
cjfa-63095	46	47	price	price	NOUN
cjfa-63095	46	48	chain	chain	NOUN
cjfa-63095	46	49	,	,	PUNCT
cjfa-63095	46	50	where	where	SCONJ
cjfa-63095	46	51	each	each	DET
cjfa-63095	46	52	subsequent	subsequent	ADJ
cjfa-63095	46	53	price	price	NOUN
cjfa-63095	46	54	change	change	NOUN
cjfa-63095	46	55	is	be	AUX
cjfa-63095	46	56	random	random	ADJ
cjfa-63095	46	57	and	and	CCONJ
cjfa-63095	46	58	independent	independent	ADJ
cjfa-63095	46	59	of	of	ADP
cjfa-63095	46	60	previous	previous	ADJ
cjfa-63095	46	61	prices	price	NOUN
cjfa-63095	46	62	.	.	PUNCT
cjfa-63095	47	1	the	the	DET
cjfa-63095	47	2	“	"	PUNCT
cjfa-63095	47	3	random	random	ADJ
cjfa-63095	47	4	walk	walk	NOUN
cjfa-63095	47	5	theory	theory	NOUN
cjfa-63095	47	6	”	"	PUNCT
cjfa-63095	47	7	suggests	suggest	VERB
cjfa-63095	47	8	that	that	SCONJ
cjfa-63095	47	9	when	when	SCONJ
cjfa-63095	47	10	information	information	NOUN
cjfa-63095	47	11	flows	flow	VERB
cjfa-63095	47	12	freely	freely	ADV
cjfa-63095	47	13	and	and	CCONJ
cjfa-63095	47	14	is	be	AUX
cjfa-63095	47	15	instantly	instantly	ADV
cjfa-63095	47	16	incorporated	incorporate	VERB
cjfa-63095	47	17	into	into	ADP
cjfa-63095	47	18	stock	stock	NOUN
cjfa-63095	47	19	prices	price	NOUN
cjfa-63095	47	20	,	,	PUNCT
cjfa-63095	47	21	tomorrow	tomorrow	NOUN
cjfa-63095	47	22	’s	’s	PART
cjfa-63095	47	23	price	price	NOUN
cjfa-63095	47	24	changes	change	NOUN
cjfa-63095	47	25	will	will	AUX
cjfa-63095	47	26	solely	solely	ADV
cjfa-63095	47	27	reflect	reflect	VERB
cjfa-63095	47	28	new	new	ADJ
cjfa-63095	47	29	information	information	NOUN
cjfa-63095	47	30	from	from	ADP
cjfa-63095	47	31	that	that	DET
cjfa-63095	47	32	day	day	NOUN
cjfa-63095	47	33	,	,	PUNCT
cjfa-63095	47	34	independent	independent	ADJ
cjfa-63095	47	35	of	of	ADP
cjfa-63095	47	36	today	today	NOUN
cjfa-63095	47	37	’s	’s	PART
cjfa-63095	47	38	price	price	NOUN
cjfa-63095	47	39	movements	movement	NOUN
cjfa-63095	47	40	.	.	PUNCT
cjfa-63095	48	1	consequently	consequently	ADV
cjfa-63095	48	2	,	,	PUNCT
cjfa-63095	48	3	stock	stock	NOUN
cjfa-63095	48	4	prices	price	NOUN
cjfa-63095	48	5	are	be	AUX
cjfa-63095	48	6	unpredictable	unpredictable	ADJ
cjfa-63095	48	7	,	,	PUNCT
cjfa-63095	48	8	meaning	mean	VERB
cjfa-63095	48	9	price	price	NOUN
cjfa-63095	48	10	changes	change	NOUN
cjfa-63095	48	11	occur	occur	VERB
cjfa-63095	48	12	randomly	randomly	ADV
cjfa-63095	48	13	and	and	CCONJ
cjfa-63095	48	14	unexpectedly	unexpectedly	ADV
cjfa-63095	48	15	.	.	PUNCT
cjfa-63095	49	1	as	as	ADP
cjfa-63095	49	2	a	a	DET
cjfa-63095	49	3	result	result	NOUN
cjfa-63095	49	4	,	,	PUNCT
cjfa-63095	49	5	all	all	DET
cjfa-63095	49	6	new	new	ADJ
cjfa-63095	49	7	information	information	NOUN
cjfa-63095	49	8	is	be	AUX
cjfa-63095	49	9	fully	fully	ADV
cjfa-63095	49	10	reflected	reflect	VERB
cjfa-63095	49	11	in	in	ADP
cjfa-63095	49	12	prices	price	NOUN
cjfa-63095	49	13	,	,	PUNCT
cjfa-63095	49	14	ensuring	ensure	VERB
cjfa-63095	49	15	that	that	SCONJ
cjfa-63095	49	16	even	even	ADV
cjfa-63095	49	17	uninformed	uninformed	ADJ
cjfa-63095	49	18	investors	investor	NOUN
cjfa-63095	49	19	can	can	AUX
cjfa-63095	49	20	achieve	achieve	VERB
cjfa-63095	49	21	high	high	ADJ
cjfa-63095	49	22	returns	return	NOUN
cjfa-63095	49	23	similar	similar	ADJ
cjfa-63095	49	24	to	to	ADP
cjfa-63095	49	25	experts	expert	NOUN
cjfa-63095	49	26	.	.	PUNCT
cjfa-63095	50	1	cootner	cootner	PROPN
cjfa-63095	50	2	(	(	PUNCT
cjfa-63095	50	3	1964	1964	NUM
cjfa-63095	50	4	)	)	PUNCT
cjfa-63095	50	5	also	also	ADV
cjfa-63095	50	6	stated	state	VERB
cjfa-63095	50	7	that	that	SCONJ
cjfa-63095	50	8	the	the	DET
cjfa-63095	50	9	stock	stock	NOUN
cjfa-63095	50	10	market	market	NOUN
cjfa-63095	50	11	does	do	AUX
cjfa-63095	50	12	not	not	PART
cjfa-63095	50	13	retain	retain	VERB
cjfa-63095	50	14	any	any	DET
cjfa-63095	50	15	memory	memory	NOUN
cjfa-63095	50	16	,	,	PUNCT
cjfa-63095	50	17	as	as	ADP
cjfa-63095	50	18	the	the	DET
cjfa-63095	50	19	way	way	NOUN
cjfa-63095	50	20	the	the	DET
cjfa-63095	50	21	stock	stock	NOUN
cjfa-63095	50	22	price	price	NOUN
cjfa-63095	50	23	behaves	behave	VERB
cjfa-63095	50	24	in	in	ADP
cjfa-63095	50	25	the	the	DET
cjfa-63095	50	26	past	past	NOUN
cjfa-63095	50	27	does	do	AUX
cjfa-63095	50	28	not	not	PART
cjfa-63095	50	29	help	help	VERB
cjfa-63095	50	30	determine	determine	VERB
cjfa-63095	50	31	its	its	PRON
cjfa-63095	50	32	future	future	ADJ
cjfa-63095	50	33	behavior	behavior	NOUN
cjfa-63095	50	34	.	.	PUNCT
cjfa-63095	51	1	samuelson	samuelson	PROPN
cjfa-63095	51	2	(	(	PUNCT
cjfa-63095	51	3	1965b	1965b	NUM
cjfa-63095	51	4	)	)	PUNCT
cjfa-63095	51	5	also	also	ADV
cjfa-63095	51	6	indicated	indicate	VERB
cjfa-63095	51	7	that	that	SCONJ
cjfa-63095	51	8	with	with	ADP
cjfa-63095	51	9	respect	respect	NOUN
cjfa-63095	51	10	to	to	ADP
cjfa-63095	51	11	the	the	DET
cjfa-63095	51	12	“	"	PUNCT
cjfa-63095	51	13	random	random	ADJ
cjfa-63095	51	14	walk	walk	NOUN
cjfa-63095	51	15	theory	theory	NOUN
cjfa-63095	51	16	”	"	PUNCT
cjfa-63095	51	17	,	,	PUNCT
cjfa-63095	51	18	there	there	PRON
cjfa-63095	51	19	were	be	VERB
cjfa-63095	51	20	no	no	DET
cjfa-63095	51	21	patterns	pattern	NOUN
cjfa-63095	51	22	that	that	PRON
cjfa-63095	51	23	investors	investor	NOUN
cjfa-63095	51	24	could	could	AUX
cjfa-63095	51	25	employ	employ	VERB
cjfa-63095	51	26	to	to	PART
cjfa-63095	51	27	achieve	achieve	VERB
cjfa-63095	51	28	abnormal	abnormal	ADJ
cjfa-63095	51	29	returns	return	NOUN
cjfa-63095	51	30	;	;	PUNCT
cjfa-63095	51	31	if	if	SCONJ
cjfa-63095	51	32	any	any	DET
cjfa-63095	51	33	excess	excess	ADJ
cjfa-63095	51	34	returns	return	NOUN
cjfa-63095	51	35	are	be	AUX
cjfa-63095	51	36	achieved	achieve	VERB
cjfa-63095	51	37	,	,	PUNCT
cjfa-63095	51	38	they	they	PRON
cjfa-63095	51	39	should	should	AUX
cjfa-63095	51	40	be	be	AUX
cjfa-63095	51	41	credited	credit	VERB
cjfa-63095	51	42	to	to	PART
cjfa-63095	51	43	luck	luck	VERB
cjfa-63095	51	44	or	or	CCONJ
cjfa-63095	51	45	seen	see	VERB
cjfa-63095	51	46	as	as	ADP
cjfa-63095	51	47	compensation	compensation	NOUN
cjfa-63095	51	48	for	for	ADP
cjfa-63095	51	49	the	the	DET
cjfa-63095	51	50	additional	additional	ADJ
cjfa-63095	51	51	risks	risk	NOUN
cjfa-63095	51	52	taken	take	VERB
cjfa-63095	51	53	by	by	ADP
cjfa-63095	51	54	the	the	DET
cjfa-63095	51	55	investor	investor	NOUN
cjfa-63095	51	56	.	.	PUNCT
cjfa-63095	52	1	in	in	ADP
cjfa-63095	52	2	other	other	ADJ
cjfa-63095	52	3	words	word	NOUN
cjfa-63095	52	4	,	,	PUNCT
cjfa-63095	52	5	outperforming	outperform	VERB
cjfa-63095	52	6	the	the	DET
cjfa-63095	52	7	market	market	NOUN
cjfa-63095	52	8	is	be	AUX
cjfa-63095	52	9	not	not	PART
cjfa-63095	52	10	possible	possible	ADJ
cjfa-63095	52	11	.	.	PUNCT
cjfa-63095	53	1	m.	m.	NOUN
cjfa-63095	53	2	h.	h.	PROPN
cjfa-63095	53	3	abd	abd	PROPN
cjfa-63095	53	4	-	-	PUNCT
cjfa-63095	53	5	allah	allah	PROPN
cjfa-63095	53	6	,	,	PUNCT
cjfa-63095	53	7	k.	k.	PROPN
cjfa-63095	53	8	m.	m.	PROPN
cjfa-63095	53	9	k.	k.	PROPN
cjfa-63095	53	10	mohamed	mohamed	PROPN
cjfa-63095	53	11	,	,	PUNCT
cjfa-63095	53	12	m.	m.	PROPN
cjfa-63095	53	13	s.	s.	PROPN
cjfa-63095	53	14	m.	m.	PROPN
cjfa-63095	53	15	mahmood	mahmood	PROPN
cjfa-63095	53	16	,	,	PUNCT
cjfa-63095	53	17	n.	n.	PROPN
cjfa-63095	53	18	n.	n.	PROPN
cjfa-63095	54	1	s.	s.	PROPN
cjfa-63095	55	1	mohamed1212	mohamed1212	PROPN
cjfa-63095	55	2	fama	fama	PROPN
cjfa-63095	55	3	(	(	PUNCT
cjfa-63095	55	4	1970	1970	NUM
cjfa-63095	55	5	)	)	PUNCT
cjfa-63095	55	6	noted	note	VERB
cjfa-63095	55	7	that	that	SCONJ
cjfa-63095	55	8	all	all	DET
cjfa-63095	55	9	the	the	DET
cjfa-63095	55	10	information	information	NOUN
cjfa-63095	55	11	that	that	PRON
cjfa-63095	55	12	can	can	AUX
cjfa-63095	55	13	be	be	AUX
cjfa-63095	55	14	gathered	gather	VERB
cjfa-63095	55	15	concerning	concern	VERB
cjfa-63095	55	16	the	the	DET
cjfa-63095	55	17	stock	stock	NOUN
cjfa-63095	55	18	has	have	AUX
cjfa-63095	55	19	already	already	ADV
cjfa-63095	55	20	been	be	AUX
cjfa-63095	55	21	incorporated	incorporate	VERB
cjfa-63095	55	22	into	into	ADP
cjfa-63095	55	23	the	the	DET
cjfa-63095	55	24	stock	stock	NOUN
cjfa-63095	55	25	price	price	NOUN
cjfa-63095	55	26	,	,	PUNCT
cjfa-63095	55	27	where	where	SCONJ
cjfa-63095	55	28	stock	stock	NOUN
cjfa-63095	55	29	prices	price	NOUN
cjfa-63095	55	30	reflect	reflect	VERB
cjfa-63095	55	31	all	all	DET
cjfa-63095	55	32	the	the	DET
cjfa-63095	55	33	stock	stock	NOUN
cjfa-63095	55	34	’s	’s	PART
cjfa-63095	55	35	information	information	NOUN
cjfa-63095	55	36	.	.	PUNCT
cjfa-63095	56	1	fama	fama	PROPN
cjfa-63095	56	2	(	(	PUNCT
cjfa-63095	56	3	1970	1970	NUM
cjfa-63095	56	4	)	)	PUNCT
cjfa-63095	56	5	used	use	VERB
cjfa-63095	56	6	the	the	DET
cjfa-63095	56	7	term	term	NOUN
cjfa-63095	56	8	“	"	PUNCT
cjfa-63095	56	9	efficient	efficient	ADJ
cjfa-63095	56	10	market	market	NOUN
cjfa-63095	56	11	”	"	PUNCT
cjfa-63095	56	12	.	.	PUNCT
cjfa-63095	57	1	according	accord	VERB
cjfa-63095	57	2	to	to	ADP
cjfa-63095	57	3	the	the	DET
cjfa-63095	57	4	term	term	NOUN
cjfa-63095	57	5	“	"	PUNCT
cjfa-63095	57	6	efficient	efficient	ADJ
cjfa-63095	57	7	market	market	NOUN
cjfa-63095	57	8	”	"	PUNCT
cjfa-63095	57	9	,	,	PUNCT
cjfa-63095	57	10	competition	competition	NOUN
cjfa-63095	57	11	will	will	AUX
cjfa-63095	57	12	instantly	instantly	ADV
cjfa-63095	57	13	counteract	counteract	VERB
cjfa-63095	57	14	the	the	DET
cjfa-63095	57	15	full	full	ADJ
cjfa-63095	57	16	impact	impact	NOUN
cjfa-63095	57	17	of	of	ADP
cjfa-63095	57	18	new	new	ADJ
cjfa-63095	57	19	information	information	NOUN
cjfa-63095	57	20	on	on	ADP
cjfa-63095	57	21	actual	actual	ADJ
cjfa-63095	57	22	prices	price	NOUN
cjfa-63095	57	23	.	.	PUNCT
cjfa-63095	58	1	financial	financial	ADJ
cjfa-63095	58	2	market	market	NOUN
cjfa-63095	58	3	efficiency	efficiency	NOUN
cjfa-63095	58	4	levels	level	NOUN
cjfa-63095	58	5	are	be	AUX
cjfa-63095	58	6	three	three	NUM
cjfa-63095	58	7	,	,	PUNCT
cjfa-63095	58	8	with	with	ADP
cjfa-63095	58	9	fama	fama	PROPN
cjfa-63095	58	10	(	(	PUNCT
cjfa-63095	58	11	1970	1970	NUM
cjfa-63095	58	12	)	)	PUNCT
cjfa-63095	58	13	classifying	classify	VERB
cjfa-63095	58	14	them	they	PRON
cjfa-63095	58	15	as	as	ADP
cjfa-63095	58	16	weak	weak	ADJ
cjfa-63095	58	17	,	,	PUNCT
cjfa-63095	58	18	semistrong	semistrong	ADJ
cjfa-63095	58	19	,	,	PUNCT
cjfa-63095	58	20	and	and	CCONJ
cjfa-63095	58	21	strong	strong	ADJ
cjfa-63095	58	22	.	.	PUNCT
cjfa-63095	59	1	the	the	DET
cjfa-63095	59	2	assumption	assumption	NOUN
cjfa-63095	59	3	of	of	ADP
cjfa-63095	59	4	a	a	DET
cjfa-63095	59	5	lower	low	ADJ
cjfa-63095	59	6	-	-	PUNCT
cjfa-63095	59	7	level	level	NOUN
cjfa-63095	59	8	efficient	efficient	ADJ
cjfa-63095	59	9	stock	stock	NOUN
cjfa-63095	59	10	market	market	NOUN
cjfa-63095	59	11	suggests	suggest	VERB
cjfa-63095	59	12	that	that	SCONJ
cjfa-63095	59	13	current	current	ADJ
cjfa-63095	59	14	stock	stock	NOUN
cjfa-63095	59	15	prices	price	NOUN
cjfa-63095	59	16	fully	fully	ADV
cjfa-63095	59	17	incorporate	incorporate	VERB
cjfa-63095	59	18	all	all	DET
cjfa-63095	59	19	available	available	ADJ
cjfa-63095	59	20	historical	historical	ADJ
cjfa-63095	59	21	price	price	NOUN
cjfa-63095	59	22	information	information	NOUN
cjfa-63095	59	23	,	,	PUNCT
cjfa-63095	59	24	making	make	VERB
cjfa-63095	59	25	past	past	ADJ
cjfa-63095	59	26	prices	price	NOUN
cjfa-63095	59	27	ineffective	ineffective	ADJ
cjfa-63095	59	28	for	for	ADP
cjfa-63095	59	29	predicting	predict	VERB
cjfa-63095	59	30	future	future	ADJ
cjfa-63095	59	31	price	price	NOUN
cjfa-63095	59	32	movements	movement	NOUN
cjfa-63095	59	33	;	;	PUNCT
cjfa-63095	59	34	therefore	therefore	ADV
cjfa-63095	59	35	,	,	PUNCT
cjfa-63095	59	36	no	no	DET
cjfa-63095	59	37	investor	investor	NOUN
cjfa-63095	59	38	can	can	AUX
cjfa-63095	59	39	achieve	achieve	VERB
cjfa-63095	59	40	abnormal	abnormal	ADJ
cjfa-63095	59	41	returns	return	NOUN
cjfa-63095	59	42	through	through	ADP
cjfa-63095	59	43	previous	previous	ADJ
cjfa-63095	59	44	stock	stock	NOUN
cjfa-63095	59	45	prices	price	NOUN
cjfa-63095	59	46	.	.	PUNCT
cjfa-63095	60	1	the	the	DET
cjfa-63095	60	2	semistrong	semistrong	ADJ
cjfa-63095	60	3	form	form	NOUN
cjfa-63095	60	4	of	of	ADP
cjfa-63095	60	5	financial	financial	ADJ
cjfa-63095	60	6	market	market	NOUN
cjfa-63095	60	7	efficiency	efficiency	NOUN
cjfa-63095	60	8	is	be	AUX
cjfa-63095	60	9	a	a	DET
cjfa-63095	60	10	model	model	NOUN
cjfa-63095	60	11	in	in	ADP
cjfa-63095	60	12	which	which	PRON
cjfa-63095	60	13	current	current	ADJ
cjfa-63095	60	14	stock	stock	NOUN
cjfa-63095	60	15	prices	price	NOUN
cjfa-63095	60	16	incorporate	incorporate	VERB
cjfa-63095	60	17	all	all	DET
cjfa-63095	60	18	publicly	publicly	ADV
cjfa-63095	60	19	available	available	ADJ
cjfa-63095	60	20	information	information	NOUN
cjfa-63095	60	21	,	,	PUNCT
cjfa-63095	60	22	including	include	VERB
cjfa-63095	60	23	economic	economic	ADJ
cjfa-63095	60	24	factors	factor	NOUN
cjfa-63095	60	25	,	,	PUNCT
cjfa-63095	60	26	financial	financial	ADJ
cjfa-63095	60	27	reports	report	NOUN
cjfa-63095	60	28	of	of	ADP
cjfa-63095	60	29	the	the	DET
cjfa-63095	60	30	firm	firm	NOUN
cjfa-63095	60	31	and	and	CCONJ
cjfa-63095	60	32	other	other	ADJ
cjfa-63095	60	33	publicly	publicly	ADV
cjfa-63095	60	34	available	available	ADJ
cjfa-63095	60	35	information	information	NOUN
cjfa-63095	60	36	in	in	ADP
cjfa-63095	60	37	addition	addition	NOUN
cjfa-63095	60	38	to	to	ADP
cjfa-63095	60	39	previous	previous	ADJ
cjfa-63095	60	40	stock	stock	NOUN
cjfa-63095	60	41	prices	price	NOUN
cjfa-63095	60	42	.	.	PUNCT
cjfa-63095	61	1	finally	finally	ADV
cjfa-63095	61	2	,	,	PUNCT
cjfa-63095	61	3	the	the	DET
cjfa-63095	61	4	strong	strong	ADJ
cjfa-63095	61	5	form	form	NOUN
cjfa-63095	61	6	of	of	ADP
cjfa-63095	61	7	efficiency	efficiency	NOUN
cjfa-63095	61	8	assumes	assume	VERB
cjfa-63095	61	9	that	that	SCONJ
cjfa-63095	61	10	stock	stock	NOUN
cjfa-63095	61	11	prices	price	NOUN
cjfa-63095	61	12	fully	fully	ADV
cjfa-63095	61	13	incorporate	incorporate	VERB
cjfa-63095	61	14	all	all	DET
cjfa-63095	61	15	available	available	ADJ
cjfa-63095	61	16	information	information	NOUN
cjfa-63095	61	17	,	,	PUNCT
cjfa-63095	61	18	both	both	CCONJ
cjfa-63095	61	19	public	public	ADJ
cjfa-63095	61	20	and	and	CCONJ
cjfa-63095	61	21	private	private	ADJ
cjfa-63095	61	22	,	,	PUNCT
cjfa-63095	61	23	preventing	prevent	VERB
cjfa-63095	61	24	any	any	DET
cjfa-63095	61	25	investor	investor	NOUN
cjfa-63095	61	26	from	from	ADP
cjfa-63095	61	27	gaining	gain	VERB
cjfa-63095	61	28	abnormal	abnormal	ADJ
cjfa-63095	61	29	returns	return	NOUN
cjfa-63095	61	30	through	through	ADP
cjfa-63095	61	31	private	private	ADJ
cjfa-63095	61	32	insights	insight	NOUN
cjfa-63095	61	33	.	.	PUNCT
cjfa-63095	62	1	shiller	shiller	PROPN
cjfa-63095	62	2	(	(	PUNCT
cjfa-63095	62	3	1999	1999	NUM
cjfa-63095	62	4	)	)	PUNCT
cjfa-63095	62	5	noted	note	VERB
cjfa-63095	62	6	that	that	SCONJ
cjfa-63095	62	7	although	although	SCONJ
cjfa-63095	62	8	the	the	DET
cjfa-63095	62	9	theory	theory	NOUN
cjfa-63095	62	10	of	of	ADP
cjfa-63095	62	11	financial	financial	ADJ
cjfa-63095	62	12	market	market	NOUN
cjfa-63095	62	13	efficiency	efficiency	NOUN
cjfa-63095	62	14	remains	remain	VERB
cjfa-63095	62	15	the	the	DET
cjfa-63095	62	16	basis	basis	NOUN
cjfa-63095	62	17	for	for	ADP
cjfa-63095	62	18	the	the	DET
cjfa-63095	62	19	development	development	NOUN
cjfa-63095	62	20	of	of	ADP
cjfa-63095	62	21	many	many	ADJ
cjfa-63095	62	22	tools	tool	NOUN
cjfa-63095	62	23	and	and	CCONJ
cjfa-63095	62	24	models	model	NOUN
cjfa-63095	62	25	used	use	VERB
cjfa-63095	62	26	to	to	PART
cjfa-63095	62	27	understand	understand	VERB
cjfa-63095	62	28	how	how	SCONJ
cjfa-63095	62	29	financial	financial	ADJ
cjfa-63095	62	30	markets	market	NOUN
cjfa-63095	62	31	operate	operate	VERB
cjfa-63095	62	32	,	,	PUNCT
cjfa-63095	62	33	it	it	PRON
cjfa-63095	62	34	failed	fail	VERB
cjfa-63095	62	35	to	to	PART
cjfa-63095	62	36	explain	explain	VERB
cjfa-63095	62	37	investors	investor	NOUN
cjfa-63095	62	38	’	'	PUNCT
cjfa-63095	62	39	behaviors	behavior	NOUN
cjfa-63095	62	40	.	.	PUNCT
cjfa-63095	63	1	yao	yao	PROPN
cjfa-63095	63	2	,	,	PUNCT
cjfa-63095	63	3	ma	ma	PROPN
cjfa-63095	63	4	and	and	CCONJ
cjfa-63095	63	5	he	he	PRON
cjfa-63095	63	6	(	(	PUNCT
cjfa-63095	63	7	2014	2014	NUM
cjfa-63095	63	8	)	)	PUNCT
cjfa-63095	63	9	find	find	VERB
cjfa-63095	63	10	that	that	SCONJ
cjfa-63095	63	11	the	the	DET
cjfa-63095	63	12	theory	theory	NOUN
cjfa-63095	63	13	of	of	ADP
cjfa-63095	63	14	financial	financial	ADJ
cjfa-63095	63	15	market	market	NOUN
cjfa-63095	63	16	efficiency	efficiency	NOUN
cjfa-63095	63	17	failed	fail	VERB
cjfa-63095	63	18	to	to	PART
cjfa-63095	63	19	learn	learn	VERB
cjfa-63095	63	20	the	the	DET
cjfa-63095	63	21	mechanisms	mechanism	NOUN
cjfa-63095	63	22	for	for	ADP
cjfa-63095	63	23	the	the	DET
cjfa-63095	63	24	functioning	functioning	NOUN
cjfa-63095	63	25	of	of	ADP
cjfa-63095	63	26	financial	financial	ADJ
cjfa-63095	63	27	markets	market	NOUN
cjfa-63095	63	28	due	due	ADJ
cjfa-63095	63	29	to	to	ADP
cjfa-63095	63	30	cognitive	cognitive	ADJ
cjfa-63095	63	31	biases	bias	NOUN
cjfa-63095	63	32	and	and	CCONJ
cjfa-63095	63	33	complex	complex	ADJ
cjfa-63095	63	34	human	human	ADJ
cjfa-63095	63	35	responses	response	NOUN
cjfa-63095	63	36	.	.	PUNCT
cjfa-63095	64	1	in	in	ADP
cjfa-63095	64	2	the	the	DET
cjfa-63095	64	3	early	early	ADJ
cjfa-63095	64	4	1960s	1960	NOUN
cjfa-63095	64	5	and	and	CCONJ
cjfa-63095	64	6	mid-1970s	mid-1970	NOUN
cjfa-63095	64	7	,	,	PUNCT
cjfa-63095	64	8	the	the	DET
cjfa-63095	64	9	concept	concept	NOUN
cjfa-63095	64	10	of	of	ADP
cjfa-63095	64	11	market	market	NOUN
cjfa-63095	64	12	efficiency	efficiency	NOUN
cjfa-63095	64	13	was	be	AUX
cjfa-63095	64	14	broadly	broadly	ADV
cjfa-63095	64	15	embraced	embrace	VERB
cjfa-63095	64	16	by	by	ADP
cjfa-63095	64	17	academic	academic	ADJ
cjfa-63095	64	18	financial	financial	ADJ
cjfa-63095	64	19	economists	economist	NOUN
cjfa-63095	64	20	,	,	PUNCT
cjfa-63095	64	21	as	as	SCONJ
cjfa-63095	64	22	evidenced	evidence	VERB
cjfa-63095	64	23	by	by	ADP
cjfa-63095	64	24	works	work	NOUN
cjfa-63095	64	25	such	such	ADJ
cjfa-63095	64	26	as	as	ADP
cjfa-63095	64	27	fama	fama	NOUN
cjfa-63095	64	28	(	(	PUNCT
cjfa-63095	64	29	1970	1970	NUM
cjfa-63095	64	30	)	)	PUNCT
cjfa-63095	64	31	,	,	PUNCT
cjfa-63095	64	32	fama	fama	PROPN
cjfa-63095	64	33	and	and	CCONJ
cjfa-63095	64	34	macbeth	macbeth	PROPN
cjfa-63095	64	35	(	(	PUNCT
cjfa-63095	64	36	1973	1973	NUM
cjfa-63095	64	37	)	)	PUNCT
cjfa-63095	64	38	,	,	PUNCT
cjfa-63095	64	39	black	black	NOUN
cjfa-63095	64	40	,	,	PUNCT
cjfa-63095	64	41	jensen	jensen	PROPN
cjfa-63095	64	42	and	and	CCONJ
cjfa-63095	64	43	scholes	schole	NOUN
cjfa-63095	64	44	(	(	PUNCT
cjfa-63095	64	45	1972	1972	NUM
cjfa-63095	64	46	)	)	PUNCT
cjfa-63095	64	47	,	,	PUNCT
cjfa-63095	64	48	and	and	CCONJ
cjfa-63095	64	49	jensen	jensen	PROPN
cjfa-63095	64	50	(	(	PUNCT
cjfa-63095	64	51	1978	1978	NUM
cjfa-63095	64	52	)	)	PUNCT
cjfa-63095	64	53	.	.	PUNCT
cjfa-63095	65	1	there	there	PRON
cjfa-63095	65	2	was	be	VERB
cjfa-63095	65	3	a	a	DET
cjfa-63095	65	4	general	general	ADJ
cjfa-63095	65	5	belief	belief	NOUN
cjfa-63095	65	6	that	that	SCONJ
cjfa-63095	65	7	stock	stock	NOUN
cjfa-63095	65	8	markets	market	NOUN
cjfa-63095	65	9	were	be	AUX
cjfa-63095	65	10	highly	highly	ADV
cjfa-63095	65	11	efficient	efficient	ADJ
cjfa-63095	65	12	in	in	ADP
cjfa-63095	65	13	their	their	PRON
cjfa-63095	65	14	ability	ability	NOUN
cjfa-63095	65	15	to	to	PART
cjfa-63095	65	16	reflect	reflect	VERB
cjfa-63095	65	17	stock	stock	NOUN
cjfa-63095	65	18	information	information	NOUN
cjfa-63095	65	19	at	at	ADP
cjfa-63095	65	20	the	the	DET
cjfa-63095	65	21	individual	individual	NOUN
cjfa-63095	65	22	or	or	CCONJ
cjfa-63095	65	23	the	the	DET
cjfa-63095	65	24	stock	stock	NOUN
cjfa-63095	65	25	market	market	NOUN
cjfa-63095	65	26	level	level	NOUN
cjfa-63095	65	27	as	as	ADP
cjfa-63095	65	28	a	a	DET
cjfa-63095	65	29	whole	whole	NOUN
cjfa-63095	65	30	.	.	PUNCT
cjfa-63095	66	1	meanwhile	meanwhile	ADV
cjfa-63095	66	2	,	,	PUNCT
cjfa-63095	66	3	fama	fama	PROPN
cjfa-63095	66	4	,	,	PUNCT
cjfa-63095	66	5	fisher	fisher	PROPN
cjfa-63095	66	6	,	,	PUNCT
cjfa-63095	66	7	jensen	jensen	PROPN
cjfa-63095	66	8	and	and	CCONJ
cjfa-63095	66	9	roll	roll	PROPN
cjfa-63095	66	10	(	(	PUNCT
cjfa-63095	66	11	1969	1969	NUM
cjfa-63095	66	12	)	)	PUNCT
cjfa-63095	66	13	found	find	VERB
cjfa-63095	66	14	that	that	SCONJ
cjfa-63095	66	15	in	in	ADP
cjfa-63095	66	16	an	an	DET
cjfa-63095	66	17	active	active	ADJ
cjfa-63095	66	18	market	market	NOUN
cjfa-63095	66	19	involving	involve	VERB
cjfa-63095	66	20	many	many	ADJ
cjfa-63095	66	21	knowledgeable	knowledgeable	ADJ
cjfa-63095	66	22	and	and	CCONJ
cjfa-63095	66	23	intelligent	intelligent	ADJ
cjfa-63095	66	24	investors	investor	NOUN
cjfa-63095	66	25	,	,	PUNCT
cjfa-63095	66	26	stock	stock	NOUN
cjfa-63095	66	27	prices	price	NOUN
cjfa-63095	66	28	will	will	AUX
cjfa-63095	66	29	accurately	accurately	ADV
cjfa-63095	66	30	reflect	reflect	VERB
cjfa-63095	66	31	all	all	DET
cjfa-63095	66	32	available	available	ADJ
cjfa-63095	66	33	information	information	NOUN
cjfa-63095	66	34	.	.	PUNCT
cjfa-63095	67	1	rationality	rationality	NOUN
cjfa-63095	67	2	is	be	AUX
cjfa-63095	67	3	one	one	NUM
cjfa-63095	67	4	of	of	ADP
cjfa-63095	67	5	the	the	DET
cjfa-63095	67	6	fundamental	fundamental	ADJ
cjfa-63095	67	7	pillars	pillar	NOUN
cjfa-63095	67	8	of	of	ADP
cjfa-63095	67	9	the	the	DET
cjfa-63095	67	10	classical	classical	ADJ
cjfa-63095	67	11	theory	theory	NOUN
cjfa-63095	67	12	of	of	ADP
cjfa-63095	67	13	finance	finance	NOUN
cjfa-63095	67	14	,	,	PUNCT
cjfa-63095	67	15	where	where	SCONJ
cjfa-63095	67	16	barberis	barberis	NOUN
cjfa-63095	67	17	and	and	CCONJ
cjfa-63095	67	18	thaler	thaler	PROPN
cjfa-63095	67	19	(	(	PUNCT
cjfa-63095	67	20	2003	2003	NUM
cjfa-63095	67	21	)	)	PUNCT
cjfa-63095	67	22	indicate	indicate	VERB
cjfa-63095	67	23	that	that	SCONJ
cjfa-63095	67	24	when	when	SCONJ
cjfa-63095	67	25	new	new	ADJ
cjfa-63095	67	26	information	information	NOUN
cjfa-63095	67	27	reaches	reach	VERB
cjfa-63095	67	28	the	the	DET
cjfa-63095	67	29	market	market	NOUN
cjfa-63095	67	30	,	,	PUNCT
cjfa-63095	67	31	investors	investor	NOUN
cjfa-63095	67	32	make	make	VERB
cjfa-63095	67	33	decisions	decision	NOUN
cjfa-63095	67	34	based	base	VERB
cjfa-63095	67	35	on	on	ADP
cjfa-63095	67	36	baez	baez	PROPN
cjfa-63095	67	37	’s	’s	PART
cjfa-63095	67	38	law	law	NOUN
cjfa-63095	67	39	,	,	PUNCT
cjfa-63095	67	40	aligning	align	VERB
cjfa-63095	67	41	their	their	PRON
cjfa-63095	67	42	choices	choice	NOUN
cjfa-63095	67	43	with	with	ADP
cjfa-63095	67	44	their	their	PRON
cjfa-63095	67	45	expected	expect	VERB
cjfa-63095	67	46	personal	personal	ADJ
cjfa-63095	67	47	benefit	benefit	NOUN
cjfa-63095	67	48	,	,	PUNCT
cjfa-63095	67	49	since	since	ADV
cjfa-63095	67	50	,	,	PUNCT
cjfa-63095	67	51	under	under	ADP
cjfa-63095	67	52	conditions	condition	NOUN
cjfa-63095	67	53	of	of	ADP
cjfa-63095	67	54	uncertainty	uncertainty	NOUN
cjfa-63095	67	55	,	,	PUNCT
cjfa-63095	67	56	they	they	PRON
cjfa-63095	67	57	choose	choose	VERB
cjfa-63095	67	58	the	the	DET
cjfa-63095	67	59	decision	decision	NOUN
cjfa-63095	67	60	that	that	PRON
cjfa-63095	67	61	delivers	deliver	VERB
cjfa-63095	67	62	the	the	DET
cjfa-63095	67	63	greatest	greatest	ADV
cjfa-63095	67	64	expected	expect	VERB
cjfa-63095	67	65	self	self	NOUN
cjfa-63095	67	66	-	-	PUNCT
cjfa-63095	67	67	benefit	benefit	NOUN
cjfa-63095	67	68	.	.	PUNCT
cjfa-63095	68	1	herding	herd	VERB
cjfa-63095	68	2	behavior	behavior	NOUN
cjfa-63095	68	3	and	and	CCONJ
cjfa-63095	68	4	stock	stock	NOUN
cjfa-63095	68	5	market	market	NOUN
cjfa-63095	68	6	efficiency	efficiency	NOUN
cjfa-63095	68	7	…	…	PUNCT
cjfa-63095	68	8	1313	1313	NUM
cjfa-63095	68	9	after	after	ADP
cjfa-63095	68	10	the	the	DET
cjfa-63095	68	11	mid-1970s	mid-1970	NOUN
cjfa-63095	68	12	,	,	PUNCT
cjfa-63095	68	13	an	an	DET
cjfa-63095	68	14	increase	increase	NOUN
cjfa-63095	68	15	in	in	ADP
cjfa-63095	68	16	research	research	NOUN
cjfa-63095	68	17	challenged	challenge	VERB
cjfa-63095	68	18	the	the	DET
cjfa-63095	68	19	assumption	assumption	NOUN
cjfa-63095	68	20	of	of	ADP
cjfa-63095	68	21	market	market	NOUN
cjfa-63095	68	22	efficiency	efficiency	NOUN
cjfa-63095	68	23	.	.	PUNCT
cjfa-63095	69	1	more	more	ADV
cjfa-63095	69	2	specifically	specifically	ADV
cjfa-63095	69	3	,	,	PUNCT
cjfa-63095	69	4	numerous	numerous	ADJ
cjfa-63095	69	5	researchers	researcher	NOUN
cjfa-63095	69	6	observed	observe	VERB
cjfa-63095	69	7	that	that	SCONJ
cjfa-63095	69	8	stock	stock	NOUN
cjfa-63095	69	9	prices	price	NOUN
cjfa-63095	69	10	exhibited	exhibit	VERB
cjfa-63095	69	11	certain	certain	ADJ
cjfa-63095	69	12	unexplained	unexplained	ADJ
cjfa-63095	69	13	patterns	pattern	NOUN
cjfa-63095	69	14	that	that	PRON
cjfa-63095	69	15	could	could	AUX
cjfa-63095	69	16	not	not	PART
cjfa-63095	69	17	be	be	AUX
cjfa-63095	69	18	accounted	account	VERB
cjfa-63095	69	19	for	for	ADP
cjfa-63095	69	20	by	by	ADP
cjfa-63095	69	21	the	the	DET
cjfa-63095	69	22	asset	asset	NOUN
cjfa-63095	69	23	pricing	pricing	NOUN
cjfa-63095	69	24	models	model	NOUN
cjfa-63095	69	25	of	of	ADP
cjfa-63095	69	26	the	the	DET
cjfa-63095	69	27	time	time	NOUN
cjfa-63095	69	28	.	.	PUNCT
cjfa-63095	70	1	these	these	DET
cjfa-63095	70	2	patterns	pattern	NOUN
cjfa-63095	70	3	,	,	PUNCT
cjfa-63095	70	4	known	know	VERB
cjfa-63095	70	5	as	as	ADP
cjfa-63095	70	6	“	"	PUNCT
cjfa-63095	70	7	anomalies	anomaly	NOUN
cjfa-63095	70	8	”	"	PUNCT
cjfa-63095	70	9	,	,	PUNCT
cjfa-63095	70	10	posed	pose	VERB
cjfa-63095	70	11	a	a	DET
cjfa-63095	70	12	significant	significant	ADJ
cjfa-63095	70	13	challenge	challenge	NOUN
cjfa-63095	70	14	for	for	ADP
cjfa-63095	70	15	emerging	emerge	VERB
cjfa-63095	70	16	markets	market	NOUN
cjfa-63095	70	17	,	,	PUNCT
cjfa-63095	70	18	as	as	SCONJ
cjfa-63095	70	19	they	they	PRON
cjfa-63095	70	20	could	could	AUX
cjfa-63095	70	21	not	not	PART
cjfa-63095	70	22	be	be	AUX
cjfa-63095	70	23	predicted	predict	VERB
cjfa-63095	70	24	by	by	ADP
cjfa-63095	70	25	existing	exist	VERB
cjfa-63095	70	26	asset	asset	NOUN
cjfa-63095	70	27	pricing	pricing	NOUN
cjfa-63095	70	28	models	model	NOUN
cjfa-63095	70	29	.	.	PUNCT
cjfa-63095	71	1	anomalies	anomaly	NOUN
cjfa-63095	71	2	sparked	spark	VERB
cjfa-63095	71	3	extensive	extensive	ADJ
cjfa-63095	71	4	research	research	NOUN
cjfa-63095	71	5	that	that	PRON
cjfa-63095	71	6	challenged	challenge	VERB
cjfa-63095	71	7	the	the	DET
cjfa-63095	71	8	assumption	assumption	NOUN
cjfa-63095	71	9	of	of	ADP
cjfa-63095	71	10	investor	investor	NOUN
cjfa-63095	71	11	rationality	rationality	NOUN
cjfa-63095	71	12	,	,	PUNCT
cjfa-63095	71	13	a	a	DET
cjfa-63095	71	14	fundamental	fundamental	ADJ
cjfa-63095	71	15	principle	principle	NOUN
cjfa-63095	71	16	of	of	ADP
cjfa-63095	71	17	stock	stock	NOUN
cjfa-63095	71	18	market	market	NOUN
cjfa-63095	71	19	efficiency	efficiency	NOUN
cjfa-63095	71	20	.	.	PUNCT
cjfa-63095	72	1	this	this	PRON
cjfa-63095	72	2	led	lead	VERB
cjfa-63095	72	3	many	many	ADJ
cjfa-63095	72	4	researchers	researcher	NOUN
cjfa-63095	72	5	to	to	PART
cjfa-63095	72	6	explore	explore	VERB
cjfa-63095	72	7	what	what	PRON
cjfa-63095	72	8	later	later	ADV
cjfa-63095	72	9	became	became	AUX
cjfa-63095	72	10	known	know	VERB
cjfa-63095	72	11	as	as	ADP
cjfa-63095	72	12	behavioral	behavioral	ADJ
cjfa-63095	72	13	finance	finance	NOUN
cjfa-63095	72	14	,	,	PUNCT
cjfa-63095	72	15	drawing	draw	VERB
cjfa-63095	72	16	on	on	ADP
cjfa-63095	72	17	cognitive	cognitive	ADJ
cjfa-63095	72	18	psychology	psychology	NOUN
cjfa-63095	72	19	to	to	PART
cjfa-63095	72	20	argue	argue	VERB
cjfa-63095	72	21	that	that	SCONJ
cjfa-63095	72	22	human	human	ADJ
cjfa-63095	72	23	behavior	behavior	NOUN
cjfa-63095	72	24	is	be	AUX
cjfa-63095	72	25	not	not	PART
cjfa-63095	72	26	always	always	ADV
cjfa-63095	72	27	rational	rational	ADJ
cjfa-63095	72	28	.	.	PUNCT
cjfa-63095	73	1	studies	study	NOUN
cjfa-63095	73	2	have	have	AUX
cjfa-63095	73	3	documented	document	VERB
cjfa-63095	73	4	various	various	ADJ
cjfa-63095	73	5	behavioral	behavioral	ADJ
cjfa-63095	73	6	and	and	CCONJ
cjfa-63095	73	7	cognitive	cognitive	ADJ
cjfa-63095	73	8	biases	bias	NOUN
cjfa-63095	73	9	that	that	PRON
cjfa-63095	73	10	influence	influence	VERB
cjfa-63095	73	11	decision	decision	NOUN
cjfa-63095	73	12	-	-	PUNCT
cjfa-63095	73	13	making	making	NOUN
cjfa-63095	73	14	and	and	CCONJ
cjfa-63095	73	15	deviate	deviate	VERB
cjfa-63095	73	16	from	from	ADP
cjfa-63095	73	17	logical	logical	ADJ
cjfa-63095	73	18	judgments	judgment	NOUN
cjfa-63095	73	19	.	.	PUNCT
cjfa-63095	74	1	these	these	DET
cjfa-63095	74	2	findings	finding	NOUN
cjfa-63095	74	3	present	present	VERB
cjfa-63095	74	4	a	a	DET
cjfa-63095	74	5	significant	significant	ADJ
cjfa-63095	74	6	challenge	challenge	NOUN
cjfa-63095	74	7	to	to	ADP
cjfa-63095	74	8	market	market	NOUN
cjfa-63095	74	9	efficiency	efficiency	NOUN
cjfa-63095	74	10	,	,	PUNCT
cjfa-63095	74	11	suggesting	suggest	VERB
cjfa-63095	74	12	that	that	SCONJ
cjfa-63095	74	13	markets	market	NOUN
cjfa-63095	74	14	are	be	AUX
cjfa-63095	74	15	not	not	PART
cjfa-63095	74	16	entirely	entirely	ADV
cjfa-63095	74	17	homogeneous	homogeneous	ADJ
cjfa-63095	74	18	,	,	PUNCT
cjfa-63095	74	19	and	and	CCONJ
cjfa-63095	74	20	investors	investor	NOUN
cjfa-63095	74	21	are	be	AUX
cjfa-63095	74	22	not	not	PART
cjfa-63095	74	23	always	always	ADV
cjfa-63095	74	24	fully	fully	ADV
cjfa-63095	74	25	rational	rational	ADJ
cjfa-63095	74	26	,	,	PUNCT
cjfa-63095	74	27	as	as	SCONJ
cjfa-63095	74	28	documented	document	VERB
cjfa-63095	74	29	by	by	ADP
cjfa-63095	74	30	rozeff	rozeff	NOUN
cjfa-63095	74	31	and	and	CCONJ
cjfa-63095	74	32	kinney	kinney	PROPN
cjfa-63095	74	33	(	(	PUNCT
cjfa-63095	74	34	1976	1976	NUM
cjfa-63095	74	35	)	)	PUNCT
cjfa-63095	74	36	,	,	PUNCT
cjfa-63095	74	37	french	french	NOUN
cjfa-63095	74	38	(	(	PUNCT
cjfa-63095	74	39	1980	1980	NUM
cjfa-63095	74	40	)	)	PUNCT
cjfa-63095	74	41	,	,	PUNCT
cjfa-63095	74	42	and	and	CCONJ
cjfa-63095	74	43	shiller	shiller	PROPN
cjfa-63095	74	44	(	(	PUNCT
cjfa-63095	74	45	1999	1999	NUM
cjfa-63095	74	46	)	)	PUNCT
cjfa-63095	74	47	.	.	PUNCT
cjfa-63095	75	1	there	there	PRON
cjfa-63095	75	2	are	be	VERB
cjfa-63095	75	3	several	several	ADJ
cjfa-63095	75	4	other	other	ADJ
cjfa-63095	75	5	applied	apply	VERB
cjfa-63095	75	6	studies	study	NOUN
cjfa-63095	75	7	that	that	PRON
cjfa-63095	75	8	have	have	AUX
cjfa-63095	75	9	explored	explore	VERB
cjfa-63095	75	10	market	market	NOUN
cjfa-63095	75	11	efficiency	efficiency	NOUN
cjfa-63095	75	12	.	.	PUNCT
cjfa-63095	76	1	ozkan	ozkan	NOUN
cjfa-63095	76	2	(	(	PUNCT
cjfa-63095	76	3	2021	2021	NUM
cjfa-63095	76	4	)	)	PUNCT
cjfa-63095	76	5	aimed	aim	VERB
cjfa-63095	76	6	to	to	PART
cjfa-63095	76	7	investigate	investigate	VERB
cjfa-63095	76	8	the	the	DET
cjfa-63095	76	9	impact	impact	NOUN
cjfa-63095	76	10	of	of	ADP
cjfa-63095	76	11	the	the	DET
cjfa-63095	76	12	recent	recent	ADJ
cjfa-63095	76	13	coronavirus	coronavirus	NOUN
cjfa-63095	76	14	(	(	PUNCT
cjfa-63095	76	15	covid-19	covid-19	PROPN
cjfa-63095	76	16	)	)	PUNCT
cjfa-63095	76	17	pandemic	pandemic	NOUN
cjfa-63095	76	18	on	on	ADP
cjfa-63095	76	19	stock	stock	NOUN
cjfa-63095	76	20	market	market	NOUN
cjfa-63095	76	21	efficiency	efficiency	NOUN
cjfa-63095	76	22	for	for	ADP
cjfa-63095	76	23	six	six	NUM
cjfa-63095	76	24	hard	hard	ADV
cjfa-63095	76	25	-	-	PUNCT
cjfa-63095	76	26	hit	hit	VERB
cjfa-63095	76	27	developed	develop	VERB
cjfa-63095	76	28	countries	country	NOUN
cjfa-63095	76	29	.	.	PUNCT
cjfa-63095	77	1	the	the	DET
cjfa-63095	77	2	study	study	NOUN
cjfa-63095	77	3	’s	’s	PART
cjfa-63095	77	4	population	population	NOUN
cjfa-63095	77	5	and	and	CCONJ
cjfa-63095	77	6	sample	sample	NOUN
cjfa-63095	77	7	included	include	VERB
cjfa-63095	77	8	daily	daily	ADJ
cjfa-63095	77	9	stock	stock	NOUN
cjfa-63095	77	10	market	market	NOUN
cjfa-63095	77	11	data	datum	NOUN
cjfa-63095	77	12	from	from	ADP
cjfa-63095	77	13	the	the	DET
cjfa-63095	77	14	united	united	PROPN
cjfa-63095	77	15	states	states	PROPN
cjfa-63095	77	16	(	(	PUNCT
cjfa-63095	77	17	us	us	PROPN
cjfa-63095	77	18	)	)	PUNCT
cjfa-63095	77	19	,	,	PUNCT
cjfa-63095	77	20	spain	spain	PROPN
cjfa-63095	77	21	,	,	PUNCT
cjfa-63095	77	22	the	the	DET
cjfa-63095	77	23	united	united	ADJ
cjfa-63095	77	24	kingdom	kingdom	PROPN
cjfa-63095	77	25	(	(	PUNCT
cjfa-63095	77	26	uk	uk	PROPN
cjfa-63095	77	27	)	)	PUNCT
cjfa-63095	77	28	,	,	PUNCT
cjfa-63095	77	29	italy	italy	PROPN
cjfa-63095	77	30	,	,	PUNCT
cjfa-63095	77	31	france	france	PROPN
cjfa-63095	77	32	,	,	PUNCT
cjfa-63095	77	33	and	and	CCONJ
cjfa-63095	77	34	germany	germany	PROPN
cjfa-63095	77	35	.	.	PUNCT
cjfa-63095	78	1	the	the	DET
cjfa-63095	78	2	time	time	NOUN
cjfa-63095	78	3	period	period	NOUN
cjfa-63095	78	4	of	of	ADP
cjfa-63095	78	5	the	the	DET
cjfa-63095	78	6	analysis	analysis	NOUN
cjfa-63095	78	7	spanned	span	VERB
cjfa-63095	78	8	from	from	ADP
cjfa-63095	78	9	july	july	PROPN
cjfa-63095	78	10	29	29	NUM
cjfa-63095	78	11	,	,	PUNCT
cjfa-63095	78	12	2019	2019	NUM
cjfa-63095	78	13	,	,	PUNCT
cjfa-63095	78	14	to	to	ADP
cjfa-63095	78	15	january	january	PROPN
cjfa-63095	78	16	25	25	NUM
cjfa-63095	78	17	,	,	PUNCT
cjfa-63095	78	18	2021	2021	NUM
cjfa-63095	78	19	.	.	PUNCT
cjfa-63095	79	1	to	to	PART
cjfa-63095	79	2	measure	measure	VERB
cjfa-63095	79	3	market	market	NOUN
cjfa-63095	79	4	efficiency	efficiency	NOUN
cjfa-63095	79	5	.	.	PUNCT
cjfa-63095	80	1	the	the	DET
cjfa-63095	80	2	key	key	ADJ
cjfa-63095	80	3	finding	finding	NOUN
cjfa-63095	80	4	indicated	indicate	VERB
cjfa-63095	80	5	that	that	SCONJ
cjfa-63095	80	6	all	all	DET
cjfa-63095	80	7	stock	stock	NOUN
cjfa-63095	80	8	markets	market	NOUN
cjfa-63095	80	9	examined	examine	VERB
cjfa-63095	80	10	deviated	deviate	VERB
cjfa-63095	80	11	from	from	ADP
cjfa-63095	80	12	market	market	NOUN
cjfa-63095	80	13	efficiency	efficiency	NOUN
cjfa-63095	80	14	during	during	ADP
cjfa-63095	80	15	some	some	DET
cjfa-63095	80	16	periods	period	NOUN
cjfa-63095	80	17	of	of	ADP
cjfa-63095	80	18	the	the	DET
cjfa-63095	80	19	pandemic	pandemic	NOUN
cjfa-63095	80	20	,	,	PUNCT
cjfa-63095	80	21	with	with	ADP
cjfa-63095	80	22	deviations	deviation	NOUN
cjfa-63095	80	23	being	be	AUX
cjfa-63095	80	24	more	more	ADV
cjfa-63095	80	25	pronounced	pronounce	VERB
cjfa-63095	80	26	in	in	ADP
cjfa-63095	80	27	the	the	DET
cjfa-63095	80	28	us	us	PROPN
cjfa-63095	80	29	and	and	CCONJ
cjfa-63095	80	30	uk	uk	PROPN
cjfa-63095	80	31	stock	stock	NOUN
cjfa-63095	80	32	markets	market	NOUN
cjfa-63095	80	33	during	during	ADP
cjfa-63095	80	34	the	the	DET
cjfa-63095	80	35	outbreak	outbreak	NOUN
cjfa-63095	80	36	.	.	PUNCT
cjfa-63095	81	1	this	this	PRON
cjfa-63095	81	2	suggests	suggest	VERB
cjfa-63095	81	3	an	an	DET
cjfa-63095	81	4	increasing	increase	VERB
cjfa-63095	81	5	chance	chance	NOUN
cjfa-63095	81	6	for	for	ADP
cjfa-63095	81	7	stock	stock	NOUN
cjfa-63095	81	8	price	price	NOUN
cjfa-63095	81	9	predictions	prediction	NOUN
cjfa-63095	81	10	and	and	CCONJ
cjfa-63095	81	11	abnormal	abnormal	ADJ
cjfa-63095	81	12	returns	return	NOUN
cjfa-63095	81	13	during	during	ADP
cjfa-63095	81	14	the	the	DET
cjfa-63095	81	15	covid-19	covid-19	PROPN
cjfa-63095	81	16	pandemic	pandemic	NOUN
cjfa-63095	81	17	.	.	PUNCT
cjfa-63095	82	1	el	el	PROPN
cjfa-63095	82	2	mosallamy	mosallamy	PROPN
cjfa-63095	82	3	and	and	CCONJ
cjfa-63095	82	4	gamal	gamal	PROPN
cjfa-63095	82	5	(	(	PUNCT
cjfa-63095	82	6	2024	2024	NUM
cjfa-63095	82	7	)	)	PUNCT
cjfa-63095	82	8	focused	focus	VERB
cjfa-63095	82	9	on	on	ADP
cjfa-63095	82	10	the	the	DET
cjfa-63095	82	11	egyptian	egyptian	ADJ
cjfa-63095	82	12	stock	stock	NOUN
cjfa-63095	82	13	market	market	NOUN
cjfa-63095	82	14	,	,	PUNCT
cjfa-63095	82	15	specifically	specifically	ADV
cjfa-63095	82	16	analyzing	analyze	VERB
cjfa-63095	82	17	data	datum	NOUN
cjfa-63095	82	18	from	from	ADP
cjfa-63095	82	19	the	the	DET
cjfa-63095	82	20	egx30	egx30	NOUN
cjfa-63095	82	21	and	and	CCONJ
cjfa-63095	82	22	egx100	egx100	PROPN
cjfa-63095	82	23	indices	index	NOUN
cjfa-63095	82	24	,	,	PUNCT
cjfa-63095	82	25	with	with	ADP
cjfa-63095	82	26	the	the	DET
cjfa-63095	82	27	primary	primary	ADJ
cjfa-63095	82	28	goal	goal	NOUN
cjfa-63095	82	29	of	of	ADP
cjfa-63095	82	30	investigating	investigate	VERB
cjfa-63095	82	31	the	the	DET
cjfa-63095	82	32	impact	impact	NOUN
cjfa-63095	82	33	of	of	ADP
cjfa-63095	82	34	currency	currency	NOUN
cjfa-63095	82	35	devaluation	devaluation	NOUN
cjfa-63095	82	36	events	event	NOUN
cjfa-63095	82	37	on	on	ADP
cjfa-63095	82	38	the	the	DET
cjfa-63095	82	39	market	market	NOUN
cjfa-63095	82	40	’s	’s	PART
cjfa-63095	82	41	efficiency	efficiency	NOUN
cjfa-63095	82	42	.	.	PUNCT
cjfa-63095	83	1	their	their	PRON
cjfa-63095	83	2	study	study	NOUN
cjfa-63095	83	3	’s	’s	PART
cjfa-63095	83	4	time	time	NOUN
cjfa-63095	83	5	period	period	NOUN
cjfa-63095	83	6	covered	cover	VERB
cjfa-63095	83	7	the	the	DET
cjfa-63095	83	8	significant	significant	ADJ
cjfa-63095	83	9	devaluation	devaluation	NOUN
cjfa-63095	83	10	events	event	NOUN
cjfa-63095	83	11	in	in	ADP
cjfa-63095	83	12	egypt	egypt	PROPN
cjfa-63095	83	13	during	during	ADP
cjfa-63095	83	14	2016	2016	NUM
cjfa-63095	83	15	and	and	CCONJ
cjfa-63095	83	16	2022	2022	NUM
cjfa-63095	83	17	.	.	PUNCT
cjfa-63095	84	1	to	to	PART
cjfa-63095	84	2	measure	measure	VERB
cjfa-63095	84	3	efficiency	efficiency	NOUN
cjfa-63095	84	4	,	,	PUNCT
cjfa-63095	84	5	they	they	PRON
cjfa-63095	84	6	employed	employ	VERB
cjfa-63095	84	7	both	both	CCONJ
cjfa-63095	84	8	parametric	parametric	ADJ
cjfa-63095	84	9	and	and	CCONJ
cjfa-63095	84	10	non	non	ADJ
cjfa-63095	84	11	-	-	ADJ
cjfa-63095	84	12	parametric	parametric	ADJ
cjfa-63095	84	13	unit	unit	NOUN
cjfa-63095	84	14	root	root	NOUN
cjfa-63095	84	15	tests	test	NOUN
cjfa-63095	84	16	for	for	ADP
cjfa-63095	84	17	stationarity	stationarity	NOUN
cjfa-63095	84	18	,	,	PUNCT
cjfa-63095	84	19	along	along	ADP
cjfa-63095	84	20	with	with	ADP
cjfa-63095	84	21	arch	arch	ADJ
cjfa-63095	84	22	and	and	CCONJ
cjfa-63095	84	23	egarch	egarch	NOUN
cjfa-63095	84	24	models	model	NOUN
cjfa-63095	84	25	.	.	PUNCT
cjfa-63095	85	1	the	the	DET
cjfa-63095	85	2	key	key	ADJ
cjfa-63095	85	3	finding	finding	NOUN
cjfa-63095	85	4	indicated	indicate	VERB
cjfa-63095	85	5	that	that	SCONJ
cjfa-63095	85	6	the	the	DET
cjfa-63095	85	7	egyptian	egyptian	ADJ
cjfa-63095	85	8	market	market	NOUN
cjfa-63095	85	9	’s	’s	PART
cjfa-63095	85	10	returns	return	NOUN
cjfa-63095	85	11	showed	show	VERB
cjfa-63095	85	12	stationarity	stationarity	NOUN
cjfa-63095	85	13	regardless	regardless	ADV
cjfa-63095	85	14	of	of	ADP
cjfa-63095	85	15	these	these	DET
cjfa-63095	85	16	major	major	ADJ
cjfa-63095	85	17	economic	economic	ADJ
cjfa-63095	85	18	events	event	NOUN
cjfa-63095	85	19	,	,	PUNCT
cjfa-63095	85	20	suggesting	suggest	VERB
cjfa-63095	85	21	a	a	DET
cjfa-63095	85	22	certain	certain	ADJ
cjfa-63095	85	23	level	level	NOUN
cjfa-63095	85	24	of	of	ADP
cjfa-63095	85	25	efficiency	efficiency	NOUN
cjfa-63095	85	26	even	even	ADV
cjfa-63095	85	27	amidst	amidst	ADP
cjfa-63095	85	28	such	such	ADJ
cjfa-63095	85	29	turbulence	turbulence	NOUN
cjfa-63095	85	30	.	.	PUNCT
cjfa-63095	86	1	m.	m.	NOUN
cjfa-63095	86	2	h.	h.	PROPN
cjfa-63095	86	3	abd	abd	PROPN
cjfa-63095	86	4	-	-	PUNCT
cjfa-63095	86	5	allah	allah	PROPN
cjfa-63095	86	6	,	,	PUNCT
cjfa-63095	86	7	k.	k.	PROPN
cjfa-63095	86	8	m.	m.	PROPN
cjfa-63095	86	9	k.	k.	PROPN
cjfa-63095	86	10	mohamed	mohamed	PROPN
cjfa-63095	86	11	,	,	PUNCT
cjfa-63095	86	12	m.	m.	PROPN
cjfa-63095	86	13	s.	s.	PROPN
cjfa-63095	86	14	m.	m.	PROPN
cjfa-63095	86	15	mahmood	mahmood	PROPN
cjfa-63095	86	16	,	,	PUNCT
cjfa-63095	87	1	n.	n.	PROPN
cjfa-63095	87	2	n.	n.	PROPN
cjfa-63095	87	3	s.	s.	PROPN
cjfa-63095	87	4	mohamed1414	mohamed1414	PROPN
cjfa-63095	87	5	herding	herding	NOUN
cjfa-63095	87	6	behavior	behavior	NOUN
cjfa-63095	87	7	in	in	ADP
cjfa-63095	87	8	financial	financial	ADJ
cjfa-63095	87	9	marketsherding	marketsherding	NOUN
cjfa-63095	87	10	behavior	behavior	NOUN
cjfa-63095	87	11	in	in	ADP
cjfa-63095	87	12	financial	financial	ADJ
cjfa-63095	87	13	markets	market	NOUN
cjfa-63095	87	14	in	in	ADP
cjfa-63095	87	15	the	the	DET
cjfa-63095	87	16	late	late	ADJ
cjfa-63095	87	17	19th	19th	ADJ
cjfa-63095	87	18	century	century	NOUN
cjfa-63095	87	19	,	,	PUNCT
cjfa-63095	87	20	psychologist	psychologist	NOUN
cjfa-63095	87	21	and	and	CCONJ
cjfa-63095	87	22	sociologist	sociologist	NOUN
cjfa-63095	87	23	gustave	gustave	PROPN
cjfa-63095	87	24	le	le	X
cjfa-63095	87	25	bon	bon	X
cjfa-63095	87	26	(	(	PUNCT
cjfa-63095	87	27	1895	1895	NUM
cjfa-63095	87	28	)	)	PUNCT
cjfa-63095	87	29	explored	explore	VERB
cjfa-63095	87	30	crowd	crowd	NOUN
cjfa-63095	87	31	psychology	psychology	NOUN
cjfa-63095	87	32	and	and	CCONJ
cjfa-63095	87	33	drew	draw	VERB
cjfa-63095	87	34	intriguing	intriguing	ADJ
cjfa-63095	87	35	conclusions	conclusion	NOUN
cjfa-63095	87	36	about	about	ADP
cjfa-63095	87	37	how	how	SCONJ
cjfa-63095	87	38	individuals	individual	NOUN
cjfa-63095	87	39	behave	behave	VERB
cjfa-63095	87	40	when	when	SCONJ
cjfa-63095	87	41	they	they	PRON
cjfa-63095	87	42	become	become	VERB
cjfa-63095	87	43	part	part	NOUN
cjfa-63095	87	44	of	of	ADP
cjfa-63095	87	45	a	a	DET
cjfa-63095	87	46	crowd	crowd	NOUN
cjfa-63095	87	47	;	;	PUNCT
cjfa-63095	87	48	these	these	PRON
cjfa-63095	87	49	include	include	VERB
cjfa-63095	87	50	the	the	DET
cjfa-63095	87	51	absence	absence	NOUN
cjfa-63095	87	52	of	of	ADP
cjfa-63095	87	53	responsibility	responsibility	NOUN
cjfa-63095	87	54	and	and	CCONJ
cjfa-63095	87	55	infection	infection	NOUN
cjfa-63095	87	56	.	.	PUNCT
cjfa-63095	88	1	the	the	DET
cjfa-63095	88	2	absence	absence	NOUN
cjfa-63095	88	3	of	of	ADP
cjfa-63095	88	4	responsibility	responsibility	NOUN
cjfa-63095	88	5	means	mean	VERB
cjfa-63095	88	6	that	that	SCONJ
cjfa-63095	88	7	when	when	SCONJ
cjfa-63095	88	8	an	an	DET
cjfa-63095	88	9	individual	individual	NOUN
cjfa-63095	88	10	joins	join	VERB
cjfa-63095	88	11	a	a	DET
cjfa-63095	88	12	crowd	crowd	NOUN
cjfa-63095	88	13	,	,	PUNCT
cjfa-63095	88	14	their	their	PRON
cjfa-63095	88	15	sense	sense	NOUN
cjfa-63095	88	16	of	of	ADP
cjfa-63095	88	17	responsibility	responsibility	NOUN
cjfa-63095	88	18	that	that	PRON
cjfa-63095	88	19	governs	govern	VERB
cjfa-63095	88	20	behavior	behavior	NOUN
cjfa-63095	88	21	diminishes	diminish	VERB
cjfa-63095	88	22	,	,	PUNCT
cjfa-63095	88	23	and	and	CCONJ
cjfa-63095	88	24	thus	thus	ADV
cjfa-63095	88	25	the	the	DET
cjfa-63095	88	26	individual	individual	NOUN
cjfa-63095	88	27	carries	carry	VERB
cjfa-63095	88	28	out	out	ADP
cjfa-63095	88	29	actions	action	NOUN
cjfa-63095	88	30	that	that	SCONJ
cjfa-63095	88	31	he	he	PRON
cjfa-63095	88	32	would	would	AUX
cjfa-63095	88	33	not	not	PART
cjfa-63095	88	34	have	have	AUX
cjfa-63095	88	35	chosen	choose	VERB
cjfa-63095	88	36	without	without	ADP
cjfa-63095	88	37	his	his	PRON
cjfa-63095	88	38	presence	presence	NOUN
cjfa-63095	88	39	in	in	ADP
cjfa-63095	88	40	the	the	DET
cjfa-63095	88	41	crowd	crowd	NOUN
cjfa-63095	88	42	.	.	PUNCT
cjfa-63095	89	1	infection	infection	NOUN
cjfa-63095	89	2	means	mean	VERB
cjfa-63095	89	3	that	that	SCONJ
cjfa-63095	89	4	when	when	SCONJ
cjfa-63095	89	5	part	part	NOUN
cjfa-63095	89	6	of	of	ADP
cjfa-63095	89	7	the	the	DET
cjfa-63095	89	8	crowd	crowd	NOUN
cjfa-63095	89	9	,	,	PUNCT
cjfa-63095	89	10	the	the	DET
cjfa-63095	89	11	individual	individual	NOUN
cjfa-63095	89	12	disregards	disregard	VERB
cjfa-63095	89	13	their	their	PRON
cjfa-63095	89	14	personal	personal	ADJ
cjfa-63095	89	15	beliefs	belief	NOUN
cjfa-63095	89	16	and	and	CCONJ
cjfa-63095	89	17	interests	interest	NOUN
cjfa-63095	89	18	,	,	PUNCT
cjfa-63095	89	19	conforming	conform	VERB
cjfa-63095	89	20	instead	instead	ADV
cjfa-63095	89	21	to	to	ADP
cjfa-63095	89	22	the	the	DET
cjfa-63095	89	23	beliefs	belief	NOUN
cjfa-63095	89	24	of	of	ADP
cjfa-63095	89	25	the	the	DET
cjfa-63095	89	26	crowd	crowd	NOUN
cjfa-63095	89	27	;	;	PUNCT
cjfa-63095	89	28	thus	thus	ADV
cjfa-63095	89	29	,	,	PUNCT
cjfa-63095	89	30	individuals	individual	NOUN
cjfa-63095	89	31	change	change	VERB
cjfa-63095	89	32	attitudes	attitude	NOUN
cjfa-63095	89	33	and	and	CCONJ
cjfa-63095	89	34	often	often	ADV
cjfa-63095	89	35	behave	behave	VERB
cjfa-63095	89	36	very	very	ADV
cjfa-63095	89	37	differently	differently	ADV
cjfa-63095	89	38	from	from	ADP
cjfa-63095	89	39	their	their	PRON
cjfa-63095	89	40	basic	basic	ADJ
cjfa-63095	89	41	behavior	behavior	NOUN
cjfa-63095	89	42	in	in	ADP
cjfa-63095	89	43	the	the	DET
cjfa-63095	89	44	crowd	crowd	NOUN
cjfa-63095	89	45	or	or	CCONJ
cjfa-63095	89	46	group	group	NOUN
cjfa-63095	89	47	than	than	SCONJ
cjfa-63095	89	48	if	if	SCONJ
cjfa-63095	89	49	they	they	PRON
cjfa-63095	89	50	acted	act	VERB
cjfa-63095	89	51	individually	individually	ADV
cjfa-63095	89	52	.	.	PUNCT
cjfa-63095	90	1	both	both	PRON
cjfa-63095	90	2	bikhchandani	bikhchandani	PROPN
cjfa-63095	90	3	and	and	CCONJ
cjfa-63095	90	4	sharma	sharma	PROPN
cjfa-63095	90	5	(	(	PUNCT
cjfa-63095	90	6	2001	2001	NUM
cjfa-63095	90	7	)	)	PUNCT
cjfa-63095	90	8	defined	define	VERB
cjfa-63095	90	9	herding	herding	NOUN
cjfa-63095	90	10	behavior	behavior	NOUN
cjfa-63095	90	11	as	as	SCONJ
cjfa-63095	90	12	inadvertently	inadvertently	ADV
cjfa-63095	90	13	or	or	CCONJ
cjfa-63095	90	14	intentionally	intentionally	ADV
cjfa-63095	90	15	copying	copy	VERB
cjfa-63095	90	16	the	the	DET
cjfa-63095	90	17	behavior	behavior	NOUN
cjfa-63095	90	18	of	of	ADP
cjfa-63095	90	19	other	other	ADJ
cjfa-63095	90	20	investors	investor	NOUN
cjfa-63095	90	21	by	by	ADP
cjfa-63095	90	22	some	some	DET
cjfa-63095	90	23	investors	investor	NOUN
cjfa-63095	90	24	.	.	PUNCT
cjfa-63095	91	1	hirshleifer	hirshleifer	NOUN
cjfa-63095	91	2	and	and	CCONJ
cjfa-63095	91	3	teoh	teoh	PROPN
cjfa-63095	91	4	(	(	PUNCT
cjfa-63095	91	5	2003	2003	NUM
cjfa-63095	91	6	)	)	PUNCT
cjfa-63095	91	7	have	have	AUX
cjfa-63095	91	8	noted	note	VERB
cjfa-63095	91	9	that	that	SCONJ
cjfa-63095	91	10	herding	herding	NOUN
cjfa-63095	91	11	behavior	behavior	NOUN
cjfa-63095	91	12	involves	involve	VERB
cjfa-63095	91	13	similar	similar	ADJ
cjfa-63095	91	14	behavior	behavior	NOUN
cjfa-63095	91	15	,	,	PUNCT
cjfa-63095	91	16	and	and	CCONJ
cjfa-63095	91	17	the	the	DET
cjfa-63095	91	18	causes	cause	NOUN
cjfa-63095	91	19	of	of	ADP
cjfa-63095	91	20	this	this	DET
cjfa-63095	91	21	similarity	similarity	NOUN
cjfa-63095	91	22	can	can	AUX
cjfa-63095	91	23	not	not	PART
cjfa-63095	91	24	always	always	ADV
cjfa-63095	91	25	be	be	AUX
cjfa-63095	91	26	deciphered	decipher	VERB
cjfa-63095	91	27	,	,	PUNCT
cjfa-63095	91	28	as	as	SCONJ
cjfa-63095	91	29	it	it	PRON
cjfa-63095	91	30	can	can	AUX
cjfa-63095	91	31	be	be	AUX
cjfa-63095	91	32	attributed	attribute	VERB
cjfa-63095	91	33	to	to	ADP
cjfa-63095	91	34	a	a	DET
cjfa-63095	91	35	variety	variety	NOUN
cjfa-63095	91	36	of	of	ADP
cjfa-63095	91	37	motivations	motivation	NOUN
cjfa-63095	91	38	with	with	ADP
cjfa-63095	91	39	both	both	CCONJ
cjfa-63095	91	40	psychological	psychological	ADJ
cjfa-63095	91	41	and	and	CCONJ
cjfa-63095	91	42	rational	rational	ADJ
cjfa-63095	91	43	backgrounds	background	NOUN
cjfa-63095	91	44	.	.	PUNCT
cjfa-63095	92	1	hirshleifer	hirshleifer	NOUN
cjfa-63095	92	2	(	(	PUNCT
cjfa-63095	92	3	2001	2001	NUM
cjfa-63095	92	4	)	)	PUNCT
cjfa-63095	92	5	noted	note	VERB
cjfa-63095	92	6	that	that	SCONJ
cjfa-63095	92	7	“	"	PUNCT
cjfa-63095	92	8	conformity	conformity	NOUN
cjfa-63095	92	9	”	"	PUNCT
cjfa-63095	92	10	is	be	AUX
cjfa-63095	92	11	one	one	NUM
cjfa-63095	92	12	of	of	ADP
cjfa-63095	92	13	the	the	DET
cjfa-63095	92	14	most	most	ADV
cjfa-63095	92	15	important	important	ADJ
cjfa-63095	92	16	factors	factor	NOUN
cjfa-63095	92	17	related	relate	VERB
cjfa-63095	92	18	to	to	ADP
cjfa-63095	92	19	psychological	psychological	ADJ
cjfa-63095	92	20	background	background	NOUN
cjfa-63095	92	21	in	in	ADP
cjfa-63095	92	22	which	which	PRON
cjfa-63095	92	23	people	people	NOUN
cjfa-63095	92	24	feel	feel	VERB
cjfa-63095	92	25	more	more	ADV
cjfa-63095	92	26	comfortable	comfortable	ADJ
cjfa-63095	92	27	matching	match	VERB
cjfa-63095	92	28	the	the	DET
cjfa-63095	92	29	work	work	NOUN
cjfa-63095	92	30	that	that	PRON
cjfa-63095	92	31	others	other	NOUN
cjfa-63095	92	32	do	do	VERB
cjfa-63095	92	33	,	,	PUNCT
cjfa-63095	92	34	if	if	SCONJ
cjfa-63095	92	35	an	an	DET
cjfa-63095	92	36	investment	investment	NOUN
cjfa-63095	92	37	method	method	NOUN
cjfa-63095	92	38	has	have	AUX
cjfa-63095	92	39	been	be	AUX
cjfa-63095	92	40	successful	successful	ADJ
cjfa-63095	92	41	in	in	ADP
cjfa-63095	92	42	the	the	DET
cjfa-63095	92	43	past	past	NOUN
cjfa-63095	92	44	and	and	CCONJ
cjfa-63095	92	45	is	be	AUX
cjfa-63095	92	46	widely	widely	ADV
cjfa-63095	92	47	adopted	adopt	VERB
cjfa-63095	92	48	by	by	ADP
cjfa-63095	92	49	investors	investor	NOUN
cjfa-63095	92	50	,	,	PUNCT
cjfa-63095	92	51	it	it	PRON
cjfa-63095	92	52	is	be	AUX
cjfa-63095	92	53	likely	likely	ADJ
cjfa-63095	92	54	that	that	SCONJ
cjfa-63095	92	55	others	other	NOUN
cjfa-63095	92	56	will	will	AUX
cjfa-63095	92	57	follow	follow	VERB
cjfa-63095	92	58	the	the	DET
cjfa-63095	92	59	same	same	ADJ
cjfa-63095	92	60	approach	approach	NOUN
cjfa-63095	92	61	,	,	PUNCT
cjfa-63095	92	62	selecting	select	VERB
cjfa-63095	92	63	stocks	stock	NOUN
cjfa-63095	92	64	based	base	VERB
cjfa-63095	92	65	on	on	ADP
cjfa-63095	92	66	the	the	DET
cjfa-63095	92	67	characteristics	characteristic	NOUN
cjfa-63095	92	68	outlined	outline	VERB
cjfa-63095	92	69	by	by	ADP
cjfa-63095	92	70	that	that	DET
cjfa-63095	92	71	method	method	NOUN
cjfa-63095	92	72	.	.	PUNCT
cjfa-63095	93	1	thus	thus	ADV
cjfa-63095	93	2	,	,	PUNCT
cjfa-63095	93	3	maintaining	maintain	VERB
cjfa-63095	93	4	the	the	DET
cjfa-63095	93	5	same	same	ADJ
cjfa-63095	93	6	pattern	pattern	NOUN
cjfa-63095	93	7	will	will	AUX
cjfa-63095	93	8	lead	lead	VERB
cjfa-63095	93	9	to	to	ADP
cjfa-63095	93	10	herding	herding	NOUN
cjfa-63095	93	11	behavior	behavior	NOUN
cjfa-63095	93	12	.	.	PUNCT
cjfa-63095	94	1	devenow	devenow	PROPN
cjfa-63095	94	2	and	and	CCONJ
cjfa-63095	94	3	welch	welch	PROPN
cjfa-63095	94	4	(	(	PUNCT
cjfa-63095	94	5	1996	1996	NUM
cjfa-63095	94	6	)	)	PUNCT
cjfa-63095	94	7	explained	explain	VERB
cjfa-63095	94	8	that	that	SCONJ
cjfa-63095	94	9	investors	investor	NOUN
cjfa-63095	94	10	considered	consider	VERB
cjfa-63095	94	11	it	it	PRON
cjfa-63095	94	12	logical	logical	ADJ
cjfa-63095	94	13	to	to	PART
cjfa-63095	94	14	mimic	mimic	VERB
cjfa-63095	94	15	others	other	NOUN
cjfa-63095	94	16	if	if	SCONJ
cjfa-63095	94	17	this	this	PRON
cjfa-63095	94	18	would	would	AUX
cjfa-63095	94	19	allow	allow	VERB
cjfa-63095	94	20	them	they	PRON
cjfa-63095	94	21	to	to	PART
cjfa-63095	94	22	benefit	benefit	VERB
cjfa-63095	94	23	from	from	ADP
cjfa-63095	94	24	other	other	ADJ
cjfa-63095	94	25	person	person	NOUN
cjfa-63095	94	26	’s	’s	PART
cjfa-63095	94	27	accumulated	accumulate	VERB
cjfa-63095	94	28	potential	potential	ADJ
cjfa-63095	94	29	information	information	NOUN
cjfa-63095	94	30	experiences	experience	NOUN
cjfa-63095	94	31	.	.	PUNCT
cjfa-63095	95	1	the	the	DET
cjfa-63095	95	2	reason	reason	NOUN
cjfa-63095	95	3	for	for	ADP
cjfa-63095	95	4	this	this	PRON
cjfa-63095	95	5	is	be	AUX
cjfa-63095	95	6	that	that	SCONJ
cjfa-63095	95	7	the	the	DET
cjfa-63095	95	8	investor	investor	NOUN
cjfa-63095	95	9	may	may	AUX
cjfa-63095	95	10	not	not	PART
cjfa-63095	95	11	have	have	VERB
cjfa-63095	95	12	any	any	DET
cjfa-63095	95	13	information	information	NOUN
cjfa-63095	95	14	or	or	CCONJ
cjfa-63095	95	15	may	may	AUX
cjfa-63095	95	16	have	have	VERB
cjfa-63095	95	17	information	information	NOUN
cjfa-63095	95	18	but	but	CCONJ
cjfa-63095	95	19	is	be	AUX
cjfa-63095	95	20	unsure	unsure	ADJ
cjfa-63095	95	21	of	of	ADP
cjfa-63095	95	22	its	its	PRON
cjfa-63095	95	23	decisions	decision	NOUN
cjfa-63095	95	24	,	,	PUNCT
cjfa-63095	95	25	perhaps	perhaps	ADV
cjfa-63095	95	26	because	because	SCONJ
cjfa-63095	95	27	the	the	DET
cjfa-63095	95	28	investor	investor	NOUN
cjfa-63095	95	29	’s	’s	PART
cjfa-63095	95	30	information	information	NOUN
cjfa-63095	95	31	is	be	AUX
cjfa-63095	95	32	of	of	ADP
cjfa-63095	95	33	low	low	ADJ
cjfa-63095	95	34	quality	quality	NOUN
cjfa-63095	95	35	,	,	PUNCT
cjfa-63095	95	36	considers	consider	VERB
cjfa-63095	95	37	its	its	PRON
cjfa-63095	95	38	information	information	NOUN
cjfa-63095	95	39	processing	processing	NOUN
cjfa-63095	95	40	capabilities	capability	NOUN
cjfa-63095	95	41	insufficient	insufficient	ADJ
cjfa-63095	95	42	,	,	PUNCT
cjfa-63095	95	43	or	or	CCONJ
cjfa-63095	95	44	sees	see	VERB
cjfa-63095	95	45	others	other	NOUN
cjfa-63095	95	46	as	as	ADP
cjfa-63095	95	47	better	well	ADV
cjfa-63095	95	48	informed	informed	ADJ
cjfa-63095	95	49	than	than	ADP
cjfa-63095	95	50	him	he	PRON
cjfa-63095	95	51	.	.	PUNCT
cjfa-63095	96	1	buckner	buckner	PROPN
cjfa-63095	96	2	(	(	PUNCT
cjfa-63095	96	3	1965	1965	NUM
cjfa-63095	96	4	)	)	PUNCT
cjfa-63095	96	5	explained	explain	VERB
cjfa-63095	96	6	that	that	SCONJ
cjfa-63095	96	7	herding	herding	NOUN
cjfa-63095	96	8	behavior	behavior	NOUN
cjfa-63095	96	9	may	may	AUX
cjfa-63095	96	10	be	be	AUX
cjfa-63095	96	11	caused	cause	VERB
cjfa-63095	96	12	by	by	ADP
cjfa-63095	96	13	rumors	rumor	NOUN
cjfa-63095	96	14	.	.	PUNCT
cjfa-63095	97	1	schindler	schindler	NOUN
cjfa-63095	97	2	(	(	PUNCT
cjfa-63095	97	3	2007	2007	NUM
cjfa-63095	97	4	)	)	PUNCT
cjfa-63095	97	5	found	find	VERB
cjfa-63095	97	6	that	that	SCONJ
cjfa-63095	97	7	investors	investor	NOUN
cjfa-63095	97	8	are	be	AUX
cjfa-63095	97	9	frequently	frequently	ADV
cjfa-63095	97	10	affected	affect	VERB
cjfa-63095	97	11	by	by	ADP
cjfa-63095	97	12	rumors	rumor	NOUN
cjfa-63095	97	13	,	,	PUNCT
cjfa-63095	97	14	either	either	CCONJ
cjfa-63095	97	15	through	through	ADP
cjfa-63095	97	16	social	social	ADJ
cjfa-63095	97	17	interactions	interaction	NOUN
cjfa-63095	97	18	or	or	CCONJ
cjfa-63095	97	19	exposure	exposure	NOUN
cjfa-63095	97	20	to	to	ADP
cjfa-63095	97	21	media	medium	NOUN
cjfa-63095	97	22	reports	report	NOUN
cjfa-63095	97	23	,	,	PUNCT
cjfa-63095	97	24	which	which	PRON
cjfa-63095	97	25	are	be	AUX
cjfa-63095	97	26	often	often	ADV
cjfa-63095	97	27	unreliable	unreliable	ADJ
cjfa-63095	97	28	.	.	PUNCT
cjfa-63095	98	1	individual	individual	ADJ
cjfa-63095	98	2	investors	investor	NOUN
cjfa-63095	98	3	tend	tend	VERB
cjfa-63095	98	4	to	to	PART
cjfa-63095	98	5	be	be	AUX
cjfa-63095	98	6	more	more	ADV
cjfa-63095	98	7	susceptible	susceptible	ADJ
cjfa-63095	98	8	to	to	ADP
cjfa-63095	98	9	such	such	ADJ
cjfa-63095	98	10	rumors	rumor	NOUN
cjfa-63095	98	11	,	,	PUNCT
cjfa-63095	98	12	particularly	particularly	ADV
cjfa-63095	98	13	during	during	ADP
cjfa-63095	98	14	times	time	NOUN
cjfa-63095	98	15	of	of	ADP
cjfa-63095	98	16	crisis	crisis	NOUN
cjfa-63095	98	17	when	when	SCONJ
cjfa-63095	98	18	fear	fear	NOUN
cjfa-63095	98	19	and	and	CCONJ
cjfa-63095	98	20	uncertainty	uncertainty	NOUN
cjfa-63095	98	21	dominate	dominate	VERB
cjfa-63095	98	22	the	the	DET
cjfa-63095	98	23	mar	mar	PROPN
cjfa-63095	98	24	herding	herding	NOUN
cjfa-63095	98	25	behavior	behavior	NOUN
cjfa-63095	98	26	and	and	CCONJ
cjfa-63095	98	27	stock	stock	NOUN
cjfa-63095	98	28	market	market	NOUN
cjfa-63095	98	29	efficiency	efficiency	NOUN
cjfa-63095	98	30	…	…	PUNCT
cjfa-63095	98	31	1515	1515	NUM
cjfa-63095	98	32	ket	ket	NOUN
cjfa-63095	98	33	,	,	PUNCT
cjfa-63095	98	34	while	while	SCONJ
cjfa-63095	98	35	professionals	professional	NOUN
cjfa-63095	98	36	often	often	ADV
cjfa-63095	98	37	benefit	benefit	VERB
cjfa-63095	98	38	better	well	ADV
cjfa-63095	98	39	from	from	ADP
cjfa-63095	98	40	these	these	DET
cjfa-63095	98	41	rumors	rumor	NOUN
cjfa-63095	98	42	and	and	CCONJ
cjfa-63095	98	43	make	make	VERB
cjfa-63095	98	44	gains	gain	NOUN
cjfa-63095	98	45	from	from	ADP
cjfa-63095	98	46	them	they	PRON
cjfa-63095	98	47	.	.	PUNCT
cjfa-63095	99	1	guney	guney	NOUN
cjfa-63095	99	2	,	,	PUNCT
cjfa-63095	99	3	kallinterakis	kallinteraki	NOUN
cjfa-63095	99	4	and	and	CCONJ
cjfa-63095	99	5	komba	komba	NOUN
cjfa-63095	99	6	(	(	PUNCT
cjfa-63095	99	7	2017	2017	NUM
cjfa-63095	99	8	)	)	PUNCT
cjfa-63095	99	9	also	also	ADV
cjfa-63095	99	10	found	find	VERB
cjfa-63095	99	11	that	that	SCONJ
cjfa-63095	99	12	herding	herding	NOUN
cjfa-63095	99	13	behavior	behavior	NOUN
cjfa-63095	99	14	exists	exist	VERB
cjfa-63095	99	15	strongly	strongly	ADV
cjfa-63095	99	16	in	in	ADP
cjfa-63095	99	17	african	african	ADJ
cjfa-63095	99	18	markets	market	NOUN
cjfa-63095	99	19	.	.	PUNCT
cjfa-63095	100	1	due	due	ADJ
cjfa-63095	100	2	to	to	ADP
cjfa-63095	100	3	limited	limited	ADJ
cjfa-63095	100	4	transparency	transparency	NOUN
cjfa-63095	100	5	that	that	PRON
cjfa-63095	100	6	weakens	weaken	VERB
cjfa-63095	100	7	the	the	DET
cjfa-63095	100	8	quality	quality	NOUN
cjfa-63095	100	9	of	of	ADP
cjfa-63095	100	10	their	their	PRON
cjfa-63095	100	11	information	information	NOUN
cjfa-63095	100	12	landscape	landscape	NOUN
cjfa-63095	100	13	,	,	PUNCT
cjfa-63095	100	14	investors	investor	NOUN
cjfa-63095	100	15	rely	rely	VERB
cjfa-63095	100	16	on	on	ADP
cjfa-63095	100	17	herding	herd	VERB
cjfa-63095	100	18	behavior	behavior	NOUN
cjfa-63095	100	19	to	to	PART
cjfa-63095	100	20	derive	derive	VERB
cjfa-63095	100	21	insights	insight	NOUN
cjfa-63095	100	22	from	from	ADP
cjfa-63095	100	23	the	the	DET
cjfa-63095	100	24	trading	trading	NOUN
cjfa-63095	100	25	activities	activity	NOUN
cjfa-63095	100	26	of	of	ADP
cjfa-63095	100	27	their	their	PRON
cjfa-63095	100	28	peers	peer	NOUN
cjfa-63095	100	29	.	.	PUNCT
cjfa-63095	101	1	information	information	NOUN
cjfa-63095	101	2	asymmetry	asymmetry	NOUN
cjfa-63095	101	3	is	be	AUX
cjfa-63095	101	4	also	also	ADV
cjfa-63095	101	5	one	one	NUM
cjfa-63095	101	6	of	of	ADP
cjfa-63095	101	7	the	the	DET
cjfa-63095	101	8	most	most	ADV
cjfa-63095	101	9	important	important	ADJ
cjfa-63095	101	10	factors	factor	NOUN
cjfa-63095	101	11	leading	lead	VERB
cjfa-63095	101	12	strongly	strongly	ADV
cjfa-63095	101	13	to	to	ADP
cjfa-63095	101	14	herding	herd	VERB
cjfa-63095	101	15	behavior	behavior	NOUN
cjfa-63095	101	16	,	,	PUNCT
cjfa-63095	101	17	as	as	SCONJ
cjfa-63095	101	18	kauffman	kauffman	PROPN
cjfa-63095	101	19	and	and	CCONJ
cjfa-63095	101	20	li	li	PROPN
cjfa-63095	101	21	(	(	PUNCT
cjfa-63095	101	22	2003	2003	NUM
cjfa-63095	101	23	)	)	PUNCT
cjfa-63095	101	24	indicate	indicate	VERB
cjfa-63095	101	25	that	that	SCONJ
cjfa-63095	101	26	due	due	ADP
cjfa-63095	101	27	to	to	ADP
cjfa-63095	101	28	incomplete	incomplete	ADJ
cjfa-63095	101	29	and	and	CCONJ
cjfa-63095	101	30	inconsistent	inconsistent	ADJ
cjfa-63095	101	31	information	information	NOUN
cjfa-63095	101	32	in	in	ADP
cjfa-63095	101	33	the	the	DET
cjfa-63095	101	34	stock	stock	NOUN
cjfa-63095	101	35	market	market	NOUN
cjfa-63095	101	36	,	,	PUNCT
cjfa-63095	101	37	decision	decision	NOUN
cjfa-63095	101	38	-	-	PUNCT
cjfa-63095	101	39	makers	maker	NOUN
cjfa-63095	101	40	attempt	attempt	VERB
cjfa-63095	101	41	to	to	PART
cjfa-63095	101	42	obtain	obtain	VERB
cjfa-63095	101	43	higher	high	ADJ
cjfa-63095	101	44	value	value	NOUN
cjfa-63095	101	45	information	information	NOUN
cjfa-63095	101	46	by	by	ADP
cjfa-63095	101	47	monitoring	monitor	VERB
cjfa-63095	101	48	other	other	ADJ
cjfa-63095	101	49	people	people	NOUN
cjfa-63095	101	50	’s	’s	PART
cjfa-63095	101	51	procedures	procedure	NOUN
cjfa-63095	101	52	for	for	ADP
cjfa-63095	101	53	obtaining	obtain	VERB
cjfa-63095	101	54	information	information	NOUN
cjfa-63095	101	55	,	,	PUNCT
cjfa-63095	101	56	to	to	PART
cjfa-63095	101	57	overcome	overcome	VERB
cjfa-63095	101	58	inaccurate	inaccurate	ADJ
cjfa-63095	101	59	information	information	NOUN
cjfa-63095	101	60	for	for	ADP
cjfa-63095	101	61	the	the	DET
cjfa-63095	101	62	decision	decision	NOUN
cjfa-63095	101	63	-	-	PUNCT
cjfa-63095	101	64	maker	maker	NOUN
cjfa-63095	101	65	.	.	PUNCT
cjfa-63095	102	1	in	in	ADP
cjfa-63095	102	2	their	their	PRON
cjfa-63095	102	3	study	study	NOUN
cjfa-63095	102	4	of	of	ADP
cjfa-63095	102	5	1,155	1,155	NUM
cjfa-63095	102	6	chinese	chinese	ADJ
cjfa-63095	102	7	companies	company	NOUN
cjfa-63095	102	8	from	from	ADP
cjfa-63095	102	9	1999	1999	NUM
cjfa-63095	102	10	to	to	ADP
cjfa-63095	102	11	2004	2004	NUM
cjfa-63095	102	12	,	,	PUNCT
cjfa-63095	102	13	bo	bo	PROPN
cjfa-63095	102	14	,	,	PUNCT
cjfa-63095	102	15	li	li	PROPN
cjfa-63095	102	16	and	and	CCONJ
cjfa-63095	102	17	sun	sun	PROPN
cjfa-63095	102	18	(	(	PUNCT
cjfa-63095	102	19	2013	2013	NUM
cjfa-63095	102	20	)	)	PUNCT
cjfa-63095	102	21	found	find	VERB
cjfa-63095	102	22	that	that	SCONJ
cjfa-63095	102	23	when	when	SCONJ
cjfa-63095	102	24	companies	company	NOUN
cjfa-63095	102	25	operate	operate	VERB
cjfa-63095	102	26	in	in	ADP
cjfa-63095	102	27	an	an	DET
cjfa-63095	102	28	environment	environment	NOUN
cjfa-63095	102	29	of	of	ADP
cjfa-63095	102	30	high	high	ADJ
cjfa-63095	102	31	uncertainty	uncertainty	NOUN
cjfa-63095	102	32	or	or	CCONJ
cjfa-63095	102	33	significant	significant	ADJ
cjfa-63095	102	34	information	information	NOUN
cjfa-63095	102	35	asymmetry	asymmetry	NOUN
cjfa-63095	102	36	,	,	PUNCT
cjfa-63095	102	37	managers	manager	NOUN
cjfa-63095	102	38	in	in	ADP
cjfa-63095	102	39	these	these	DET
cjfa-63095	102	40	circumstances	circumstance	NOUN
cjfa-63095	102	41	gather	gather	VERB
cjfa-63095	102	42	in	in	ADP
cjfa-63095	102	43	crowds	crowd	NOUN
cjfa-63095	102	44	because	because	SCONJ
cjfa-63095	102	45	this	this	PRON
cjfa-63095	102	46	is	be	AUX
cjfa-63095	102	47	considered	consider	VERB
cjfa-63095	102	48	safer	safe	ADJ
cjfa-63095	102	49	for	for	ADP
cjfa-63095	102	50	them	they	PRON
cjfa-63095	102	51	.	.	PUNCT
cjfa-63095	103	1	gavriilidis	gavriilidis	PROPN
cjfa-63095	103	2	(	(	PUNCT
cjfa-63095	103	3	2013	2013	NUM
cjfa-63095	103	4	)	)	PUNCT
cjfa-63095	103	5	found	find	VERB
cjfa-63095	103	6	that	that	SCONJ
cjfa-63095	103	7	information	information	NOUN
cjfa-63095	103	8	was	be	AUX
cjfa-63095	103	9	the	the	DET
cjfa-63095	103	10	most	most	ADV
cjfa-63095	103	11	important	important	ADJ
cjfa-63095	103	12	element	element	NOUN
cjfa-63095	103	13	of	of	ADP
cjfa-63095	103	14	successful	successful	ADJ
cjfa-63095	103	15	investment	investment	NOUN
cjfa-63095	103	16	;	;	PUNCT
cjfa-63095	103	17	however	however	ADV
cjfa-63095	103	18	,	,	PUNCT
cjfa-63095	103	19	the	the	DET
cjfa-63095	103	20	process	process	NOUN
cjfa-63095	103	21	of	of	ADP
cjfa-63095	103	22	collecting	collect	VERB
cjfa-63095	103	23	accurate	accurate	ADJ
cjfa-63095	103	24	information	information	NOUN
cjfa-63095	103	25	consumes	consume	VERB
cjfa-63095	103	26	a	a	DET
cjfa-63095	103	27	lot	lot	NOUN
cjfa-63095	103	28	of	of	ADP
cjfa-63095	103	29	time	time	NOUN
cjfa-63095	103	30	and	and	CCONJ
cjfa-63095	103	31	money	money	NOUN
cjfa-63095	103	32	,	,	PUNCT
cjfa-63095	103	33	so	so	SCONJ
cjfa-63095	103	34	investors	investor	NOUN
cjfa-63095	103	35	lacking	lack	VERB
cjfa-63095	103	36	sufficient	sufficient	ADJ
cjfa-63095	103	37	information	information	NOUN
cjfa-63095	103	38	tend	tend	VERB
cjfa-63095	103	39	to	to	PART
cjfa-63095	103	40	replicate	replicate	VERB
cjfa-63095	103	41	the	the	DET
cjfa-63095	103	42	decisions	decision	NOUN
cjfa-63095	103	43	of	of	ADP
cjfa-63095	103	44	those	those	PRON
cjfa-63095	103	45	they	they	PRON
cjfa-63095	103	46	perceive	perceive	VERB
cjfa-63095	103	47	as	as	ADP
cjfa-63095	103	48	more	more	ADV
cjfa-63095	103	49	knowledgeable	knowledgeable	ADJ
cjfa-63095	103	50	.	.	PUNCT
cjfa-63095	104	1	even	even	ADV
cjfa-63095	104	2	those	those	PRON
cjfa-63095	104	3	with	with	ADP
cjfa-63095	104	4	dedicated	dedicated	ADJ
cjfa-63095	104	5	media	medium	NOUN
cjfa-63095	104	6	resources	resource	NOUN
cjfa-63095	104	7	for	for	ADP
cjfa-63095	104	8	data	data	NOUN
cjfa-63095	104	9	collection	collection	NOUN
cjfa-63095	104	10	and	and	CCONJ
cjfa-63095	104	11	analysis	analysis	NOUN
cjfa-63095	104	12	often	often	ADV
cjfa-63095	104	13	opt	opt	VERB
cjfa-63095	104	14	to	to	PART
cjfa-63095	104	15	follow	follow	VERB
cjfa-63095	104	16	other	other	ADJ
cjfa-63095	104	17	investors	investor	NOUN
cjfa-63095	104	18	when	when	SCONJ
cjfa-63095	104	19	they	they	PRON
cjfa-63095	104	20	believe	believe	VERB
cjfa-63095	104	21	their	their	PRON
cjfa-63095	104	22	information	information	NOUN
cjfa-63095	104	23	is	be	AUX
cjfa-63095	104	24	superior	superior	ADJ
cjfa-63095	104	25	.	.	PUNCT
cjfa-63095	105	1	this	this	DET
cjfa-63095	105	2	behavior	behavior	NOUN
cjfa-63095	105	3	,	,	PUNCT
cjfa-63095	105	4	known	know	VERB
cjfa-63095	105	5	as	as	ADP
cjfa-63095	105	6	a	a	DET
cjfa-63095	105	7	“	"	PUNCT
cjfa-63095	105	8	free	free	ADJ
cjfa-63095	105	9	ride	ride	NOUN
cjfa-63095	105	10	”	"	PUNCT
cjfa-63095	105	11	,	,	PUNCT
cjfa-63095	105	12	can	can	AUX
cjfa-63095	105	13	ultimately	ultimately	ADV
cjfa-63095	105	14	result	result	VERB
cjfa-63095	105	15	in	in	ADP
cjfa-63095	105	16	a	a	DET
cjfa-63095	105	17	pattern	pattern	NOUN
cjfa-63095	105	18	of	of	ADP
cjfa-63095	105	19	interconnected	interconnected	ADJ
cjfa-63095	105	20	trading	trading	NOUN
cjfa-63095	105	21	among	among	ADP
cjfa-63095	105	22	investors	investor	NOUN
cjfa-63095	105	23	.	.	PUNCT
cjfa-63095	106	1	the	the	DET
cjfa-63095	106	2	concept	concept	NOUN
cjfa-63095	106	3	of	of	ADP
cjfa-63095	106	4	information	information	NOUN
cjfa-63095	106	5	cascading	cascading	NOUN
cjfa-63095	106	6	has	have	AUX
cjfa-63095	106	7	been	be	AUX
cjfa-63095	106	8	widely	widely	ADV
cjfa-63095	106	9	explored	explore	VERB
cjfa-63095	106	10	in	in	ADP
cjfa-63095	106	11	research	research	NOUN
cjfa-63095	106	12	on	on	ADP
cjfa-63095	106	13	herding	herding	NOUN
cjfa-63095	106	14	behavior	behavior	NOUN
cjfa-63095	106	15	,	,	PUNCT
cjfa-63095	106	16	initially	initially	ADV
cjfa-63095	106	17	introduced	introduce	VERB
cjfa-63095	106	18	by	by	ADP
cjfa-63095	106	19	banerjee	banerjee	PROPN
cjfa-63095	106	20	(	(	PUNCT
cjfa-63095	106	21	1992	1992	NUM
cjfa-63095	106	22	)	)	PUNCT
cjfa-63095	106	23	and	and	CCONJ
cjfa-63095	106	24	bikhchandani	bikhchandani	ADJ
cjfa-63095	106	25	,	,	PUNCT
cjfa-63095	106	26	hirshleifer	hirshleifer	NOUN
cjfa-63095	106	27	and	and	CCONJ
cjfa-63095	106	28	welch	welch	PROPN
cjfa-63095	106	29	(	(	PUNCT
cjfa-63095	106	30	1992	1992	NUM
cjfa-63095	106	31	)	)	PUNCT
cjfa-63095	106	32	.	.	PUNCT
cjfa-63095	107	1	they	they	PRON
cjfa-63095	107	2	identified	identify	VERB
cjfa-63095	107	3	the	the	DET
cjfa-63095	107	4	information	information	NOUN
cjfa-63095	107	5	asymmetry	asymmetry	NOUN
cjfa-63095	107	6	among	among	ADP
cjfa-63095	107	7	investors	investor	NOUN
cjfa-63095	107	8	as	as	ADP
cjfa-63095	107	9	a	a	DET
cjfa-63095	107	10	potential	potential	ADJ
cjfa-63095	107	11	source	source	NOUN
cjfa-63095	107	12	of	of	ADP
cjfa-63095	107	13	herding	herding	NOUN
cjfa-63095	107	14	behavior	behavior	NOUN
cjfa-63095	107	15	and	and	CCONJ
cjfa-63095	107	16	called	call	VERB
cjfa-63095	107	17	it	it	PRON
cjfa-63095	107	18	the	the	DET
cjfa-63095	107	19	“	"	PUNCT
cjfa-63095	107	20	informational	informational	ADJ
cjfa-63095	107	21	cascading	cascading	NOUN
cjfa-63095	107	22	”	"	PUNCT
cjfa-63095	107	23	.	.	PUNCT
cjfa-63095	108	1	this	this	DET
cjfa-63095	108	2	information	information	NOUN
cjfa-63095	108	3	relay	relay	NOUN
cjfa-63095	108	4	occurs	occur	VERB
cjfa-63095	108	5	when	when	SCONJ
cjfa-63095	108	6	an	an	DET
cjfa-63095	108	7	investor	investor	NOUN
cjfa-63095	108	8	decides	decide	VERB
cjfa-63095	108	9	to	to	PART
cjfa-63095	108	10	ignore	ignore	VERB
cjfa-63095	108	11	her	her	PRON
cjfa-63095	108	12	information	information	NOUN
cjfa-63095	108	13	collection	collection	NOUN
cjfa-63095	108	14	and	and	CCONJ
cjfa-63095	108	15	relies	rely	VERB
cjfa-63095	108	16	on	on	ADP
cjfa-63095	108	17	information	information	NOUN
cjfa-63095	108	18	about	about	ADP
cjfa-63095	108	19	other	other	ADJ
cjfa-63095	108	20	investors	investor	NOUN
cjfa-63095	108	21	,	,	PUNCT
cjfa-63095	108	22	as	as	SCONJ
cjfa-63095	108	23	he	he	PRON
cjfa-63095	108	24	works	work	VERB
cjfa-63095	108	25	to	to	PART
cjfa-63095	108	26	mimic	mimic	VERB
cjfa-63095	108	27	previous	previous	ADJ
cjfa-63095	108	28	investors	investor	NOUN
cjfa-63095	108	29	because	because	SCONJ
cjfa-63095	108	30	he	he	PRON
cjfa-63095	108	31	does	do	AUX
cjfa-63095	108	32	not	not	PART
cjfa-63095	108	33	trust	trust	VERB
cjfa-63095	108	34	the	the	DET
cjfa-63095	108	35	information	information	NOUN
cjfa-63095	108	36	he	he	PRON
cjfa-63095	108	37	possesses	possess	VERB
cjfa-63095	108	38	and	and	CCONJ
cjfa-63095	108	39	this	this	PRON
cjfa-63095	108	40	is	be	AUX
cjfa-63095	108	41	thus	thus	ADV
cjfa-63095	108	42	reflected	reflect	VERB
cjfa-63095	108	43	in	in	ADP
cjfa-63095	108	44	his	his	PRON
cjfa-63095	108	45	actions	action	NOUN
cjfa-63095	108	46	.	.	PUNCT
cjfa-63095	109	1	information	information	NOUN
cjfa-63095	109	2	cascading	cascade	VERB
cjfa-63095	109	3	can	can	AUX
cjfa-63095	109	4	negatively	negatively	ADV
cjfa-63095	109	5	impact	impact	VERB
cjfa-63095	109	6	market	market	NOUN
cjfa-63095	109	7	efficiency	efficiency	NOUN
cjfa-63095	109	8	,	,	PUNCT
cjfa-63095	109	9	as	as	SCONJ
cjfa-63095	109	10	it	it	PRON
cjfa-63095	109	11	prevents	prevent	VERB
cjfa-63095	109	12	all	all	DET
cjfa-63095	109	13	available	available	ADJ
cjfa-63095	109	14	information	information	NOUN
cjfa-63095	109	15	from	from	ADP
cjfa-63095	109	16	being	be	AUX
cjfa-63095	109	17	accurately	accurately	ADV
cjfa-63095	109	18	reflected	reflect	VERB
cjfa-63095	109	19	in	in	ADP
cjfa-63095	109	20	stock	stock	NOUN
cjfa-63095	109	21	prices	price	NOUN
cjfa-63095	109	22	.	.	PUNCT
cjfa-63095	110	1	hirshleifer	hirshleifer	NOUN
cjfa-63095	110	2	and	and	CCONJ
cjfa-63095	110	3	teoh	teoh	PROPN
cjfa-63095	110	4	(	(	PUNCT
cjfa-63095	110	5	2003	2003	NUM
cjfa-63095	110	6	)	)	PUNCT
cjfa-63095	110	7	assumed	assume	VERB
cjfa-63095	110	8	that	that	SCONJ
cjfa-63095	110	9	the	the	DET
cjfa-63095	110	10	information	information	NOUN
cjfa-63095	110	11	cascading	cascade	VERB
cjfa-63095	110	12	phenomenon	phenomenon	NOUN
cjfa-63095	110	13	caused	cause	VERB
cjfa-63095	110	14	information	information	NOUN
cjfa-63095	110	15	constraints	constraint	NOUN
cjfa-63095	110	16	,	,	PUNCT
cjfa-63095	110	17	as	as	SCONJ
cjfa-63095	110	18	not	not	PART
cjfa-63095	110	19	all	all	DET
cjfa-63095	110	20	investor	investor	NOUN
cjfa-63095	110	21	information	information	NOUN
cjfa-63095	110	22	was	be	AUX
cjfa-63095	110	23	transferred	transfer	VERB
cjfa-63095	110	24	to	to	ADP
cjfa-63095	110	25	the	the	DET
cjfa-63095	110	26	market	market	NOUN
cjfa-63095	110	27	.	.	PUNCT
cjfa-63095	111	1	bikhchandani	bikhchandani	PROPN
cjfa-63095	111	2	,	,	PUNCT
cjfa-63095	111	3	et	et	PROPN
cjfa-63095	111	4	al	al	PROPN
cjfa-63095	111	5	.	.	PROPN
cjfa-63095	112	1	(	(	PUNCT
cjfa-63095	112	2	1992	1992	NUM
cjfa-63095	112	3	)	)	PUNCT
cjfa-63095	112	4	explained	explain	VERB
cjfa-63095	112	5	that	that	SCONJ
cjfa-63095	112	6	information	information	NOUN
cjfa-63095	112	7	cascading	cascading	NOUN
cjfa-63095	112	8	leads	lead	VERB
cjfa-63095	112	9	to	to	ADP
cjfa-63095	112	10	increased	increase	VERB
cjfa-63095	112	11	herding	herding	NOUN
cjfa-63095	112	12	behavior	behavior	NOUN
cjfa-63095	112	13	among	among	ADP
cjfa-63095	112	14	investors	investor	NOUN
cjfa-63095	112	15	.	.	PUNCT
cjfa-63095	113	1	informa	informa	PROPN
cjfa-63095	113	2	m.	m.	PROPN
cjfa-63095	113	3	h.	h.	PROPN
cjfa-63095	113	4	abd	abd	PROPN
cjfa-63095	113	5	-	-	PUNCT
cjfa-63095	113	6	allah	allah	PROPN
cjfa-63095	113	7	,	,	PUNCT
cjfa-63095	113	8	k.	k.	PROPN
cjfa-63095	113	9	m.	m.	PROPN
cjfa-63095	113	10	k.	k.	PROPN
cjfa-63095	113	11	mohamed	mohamed	PROPN
cjfa-63095	113	12	,	,	PUNCT
cjfa-63095	113	13	m.	m.	PROPN
cjfa-63095	113	14	s.	s.	PROPN
cjfa-63095	113	15	m.	m.	PROPN
cjfa-63095	113	16	mahmood	mahmood	PROPN
cjfa-63095	113	17	,	,	PUNCT
cjfa-63095	114	1	n.	n.	PROPN
cjfa-63095	114	2	n.	n.	PROPN
cjfa-63095	114	3	s.	s.	PROPN
cjfa-63095	114	4	mohamed1616	mohamed1616	PROPN
cjfa-63095	114	5	tion	tion	NOUN
cjfa-63095	114	6	cascading	cascading	NOUN
cjfa-63095	114	7	is	be	AUX
cjfa-63095	114	8	also	also	ADV
cjfa-63095	114	9	initiated	initiate	VERB
cjfa-63095	114	10	by	by	ADP
cjfa-63095	114	11	a	a	DET
cjfa-63095	114	12	small	small	ADJ
cjfa-63095	114	13	number	number	NOUN
cjfa-63095	114	14	of	of	ADP
cjfa-63095	114	15	individuals	individual	NOUN
cjfa-63095	114	16	who	who	PRON
cjfa-63095	114	17	have	have	VERB
cjfa-63095	114	18	limited	limit	VERB
cjfa-63095	114	19	information	information	NOUN
cjfa-63095	114	20	so	so	SCONJ
cjfa-63095	114	21	that	that	SCONJ
cjfa-63095	114	22	the	the	DET
cjfa-63095	114	23	company	company	NOUN
cjfa-63095	114	24	that	that	PRON
cjfa-63095	114	25	follows	follow	VERB
cjfa-63095	114	26	the	the	DET
cjfa-63095	114	27	crowd	crowd	NOUN
cjfa-63095	114	28	completely	completely	ADV
cjfa-63095	114	29	ignores	ignore	VERB
cjfa-63095	114	30	its	its	PRON
cjfa-63095	114	31	information	information	NOUN
cjfa-63095	114	32	or	or	CCONJ
cjfa-63095	114	33	may	may	AUX
cjfa-63095	114	34	not	not	PART
cjfa-63095	114	35	assign	assign	VERB
cjfa-63095	114	36	it	it	PRON
cjfa-63095	114	37	the	the	DET
cjfa-63095	114	38	proper	proper	ADJ
cjfa-63095	114	39	significance	significance	NOUN
cjfa-63095	114	40	and	and	CCONJ
cjfa-63095	114	41	blindly	blindly	ADV
cjfa-63095	114	42	follows	follow	VERB
cjfa-63095	114	43	the	the	DET
cjfa-63095	114	44	decisions	decision	NOUN
cjfa-63095	114	45	of	of	ADP
cjfa-63095	114	46	others	other	NOUN
cjfa-63095	114	47	,	,	PUNCT
cjfa-63095	114	48	which	which	PRON
cjfa-63095	114	49	makes	make	VERB
cjfa-63095	114	50	valuable	valuable	ADJ
cjfa-63095	114	51	information	information	NOUN
cjfa-63095	114	52	lost	lose	VERB
cjfa-63095	114	53	.	.	PUNCT
cjfa-63095	115	1	many	many	ADJ
cjfa-63095	115	2	studies	study	NOUN
cjfa-63095	115	3	have	have	AUX
cjfa-63095	115	4	tried	try	VERB
cjfa-63095	115	5	to	to	PART
cjfa-63095	115	6	measure	measure	VERB
cjfa-63095	115	7	herding	herd	VERB
cjfa-63095	115	8	behavior	behavior	NOUN
cjfa-63095	115	9	through	through	ADP
cjfa-63095	115	10	accurate	accurate	ADJ
cjfa-63095	115	11	scientific	scientific	ADJ
cjfa-63095	115	12	measures	measure	NOUN
cjfa-63095	115	13	by	by	ADP
cjfa-63095	115	14	which	which	PRON
cjfa-63095	115	15	to	to	PART
cjfa-63095	115	16	assess	assess	VERB
cjfa-63095	115	17	the	the	DET
cjfa-63095	115	18	existence	existence	NOUN
cjfa-63095	115	19	of	of	ADP
cjfa-63095	115	20	herding	herding	NOUN
cjfa-63095	115	21	behavior	behavior	NOUN
cjfa-63095	115	22	within	within	ADP
cjfa-63095	115	23	financial	financial	ADJ
cjfa-63095	115	24	markets	market	NOUN
cjfa-63095	115	25	and	and	CCONJ
cjfa-63095	115	26	determine	determine	VERB
cjfa-63095	115	27	its	its	PRON
cjfa-63095	115	28	proportion	proportion	NOUN
cjfa-63095	115	29	.	.	PUNCT
cjfa-63095	116	1	christie	christie	PROPN
cjfa-63095	116	2	and	and	CCONJ
cjfa-63095	116	3	huang	huang	PROPN
cjfa-63095	116	4	(	(	PUNCT
cjfa-63095	116	5	1995	1995	NUM
cjfa-63095	116	6	)	)	PUNCT
cjfa-63095	116	7	introduced	introduce	VERB
cjfa-63095	116	8	a	a	DET
cjfa-63095	116	9	method	method	NOUN
cjfa-63095	116	10	known	know	VERB
cjfa-63095	116	11	as	as	ADP
cjfa-63095	116	12	cross	cross	ADJ
cjfa-63095	116	13	-	-	ADJ
cjfa-63095	116	14	sectional	sectional	ADJ
cjfa-63095	116	15	standard	standard	ADJ
cjfa-63095	116	16	deviation	deviation	NOUN
cjfa-63095	116	17	(	(	PUNCT
cjfa-63095	116	18	cssd	cssd	NOUN
cjfa-63095	116	19	)	)	PUNCT
cjfa-63095	116	20	to	to	PART
cjfa-63095	116	21	measure	measure	VERB
cjfa-63095	116	22	dispersion	dispersion	NOUN
cjfa-63095	116	23	and	and	CCONJ
cjfa-63095	116	24	assess	assess	VERB
cjfa-63095	116	25	herding	herding	NOUN
cjfa-63095	116	26	behavior	behavior	NOUN
cjfa-63095	116	27	in	in	ADP
cjfa-63095	116	28	the	the	DET
cjfa-63095	116	29	market	market	NOUN
cjfa-63095	116	30	.	.	PUNCT
cjfa-63095	117	1	this	this	DET
cjfa-63095	117	2	approach	approach	NOUN
cjfa-63095	117	3	examines	examine	VERB
cjfa-63095	117	4	how	how	SCONJ
cjfa-63095	117	5	individual	individual	ADJ
cjfa-63095	117	6	stock	stock	NOUN
cjfa-63095	117	7	returns	return	NOUN
cjfa-63095	117	8	deviate	deviate	VERB
cjfa-63095	117	9	from	from	ADP
cjfa-63095	117	10	the	the	DET
cjfa-63095	117	11	overall	overall	ADJ
cjfa-63095	117	12	market	market	NOUN
cjfa-63095	117	13	portfolio	portfolio	NOUN
cjfa-63095	117	14	return	return	NOUN
cjfa-63095	117	15	.	.	PUNCT
cjfa-63095	118	1	if	if	SCONJ
cjfa-63095	118	2	investors	investor	NOUN
cjfa-63095	118	3	exhibit	exhibit	VERB
cjfa-63095	118	4	herding	herding	NOUN
cjfa-63095	118	5	behavior	behavior	NOUN
cjfa-63095	118	6	,	,	PUNCT
cjfa-63095	118	7	individual	individual	ADJ
cjfa-63095	118	8	stock	stock	NOUN
cjfa-63095	118	9	returns	return	NOUN
cjfa-63095	118	10	should	should	AUX
cjfa-63095	118	11	closely	closely	ADV
cjfa-63095	118	12	align	align	VERB
cjfa-63095	118	13	with	with	ADP
cjfa-63095	118	14	market	market	NOUN
cjfa-63095	118	15	returns	return	NOUN
cjfa-63095	118	16	.	.	PUNCT
cjfa-63095	119	1	the	the	DET
cjfa-63095	119	2	study	study	NOUN
cjfa-63095	119	3	analyzed	analyze	VERB
cjfa-63095	119	4	market	market	NOUN
cjfa-63095	119	5	pressure	pressure	NOUN
cjfa-63095	119	6	during	during	ADP
cjfa-63095	119	7	periods	period	NOUN
cjfa-63095	119	8	of	of	ADP
cjfa-63095	119	9	significant	significant	ADJ
cjfa-63095	119	10	market	market	NOUN
cjfa-63095	119	11	return	return	NOUN
cjfa-63095	119	12	fluctuations	fluctuation	NOUN
cjfa-63095	119	13	,	,	PUNCT
cjfa-63095	119	14	assuming	assume	VERB
cjfa-63095	119	15	that	that	SCONJ
cjfa-63095	119	16	investors	investor	NOUN
cjfa-63095	119	17	set	set	VERB
cjfa-63095	119	18	aside	aside	ADP
cjfa-63095	119	19	their	their	PRON
cjfa-63095	119	20	personal	personal	ADJ
cjfa-63095	119	21	beliefs	belief	NOUN
cjfa-63095	119	22	and	and	CCONJ
cjfa-63095	119	23	based	base	VERB
cjfa-63095	119	24	their	their	PRON
cjfa-63095	119	25	decisions	decision	NOUN
cjfa-63095	119	26	on	on	ADP
cjfa-63095	119	27	market	market	NOUN
cjfa-63095	119	28	consensus	consensus	NOUN
cjfa-63095	119	29	.	.	PUNCT
cjfa-63095	120	1	using	use	VERB
cjfa-63095	120	2	dispersion	dispersion	NOUN
cjfa-63095	120	3	analysis	analysis	NOUN
cjfa-63095	120	4	,	,	PUNCT
cjfa-63095	120	5	the	the	DET
cjfa-63095	120	6	study	study	NOUN
cjfa-63095	120	7	evaluated	evaluate	VERB
cjfa-63095	120	8	daily	daily	ADV
cjfa-63095	120	9	and	and	CCONJ
cjfa-63095	120	10	monthly	monthly	ADJ
cjfa-63095	120	11	nyse	nyse	PROPN
cjfa-63095	120	12	and	and	CCONJ
cjfa-63095	120	13	amex	amex	PROPN
cjfa-63095	120	14	data	datum	NOUN
cjfa-63095	120	15	from	from	ADP
cjfa-63095	120	16	1962	1962	NUM
cjfa-63095	120	17	to	to	ADP
cjfa-63095	120	18	1988	1988	NUM
cjfa-63095	120	19	.	.	PUNCT
cjfa-63095	121	1	the	the	DET
cjfa-63095	121	2	findings	finding	NOUN
cjfa-63095	121	3	revealed	reveal	VERB
cjfa-63095	121	4	that	that	SCONJ
cjfa-63095	121	5	dispersion	dispersion	NOUN
cjfa-63095	121	6	significantly	significantly	ADV
cjfa-63095	121	7	increased	increase	VERB
cjfa-63095	121	8	during	during	ADP
cjfa-63095	121	9	large	large	ADJ
cjfa-63095	121	10	price	price	NOUN
cjfa-63095	121	11	movements	movement	NOUN
cjfa-63095	121	12	,	,	PUNCT
cjfa-63095	121	13	aligning	align	VERB
cjfa-63095	121	14	with	with	ADP
cjfa-63095	121	15	rational	rational	ADJ
cjfa-63095	121	16	asset	asset	NOUN
cjfa-63095	121	17	pricing	pricing	NOUN
cjfa-63095	121	18	models	model	NOUN
cjfa-63095	121	19	and	and	CCONJ
cjfa-63095	121	20	ultimately	ultimately	ADV
cjfa-63095	121	21	failing	fail	VERB
cjfa-63095	121	22	to	to	PART
cjfa-63095	121	23	confirm	confirm	VERB
cjfa-63095	121	24	the	the	DET
cjfa-63095	121	25	presence	presence	NOUN
cjfa-63095	121	26	of	of	ADP
cjfa-63095	121	27	herding	herding	NOUN
cjfa-63095	121	28	behavior	behavior	NOUN
cjfa-63095	121	29	.	.	PUNCT
cjfa-63095	122	1	chang	chang	PROPN
cjfa-63095	122	2	,	,	PUNCT
cjfa-63095	122	3	cheng	cheng	PROPN
cjfa-63095	122	4	and	and	CCONJ
cjfa-63095	122	5	khorana	khorana	PROPN
cjfa-63095	122	6	(	(	PUNCT
cjfa-63095	122	7	2000	2000	NUM
cjfa-63095	122	8	)	)	PUNCT
cjfa-63095	122	9	then	then	ADV
cjfa-63095	122	10	introduced	introduce	VERB
cjfa-63095	122	11	an	an	DET
cjfa-63095	122	12	innovative	innovative	ADJ
cjfa-63095	122	13	approach	approach	NOUN
cjfa-63095	122	14	built	build	VERB
cjfa-63095	122	15	upon	upon	SCONJ
cjfa-63095	122	16	the	the	DET
cjfa-63095	122	17	relationship	relationship	NOUN
cjfa-63095	122	18	between	between	ADP
cjfa-63095	122	19	cross	cross	NOUN
cjfa-63095	122	20	sectional	sectional	ADJ
cjfa-63095	122	21	absolute	absolute	ADJ
cjfa-63095	122	22	deviation	deviation	NOUN
cjfa-63095	122	23	(	(	PUNCT
cjfa-63095	122	24	csad	csad	NOUN
cjfa-63095	122	25	)	)	PUNCT
cjfa-63095	122	26	and	and	CCONJ
cjfa-63095	122	27	the	the	DET
cjfa-63095	122	28	market	market	NOUN
cjfa-63095	122	29	’s	’s	PART
cjfa-63095	122	30	unusual	unusual	ADJ
cjfa-63095	122	31	circumstances	circumstance	NOUN
cjfa-63095	122	32	.	.	PUNCT
cjfa-63095	123	1	the	the	DET
cjfa-63095	123	2	research	research	NOUN
cjfa-63095	123	3	investigated	investigate	VERB
cjfa-63095	123	4	herding	herding	NOUN
cjfa-63095	123	5	behavior	behavior	NOUN
cjfa-63095	123	6	across	across	ADP
cjfa-63095	123	7	various	various	ADJ
cjfa-63095	123	8	global	global	ADJ
cjfa-63095	123	9	stock	stock	NOUN
cjfa-63095	123	10	markets	market	NOUN
cjfa-63095	123	11	and	and	CCONJ
cjfa-63095	123	12	found	find	VERB
cjfa-63095	123	13	mixed	mixed	ADJ
cjfa-63095	123	14	results	result	NOUN
cjfa-63095	123	15	.	.	PUNCT
cjfa-63095	124	1	while	while	SCONJ
cjfa-63095	124	2	no	no	DET
cjfa-63095	124	3	evidence	evidence	NOUN
cjfa-63095	124	4	of	of	ADP
cjfa-63095	124	5	herding	herding	NOUN
cjfa-63095	124	6	was	be	AUX
cjfa-63095	124	7	detected	detect	VERB
cjfa-63095	124	8	in	in	ADP
cjfa-63095	124	9	developed	develop	VERB
cjfa-63095	124	10	markets	market	NOUN
cjfa-63095	124	11	,	,	PUNCT
cjfa-63095	124	12	the	the	DET
cjfa-63095	124	13	findings	finding	NOUN
cjfa-63095	124	14	indicated	indicate	VERB
cjfa-63095	124	15	its	its	PRON
cjfa-63095	124	16	presence	presence	NOUN
cjfa-63095	124	17	in	in	ADP
cjfa-63095	124	18	emerging	emerge	VERB
cjfa-63095	124	19	markets	market	NOUN
cjfa-63095	124	20	like	like	ADP
cjfa-63095	124	21	south	south	PROPN
cjfa-63095	124	22	korea	korea	PROPN
cjfa-63095	124	23	and	and	CCONJ
cjfa-63095	124	24	taiwan	taiwan	PROPN
cjfa-63095	124	25	.	.	PUNCT
cjfa-63095	125	1	hwang	hwang	PROPN
cjfa-63095	125	2	and	and	CCONJ
cjfa-63095	125	3	salmon	salmon	NOUN
cjfa-63095	125	4	(	(	PUNCT
cjfa-63095	125	5	2004	2004	NUM
cjfa-63095	125	6	)	)	PUNCT
cjfa-63095	125	7	also	also	ADV
cjfa-63095	125	8	introduced	introduce	VERB
cjfa-63095	125	9	an	an	DET
cjfa-63095	125	10	alternative	alternative	ADJ
cjfa-63095	125	11	approach	approach	NOUN
cjfa-63095	125	12	in	in	ADP
cjfa-63095	125	13	their	their	PRON
cjfa-63095	125	14	study	study	NOUN
cjfa-63095	125	15	of	of	ADP
cjfa-63095	125	16	the	the	DET
cjfa-63095	125	17	american	american	ADJ
cjfa-63095	125	18	and	and	CCONJ
cjfa-63095	125	19	south	south	ADJ
cjfa-63095	125	20	korean	korean	ADJ
cjfa-63095	125	21	markets	market	NOUN
cjfa-63095	125	22	,	,	PUNCT
cjfa-63095	125	23	utilizing	utilize	VERB
cjfa-63095	125	24	the	the	DET
cjfa-63095	125	25	cross	cross	ADJ
cjfa-63095	125	26	-	-	ADJ
cjfa-63095	125	27	sectional	sectional	ADJ
cjfa-63095	125	28	standard	standard	ADJ
cjfa-63095	125	29	deviation	deviation	NOUN
cjfa-63095	125	30	of	of	ADP
cjfa-63095	125	31	betas	beta	NOUN
cjfa-63095	125	32	.	.	PUNCT
cjfa-63095	126	1	this	this	DET
cjfa-63095	126	2	model	model	NOUN
cjfa-63095	126	3	assumes	assume	VERB
cjfa-63095	126	4	that	that	SCONJ
cjfa-63095	126	5	when	when	SCONJ
cjfa-63095	126	6	investors	investor	NOUN
cjfa-63095	126	7	exhibit	exhibit	VERB
cjfa-63095	126	8	behavioral	behavioral	ADJ
cjfa-63095	126	9	biases	bias	NOUN
cjfa-63095	126	10	–	–	PUNCT
cjfa-63095	126	11	meaning	mean	VERB
cjfa-63095	126	12	their	their	PRON
cjfa-63095	126	13	decisions	decision	NOUN
cjfa-63095	126	14	are	be	AUX
cjfa-63095	126	15	not	not	PART
cjfa-63095	126	16	entirely	entirely	ADV
cjfa-63095	126	17	rational	rational	ADJ
cjfa-63095	126	18	–	–	PUNCT
cjfa-63095	126	19	their	their	PRON
cjfa-63095	126	20	perception	perception	NOUN
cjfa-63095	126	21	of	of	ADP
cjfa-63095	126	22	the	the	DET
cjfa-63095	126	23	relationship	relationship	NOUN
cjfa-63095	126	24	between	between	ADP
cjfa-63095	126	25	asset	asset	NOUN
cjfa-63095	126	26	returns	return	NOUN
cjfa-63095	126	27	and	and	CCONJ
cjfa-63095	126	28	risk	risk	NOUN
cjfa-63095	126	29	becomes	become	VERB
cjfa-63095	126	30	skewed	skewed	ADJ
cjfa-63095	126	31	.	.	PUNCT
cjfa-63095	127	1	consequently	consequently	ADV
cjfa-63095	127	2	,	,	PUNCT
cjfa-63095	127	3	if	if	SCONJ
cjfa-63095	127	4	herding	herding	NOUN
cjfa-63095	127	5	behavior	behavior	NOUN
cjfa-63095	127	6	is	be	AUX
cjfa-63095	127	7	present	present	ADJ
cjfa-63095	127	8	in	in	ADP
cjfa-63095	127	9	the	the	DET
cjfa-63095	127	10	market	market	NOUN
cjfa-63095	127	11	,	,	PUNCT
cjfa-63095	127	12	the	the	DET
cjfa-63095	127	13	returns	return	NOUN
cjfa-63095	127	14	on	on	ADP
cjfa-63095	127	15	all	all	DET
cjfa-63095	127	16	investments	investment	NOUN
cjfa-63095	127	17	will	will	AUX
cjfa-63095	127	18	align	align	VERB
cjfa-63095	127	19	with	with	ADP
cjfa-63095	127	20	the	the	DET
cjfa-63095	127	21	market	market	NOUN
cjfa-63095	127	22	portfolio	portfolio	NOUN
cjfa-63095	127	23	,	,	PUNCT
cjfa-63095	127	24	causing	cause	VERB
cjfa-63095	127	25	capm	capm	PROPN
cjfa-63095	127	26	betas	beta	NOUN
cjfa-63095	127	27	to	to	PART
cjfa-63095	127	28	diverge	diverge	VERB
cjfa-63095	127	29	from	from	ADP
cjfa-63095	127	30	their	their	PRON
cjfa-63095	127	31	equilibrium	equilibrium	NOUN
cjfa-63095	127	32	values	value	NOUN
cjfa-63095	127	33	.	.	PUNCT
cjfa-63095	128	1	in	in	ADP
cjfa-63095	128	2	the	the	DET
cjfa-63095	128	3	context	context	NOUN
cjfa-63095	128	4	of	of	ADP
cjfa-63095	128	5	applied	apply	VERB
cjfa-63095	128	6	studies	study	NOUN
cjfa-63095	128	7	on	on	ADP
cjfa-63095	128	8	market	market	NOUN
cjfa-63095	128	9	efficiency	efficiency	NOUN
cjfa-63095	128	10	,	,	PUNCT
cjfa-63095	128	11	a	a	DET
cjfa-63095	128	12	recent	recent	ADJ
cjfa-63095	128	13	investigation	investigation	NOUN
cjfa-63095	128	14	by	by	ADP
cjfa-63095	128	15	litimi	litimi	NOUN
cjfa-63095	128	16	(	(	PUNCT
cjfa-63095	128	17	2017	2017	NUM
cjfa-63095	128	18	)	)	PUNCT
cjfa-63095	128	19	examined	examine	VERB
cjfa-63095	128	20	herding	herding	NOUN
cjfa-63095	128	21	behavior	behavior	NOUN
cjfa-63095	128	22	within	within	ADP
cjfa-63095	128	23	the	the	DET
cjfa-63095	128	24	french	french	ADJ
cjfa-63095	128	25	stock	stock	NOUN
cjfa-63095	128	26	market	market	NOUN
cjfa-63095	128	27	.	.	PUNCT
cjfa-63095	129	1	the	the	DET
cjfa-63095	129	2	study	study	NOUN
cjfa-63095	129	3	specifically	specifically	ADV
cjfa-63095	129	4	aimed	aim	VERB
cjfa-63095	129	5	to	to	PART
cjfa-63095	129	6	assess	assess	VERB
cjfa-63095	129	7	this	this	DET
cjfa-63095	129	8	behavior	behavior	NOUN
cjfa-63095	129	9	’s	’s	PART
cjfa-63095	129	10	influence	influence	NOUN
cjfa-63095	129	11	on	on	ADP
cjfa-63095	129	12	idiosyncratic	idiosyncratic	ADJ
cjfa-63095	129	13	conditional	conditional	ADJ
cjfa-63095	129	14	volatility	volatility	NOUN
cjfa-63095	129	15	at	at	ADP
cjfa-63095	129	16	the	the	DET
cjfa-63095	129	17	sectoral	sectoral	ADJ
cjfa-63095	129	18	level	level	NOUN
cjfa-63095	129	19	.	.	PUNCT
cjfa-63095	130	1	the	the	DET
cjfa-63095	130	2	research	research	NOUN
cjfa-63095	130	3	sample	sample	NOUN
cjfa-63095	130	4	encompassed	encompass	VERB
cjfa-63095	130	5	all	all	DET
cjfa-63095	130	6	firms	firm	NOUN
cjfa-63095	130	7	listed	list	VERB
cjfa-63095	130	8	on	on	ADP
cjfa-63095	130	9	the	the	DET
cjfa-63095	130	10	french	french	ADJ
cjfa-63095	130	11	stock	stock	NOUN
cjfa-63095	130	12	market	market	NOUN
cjfa-63095	130	13	,	,	PUNCT
cjfa-63095	130	14	categorized	categorize	VERB
cjfa-63095	130	15	by	by	ADP
cjfa-63095	130	16	their	their	PRON
cjfa-63095	130	17	respective	respective	ADJ
cjfa-63095	130	18	sec	sec	PROPN
cjfa-63095	130	19	herding	herding	NOUN
cjfa-63095	130	20	behavior	behavior	NOUN
cjfa-63095	130	21	and	and	CCONJ
cjfa-63095	130	22	stock	stock	NOUN
cjfa-63095	130	23	market	market	NOUN
cjfa-63095	130	24	efficiency	efficiency	NOUN
cjfa-63095	130	25	…	…	PUNCT
cjfa-63095	130	26	1717	1717	NUM
cjfa-63095	130	27	tors	tor	NOUN
cjfa-63095	130	28	.	.	PUNCT
cjfa-63095	131	1	the	the	DET
cjfa-63095	131	2	analytical	analytical	ADJ
cjfa-63095	131	3	period	period	NOUN
cjfa-63095	131	4	spanned	span	VERB
cjfa-63095	131	5	from	from	ADP
cjfa-63095	131	6	2000	2000	NUM
cjfa-63095	131	7	to	to	ADP
cjfa-63095	131	8	2016	2016	NUM
cjfa-63095	131	9	,	,	PUNCT
cjfa-63095	131	10	encompassing	encompass	VERB
cjfa-63095	131	11	four	four	NUM
cjfa-63095	131	12	distinct	distinct	ADJ
cjfa-63095	131	13	economic	economic	ADJ
cjfa-63095	131	14	crisis	crisis	NOUN
cjfa-63095	131	15	periods	period	NOUN
cjfa-63095	131	16	:	:	PUNCT
cjfa-63095	131	17	the	the	DET
cjfa-63095	131	18	stock	stock	NOUN
cjfa-63095	131	19	market	market	NOUN
cjfa-63095	131	20	downturn	downturn	NOUN
cjfa-63095	131	21	of	of	ADP
cjfa-63095	131	22	2002	2002	NUM
cjfa-63095	131	23	,	,	PUNCT
cjfa-63095	131	24	the	the	DET
cjfa-63095	131	25	global	global	ADJ
cjfa-63095	131	26	financial	financial	ADJ
cjfa-63095	131	27	crisis	crisis	NOUN
cjfa-63095	131	28	,	,	PUNCT
cjfa-63095	131	29	the	the	DET
cjfa-63095	131	30	european	european	ADJ
cjfa-63095	131	31	sovereign	sovereign	ADJ
cjfa-63095	131	32	debt	debt	NOUN
cjfa-63095	131	33	crisis	crisis	NOUN
cjfa-63095	131	34	,	,	PUNCT
cjfa-63095	131	35	and	and	CCONJ
cjfa-63095	131	36	the	the	DET
cjfa-63095	131	37	brexit	brexit	NOUN
cjfa-63095	131	38	event	event	NOUN
cjfa-63095	131	39	.	.	PUNCT
cjfa-63095	132	1	abd	abd	NOUN
cjfa-63095	132	2	-	-	PUNCT
cjfa-63095	132	3	alla	alla	NOUN
cjfa-63095	132	4	(	(	PUNCT
cjfa-63095	132	5	2020	2020	NUM
cjfa-63095	132	6	)	)	PUNCT
cjfa-63095	132	7	investigated	investigate	VERB
cjfa-63095	132	8	the	the	DET
cjfa-63095	132	9	presence	presence	NOUN
cjfa-63095	132	10	of	of	ADP
cjfa-63095	132	11	herding	herding	NOUN
cjfa-63095	132	12	behavior	behavior	NOUN
cjfa-63095	132	13	in	in	ADP
cjfa-63095	132	14	the	the	DET
cjfa-63095	132	15	egyptian	egyptian	ADJ
cjfa-63095	132	16	stock	stock	NOUN
cjfa-63095	132	17	market	market	NOUN
cjfa-63095	132	18	during	during	ADP
cjfa-63095	132	19	the	the	DET
cjfa-63095	132	20	covid-19	covid-19	PROPN
cjfa-63095	132	21	crisis	crisis	NOUN
cjfa-63095	132	22	.	.	PUNCT
cjfa-63095	133	1	the	the	DET
cjfa-63095	133	2	research	research	NOUN
cjfa-63095	133	3	utilized	utilize	VERB
cjfa-63095	133	4	firm	firm	ADJ
cjfa-63095	133	5	-	-	PUNCT
cjfa-63095	133	6	level	level	NOUN
cjfa-63095	133	7	data	datum	NOUN
cjfa-63095	133	8	and	and	CCONJ
cjfa-63095	133	9	further	far	ADV
cjfa-63095	133	10	examined	examine	VERB
cjfa-63095	133	11	herding	herding	NOUN
cjfa-63095	133	12	at	at	ADP
cjfa-63095	133	13	the	the	DET
cjfa-63095	133	14	portfolio	portfolio	NOUN
cjfa-63095	133	15	level	level	NOUN
cjfa-63095	133	16	,	,	PUNCT
cjfa-63095	133	17	categorized	categorize	VERB
cjfa-63095	133	18	by	by	ADP
cjfa-63095	133	19	size	size	NOUN
cjfa-63095	133	20	and	and	CCONJ
cjfa-63095	133	21	value	value	NOUN
cjfa-63095	133	22	factors	factor	NOUN
cjfa-63095	133	23	.	.	PUNCT
cjfa-63095	134	1	to	to	PART
cjfa-63095	134	2	measure	measure	VERB
cjfa-63095	134	3	herding	herding	NOUN
cjfa-63095	134	4	behavior	behavior	NOUN
cjfa-63095	134	5	,	,	PUNCT
cjfa-63095	134	6	the	the	DET
cjfa-63095	134	7	study	study	NOUN
cjfa-63095	134	8	employed	employ	VERB
cjfa-63095	134	9	two	two	NUM
cjfa-63095	134	10	distinct	distinct	ADJ
cjfa-63095	134	11	methodologies	methodology	NOUN
cjfa-63095	134	12	:	:	PUNCT
cjfa-63095	134	13	the	the	DET
cjfa-63095	134	14	nonlinear	nonlinear	ADJ
cjfa-63095	134	15	model	model	NOUN
cjfa-63095	134	16	proposed	propose	VERB
cjfa-63095	134	17	by	by	ADP
cjfa-63095	134	18	chang	chang	PROPN
cjfa-63095	134	19	et	et	PROPN
cjfa-63095	134	20	al	al	PROPN
cjfa-63095	134	21	.	.	PROPN
cjfa-63095	135	1	(	(	PUNCT
cjfa-63095	135	2	2000	2000	NUM
cjfa-63095	135	3	)	)	PUNCT
cjfa-63095	135	4	and	and	CCONJ
cjfa-63095	135	5	the	the	DET
cjfa-63095	135	6	state	state	NOUN
cjfa-63095	135	7	-	-	PUNCT
cjfa-63095	135	8	space	space	NOUN
cjfa-63095	135	9	model	model	NOUN
cjfa-63095	135	10	developed	develop	VERB
cjfa-63095	135	11	by	by	ADP
cjfa-63095	135	12	hwang	hwang	PROPN
cjfa-63095	135	13	and	and	CCONJ
cjfa-63095	135	14	salmon	salmon	NOUN
cjfa-63095	135	15	(	(	PUNCT
cjfa-63095	135	16	2004	2004	NUM
cjfa-63095	135	17	)	)	PUNCT
cjfa-63095	135	18	.	.	PUNCT
cjfa-63095	136	1	the	the	DET
cjfa-63095	136	2	findings	finding	NOUN
cjfa-63095	136	3	presented	present	VERB
cjfa-63095	136	4	a	a	DET
cjfa-63095	136	5	notable	notable	ADJ
cjfa-63095	136	6	contrast	contrast	NOUN
cjfa-63095	136	7	between	between	ADP
cjfa-63095	136	8	the	the	DET
cjfa-63095	136	9	two	two	NUM
cjfa-63095	136	10	models	model	NOUN
cjfa-63095	136	11	.	.	PUNCT
cjfa-63095	137	1	the	the	DET
cjfa-63095	137	2	nonlinear	nonlinear	ADJ
cjfa-63095	137	3	model	model	NOUN
cjfa-63095	137	4	by	by	ADP
cjfa-63095	137	5	chang	chang	PROPN
cjfa-63095	137	6	et	et	PROPN
cjfa-63095	137	7	al	al	PROPN
cjfa-63095	137	8	.	.	PROPN
cjfa-63095	138	1	(	(	PUNCT
cjfa-63095	138	2	2000	2000	NUM
cjfa-63095	138	3	)	)	PUNCT
cjfa-63095	138	4	yielded	yield	VERB
cjfa-63095	138	5	results	result	NOUN
cjfa-63095	138	6	indicating	indicate	VERB
cjfa-63095	138	7	evidence	evidence	NOUN
cjfa-63095	138	8	of	of	ADP
cjfa-63095	138	9	herding	herd	VERB
cjfa-63095	138	10	during	during	ADP
cjfa-63095	138	11	the	the	DET
cjfa-63095	138	12	covid-19	covid-19	PROPN
cjfa-63095	138	13	crisis	crisis	NOUN
cjfa-63095	138	14	.	.	PUNCT
cjfa-63095	139	1	conversely	conversely	ADV
cjfa-63095	139	2	,	,	PUNCT
cjfa-63095	139	3	the	the	DET
cjfa-63095	139	4	state	state	NOUN
cjfa-63095	139	5	-	-	PUNCT
cjfa-63095	139	6	space	space	NOUN
cjfa-63095	139	7	model	model	NOUN
cjfa-63095	139	8	by	by	ADP
cjfa-63095	139	9	hwang	hwang	PROPN
cjfa-63095	139	10	and	and	CCONJ
cjfa-63095	139	11	salmon	salmon	PROPN
cjfa-63095	139	12	(	(	PUNCT
cjfa-63095	139	13	2004	2004	NUM
cjfa-63095	139	14	)	)	PUNCT
cjfa-63095	139	15	revealed	reveal	VERB
cjfa-63095	139	16	no	no	DET
cjfa-63095	139	17	evidence	evidence	NOUN
cjfa-63095	139	18	of	of	ADP
cjfa-63095	139	19	herding	herd	VERB
cjfa-63095	139	20	behavior	behavior	NOUN
cjfa-63095	139	21	during	during	ADP
cjfa-63095	139	22	the	the	DET
cjfa-63095	139	23	same	same	ADJ
cjfa-63095	139	24	period	period	NOUN
cjfa-63095	139	25	.	.	PUNCT
cjfa-63095	140	1	at	at	ADP
cjfa-63095	140	2	the	the	DET
cjfa-63095	140	3	portfolio	portfolio	NOUN
cjfa-63095	140	4	level	level	NOUN
cjfa-63095	140	5	,	,	PUNCT
cjfa-63095	140	6	herding	herding	NOUN
cjfa-63095	140	7	was	be	AUX
cjfa-63095	140	8	detected	detect	VERB
cjfa-63095	140	9	exclusively	exclusively	ADV
cjfa-63095	140	10	when	when	SCONJ
cjfa-63095	140	11	applying	apply	VERB
cjfa-63095	140	12	the	the	DET
cjfa-63095	140	13	chang	chang	PROPN
cjfa-63095	140	14	et	et	PROPN
cjfa-63095	140	15	al	al	PROPN
cjfa-63095	140	16	.	.	PROPN
cjfa-63095	141	1	(	(	PUNCT
cjfa-63095	141	2	2000	2000	NUM
cjfa-63095	141	3	)	)	PUNCT
cjfa-63095	141	4	methodology	methodology	NOUN
cjfa-63095	141	5	,	,	PUNCT
cjfa-63095	141	6	specifically	specifically	ADV
cjfa-63095	141	7	in	in	ADP
cjfa-63095	141	8	portfolios	portfolio	NOUN
cjfa-63095	141	9	comprising	comprise	VERB
cjfa-63095	141	10	stocks	stock	NOUN
cjfa-63095	141	11	with	with	ADP
cjfa-63095	141	12	low	low	ADJ
cjfa-63095	141	13	and	and	CCONJ
cjfa-63095	141	14	high	high	ADJ
cjfa-63095	141	15	book	book	NOUN
cjfa-63095	141	16	-	-	PUNCT
cjfa-63095	141	17	to	to	ADP
cjfa-63095	141	18	-	-	PUNCT
cjfa-63095	141	19	market	market	NOUN
cjfa-63095	141	20	(	(	PUNCT
cjfa-63095	141	21	b	b	X
cjfa-63095	141	22	/	/	SYM
cjfa-63095	141	23	m	m	NOUN
cjfa-63095	141	24	)	)	PUNCT
cjfa-63095	141	25	ratios	ratio	NOUN
cjfa-63095	141	26	and	and	CCONJ
cjfa-63095	141	27	in	in	ADP
cjfa-63095	141	28	the	the	DET
cjfa-63095	141	29	portfolio	portfolio	NOUN
cjfa-63095	141	30	of	of	ADP
cjfa-63095	141	31	large	large	ADJ
cjfa-63095	141	32	-	-	PUNCT
cjfa-63095	141	33	cap	cap	NOUN
cjfa-63095	141	34	stocks	stock	NOUN
cjfa-63095	141	35	during	during	ADP
cjfa-63095	141	36	the	the	DET
cjfa-63095	141	37	covid-19	covid-19	PROPN
cjfa-63095	141	38	crisis	crisis	NOUN
cjfa-63095	141	39	.	.	PUNCT
cjfa-63095	142	1	in	in	ADP
cjfa-63095	142	2	their	their	PRON
cjfa-63095	142	3	investigation	investigation	NOUN
cjfa-63095	142	4	into	into	ADP
cjfa-63095	142	5	investor	investor	NOUN
cjfa-63095	142	6	behavior	behavior	NOUN
cjfa-63095	142	7	dynamics	dynamic	NOUN
cjfa-63095	142	8	,	,	PUNCT
cjfa-63095	142	9	a	a	DET
cjfa-63095	142	10	study	study	NOUN
cjfa-63095	142	11	conducted	conduct	VERB
cjfa-63095	142	12	by	by	ADP
cjfa-63095	142	13	hudson	hudson	PROPN
cjfa-63095	142	14	,	,	PUNCT
cjfa-63095	142	15	yan	yan	PROPN
cjfa-63095	142	16	and	and	CCONJ
cjfa-63095	142	17	zhang	zhang	PROPN
cjfa-63095	142	18	(	(	PUNCT
cjfa-63095	142	19	2020	2020	NUM
cjfa-63095	142	20	)	)	PUNCT
cjfa-63095	142	21	explored	explore	VERB
cjfa-63095	142	22	whether	whether	SCONJ
cjfa-63095	142	23	investor	investor	NOUN
cjfa-63095	142	24	sentiment	sentiment	NOUN
cjfa-63095	142	25	influences	influence	VERB
cjfa-63095	142	26	fund	fund	NOUN
cjfa-63095	142	27	managers	manager	NOUN
cjfa-63095	142	28	’	’	PART
cjfa-63095	142	29	herding	herding	NOUN
cjfa-63095	142	30	behavior	behavior	NOUN
cjfa-63095	142	31	.	.	PUNCT
cjfa-63095	143	1	the	the	DET
cjfa-63095	143	2	research	research	NOUN
cjfa-63095	143	3	utilized	utilize	VERB
cjfa-63095	143	4	two	two	NUM
cjfa-63095	143	5	composite	composite	ADJ
cjfa-63095	143	6	indices	index	NOUN
cjfa-63095	143	7	as	as	ADP
cjfa-63095	143	8	indicators	indicator	NOUN
cjfa-63095	143	9	of	of	ADP
cjfa-63095	143	10	investor	investor	NOUN
cjfa-63095	143	11	sentiment	sentiment	NOUN
cjfa-63095	143	12	:	:	PUNCT
cjfa-63095	143	13	the	the	DET
cjfa-63095	143	14	uk	uk	PROPN
cjfa-63095	143	15	market	market	NOUN
cjfa-63095	143	16	-	-	PUNCT
cjfa-63095	143	17	wide	wide	ADJ
cjfa-63095	143	18	sentiment	sentiment	NOUN
cjfa-63095	143	19	index	index	NOUN
cjfa-63095	143	20	and	and	CCONJ
cjfa-63095	143	21	the	the	DET
cjfa-63095	143	22	uk	uk	PROPN
cjfa-63095	143	23	institutional	institutional	ADJ
cjfa-63095	143	24	sentiment	sentiment	NOUN
cjfa-63095	143	25	index	index	NOUN
cjfa-63095	143	26	.	.	PUNCT
cjfa-63095	144	1	herding	herd	VERB
cjfa-63095	144	2	behavior	behavior	NOUN
cjfa-63095	144	3	itself	itself	PRON
cjfa-63095	144	4	was	be	AUX
cjfa-63095	144	5	quantified	quantify	VERB
cjfa-63095	144	6	through	through	ADP
cjfa-63095	144	7	the	the	DET
cjfa-63095	144	8	cross	cross	ADJ
cjfa-63095	144	9	-	-	ADJ
cjfa-63095	144	10	sectional	sectional	ADJ
cjfa-63095	144	11	dispersion	dispersion	NOUN
cjfa-63095	144	12	of	of	ADP
cjfa-63095	144	13	factor	factor	NOUN
cjfa-63095	144	14	sensitivity	sensitivity	NOUN
cjfa-63095	144	15	,	,	PUNCT
cjfa-63095	144	16	specifically	specifically	ADV
cjfa-63095	144	17	using	use	VERB
cjfa-63095	144	18	beta	beta	NOUN
cjfa-63095	144	19	.	.	PUNCT
cjfa-63095	145	1	to	to	PART
cjfa-63095	145	2	examine	examine	VERB
cjfa-63095	145	3	the	the	DET
cjfa-63095	145	4	association	association	NOUN
cjfa-63095	145	5	between	between	ADP
cjfa-63095	145	6	institutional	institutional	ADJ
cjfa-63095	145	7	herding	herding	NOUN
cjfa-63095	145	8	and	and	CCONJ
cjfa-63095	145	9	investor	investor	NOUN
cjfa-63095	145	10	sentiment	sentiment	NOUN
cjfa-63095	145	11	,	,	PUNCT
cjfa-63095	145	12	the	the	DET
cjfa-63095	145	13	authors	author	NOUN
cjfa-63095	145	14	employed	employ	VERB
cjfa-63095	145	15	the	the	DET
cjfa-63095	145	16	vector	vector	NOUN
cjfa-63095	145	17	autoregression	autoregression	NOUN
cjfa-63095	145	18	(	(	PUNCT
cjfa-63095	145	19	var	var	NOUN
cjfa-63095	145	20	)	)	PUNCT
cjfa-63095	145	21	rule	rule	NOUN
cjfa-63095	145	22	.	.	PUNCT
cjfa-63095	146	1	the	the	DET
cjfa-63095	146	2	estimations	estimation	NOUN
cjfa-63095	146	3	provided	provide	VERB
cjfa-63095	146	4	evidence	evidence	NOUN
cjfa-63095	146	5	suggesting	suggest	VERB
cjfa-63095	146	6	that	that	SCONJ
cjfa-63095	146	7	herding	herding	NOUN
cjfa-63095	146	8	behavior	behavior	NOUN
cjfa-63095	146	9	may	may	AUX
cjfa-63095	146	10	not	not	PART
cjfa-63095	146	11	solely	solely	ADV
cjfa-63095	146	12	be	be	AUX
cjfa-63095	146	13	driven	drive	VERB
cjfa-63095	146	14	by	by	ADP
cjfa-63095	146	15	market	market	NOUN
cjfa-63095	146	16	fundamentals	fundamental	NOUN
cjfa-63095	146	17	but	but	CCONJ
cjfa-63095	146	18	also	also	ADV
cjfa-63095	146	19	by	by	ADP
cjfa-63095	146	20	investor	investor	NOUN
cjfa-63095	146	21	sentiment	sentiment	NOUN
cjfa-63095	146	22	.	.	PUNCT
cjfa-63095	147	1	the	the	DET
cjfa-63095	147	2	findings	finding	NOUN
cjfa-63095	147	3	distinctly	distinctly	ADV
cjfa-63095	147	4	indicated	indicate	VERB
cjfa-63095	147	5	that	that	SCONJ
cjfa-63095	147	6	both	both	PRON
cjfa-63095	147	7	uk	uk	PROPN
cjfa-63095	147	8	market	market	NOUN
cjfa-63095	147	9	-	-	PUNCT
cjfa-63095	147	10	wide	wide	ADJ
cjfa-63095	147	11	and	and	CCONJ
cjfa-63095	147	12	institutional	institutional	ADJ
cjfa-63095	147	13	sentiment	sentiment	NOUN
cjfa-63095	147	14	significantly	significantly	ADV
cjfa-63095	147	15	impact	impact	VERB
cjfa-63095	147	16	the	the	DET
cjfa-63095	147	17	herding	herd	VERB
cjfa-63095	147	18	tendencies	tendency	NOUN
cjfa-63095	147	19	of	of	ADP
cjfa-63095	147	20	uk	uk	PROPN
cjfa-63095	147	21	open	open	ADV
cjfa-63095	147	22	-	-	PUNCT
cjfa-63095	147	23	ended	end	VERB
cjfa-63095	147	24	fund	fund	NOUN
cjfa-63095	147	25	managers	manager	NOUN
cjfa-63095	147	26	.	.	PUNCT
cjfa-63095	148	1	these	these	DET
cjfa-63095	148	2	observed	observed	ADJ
cjfa-63095	148	3	effects	effect	NOUN
cjfa-63095	148	4	demonstrated	demonstrate	VERB
cjfa-63095	148	5	a	a	DET
cjfa-63095	148	6	unidirectional	unidirectional	ADJ
cjfa-63095	148	7	influence	influence	NOUN
cjfa-63095	148	8	,	,	PUNCT
cjfa-63095	148	9	thus	thus	ADV
cjfa-63095	148	10	supporting	support	VERB
cjfa-63095	148	11	the	the	DET
cjfa-63095	148	12	proposition	proposition	NOUN
cjfa-63095	148	13	that	that	SCONJ
cjfa-63095	148	14	investor	investor	NOUN
cjfa-63095	148	15	sentiment	sentiment	NOUN
cjfa-63095	148	16	serves	serve	VERB
cjfa-63095	148	17	as	as	ADP
cjfa-63095	148	18	a	a	DET
cjfa-63095	148	19	key	key	ADJ
cjfa-63095	148	20	driver	driver	NOUN
cjfa-63095	148	21	of	of	ADP
cjfa-63095	148	22	herding	herding	NOUN
cjfa-63095	148	23	.	.	PUNCT
cjfa-63095	149	1	abd	abd	PROPN
cjfa-63095	149	2	el	el	PROPN
cjfa-63095	149	3	-	-	PUNCT
cjfa-63095	149	4	razcek	razcek	PROPN
cjfa-63095	149	5	and	and	CCONJ
cjfa-63095	149	6	abd	abd	PROPN
cjfa-63095	149	7	elbaseet	elbaseet	NOUN
cjfa-63095	149	8	(	(	PUNCT
cjfa-63095	149	9	2023	2023	NUM
cjfa-63095	149	10	)	)	PUNCT
cjfa-63095	149	11	addressed	address	VERB
cjfa-63095	149	12	the	the	DET
cjfa-63095	149	13	issue	issue	NOUN
cjfa-63095	149	14	of	of	ADP
cjfa-63095	149	15	herding	herd	VERB
cjfa-63095	149	16	behavior	behavior	NOUN
cjfa-63095	149	17	in	in	ADP
cjfa-63095	149	18	the	the	DET
cjfa-63095	149	19	egyptian	egyptian	ADJ
cjfa-63095	149	20	stock	stock	NOUN
cjfa-63095	149	21	market	market	NOUN
cjfa-63095	149	22	.	.	PUNCT
cjfa-63095	150	1	the	the	DET
cjfa-63095	150	2	study	study	NOUN
cjfa-63095	150	3	aimed	aim	VERB
cjfa-63095	150	4	to	to	PART
cjfa-63095	150	5	test	test	VERB
cjfa-63095	150	6	the	the	DET
cjfa-63095	150	7	existence	existence	NOUN
cjfa-63095	150	8	of	of	ADP
cjfa-63095	150	9	this	this	DET
cjfa-63095	150	10	behavior	behavior	NOUN
cjfa-63095	150	11	across	across	ADP
cjfa-63095	150	12	various	various	ADJ
cjfa-63095	150	13	time	time	NOUN
cjfa-63095	150	14	periods	period	NOUN
cjfa-63095	150	15	,	,	PUNCT
cjfa-63095	150	16	including	include	VERB
cjfa-63095	150	17	the	the	DET
cjfa-63095	150	18	revolutionary	revolutionary	ADJ
cjfa-63095	150	19	era	era	NOUN
cjfa-63095	150	20	and	and	CCONJ
cjfa-63095	150	21	the	the	DET
cjfa-63095	150	22	covid-19	covid-19	PROPN
cjfa-63095	150	23	pandemic	pandemic	NOUN
cjfa-63095	150	24	.	.	PUNCT
cjfa-63095	151	1	utilizing	utilize	VERB
cjfa-63095	151	2	daily	daily	ADJ
cjfa-63095	151	3	stock	stock	NOUN
cjfa-63095	151	4	price	price	NOUN
cjfa-63095	151	5	data	datum	NOUN
cjfa-63095	151	6	,	,	PUNCT
cjfa-63095	151	7	the	the	DET
cjfa-63095	151	8	research	research	NOUN
cjfa-63095	151	9	employed	employ	VERB
cjfa-63095	151	10	an	an	DET
cjfa-63095	151	11	empirical	empirical	ADJ
cjfa-63095	151	12	analysis	analysis	NOUN
cjfa-63095	151	13	.	.	PUNCT
cjfa-63095	152	1	results	result	NOUN
cjfa-63095	152	2	generally	generally	ADV
cjfa-63095	152	3	indicated	indicate	VERB
cjfa-63095	152	4	an	an	DET
cjfa-63095	152	5	absence	absence	NOUN
cjfa-63095	152	6	of	of	ADP
cjfa-63095	152	7	evidence	evidence	NOUN
cjfa-63095	152	8	for	for	ADP
cjfa-63095	152	9	collective	collective	ADJ
cjfa-63095	152	10	herding	herding	NOUN
cjfa-63095	152	11	behavior	behavior	NOUN
cjfa-63095	152	12	in	in	ADP
cjfa-63095	152	13	the	the	DET
cjfa-63095	152	14	egyptian	egyptian	ADJ
cjfa-63095	152	15	market	market	NOUN
cjfa-63095	152	16	.	.	PUNCT
cjfa-63095	153	1	however	however	ADV
cjfa-63095	153	2	,	,	PUNCT
cjfa-63095	153	3	the	the	DET
cjfa-63095	153	4	models	model	NOUN
cjfa-63095	153	5	used	use	VERB
cjfa-63095	153	6	m.	m.	PROPN
cjfa-63095	153	7	h.	h.	PROPN
cjfa-63095	153	8	abd	abd	PROPN
cjfa-63095	153	9	-	-	PUNCT
cjfa-63095	153	10	allah	allah	PROPN
cjfa-63095	153	11	,	,	PUNCT
cjfa-63095	153	12	k.	k.	PROPN
cjfa-63095	153	13	m.	m.	PROPN
cjfa-63095	153	14	k.	k.	PROPN
cjfa-63095	153	15	mohamed	mohamed	PROPN
cjfa-63095	153	16	,	,	PUNCT
cjfa-63095	153	17	m.	m.	PROPN
cjfa-63095	153	18	s.	s.	PROPN
cjfa-63095	153	19	m.	m.	PROPN
cjfa-63095	153	20	mahmood	mahmood	PROPN
cjfa-63095	153	21	,	,	PUNCT
cjfa-63095	153	22	n.	n.	PROPN
cjfa-63095	153	23	n.	n.	PROPN
cjfa-63095	153	24	s.	s.	PROPN
cjfa-63095	154	1	mohamed1818	mohamed1818	PROPN
cjfa-63095	154	2	revealed	reveal	VERB
cjfa-63095	154	3	the	the	DET
cjfa-63095	154	4	presence	presence	NOUN
cjfa-63095	154	5	of	of	ADP
cjfa-63095	154	6	“	"	PUNCT
cjfa-63095	154	7	adverse	adverse	ADJ
cjfa-63095	154	8	herding	herding	NOUN
cjfa-63095	154	9	”	"	PUNCT
cjfa-63095	154	10	,	,	PUNCT
cjfa-63095	154	11	characterized	characterize	VERB
cjfa-63095	154	12	by	by	ADP
cjfa-63095	154	13	a	a	DET
cjfa-63095	154	14	non	non	ADJ
cjfa-63095	154	15	-	-	ADJ
cjfa-63095	154	16	linear	linear	ADJ
cjfa-63095	154	17	relationship	relationship	NOUN
cjfa-63095	154	18	.	.	PUNCT
cjfa-63095	155	1	the	the	DET
cjfa-63095	155	2	study	study	NOUN
cjfa-63095	155	3	also	also	ADV
cjfa-63095	155	4	noted	note	VERB
cjfa-63095	155	5	that	that	SCONJ
cjfa-63095	155	6	herding	herding	NOUN
cjfa-63095	155	7	,	,	PUNCT
cjfa-63095	155	8	when	when	SCONJ
cjfa-63095	155	9	analyzed	analyze	VERB
cjfa-63095	155	10	within	within	ADP
cjfa-63095	155	11	sub	sub	NOUN
cjfa-63095	155	12	-	-	ADJ
cjfa-63095	155	13	periods	period	NOUN
cjfa-63095	155	14	,	,	PUNCT
cjfa-63095	155	15	represents	represent	VERB
cjfa-63095	155	16	a	a	DET
cjfa-63095	155	17	transient	transient	ADJ
cjfa-63095	155	18	phenomenon	phenomenon	NOUN
cjfa-63095	155	19	linked	link	VERB
cjfa-63095	155	20	to	to	ADP
cjfa-63095	155	21	market	market	NOUN
cjfa-63095	155	22	classifications	classification	NOUN
cjfa-63095	155	23	as	as	ADP
cjfa-63095	155	24	bullish	bullish	ADJ
cjfa-63095	155	25	or	or	CCONJ
cjfa-63095	155	26	bearish	bearish	ADJ
cjfa-63095	155	27	,	,	PUNCT
cjfa-63095	155	28	and	and	CCONJ
cjfa-63095	155	29	to	to	ADP
cjfa-63095	155	30	changes	change	NOUN
cjfa-63095	155	31	in	in	ADP
cjfa-63095	155	32	volatility	volatility	NOUN
cjfa-63095	155	33	levels	level	NOUN
cjfa-63095	155	34	.	.	PUNCT
cjfa-63095	156	1	conversely	conversely	ADV
cjfa-63095	156	2	,	,	PUNCT
cjfa-63095	156	3	in	in	ADP
cjfa-63095	156	4	aggregated	aggregate	VERB
cjfa-63095	156	5	models	model	NOUN
cjfa-63095	156	6	,	,	PUNCT
cjfa-63095	156	7	herding	herding	NOUN
cjfa-63095	156	8	was	be	AUX
cjfa-63095	156	9	observed	observe	VERB
cjfa-63095	156	10	in	in	ADP
cjfa-63095	156	11	bullish	bullish	ADJ
cjfa-63095	156	12	markets	market	NOUN
cjfa-63095	156	13	with	with	ADP
cjfa-63095	156	14	high	high	ADJ
cjfa-63095	156	15	volatility	volatility	NOUN
cjfa-63095	156	16	,	,	PUNCT
cjfa-63095	156	17	while	while	SCONJ
cjfa-63095	156	18	adverse	adverse	ADJ
cjfa-63095	156	19	herding	herding	NOUN
cjfa-63095	156	20	emerged	emerge	VERB
cjfa-63095	156	21	in	in	ADP
cjfa-63095	156	22	bearish	bearish	ADJ
cjfa-63095	156	23	markets	market	NOUN
cjfa-63095	156	24	with	with	ADP
cjfa-63095	156	25	low	low	ADJ
cjfa-63095	156	26	volatility	volatility	NOUN
cjfa-63095	156	27	.	.	PUNCT
cjfa-63095	157	1	messaoud	messaoud	NOUN
cjfa-63095	157	2	and	and	CCONJ
cjfa-63095	157	3	ben	ben	PROPN
cjfa-63095	157	4	amar	amar	PROPN
cjfa-63095	157	5	(	(	PUNCT
cjfa-63095	157	6	2025	2025	NUM
cjfa-63095	157	7	)	)	PUNCT
cjfa-63095	157	8	investigated	investigate	VERB
cjfa-63095	157	9	the	the	DET
cjfa-63095	157	10	relationship	relationship	NOUN
cjfa-63095	157	11	between	between	ADP
cjfa-63095	157	12	herding	herd	VERB
cjfa-63095	157	13	behavior	behavior	NOUN
cjfa-63095	157	14	and	and	CCONJ
cjfa-63095	157	15	investor	investor	NOUN
cjfa-63095	157	16	sentiment	sentiment	NOUN
cjfa-63095	157	17	in	in	ADP
cjfa-63095	157	18	emerging	emerge	VERB
cjfa-63095	157	19	stock	stock	NOUN
cjfa-63095	157	20	markets	market	NOUN
cjfa-63095	157	21	(	(	PUNCT
cjfa-63095	157	22	esms	esm	NOUN
cjfa-63095	157	23	)	)	PUNCT
cjfa-63095	157	24	.	.	PUNCT
cjfa-63095	158	1	the	the	DET
cjfa-63095	158	2	research	research	NOUN
cjfa-63095	158	3	aimed	aim	VERB
cjfa-63095	158	4	to	to	PART
cjfa-63095	158	5	determine	determine	VERB
cjfa-63095	158	6	the	the	DET
cjfa-63095	158	7	impact	impact	NOUN
cjfa-63095	158	8	of	of	ADP
cjfa-63095	158	9	sentiment	sentiment	NOUN
cjfa-63095	158	10	on	on	ADP
cjfa-63095	158	11	herding	herding	NOUN
cjfa-63095	158	12	and	and	CCONJ
cjfa-63095	158	13	the	the	DET
cjfa-63095	158	14	causal	causal	ADJ
cjfa-63095	158	15	direction	direction	NOUN
cjfa-63095	158	16	between	between	ADP
cjfa-63095	158	17	them	they	PRON
cjfa-63095	158	18	.	.	PUNCT
cjfa-63095	159	1	using	use	VERB
cjfa-63095	159	2	daily	daily	ADJ
cjfa-63095	159	3	data	datum	NOUN
cjfa-63095	159	4	from	from	ADP
cjfa-63095	159	5	several	several	ADJ
cjfa-63095	159	6	major	major	ADJ
cjfa-63095	159	7	emerging	emerge	VERB
cjfa-63095	159	8	markets	market	NOUN
cjfa-63095	159	9	,	,	PUNCT
cjfa-63095	159	10	the	the	DET
cjfa-63095	159	11	findings	finding	NOUN
cjfa-63095	159	12	indicated	indicate	VERB
cjfa-63095	159	13	that	that	SCONJ
cjfa-63095	159	14	higher	high	ADJ
cjfa-63095	159	15	investor	investor	NOUN
cjfa-63095	159	16	sentiment	sentiment	NOUN
cjfa-63095	159	17	is	be	AUX
cjfa-63095	159	18	generally	generally	ADV
cjfa-63095	159	19	associated	associate	VERB
cjfa-63095	159	20	with	with	ADP
cjfa-63095	159	21	lower	low	ADJ
cjfa-63095	159	22	herding	herding	NOUN
cjfa-63095	159	23	.	.	PUNCT
cjfa-63095	160	1	however	however	ADV
cjfa-63095	160	2	,	,	PUNCT
cjfa-63095	160	3	during	during	ADP
cjfa-63095	160	4	market	market	NOUN
cjfa-63095	160	5	downturns	downturn	NOUN
cjfa-63095	160	6	,	,	PUNCT
cjfa-63095	160	7	elevated	elevated	ADJ
cjfa-63095	160	8	sentiment	sentiment	NOUN
cjfa-63095	160	9	led	lead	VERB
cjfa-63095	160	10	to	to	ADP
cjfa-63095	160	11	increased	increase	VERB
cjfa-63095	160	12	herding	herding	NOUN
cjfa-63095	160	13	.	.	PUNCT
cjfa-63095	161	1	the	the	DET
cjfa-63095	161	2	study	study	NOUN
cjfa-63095	161	3	also	also	ADV
cjfa-63095	161	4	revealed	reveal	VERB
cjfa-63095	161	5	a	a	DET
cjfa-63095	161	6	one	one	NUM
cjfa-63095	161	7	-	-	PUNCT
cjfa-63095	161	8	way	way	NOUN
cjfa-63095	161	9	causal	causal	ADJ
cjfa-63095	161	10	relationship	relationship	NOUN
cjfa-63095	161	11	from	from	ADP
cjfa-63095	161	12	investor	investor	NOUN
cjfa-63095	161	13	sentiment	sentiment	NOUN
cjfa-63095	161	14	to	to	ADP
cjfa-63095	161	15	herding	herding	NOUN
cjfa-63095	161	16	behavior	behavior	NOUN
cjfa-63095	161	17	.	.	PUNCT
cjfa-63095	162	1	these	these	DET
cjfa-63095	162	2	results	result	NOUN
cjfa-63095	162	3	suggest	suggest	VERB
cjfa-63095	162	4	that	that	SCONJ
cjfa-63095	162	5	investor	investor	NOUN
cjfa-63095	162	6	sentiment	sentiment	NOUN
cjfa-63095	162	7	can	can	AUX
cjfa-63095	162	8	contribute	contribute	VERB
cjfa-63095	162	9	to	to	ADP
cjfa-63095	162	10	irrational	irrational	ADJ
cjfa-63095	162	11	herding	herding	NOUN
cjfa-63095	162	12	,	,	PUNCT
cjfa-63095	162	13	potentially	potentially	ADV
cjfa-63095	162	14	increasing	increase	VERB
cjfa-63095	162	15	market	market	NOUN
cjfa-63095	162	16	volatility	volatility	NOUN
cjfa-63095	162	17	and	and	CCONJ
cjfa-63095	162	18	the	the	DET
cjfa-63095	162	19	likelihood	likelihood	NOUN
cjfa-63095	162	20	of	of	ADP
cjfa-63095	162	21	bubbles	bubble	NOUN
cjfa-63095	162	22	,	,	PUNCT
cjfa-63095	162	23	underscoring	underscore	VERB
cjfa-63095	162	24	the	the	DET
cjfa-63095	162	25	need	need	NOUN
cjfa-63095	162	26	for	for	SCONJ
cjfa-63095	162	27	regulators	regulator	NOUN
cjfa-63095	162	28	to	to	PART
cjfa-63095	162	29	monitor	monitor	VERB
cjfa-63095	162	30	sentiment	sentiment	NOUN
cjfa-63095	162	31	to	to	PART
cjfa-63095	162	32	predict	predict	VERB
cjfa-63095	162	33	herding	herding	NOUN
cjfa-63095	162	34	and	and	CCONJ
cjfa-63095	162	35	stabilize	stabilize	VERB
cjfa-63095	162	36	markets	market	NOUN
cjfa-63095	162	37	.	.	PUNCT
cjfa-63095	163	1	data	datum	NOUN
cjfa-63095	163	2	and	and	CCONJ
cjfa-63095	163	3	methodologydata	methodologydata	PROPN
cjfa-63095	163	4	and	and	CCONJ
cjfa-63095	163	5	methodology	methodology	NOUN
cjfa-63095	163	6	datadata	datadata	VERB
cjfa-63095	163	7	the	the	DET
cjfa-63095	163	8	study	study	NOUN
cjfa-63095	163	9	analyzed	analyze	VERB
cjfa-63095	163	10	the	the	DET
cjfa-63095	163	11	impact	impact	NOUN
cjfa-63095	163	12	of	of	ADP
cjfa-63095	163	13	herding	herd	VERB
cjfa-63095	163	14	behavior	behavior	NOUN
cjfa-63095	163	15	on	on	ADP
cjfa-63095	163	16	the	the	DET
cjfa-63095	163	17	efficiency	efficiency	NOUN
cjfa-63095	163	18	of	of	ADP
cjfa-63095	163	19	the	the	DET
cjfa-63095	163	20	egyptian	egyptian	ADJ
cjfa-63095	163	21	stock	stock	NOUN
cjfa-63095	163	22	market	market	NOUN
cjfa-63095	163	23	using	use	VERB
cjfa-63095	163	24	daily	daily	ADJ
cjfa-63095	163	25	and	and	CCONJ
cjfa-63095	163	26	monthly	monthly	ADJ
cjfa-63095	163	27	data	datum	NOUN
cjfa-63095	163	28	from	from	ADP
cjfa-63095	163	29	a	a	DET
cjfa-63095	163	30	60	60	NUM
cjfa-63095	163	31	-	-	PUNCT
cjfa-63095	163	32	month	month	NOUN
cjfa-63095	163	33	period	period	NOUN
cjfa-63095	163	34	from	from	ADP
cjfa-63095	163	35	1/1/2014	1/1/2014	NUM
cjfa-63095	163	36	to	to	ADP
cjfa-63095	163	37	31/12/20181	31/12/20181	NUM
cjfa-63095	163	38	.	.	PUNCT
cjfa-63095	164	1	it	it	PRON
cjfa-63095	164	2	examined	examine	VERB
cjfa-63095	164	3	a	a	DET
cjfa-63095	164	4	sample	sample	NOUN
cjfa-63095	164	5	of	of	ADP
cjfa-63095	164	6	50	50	NUM
cjfa-63095	164	7	stocks	stock	NOUN
cjfa-63095	164	8	from	from	ADP
cjfa-63095	164	9	the	the	DET
cjfa-63095	164	10	egx100	egx100	PROPN
cjfa-63095	164	11	index	index	NOUN
cjfa-63095	164	12	,	,	PUNCT
cjfa-63095	164	13	which	which	PRON
cjfa-63095	164	14	represents	represent	VERB
cjfa-63095	164	15	the	the	DET
cjfa-63095	164	16	top	top	ADJ
cjfa-63095	164	17	100	100	NUM
cjfa-63095	164	18	active	active	ADJ
cjfa-63095	164	19	firms	firm	NOUN
cjfa-63095	164	20	in	in	ADP
cjfa-63095	164	21	the	the	DET
cjfa-63095	164	22	market	market	NOUN
cjfa-63095	164	23	.	.	PUNCT
cjfa-63095	165	1	the	the	DET
cjfa-63095	165	2	data	datum	NOUN
cjfa-63095	165	3	included	include	VERB
cjfa-63095	165	4	stock	stock	NOUN
cjfa-63095	165	5	closing	closing	NOUN
cjfa-63095	165	6	prices	price	NOUN
cjfa-63095	165	7	,	,	PUNCT
cjfa-63095	165	8	egx100	egx100	PROPN
cjfa-63095	165	9	index	index	NOUN
cjfa-63095	165	10	values	value	NOUN
cjfa-63095	165	11	,	,	PUNCT
cjfa-63095	165	12	and	and	CCONJ
cjfa-63095	165	13	monthly	monthly	ADJ
cjfa-63095	165	14	beta	beta	NOUN
cjfa-63095	165	15	calculations	calculation	NOUN
cjfa-63095	165	16	for	for	ADP
cjfa-63095	165	17	each	each	DET
cjfa-63095	165	18	stock	stock	NOUN
cjfa-63095	165	19	.	.	PUNCT
cjfa-63095	166	1	the	the	DET
cjfa-63095	166	2	sample	sample	NOUN
cjfa-63095	166	3	stocks	stock	NOUN
cjfa-63095	166	4	were	be	AUX
cjfa-63095	166	5	selected	select	VERB
cjfa-63095	166	6	based	base	VERB
cjfa-63095	166	7	on	on	ADP
cjfa-63095	166	8	specific	specific	ADJ
cjfa-63095	166	9	criteria	criterion	NOUN
cjfa-63095	166	10	:	:	PUNCT
cjfa-63095	166	11	they	they	PRON
cjfa-63095	166	12	must	must	AUX
cjfa-63095	166	13	be	be	AUX
cjfa-63095	166	14	traded	trade	VERB
cjfa-63095	166	15	in	in	ADP
cjfa-63095	166	16	egyptian	egyptian	ADJ
cjfa-63095	166	17	pounds	pound	NOUN
cjfa-63095	166	18	,	,	PUNCT
cjfa-63095	166	19	exclude	exclude	VERB
cjfa-63095	166	20	banks	bank	NOUN
cjfa-63095	166	21	and	and	CCONJ
cjfa-63095	166	22	financial	financial	ADJ
cjfa-63095	166	23	institutions	institution	NOUN
cjfa-63095	166	24	due	due	ADP
cjfa-63095	166	25	to	to	ADP
cjfa-63095	166	26	their	their	PRON
cjfa-63095	166	27	unique	unique	ADJ
cjfa-63095	166	28	characteristics	characteristic	NOUN
cjfa-63095	166	29	,	,	PUNCT
cjfa-63095	166	30	have	have	VERB
cjfa-63095	166	31	continuous	continuous	ADJ
cjfa-63095	166	32	price	price	NOUN
cjfa-63095	166	33	data	datum	NOUN
cjfa-63095	166	34	for	for	ADP
cjfa-63095	166	35	60	60	NUM
cjfa-63095	166	36	months	month	NOUN
cjfa-63095	166	37	,	,	PUNCT
cjfa-63095	166	38	and	and	CCONJ
cjfa-63095	166	39	be	be	AUX
cjfa-63095	166	40	listed	list	VERB
cjfa-63095	166	41	on	on	ADP
cjfa-63095	166	42	the	the	DET
cjfa-63095	166	43	egx100	egx100	PROPN
cjfa-63095	166	44	index	index	NOUN
cjfa-63095	166	45	.	.	PUNCT
cjfa-63095	167	1	1	1	NUM
cjfa-63095	167	2	 	 	SPACE
cjfa-63095	167	3	this	this	DET
cjfa-63095	167	4	period	period	NOUN
cjfa-63095	167	5	was	be	AUX
cjfa-63095	167	6	selected	select	VERB
cjfa-63095	167	7	for	for	ADP
cjfa-63095	167	8	this	this	DET
cjfa-63095	167	9	study	study	NOUN
cjfa-63095	167	10	primarily	primarily	ADV
cjfa-63095	167	11	to	to	PART
cjfa-63095	167	12	ensure	ensure	VERB
cjfa-63095	167	13	the	the	DET
cjfa-63095	167	14	availability	availability	NOUN
cjfa-63095	167	15	of	of	ADP
cjfa-63095	167	16	complete	complete	ADJ
cjfa-63095	167	17	and	and	CCONJ
cjfa-63095	167	18	reliable	reliable	ADJ
cjfa-63095	167	19	data	datum	NOUN
cjfa-63095	167	20	for	for	ADP
cjfa-63095	167	21	the	the	DET
cjfa-63095	167	22	egyptian	egyptian	ADJ
cjfa-63095	167	23	stock	stock	NOUN
cjfa-63095	167	24	market	market	NOUN
cjfa-63095	167	25	.	.	PUNCT
cjfa-63095	168	1	this	this	DET
cjfa-63095	168	2	timeframe	timeframe	NOUN
cjfa-63095	168	3	also	also	ADV
cjfa-63095	168	4	represents	represent	VERB
cjfa-63095	168	5	a	a	DET
cjfa-63095	168	6	period	period	NOUN
cjfa-63095	168	7	of	of	ADP
cjfa-63095	168	8	relative	relative	ADJ
cjfa-63095	168	9	stability	stability	NOUN
cjfa-63095	168	10	in	in	ADP
cjfa-63095	168	11	market	market	NOUN
cjfa-63095	168	12	conditions	condition	NOUN
cjfa-63095	168	13	,	,	PUNCT
cjfa-63095	168	14	which	which	PRON
cjfa-63095	168	15	facilitated	facilitate	VERB
cjfa-63095	168	16	a	a	DET
cjfa-63095	168	17	more	more	ADV
cjfa-63095	168	18	accurate	accurate	ADJ
cjfa-63095	168	19	and	and	CCONJ
cjfa-63095	168	20	robust	robust	ADJ
cjfa-63095	168	21	analysis	analysis	NOUN
cjfa-63095	168	22	of	of	ADP
cjfa-63095	168	23	herding	herd	VERB
cjfa-63095	168	24	behavior	behavior	NOUN
cjfa-63095	168	25	.	.	PUNCT
cjfa-63095	169	1	herding	herd	VERB
cjfa-63095	169	2	behavior	behavior	NOUN
cjfa-63095	169	3	and	and	CCONJ
cjfa-63095	169	4	stock	stock	NOUN
cjfa-63095	169	5	market	market	NOUN
cjfa-63095	169	6	efficiency	efficiency	NOUN
cjfa-63095	169	7	…	…	PUNCT
cjfa-63095	169	8	1919	1919	NUM
cjfa-63095	169	9	methodologymethodology	methodologymethodology	NOUN
cjfa-63095	169	10	herding	herd	VERB
cjfa-63095	169	11	behavior	behavior	NOUN
cjfa-63095	169	12	measurementherding	measurementherde	VERB
cjfa-63095	169	13	behavior	behavior	NOUN
cjfa-63095	169	14	measurement	measurement	VERB
cjfa-63095	169	15	the	the	DET
cjfa-63095	169	16	hwang	hwang	PROPN
cjfa-63095	169	17	and	and	CCONJ
cjfa-63095	169	18	salmon	salmon	PROPN
cjfa-63095	169	19	(	(	PUNCT
cjfa-63095	169	20	2004	2004	NUM
cjfa-63095	169	21	)	)	PUNCT
cjfa-63095	169	22	model	model	NOUN
cjfa-63095	169	23	was	be	AUX
cjfa-63095	169	24	applied	apply	VERB
cjfa-63095	169	25	to	to	PART
cjfa-63095	169	26	measure	measure	VERB
cjfa-63095	169	27	herding	herd	VERB
cjfa-63095	169	28	behavior	behavior	NOUN
cjfa-63095	169	29	in	in	ADP
cjfa-63095	169	30	the	the	DET
cjfa-63095	169	31	egyptian	egyptian	ADJ
cjfa-63095	169	32	stock	stock	NOUN
cjfa-63095	169	33	market	market	NOUN
cjfa-63095	169	34	.	.	PUNCT
cjfa-63095	170	1	to	to	PART
cjfa-63095	170	2	calculate	calculate	VERB
cjfa-63095	170	3	herding	herding	NOUN
cjfa-63095	170	4	behavior	behavior	NOUN
cjfa-63095	170	5	values	value	NOUN
cjfa-63095	170	6	,	,	PUNCT
cjfa-63095	170	7	the	the	DET
cjfa-63095	170	8	hwang	hwang	PROPN
cjfa-63095	170	9	and	and	CCONJ
cjfa-63095	170	10	salmon	salmon	PROPN
cjfa-63095	170	11	(	(	PUNCT
cjfa-63095	170	12	2004	2004	NUM
cjfa-63095	170	13	)	)	PUNCT
cjfa-63095	170	14	model	model	NOUN
cjfa-63095	170	15	was	be	AUX
cjfa-63095	170	16	based	base	VERB
cjfa-63095	170	17	on	on	ADP
cjfa-63095	170	18	the	the	DET
cjfa-63095	170	19	application	application	NOUN
cjfa-63095	170	20	of	of	ADP
cjfa-63095	170	21	the	the	DET
cjfa-63095	170	22	state	state	NOUN
cjfa-63095	170	23	space	space	NOUN
cjfa-63095	170	24	model	model	NOUN
cjfa-63095	170	25	.	.	PUNCT
cjfa-63095	171	1	through	through	ADP
cjfa-63095	171	2	the	the	DET
cjfa-63095	171	3	model	model	NOUN
cjfa-63095	171	4	,	,	PUNCT
cjfa-63095	171	5	herding	herding	NOUN
cjfa-63095	171	6	behavior	behavior	NOUN
cjfa-63095	171	7	can	can	AUX
cjfa-63095	171	8	be	be	AUX
cjfa-63095	171	9	estimated	estimate	VERB
cjfa-63095	171	10	by	by	ADP
cjfa-63095	171	11	logarithm	logarithm	PROPN
cjfa-63095	171	12	cross	cross	PROPN
cjfa-63095	171	13	sectional	sectional	PROPN
cjfa-63095	171	14	standard	standard	ADJ
cjfa-63095	171	15	deviation	deviation	NOUN
cjfa-63095	171	16	of	of	ADP
cjfa-63095	171	17	betas	beta	NOUN
cjfa-63095	171	18	log	log	NOUN
cjfa-63095	171	19	[	[	PUNCT
cjfa-63095	171	20	active	active	ADJ
cjfa-63095	171	21	firms	firm	NOUN
cjfa-63095	171	22	in	in	ADP
cjfa-63095	171	23	the	the	DET
cjfa-63095	171	24	market	market	NOUN
cjfa-63095	171	25	.	.	PUNCT
cjfa-63095	172	1	the	the	DET
cjfa-63095	172	2	data	datum	NOUN
cjfa-63095	172	3	included	include	VERB
cjfa-63095	172	4	stock	stock	NOUN
cjfa-63095	172	5	closing	closing	NOUN
cjfa-63095	172	6	prices	price	NOUN
cjfa-63095	172	7	,	,	PUNCT
cjfa-63095	172	8	egx100	egx100	PROPN
cjfa-63095	172	9	index	index	NOUN
cjfa-63095	172	10	values	value	NOUN
cjfa-63095	172	11	,	,	PUNCT
cjfa-63095	172	12	and	and	CCONJ
cjfa-63095	172	13	monthly	monthly	ADJ
cjfa-63095	172	14	beta	beta	NOUN
cjfa-63095	172	15	calculations	calculation	NOUN
cjfa-63095	172	16	for	for	ADP
cjfa-63095	172	17	each	each	DET
cjfa-63095	172	18	stock	stock	NOUN
cjfa-63095	172	19	.	.	PUNCT
cjfa-63095	173	1	the	the	DET
cjfa-63095	173	2	sample	sample	NOUN
cjfa-63095	173	3	stocks	stock	NOUN
cjfa-63095	173	4	were	be	AUX
cjfa-63095	173	5	selected	select	VERB
cjfa-63095	173	6	based	base	VERB
cjfa-63095	173	7	on	on	ADP
cjfa-63095	173	8	specific	specific	ADJ
cjfa-63095	173	9	criteria	criterion	NOUN
cjfa-63095	173	10	:	:	PUNCT
cjfa-63095	173	11	they	they	PRON
cjfa-63095	173	12	must	must	AUX
cjfa-63095	173	13	be	be	AUX
cjfa-63095	173	14	traded	trade	VERB
cjfa-63095	173	15	in	in	ADP
cjfa-63095	173	16	egyptian	egyptian	ADJ
cjfa-63095	173	17	pounds	pound	NOUN
cjfa-63095	173	18	,	,	PUNCT
cjfa-63095	173	19	exclude	exclude	VERB
cjfa-63095	173	20	banks	bank	NOUN
cjfa-63095	173	21	and	and	CCONJ
cjfa-63095	173	22	financial	financial	ADJ
cjfa-63095	173	23	institutions	institution	NOUN
cjfa-63095	173	24	due	due	ADP
cjfa-63095	173	25	to	to	ADP
cjfa-63095	173	26	their	their	PRON
cjfa-63095	173	27	unique	unique	ADJ
cjfa-63095	173	28	characteristics	characteristic	NOUN
cjfa-63095	173	29	,	,	PUNCT
cjfa-63095	173	30	have	have	VERB
cjfa-63095	173	31	continuous	continuous	ADJ
cjfa-63095	173	32	price	price	NOUN
cjfa-63095	173	33	data	datum	NOUN
cjfa-63095	173	34	for	for	ADP
cjfa-63095	173	35	60	60	NUM
cjfa-63095	173	36	months	month	NOUN
cjfa-63095	173	37	,	,	PUNCT
cjfa-63095	173	38	and	and	CCONJ
cjfa-63095	173	39	be	be	AUX
cjfa-63095	173	40	listed	list	VERB
cjfa-63095	173	41	on	on	ADP
cjfa-63095	173	42	the	the	DET
cjfa-63095	173	43	egx100	egx100	PROPN
cjfa-63095	173	44	index	index	NOUN
cjfa-63095	173	45	.	.	PUNCT
cjfa-63095	174	1	methodology	methodology	NOUN
cjfa-63095	174	2	herding	herding	NOUN
cjfa-63095	174	3	behavior	behavior	NOUN
cjfa-63095	174	4	measurement	measurement	VERB
cjfa-63095	174	5	the	the	DET
cjfa-63095	174	6	hwang	hwang	PROPN
cjfa-63095	174	7	and	and	CCONJ
cjfa-63095	174	8	salmon	salmon	PROPN
cjfa-63095	174	9	(	(	PUNCT
cjfa-63095	174	10	2004	2004	NUM
cjfa-63095	174	11	)	)	PUNCT
cjfa-63095	174	12	model	model	NOUN
cjfa-63095	174	13	was	be	AUX
cjfa-63095	174	14	applied	apply	VERB
cjfa-63095	174	15	to	to	PART
cjfa-63095	174	16	measure	measure	VERB
cjfa-63095	174	17	herding	herd	VERB
cjfa-63095	174	18	behavior	behavior	NOUN
cjfa-63095	174	19	in	in	ADP
cjfa-63095	174	20	the	the	DET
cjfa-63095	174	21	egyptian	egyptian	ADJ
cjfa-63095	174	22	stock	stock	NOUN
cjfa-63095	174	23	market	market	NOUN
cjfa-63095	174	24	.	.	PUNCT
cjfa-63095	175	1	to	to	PART
cjfa-63095	175	2	calculate	calculate	VERB
cjfa-63095	175	3	herding	herding	NOUN
cjfa-63095	175	4	behavior	behavior	NOUN
cjfa-63095	175	5	values	value	NOUN
cjfa-63095	175	6	,	,	PUNCT
cjfa-63095	175	7	the	the	DET
cjfa-63095	175	8	hwang	hwang	PROPN
cjfa-63095	175	9	and	and	CCONJ
cjfa-63095	175	10	salmon	salmon	PROPN
cjfa-63095	175	11	(	(	PUNCT
cjfa-63095	175	12	2004	2004	NUM
cjfa-63095	175	13	)	)	PUNCT
cjfa-63095	175	14	model	model	NOUN
cjfa-63095	175	15	was	be	AUX
cjfa-63095	175	16	based	base	VERB
cjfa-63095	175	17	on	on	ADP
cjfa-63095	175	18	the	the	DET
cjfa-63095	175	19	application	application	NOUN
cjfa-63095	175	20	of	of	ADP
cjfa-63095	175	21	the	the	DET
cjfa-63095	175	22	state	state	NOUN
cjfa-63095	175	23	space	space	NOUN
cjfa-63095	175	24	model	model	NOUN
cjfa-63095	175	25	.	.	PUNCT
cjfa-63095	176	1	through	through	ADP
cjfa-63095	176	2	the	the	DET
cjfa-63095	176	3	model	model	NOUN
cjfa-63095	176	4	,	,	PUNCT
cjfa-63095	176	5	herding	herding	NOUN
cjfa-63095	176	6	behavior	behavior	NOUN
cjfa-63095	176	7	can	can	AUX
cjfa-63095	176	8	be	be	AUX
cjfa-63095	176	9	estimated	estimate	VERB
cjfa-63095	176	10	by	by	ADP
cjfa-63095	176	11	logarithm	logarithm	PROPN
cjfa-63095	176	12	cross	cross	PROPN
cjfa-63095	176	13	sectional	sectional	PROPN
cjfa-63095	176	14	standard	standard	ADJ
cjfa-63095	176	15	deviation	deviation	NOUN
cjfa-63095	176	16	of	of	ADP
cjfa-63095	176	17	betas	beta	NOUN
cjfa-63095	176	18	log	log	NOUN
cjfa-63095	176	19	[	[	PUNCT
cjfa-63095	176	20	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	176	21	�	�	PROPN
cjfa-63095	176	22	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	176	23	�	�	PROPN
cjfa-63095	176	24	�	�	PROPN
cjfa-63095	176	25	�	�	PROPN
cjfa-63095	176	26	�	�	PROPN
cjfa-63095	176	27	)	)	PUNCT
cjfa-63095	176	28	]	]	PUNCT
cjfa-63095	176	29	,	,	PUNCT
cjfa-63095	176	30	and	and	CCONJ
cjfa-63095	176	31	to	to	PART
cjfa-63095	176	32	measure	measure	VERB
cjfa-63095	176	33	herding	herding	NOUN
cjfa-63095	176	34	behavior	behavior	NOUN
cjfa-63095	176	35	,	,	PUNCT
cjfa-63095	176	36	the	the	DET
cjfa-63095	176	37	following	follow	VERB
cjfa-63095	176	38	steps	step	NOUN
cjfa-63095	176	39	have	have	AUX
cjfa-63095	176	40	been	be	AUX
cjfa-63095	176	41	followed	follow	VERB
cjfa-63095	176	42	:	:	PUNCT
cjfa-63095	176	43	calculating	calculate	VERB
cjfa-63095	176	44	the	the	DET
cjfa-63095	176	45	daily	daily	ADJ
cjfa-63095	176	46	stock	stock	NOUN
cjfa-63095	176	47	return	return	NOUN
cjfa-63095	176	48	as	as	ADV
cjfa-63095	176	49	well	well	ADV
cjfa-63095	176	50	as	as	ADP
cjfa-63095	176	51	the	the	DET
cjfa-63095	176	52	daily	daily	ADJ
cjfa-63095	176	53	egx	egx	PROPN
cjfa-63095	176	54	100	100	NUM
cjfa-63095	176	55	return	return	NOUN
cjfa-63095	176	56	by	by	ADP
cjfa-63095	176	57	using	use	VERB
cjfa-63095	176	58	the	the	DET
cjfa-63095	176	59	following	follow	VERB
cjfa-63095	176	60	equations	equation	NOUN
cjfa-63095	176	61	:	:	PUNCT
cjfa-63095	176	62	daily	daily	ADJ
cjfa-63095	176	63	stock	stock	NOUN
cjfa-63095	176	64	return	return	VERB
cjfa-63095	176	65	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	176	66	�	�	PROPN
cjfa-63095	176	67	�	�	PROPN
cjfa-63095	176	68	=	=	SYM
cjfa-63095	176	69	�	�	PROPN
cjfa-63095	176	70	�	�	PROPN
cjfa-63095	176	71	�	�	PROPN
cjfa-63095	176	72	�	�	PROPN
cjfa-63095	176	73	�	�	PROPN
cjfa-63095	176	74	�	�	PROPN
cjfa-63095	176	75	�	�	PROPN
cjfa-63095	176	76	�	�	PROPN
cjfa-63095	176	77	�	�	PROPN
cjfa-63095	176	78	�	�	PROPN
cjfa-63095	176	79	�	�	PROPN
cjfa-63095	176	80	�	�	PROPN
cjfa-63095	176	81	�	�	PROPN
cjfa-63095	176	82	)	)	PUNCT
cjfa-63095	176	83	1	1	NUM
cjfa-63095	177	1	(	(	PUNCT
cjfa-63095	177	2	where	where	SCONJ
cjfa-63095	177	3	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	177	4	�	�	PROPN
cjfa-63095	177	5	�	�	PROPN
cjfa-63095	177	6	represents	represent	VERB
cjfa-63095	177	7	the	the	DET
cjfa-63095	177	8	return	return	NOUN
cjfa-63095	177	9	of	of	ADP
cjfa-63095	177	10	stock	stock	NOUN
cjfa-63095	177	11	i	i	PRON
cjfa-63095	177	12	on	on	ADP
cjfa-63095	177	13	day	day	PROPN
cjfa-63095	177	14	t	t	PROPN
cjfa-63095	177	15	,	,	PUNCT
cjfa-63095	177	16	while	while	SCONJ
cjfa-63095	177	17	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	177	18	�	�	PROPN
cjfa-63095	177	19	and	and	CCONJ
cjfa-63095	177	20	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	177	21	�	�	PROPN
cjfa-63095	177	22	�	�	PROPN
cjfa-63095	177	23	�	�	PROPN
cjfa-63095	177	24	denote	denote	VERB
cjfa-63095	177	25	the	the	DET
cjfa-63095	177	26	closing	closing	NOUN
cjfa-63095	177	27	prices	price	NOUN
cjfa-63095	177	28	of	of	ADP
cjfa-63095	177	29	stock	stock	NOUN
cjfa-63095	177	30	i	i	PRON
cjfa-63095	177	31	on	on	ADP
cjfa-63095	177	32	days	day	NOUN
cjfa-63095	177	33	t	t	PROPN
cjfa-63095	177	34	and	and	CCONJ
cjfa-63095	177	35	t-1	t-1	PROPN
cjfa-63095	177	36	,	,	PUNCT
cjfa-63095	177	37	respectively	respectively	ADV
cjfa-63095	177	38	.	.	PUNCT
cjfa-63095	178	1	daily	daily	PROPN
cjfa-63095	178	2	egx	egx	PROPN
cjfa-63095	178	3	100	100	NUM
cjfa-63095	178	4	return	return	VERB
cjfa-63095	178	5	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	178	6	�	�	PROPN
cjfa-63095	178	7	�	�	PROPN
cjfa-63095	178	8	=	=	SYM
cjfa-63095	178	9	�	�	PROPN
cjfa-63095	178	10	�	�	PROPN
cjfa-63095	178	11	�	�	PROPN
cjfa-63095	178	12	�	�	PROPN
cjfa-63095	178	13	�	�	PROPN
cjfa-63095	178	14	�	�	PROPN
cjfa-63095	178	15	�	�	PROPN
cjfa-63095	178	16	�	�	PROPN
cjfa-63095	178	17	�	�	PROPN
cjfa-63095	178	18	�	�	PROPN
cjfa-63095	178	19	�	�	PROPN
cjfa-63095	178	20	�	�	PROPN
cjfa-63095	178	21	�	�	PROPN
cjfa-63095	178	22	�	�	PROPN
cjfa-63095	178	23	�	�	PROPN
cjfa-63095	178	24	�	�	PROPN
cjfa-63095	178	25	)	)	PUNCT
cjfa-63095	178	26	2	2	NUM
cjfa-63095	178	27	(	(	PUNCT
cjfa-63095	178	28	where	where	SCONJ
cjfa-63095	178	29	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	178	30	�	�	PROPN
cjfa-63095	178	31	�	�	PROPN
cjfa-63095	178	32	represents	represent	VERB
cjfa-63095	178	33	the	the	DET
cjfa-63095	178	34	return	return	NOUN
cjfa-63095	178	35	of	of	ADP
cjfa-63095	178	36	egx	egx	PROPN
cjfa-63095	178	37	100	100	NUM
cjfa-63095	178	38	index	index	NOUN
cjfa-63095	178	39	on	on	ADP
cjfa-63095	178	40	day	day	NOUN
cjfa-63095	178	41	t	t	PROPN
cjfa-63095	178	42	,	,	PUNCT
cjfa-63095	178	43	while	while	SCONJ
cjfa-63095	178	44	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	178	45	�	�	PROPN
cjfa-63095	178	46	�	�	PROPN
cjfa-63095	178	47	and	and	CCONJ
cjfa-63095	178	48	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	178	49	�	�	PROPN
cjfa-63095	178	50	�	�	PROPN
cjfa-63095	178	51	�	�	PROPN
cjfa-63095	178	52	�	�	PROPN
cjfa-63095	178	53	denote	denote	VERB
cjfa-63095	178	54	the	the	DET
cjfa-63095	178	55	closing	closing	NOUN
cjfa-63095	178	56	prices	price	NOUN
cjfa-63095	178	57	of	of	ADP
cjfa-63095	178	58	egx	egx	PROPN
cjfa-63095	178	59	100	100	NUM
cjfa-63095	178	60	index	index	NOUN
cjfa-63095	178	61	on	on	ADP
cjfa-63095	178	62	days	day	NOUN
cjfa-63095	178	63	t	t	PROPN
cjfa-63095	178	64	and	and	CCONJ
cjfa-63095	178	65	t-1	t-1	PROPN
cjfa-63095	178	66	,	,	PUNCT
cjfa-63095	178	67	respectively	respectively	ADV
cjfa-63095	178	68	.	.	PUNCT
cjfa-63095	178	69	calculating	calculate	VERB
cjfa-63095	178	70	excess	excess	ADJ
cjfa-63095	178	71	daily	daily	ADJ
cjfa-63095	178	72	return	return	NOUN
cjfa-63095	178	73	for	for	ADP
cjfa-63095	178	74	each	each	DET
cjfa-63095	178	75	stock	stock	NOUN
cjfa-63095	178	76	as	as	ADV
cjfa-63095	178	77	well	well	ADV
cjfa-63095	178	78	as	as	ADP
cjfa-63095	178	79	the	the	DET
cjfa-63095	178	80	egx	egx	PROPN
cjfa-63095	178	81	100	100	NUM
cjfa-63095	178	82	index	index	NOUN
cjfa-63095	178	83	:	:	PUNCT
cjfa-63095	178	84	the	the	DET
cjfa-63095	178	85	excess	excess	ADJ
cjfa-63095	178	86	daily	daily	ADJ
cjfa-63095	178	87	return	return	NOUN
cjfa-63095	178	88	is	be	AUX
cjfa-63095	178	89	calculated	calculate	VERB
cjfa-63095	178	90	by	by	ADP
cjfa-63095	178	91	deducting	deduct	VERB
cjfa-63095	178	92	the	the	DET
cjfa-63095	178	93	risk	risk	NOUN
cjfa-63095	178	94	-	-	PUNCT
cjfa-63095	178	95	free	free	ADJ
cjfa-63095	178	96	rate	rate	NOUN
cjfa-63095	178	97	from	from	ADP
cjfa-63095	178	98	the	the	DET
cjfa-63095	178	99	daily	daily	ADJ
cjfa-63095	178	100	return	return	NOUN
cjfa-63095	178	101	of	of	ADP
cjfa-63095	178	102	each	each	DET
cjfa-63095	178	103	stock	stock	NOUN
cjfa-63095	178	104	,	,	PUNCT
cjfa-63095	178	105	as	as	ADV
cjfa-63095	178	106	well	well	ADV
cjfa-63095	178	107	as	as	ADP
cjfa-63095	178	108	from	from	ADP
cjfa-63095	178	109	the	the	DET
cjfa-63095	178	110	daily	daily	ADJ
cjfa-63095	178	111	return	return	NOUN
cjfa-63095	178	112	of	of	ADP
cjfa-63095	178	113	the	the	DET
cjfa-63095	178	114	egx	egx	PROPN
cjfa-63095	178	115	100	100	NUM
cjfa-63095	178	116	market	market	NOUN
cjfa-63095	178	117	index	index	NOUN
cjfa-63095	178	118	.	.	PUNCT
cjfa-63095	179	1	monthly	monthly	ADJ
cjfa-63095	179	2	beta	beta	NOUN
cjfa-63095	179	3	is	be	AUX
cjfa-63095	179	4	calculated	calculate	VERB
cjfa-63095	179	5	using	use	VERB
cjfa-63095	179	6	the	the	DET
cjfa-63095	179	7	ordinary	ordinary	ADJ
cjfa-63095	179	8	least	least	ADJ
cjfa-63095	179	9	squares	square	NOUN
cjfa-63095	179	10	method	method	NOUN
cjfa-63095	179	11	(	(	PUNCT
cjfa-63095	179	12	ols	ol	NOUN
cjfa-63095	179	13	)	)	PUNCT
cjfa-63095	179	14	by	by	ADP
cjfa-63095	179	15	the	the	DET
cjfa-63095	179	16	following	follow	VERB
cjfa-63095	179	17	regression	regression	NOUN
cjfa-63095	179	18	formula	formula	NOUN
cjfa-63095	179	19	:	:	PUNCT
cjfa-63095	179	20	]	]	X
cjfa-63095	179	21	,	,	PUNCT
cjfa-63095	179	22	and	and	CCONJ
cjfa-63095	179	23	to	to	PART
cjfa-63095	179	24	measure	measure	VERB
cjfa-63095	179	25	herding	herding	NOUN
cjfa-63095	179	26	behavior	behavior	NOUN
cjfa-63095	179	27	,	,	PUNCT
cjfa-63095	179	28	the	the	DET
cjfa-63095	179	29	following	follow	VERB
cjfa-63095	179	30	steps	step	NOUN
cjfa-63095	179	31	have	have	AUX
cjfa-63095	179	32	been	be	AUX
cjfa-63095	179	33	followed	follow	VERB
cjfa-63095	179	34	:	:	PUNCT
cjfa-63095	179	35	calculating	calculate	VERB
cjfa-63095	179	36	the	the	DET
cjfa-63095	179	37	daily	daily	ADJ
cjfa-63095	179	38	stock	stock	NOUN
cjfa-63095	179	39	return	return	NOUN
cjfa-63095	179	40	as	as	ADV
cjfa-63095	179	41	well	well	ADV
cjfa-63095	179	42	as	as	ADP
cjfa-63095	179	43	the	the	DET
cjfa-63095	179	44	daily	daily	ADJ
cjfa-63095	179	45	egx	egx	PROPN
cjfa-63095	179	46	100	100	NUM
cjfa-63095	179	47	return	return	NOUN
cjfa-63095	179	48	by	by	ADP
cjfa-63095	179	49	using	use	VERB
cjfa-63095	179	50	the	the	DET
cjfa-63095	179	51	following	follow	VERB
cjfa-63095	179	52	equations	equation	NOUN
cjfa-63095	179	53	:	:	PUNCT
cjfa-63095	179	54	daily	daily	ADJ
cjfa-63095	179	55	stock	stock	NOUN
cjfa-63095	179	56	return	return	VERB
cjfa-63095	179	57	active	active	ADJ
cjfa-63095	179	58	firms	firm	NOUN
cjfa-63095	179	59	in	in	ADP
cjfa-63095	179	60	the	the	DET
cjfa-63095	179	61	market	market	NOUN
cjfa-63095	179	62	.	.	PUNCT
cjfa-63095	180	1	the	the	DET
cjfa-63095	180	2	data	datum	NOUN
cjfa-63095	180	3	included	include	VERB
cjfa-63095	180	4	stock	stock	NOUN
cjfa-63095	180	5	closing	closing	NOUN
cjfa-63095	180	6	prices	price	NOUN
cjfa-63095	180	7	,	,	PUNCT
cjfa-63095	180	8	egx100	egx100	PROPN
cjfa-63095	180	9	index	index	NOUN
cjfa-63095	180	10	values	value	NOUN
cjfa-63095	180	11	,	,	PUNCT
cjfa-63095	180	12	and	and	CCONJ
cjfa-63095	180	13	monthly	monthly	ADJ
cjfa-63095	180	14	beta	beta	NOUN
cjfa-63095	180	15	calculations	calculation	NOUN
cjfa-63095	180	16	for	for	ADP
cjfa-63095	180	17	each	each	DET
cjfa-63095	180	18	stock	stock	NOUN
cjfa-63095	180	19	.	.	PUNCT
cjfa-63095	181	1	the	the	DET
cjfa-63095	181	2	sample	sample	NOUN
cjfa-63095	181	3	stocks	stock	NOUN
cjfa-63095	181	4	were	be	AUX
cjfa-63095	181	5	selected	select	VERB
cjfa-63095	181	6	based	base	VERB
cjfa-63095	181	7	on	on	ADP
cjfa-63095	181	8	specific	specific	ADJ
cjfa-63095	181	9	criteria	criterion	NOUN
cjfa-63095	181	10	:	:	PUNCT
cjfa-63095	181	11	they	they	PRON
cjfa-63095	181	12	must	must	AUX
cjfa-63095	181	13	be	be	AUX
cjfa-63095	181	14	traded	trade	VERB
cjfa-63095	181	15	in	in	ADP
cjfa-63095	181	16	egyptian	egyptian	ADJ
cjfa-63095	181	17	pounds	pound	NOUN
cjfa-63095	181	18	,	,	PUNCT
cjfa-63095	181	19	exclude	exclude	VERB
cjfa-63095	181	20	banks	bank	NOUN
cjfa-63095	181	21	and	and	CCONJ
cjfa-63095	181	22	financial	financial	ADJ
cjfa-63095	181	23	institutions	institution	NOUN
cjfa-63095	181	24	due	due	ADP
cjfa-63095	181	25	to	to	ADP
cjfa-63095	181	26	their	their	PRON
cjfa-63095	181	27	unique	unique	ADJ
cjfa-63095	181	28	characteristics	characteristic	NOUN
cjfa-63095	181	29	,	,	PUNCT
cjfa-63095	181	30	have	have	VERB
cjfa-63095	181	31	continuous	continuous	ADJ
cjfa-63095	181	32	price	price	NOUN
cjfa-63095	181	33	data	datum	NOUN
cjfa-63095	181	34	for	for	ADP
cjfa-63095	181	35	60	60	NUM
cjfa-63095	181	36	months	month	NOUN
cjfa-63095	181	37	,	,	PUNCT
cjfa-63095	181	38	and	and	CCONJ
cjfa-63095	181	39	be	be	AUX
cjfa-63095	181	40	listed	list	VERB
cjfa-63095	181	41	on	on	ADP
cjfa-63095	181	42	the	the	DET
cjfa-63095	181	43	egx100	egx100	PROPN
cjfa-63095	181	44	index	index	NOUN
cjfa-63095	181	45	.	.	PUNCT
cjfa-63095	182	1	methodology	methodology	NOUN
cjfa-63095	182	2	herding	herding	NOUN
cjfa-63095	182	3	behavior	behavior	NOUN
cjfa-63095	182	4	measurement	measurement	VERB
cjfa-63095	182	5	the	the	DET
cjfa-63095	182	6	hwang	hwang	PROPN
cjfa-63095	182	7	and	and	CCONJ
cjfa-63095	182	8	salmon	salmon	PROPN
cjfa-63095	182	9	(	(	PUNCT
cjfa-63095	182	10	2004	2004	NUM
cjfa-63095	182	11	)	)	PUNCT
cjfa-63095	182	12	model	model	NOUN
cjfa-63095	182	13	was	be	AUX
cjfa-63095	182	14	applied	apply	VERB
cjfa-63095	182	15	to	to	PART
cjfa-63095	182	16	measure	measure	VERB
cjfa-63095	182	17	herding	herd	VERB
cjfa-63095	182	18	behavior	behavior	NOUN
cjfa-63095	182	19	in	in	ADP
cjfa-63095	182	20	the	the	DET
cjfa-63095	182	21	egyptian	egyptian	ADJ
cjfa-63095	182	22	stock	stock	NOUN
cjfa-63095	182	23	market	market	NOUN
cjfa-63095	182	24	.	.	PUNCT
cjfa-63095	183	1	to	to	PART
cjfa-63095	183	2	calculate	calculate	VERB
cjfa-63095	183	3	herding	herding	NOUN
cjfa-63095	183	4	behavior	behavior	NOUN
cjfa-63095	183	5	values	value	NOUN
cjfa-63095	183	6	,	,	PUNCT
cjfa-63095	183	7	the	the	DET
cjfa-63095	183	8	hwang	hwang	PROPN
cjfa-63095	183	9	and	and	CCONJ
cjfa-63095	183	10	salmon	salmon	PROPN
cjfa-63095	183	11	(	(	PUNCT
cjfa-63095	183	12	2004	2004	NUM
cjfa-63095	183	13	)	)	PUNCT
cjfa-63095	183	14	model	model	NOUN
cjfa-63095	183	15	was	be	AUX
cjfa-63095	183	16	based	base	VERB
cjfa-63095	183	17	on	on	ADP
cjfa-63095	183	18	the	the	DET
cjfa-63095	183	19	application	application	NOUN
cjfa-63095	183	20	of	of	ADP
cjfa-63095	183	21	the	the	DET
cjfa-63095	183	22	state	state	NOUN
cjfa-63095	183	23	space	space	NOUN
cjfa-63095	183	24	model	model	NOUN
cjfa-63095	183	25	.	.	PUNCT
cjfa-63095	184	1	through	through	ADP
cjfa-63095	184	2	the	the	DET
cjfa-63095	184	3	model	model	NOUN
cjfa-63095	184	4	,	,	PUNCT
cjfa-63095	184	5	herding	herding	NOUN
cjfa-63095	184	6	behavior	behavior	NOUN
cjfa-63095	184	7	can	can	AUX
cjfa-63095	184	8	be	be	AUX
cjfa-63095	184	9	estimated	estimate	VERB
cjfa-63095	184	10	by	by	ADP
cjfa-63095	184	11	logarithm	logarithm	PROPN
cjfa-63095	184	12	cross	cross	PROPN
cjfa-63095	184	13	sectional	sectional	PROPN
cjfa-63095	184	14	standard	standard	ADJ
cjfa-63095	184	15	deviation	deviation	NOUN
cjfa-63095	184	16	of	of	ADP
cjfa-63095	184	17	betas	beta	NOUN
cjfa-63095	184	18	log	log	NOUN
cjfa-63095	184	19	[	[	PUNCT
cjfa-63095	184	20	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	184	21	�	�	PROPN
cjfa-63095	184	22	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	184	23	�	�	PROPN
cjfa-63095	184	24	�	�	PROPN
cjfa-63095	184	25	�	�	PROPN
cjfa-63095	184	26	�	�	PROPN
cjfa-63095	184	27	)	)	PUNCT
cjfa-63095	184	28	]	]	PUNCT
cjfa-63095	184	29	,	,	PUNCT
cjfa-63095	184	30	and	and	CCONJ
cjfa-63095	184	31	to	to	PART
cjfa-63095	184	32	measure	measure	VERB
cjfa-63095	184	33	herding	herding	NOUN
cjfa-63095	184	34	behavior	behavior	NOUN
cjfa-63095	184	35	,	,	PUNCT
cjfa-63095	184	36	the	the	DET
cjfa-63095	184	37	following	follow	VERB
cjfa-63095	184	38	steps	step	NOUN
cjfa-63095	184	39	have	have	AUX
cjfa-63095	184	40	been	be	AUX
cjfa-63095	184	41	followed	follow	VERB
cjfa-63095	184	42	:	:	PUNCT
cjfa-63095	184	43	calculating	calculate	VERB
cjfa-63095	184	44	the	the	DET
cjfa-63095	184	45	daily	daily	ADJ
cjfa-63095	184	46	stock	stock	NOUN
cjfa-63095	184	47	return	return	NOUN
cjfa-63095	184	48	as	as	ADV
cjfa-63095	184	49	well	well	ADV
cjfa-63095	184	50	as	as	ADP
cjfa-63095	184	51	the	the	DET
cjfa-63095	184	52	daily	daily	ADJ
cjfa-63095	184	53	egx	egx	PROPN
cjfa-63095	184	54	100	100	NUM
cjfa-63095	184	55	return	return	NOUN
cjfa-63095	184	56	by	by	ADP
cjfa-63095	184	57	using	use	VERB
cjfa-63095	184	58	the	the	DET
cjfa-63095	184	59	following	follow	VERB
cjfa-63095	184	60	equations	equation	NOUN
cjfa-63095	184	61	:	:	PUNCT
cjfa-63095	184	62	daily	daily	ADJ
cjfa-63095	184	63	stock	stock	NOUN
cjfa-63095	184	64	return	return	VERB
cjfa-63095	184	65	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	184	66	�	�	PROPN
cjfa-63095	184	67	�	�	PROPN
cjfa-63095	184	68	=	=	SYM
cjfa-63095	184	69	�	�	PROPN
cjfa-63095	184	70	�	�	PROPN
cjfa-63095	184	71	�	�	PROPN
cjfa-63095	184	72	�	�	PROPN
cjfa-63095	184	73	�	�	PROPN
cjfa-63095	184	74	�	�	PROPN
cjfa-63095	184	75	�	�	PROPN
cjfa-63095	184	76	�	�	PROPN
cjfa-63095	184	77	�	�	PROPN
cjfa-63095	184	78	�	�	PROPN
cjfa-63095	184	79	�	�	PROPN
cjfa-63095	184	80	�	�	PROPN
cjfa-63095	184	81	�	�	PROPN
cjfa-63095	184	82	)	)	PUNCT
cjfa-63095	184	83	1	1	NUM
cjfa-63095	185	1	(	(	PUNCT
cjfa-63095	185	2	where	where	SCONJ
cjfa-63095	185	3	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	185	4	�	�	PROPN
cjfa-63095	185	5	�	�	PROPN
cjfa-63095	185	6	represents	represent	VERB
cjfa-63095	185	7	the	the	DET
cjfa-63095	185	8	return	return	NOUN
cjfa-63095	185	9	of	of	ADP
cjfa-63095	185	10	stock	stock	NOUN
cjfa-63095	185	11	i	i	PRON
cjfa-63095	185	12	on	on	ADP
cjfa-63095	185	13	day	day	PROPN
cjfa-63095	185	14	t	t	PROPN
cjfa-63095	185	15	,	,	PUNCT
cjfa-63095	185	16	while	while	SCONJ
cjfa-63095	185	17	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	185	18	�	�	PROPN
cjfa-63095	185	19	and	and	CCONJ
cjfa-63095	185	20	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	185	21	�	�	PROPN
cjfa-63095	185	22	�	�	PROPN
cjfa-63095	185	23	�	�	PROPN
cjfa-63095	185	24	denote	denote	VERB
cjfa-63095	185	25	the	the	DET
cjfa-63095	185	26	closing	closing	NOUN
cjfa-63095	185	27	prices	price	NOUN
cjfa-63095	185	28	of	of	ADP
cjfa-63095	185	29	stock	stock	NOUN
cjfa-63095	185	30	i	i	PRON
cjfa-63095	185	31	on	on	ADP
cjfa-63095	185	32	days	day	NOUN
cjfa-63095	185	33	t	t	PROPN
cjfa-63095	185	34	and	and	CCONJ
cjfa-63095	185	35	t-1	t-1	PROPN
cjfa-63095	185	36	,	,	PUNCT
cjfa-63095	185	37	respectively	respectively	ADV
cjfa-63095	185	38	.	.	PUNCT
cjfa-63095	186	1	daily	daily	PROPN
cjfa-63095	186	2	egx	egx	PROPN
cjfa-63095	186	3	100	100	NUM
cjfa-63095	186	4	return	return	VERB
cjfa-63095	186	5	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	186	6	�	�	PROPN
cjfa-63095	186	7	�	�	PROPN
cjfa-63095	186	8	=	=	SYM
cjfa-63095	186	9	�	�	PROPN
cjfa-63095	186	10	�	�	PROPN
cjfa-63095	186	11	�	�	PROPN
cjfa-63095	186	12	�	�	PROPN
cjfa-63095	186	13	�	�	PROPN
cjfa-63095	186	14	�	�	PROPN
cjfa-63095	186	15	�	�	PROPN
cjfa-63095	186	16	�	�	PROPN
cjfa-63095	186	17	�	�	PROPN
cjfa-63095	186	18	�	�	PROPN
cjfa-63095	186	19	�	�	PROPN
cjfa-63095	186	20	�	�	PROPN
cjfa-63095	186	21	�	�	PROPN
cjfa-63095	186	22	�	�	PROPN
cjfa-63095	186	23	�	�	PROPN
cjfa-63095	186	24	�	�	PROPN
cjfa-63095	186	25	)	)	PUNCT
cjfa-63095	186	26	2	2	NUM
cjfa-63095	186	27	(	(	PUNCT
cjfa-63095	186	28	where	where	SCONJ
cjfa-63095	186	29	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	186	30	�	�	PROPN
cjfa-63095	186	31	�	�	PROPN
cjfa-63095	186	32	represents	represent	VERB
cjfa-63095	186	33	the	the	DET
cjfa-63095	186	34	return	return	NOUN
cjfa-63095	186	35	of	of	ADP
cjfa-63095	186	36	egx	egx	PROPN
cjfa-63095	186	37	100	100	NUM
cjfa-63095	186	38	index	index	NOUN
cjfa-63095	186	39	on	on	ADP
cjfa-63095	186	40	day	day	NOUN
cjfa-63095	186	41	t	t	PROPN
cjfa-63095	186	42	,	,	PUNCT
cjfa-63095	186	43	while	while	SCONJ
cjfa-63095	186	44	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	186	45	�	�	PROPN
cjfa-63095	186	46	�	�	PROPN
cjfa-63095	186	47	and	and	CCONJ
cjfa-63095	186	48	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	186	49	�	�	PROPN
cjfa-63095	186	50	�	�	PROPN
cjfa-63095	186	51	�	�	PROPN
cjfa-63095	186	52	�	�	PROPN
cjfa-63095	186	53	denote	denote	VERB
cjfa-63095	186	54	the	the	DET
cjfa-63095	186	55	closing	closing	NOUN
cjfa-63095	186	56	prices	price	NOUN
cjfa-63095	186	57	of	of	ADP
cjfa-63095	186	58	egx	egx	PROPN
cjfa-63095	186	59	100	100	NUM
cjfa-63095	186	60	index	index	NOUN
cjfa-63095	186	61	on	on	ADP
cjfa-63095	186	62	days	day	NOUN
cjfa-63095	186	63	t	t	PROPN
cjfa-63095	186	64	and	and	CCONJ
cjfa-63095	186	65	t-1	t-1	PROPN
cjfa-63095	186	66	,	,	PUNCT
cjfa-63095	186	67	respectively	respectively	ADV
cjfa-63095	186	68	.	.	PUNCT
cjfa-63095	186	69	calculating	calculate	VERB
cjfa-63095	186	70	excess	excess	ADJ
cjfa-63095	186	71	daily	daily	ADJ
cjfa-63095	186	72	return	return	NOUN
cjfa-63095	186	73	for	for	ADP
cjfa-63095	186	74	each	each	DET
cjfa-63095	186	75	stock	stock	NOUN
cjfa-63095	186	76	as	as	ADV
cjfa-63095	186	77	well	well	ADV
cjfa-63095	186	78	as	as	ADP
cjfa-63095	186	79	the	the	DET
cjfa-63095	186	80	egx	egx	PROPN
cjfa-63095	186	81	100	100	NUM
cjfa-63095	186	82	index	index	NOUN
cjfa-63095	186	83	:	:	PUNCT
cjfa-63095	186	84	the	the	DET
cjfa-63095	186	85	excess	excess	ADJ
cjfa-63095	186	86	daily	daily	ADJ
cjfa-63095	186	87	return	return	NOUN
cjfa-63095	186	88	is	be	AUX
cjfa-63095	186	89	calculated	calculate	VERB
cjfa-63095	186	90	by	by	ADP
cjfa-63095	186	91	deducting	deduct	VERB
cjfa-63095	186	92	the	the	DET
cjfa-63095	186	93	risk	risk	NOUN
cjfa-63095	186	94	-	-	PUNCT
cjfa-63095	186	95	free	free	ADJ
cjfa-63095	186	96	rate	rate	NOUN
cjfa-63095	186	97	from	from	ADP
cjfa-63095	186	98	the	the	DET
cjfa-63095	186	99	daily	daily	ADJ
cjfa-63095	186	100	return	return	NOUN
cjfa-63095	186	101	of	of	ADP
cjfa-63095	186	102	each	each	DET
cjfa-63095	186	103	stock	stock	NOUN
cjfa-63095	186	104	,	,	PUNCT
cjfa-63095	186	105	as	as	ADV
cjfa-63095	186	106	well	well	ADV
cjfa-63095	186	107	as	as	ADP
cjfa-63095	186	108	from	from	ADP
cjfa-63095	186	109	the	the	DET
cjfa-63095	186	110	daily	daily	ADJ
cjfa-63095	186	111	return	return	NOUN
cjfa-63095	186	112	of	of	ADP
cjfa-63095	186	113	the	the	DET
cjfa-63095	186	114	egx	egx	PROPN
cjfa-63095	186	115	100	100	NUM
cjfa-63095	186	116	market	market	NOUN
cjfa-63095	186	117	index	index	NOUN
cjfa-63095	186	118	.	.	PUNCT
cjfa-63095	187	1	monthly	monthly	ADJ
cjfa-63095	187	2	beta	beta	NOUN
cjfa-63095	187	3	is	be	AUX
cjfa-63095	187	4	calculated	calculate	VERB
cjfa-63095	187	5	using	use	VERB
cjfa-63095	187	6	the	the	DET
cjfa-63095	187	7	ordinary	ordinary	ADJ
cjfa-63095	187	8	least	least	ADJ
cjfa-63095	187	9	squares	square	NOUN
cjfa-63095	187	10	method	method	NOUN
cjfa-63095	187	11	(	(	PUNCT
cjfa-63095	187	12	ols	ol	NOUN
cjfa-63095	187	13	)	)	PUNCT
cjfa-63095	187	14	by	by	ADP
cjfa-63095	187	15	the	the	DET
cjfa-63095	187	16	following	follow	VERB
cjfa-63095	187	17	regression	regression	NOUN
cjfa-63095	187	18	formula	formula	NOUN
cjfa-63095	187	19	:	:	PUNCT
cjfa-63095	187	20	(	(	PUNCT
cjfa-63095	187	21	1	1	X
cjfa-63095	187	22	)	)	PUNCT
cjfa-63095	187	23	where	where	SCONJ
cjfa-63095	187	24	rit	rit	NOUN
cjfa-63095	187	25	represents	represent	VERB
cjfa-63095	187	26	the	the	DET
cjfa-63095	187	27	return	return	NOUN
cjfa-63095	187	28	of	of	ADP
cjfa-63095	187	29	stock	stock	NOUN
cjfa-63095	187	30	i	i	PRON
cjfa-63095	187	31	on	on	ADP
cjfa-63095	187	32	day	day	PROPN
cjfa-63095	187	33	t	t	PROPN
cjfa-63095	187	34	,	,	PUNCT
cjfa-63095	187	35	while	while	SCONJ
cjfa-63095	187	36	pt	pt	PROPN
cjfa-63095	187	37	and	and	CCONJ
cjfa-63095	187	38	pt–1	pt–1	X
cjfa-63095	187	39	denote	denote	VERB
cjfa-63095	187	40	the	the	DET
cjfa-63095	187	41	closing	closing	NOUN
cjfa-63095	187	42	prices	price	NOUN
cjfa-63095	187	43	of	of	ADP
cjfa-63095	187	44	stock	stock	NOUN
cjfa-63095	187	45	i	i	PRON
cjfa-63095	187	46	on	on	ADP
cjfa-63095	187	47	days	day	NOUN
cjfa-63095	187	48	t	t	PROPN
cjfa-63095	187	49	and	and	CCONJ
cjfa-63095	187	50	t-1	t-1	PROPN
cjfa-63095	187	51	,	,	PUNCT
cjfa-63095	187	52	respectively	respectively	ADV
cjfa-63095	187	53	.	.	PUNCT
cjfa-63095	188	1	daily	daily	PROPN
cjfa-63095	188	2	egx	egx	PROPN
cjfa-63095	188	3	100	100	NUM
cjfa-63095	188	4	return	return	VERB
cjfa-63095	188	5	active	active	ADJ
cjfa-63095	188	6	firms	firm	NOUN
cjfa-63095	188	7	in	in	ADP
cjfa-63095	188	8	the	the	DET
cjfa-63095	188	9	market	market	NOUN
cjfa-63095	188	10	.	.	PUNCT
cjfa-63095	189	1	the	the	DET
cjfa-63095	189	2	data	datum	NOUN
cjfa-63095	189	3	included	include	VERB
cjfa-63095	189	4	stock	stock	NOUN
cjfa-63095	189	5	closing	closing	NOUN
cjfa-63095	189	6	prices	price	NOUN
cjfa-63095	189	7	,	,	PUNCT
cjfa-63095	189	8	egx100	egx100	PROPN
cjfa-63095	189	9	index	index	NOUN
cjfa-63095	189	10	values	value	NOUN
cjfa-63095	189	11	,	,	PUNCT
cjfa-63095	189	12	and	and	CCONJ
cjfa-63095	189	13	monthly	monthly	ADJ
cjfa-63095	189	14	beta	beta	NOUN
cjfa-63095	189	15	calculations	calculation	NOUN
cjfa-63095	189	16	for	for	ADP
cjfa-63095	189	17	each	each	DET
cjfa-63095	189	18	stock	stock	NOUN
cjfa-63095	189	19	.	.	PUNCT
cjfa-63095	190	1	the	the	DET
cjfa-63095	190	2	sample	sample	NOUN
cjfa-63095	190	3	stocks	stock	NOUN
cjfa-63095	190	4	were	be	AUX
cjfa-63095	190	5	selected	select	VERB
cjfa-63095	190	6	based	base	VERB
cjfa-63095	190	7	on	on	ADP
cjfa-63095	190	8	specific	specific	ADJ
cjfa-63095	190	9	criteria	criterion	NOUN
cjfa-63095	190	10	:	:	PUNCT
cjfa-63095	190	11	they	they	PRON
cjfa-63095	190	12	must	must	AUX
cjfa-63095	190	13	be	be	AUX
cjfa-63095	190	14	traded	trade	VERB
cjfa-63095	190	15	in	in	ADP
cjfa-63095	190	16	egyptian	egyptian	ADJ
cjfa-63095	190	17	pounds	pound	NOUN
cjfa-63095	190	18	,	,	PUNCT
cjfa-63095	190	19	exclude	exclude	VERB
cjfa-63095	190	20	banks	bank	NOUN
cjfa-63095	190	21	and	and	CCONJ
cjfa-63095	190	22	financial	financial	ADJ
cjfa-63095	190	23	institutions	institution	NOUN
cjfa-63095	190	24	due	due	ADP
cjfa-63095	190	25	to	to	ADP
cjfa-63095	190	26	their	their	PRON
cjfa-63095	190	27	unique	unique	ADJ
cjfa-63095	190	28	characteristics	characteristic	NOUN
cjfa-63095	190	29	,	,	PUNCT
cjfa-63095	190	30	have	have	VERB
cjfa-63095	190	31	continuous	continuous	ADJ
cjfa-63095	190	32	price	price	NOUN
cjfa-63095	190	33	data	datum	NOUN
cjfa-63095	190	34	for	for	ADP
cjfa-63095	190	35	60	60	NUM
cjfa-63095	190	36	months	month	NOUN
cjfa-63095	190	37	,	,	PUNCT
cjfa-63095	190	38	and	and	CCONJ
cjfa-63095	190	39	be	be	AUX
cjfa-63095	190	40	listed	list	VERB
cjfa-63095	190	41	on	on	ADP
cjfa-63095	190	42	the	the	DET
cjfa-63095	190	43	egx100	egx100	PROPN
cjfa-63095	190	44	index	index	NOUN
cjfa-63095	190	45	.	.	PUNCT
cjfa-63095	191	1	methodology	methodology	NOUN
cjfa-63095	191	2	herding	herding	NOUN
cjfa-63095	191	3	behavior	behavior	NOUN
cjfa-63095	191	4	measurement	measurement	VERB
cjfa-63095	191	5	the	the	DET
cjfa-63095	191	6	hwang	hwang	PROPN
cjfa-63095	191	7	and	and	CCONJ
cjfa-63095	191	8	salmon	salmon	PROPN
cjfa-63095	191	9	(	(	PUNCT
cjfa-63095	191	10	2004	2004	NUM
cjfa-63095	191	11	)	)	PUNCT
cjfa-63095	191	12	model	model	NOUN
cjfa-63095	191	13	was	be	AUX
cjfa-63095	191	14	applied	apply	VERB
cjfa-63095	191	15	to	to	PART
cjfa-63095	191	16	measure	measure	VERB
cjfa-63095	191	17	herding	herd	VERB
cjfa-63095	191	18	behavior	behavior	NOUN
cjfa-63095	191	19	in	in	ADP
cjfa-63095	191	20	the	the	DET
cjfa-63095	191	21	egyptian	egyptian	ADJ
cjfa-63095	191	22	stock	stock	NOUN
cjfa-63095	191	23	market	market	NOUN
cjfa-63095	191	24	.	.	PUNCT
cjfa-63095	192	1	to	to	PART
cjfa-63095	192	2	calculate	calculate	VERB
cjfa-63095	192	3	herding	herding	NOUN
cjfa-63095	192	4	behavior	behavior	NOUN
cjfa-63095	192	5	values	value	NOUN
cjfa-63095	192	6	,	,	PUNCT
cjfa-63095	192	7	the	the	DET
cjfa-63095	192	8	hwang	hwang	PROPN
cjfa-63095	192	9	and	and	CCONJ
cjfa-63095	192	10	salmon	salmon	PROPN
cjfa-63095	192	11	(	(	PUNCT
cjfa-63095	192	12	2004	2004	NUM
cjfa-63095	192	13	)	)	PUNCT
cjfa-63095	192	14	model	model	NOUN
cjfa-63095	192	15	was	be	AUX
cjfa-63095	192	16	based	base	VERB
cjfa-63095	192	17	on	on	ADP
cjfa-63095	192	18	the	the	DET
cjfa-63095	192	19	application	application	NOUN
cjfa-63095	192	20	of	of	ADP
cjfa-63095	192	21	the	the	DET
cjfa-63095	192	22	state	state	NOUN
cjfa-63095	192	23	space	space	NOUN
cjfa-63095	192	24	model	model	NOUN
cjfa-63095	192	25	.	.	PUNCT
cjfa-63095	193	1	through	through	ADP
cjfa-63095	193	2	the	the	DET
cjfa-63095	193	3	model	model	NOUN
cjfa-63095	193	4	,	,	PUNCT
cjfa-63095	193	5	herding	herding	NOUN
cjfa-63095	193	6	behavior	behavior	NOUN
cjfa-63095	193	7	can	can	AUX
cjfa-63095	193	8	be	be	AUX
cjfa-63095	193	9	estimated	estimate	VERB
cjfa-63095	193	10	by	by	ADP
cjfa-63095	193	11	logarithm	logarithm	PROPN
cjfa-63095	193	12	cross	cross	PROPN
cjfa-63095	193	13	sectional	sectional	PROPN
cjfa-63095	193	14	standard	standard	ADJ
cjfa-63095	193	15	deviation	deviation	NOUN
cjfa-63095	193	16	of	of	ADP
cjfa-63095	193	17	betas	beta	NOUN
cjfa-63095	193	18	log	log	NOUN
cjfa-63095	193	19	[	[	PUNCT
cjfa-63095	193	20	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	193	21	�	�	PROPN
cjfa-63095	193	22	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	193	23	�	�	PROPN
cjfa-63095	193	24	�	�	PROPN
cjfa-63095	193	25	�	�	PROPN
cjfa-63095	193	26	�	�	PROPN
cjfa-63095	193	27	)	)	PUNCT
cjfa-63095	193	28	]	]	PUNCT
cjfa-63095	193	29	,	,	PUNCT
cjfa-63095	193	30	and	and	CCONJ
cjfa-63095	193	31	to	to	PART
cjfa-63095	193	32	measure	measure	VERB
cjfa-63095	193	33	herding	herding	NOUN
cjfa-63095	193	34	behavior	behavior	NOUN
cjfa-63095	193	35	,	,	PUNCT
cjfa-63095	193	36	the	the	DET
cjfa-63095	193	37	following	follow	VERB
cjfa-63095	193	38	steps	step	NOUN
cjfa-63095	193	39	have	have	AUX
cjfa-63095	193	40	been	be	AUX
cjfa-63095	193	41	followed	follow	VERB
cjfa-63095	193	42	:	:	PUNCT
cjfa-63095	193	43	calculating	calculate	VERB
cjfa-63095	193	44	the	the	DET
cjfa-63095	193	45	daily	daily	ADJ
cjfa-63095	193	46	stock	stock	NOUN
cjfa-63095	193	47	return	return	NOUN
cjfa-63095	193	48	as	as	ADV
cjfa-63095	193	49	well	well	ADV
cjfa-63095	193	50	as	as	ADP
cjfa-63095	193	51	the	the	DET
cjfa-63095	193	52	daily	daily	ADJ
cjfa-63095	193	53	egx	egx	PROPN
cjfa-63095	193	54	100	100	NUM
cjfa-63095	193	55	return	return	NOUN
cjfa-63095	193	56	by	by	ADP
cjfa-63095	193	57	using	use	VERB
cjfa-63095	193	58	the	the	DET
cjfa-63095	193	59	following	follow	VERB
cjfa-63095	193	60	equations	equation	NOUN
cjfa-63095	193	61	:	:	PUNCT
cjfa-63095	193	62	daily	daily	ADJ
cjfa-63095	193	63	stock	stock	NOUN
cjfa-63095	193	64	return	return	VERB
cjfa-63095	193	65	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	193	66	�	�	PROPN
cjfa-63095	193	67	�	�	PROPN
cjfa-63095	193	68	=	=	SYM
cjfa-63095	193	69	�	�	PROPN
cjfa-63095	193	70	�	�	PROPN
cjfa-63095	193	71	�	�	PROPN
cjfa-63095	193	72	�	�	PROPN
cjfa-63095	193	73	�	�	PROPN
cjfa-63095	193	74	�	�	PROPN
cjfa-63095	193	75	�	�	PROPN
cjfa-63095	193	76	�	�	PROPN
cjfa-63095	193	77	�	�	PROPN
cjfa-63095	193	78	�	�	PROPN
cjfa-63095	193	79	�	�	PROPN
cjfa-63095	193	80	�	�	PROPN
cjfa-63095	193	81	�	�	PROPN
cjfa-63095	193	82	)	)	PUNCT
cjfa-63095	193	83	1	1	NUM
cjfa-63095	194	1	(	(	PUNCT
cjfa-63095	194	2	where	where	SCONJ
cjfa-63095	194	3	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	194	4	�	�	PROPN
cjfa-63095	194	5	�	�	PROPN
cjfa-63095	194	6	represents	represent	VERB
cjfa-63095	194	7	the	the	DET
cjfa-63095	194	8	return	return	NOUN
cjfa-63095	194	9	of	of	ADP
cjfa-63095	194	10	stock	stock	NOUN
cjfa-63095	194	11	i	i	PRON
cjfa-63095	194	12	on	on	ADP
cjfa-63095	194	13	day	day	PROPN
cjfa-63095	194	14	t	t	PROPN
cjfa-63095	194	15	,	,	PUNCT
cjfa-63095	194	16	while	while	SCONJ
cjfa-63095	194	17	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	194	18	�	�	PROPN
cjfa-63095	194	19	and	and	CCONJ
cjfa-63095	194	20	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	194	21	�	�	PROPN
cjfa-63095	194	22	�	�	PROPN
cjfa-63095	194	23	�	�	PROPN
cjfa-63095	194	24	denote	denote	VERB
cjfa-63095	194	25	the	the	DET
cjfa-63095	194	26	closing	closing	NOUN
cjfa-63095	194	27	prices	price	NOUN
cjfa-63095	194	28	of	of	ADP
cjfa-63095	194	29	stock	stock	NOUN
cjfa-63095	194	30	i	i	PRON
cjfa-63095	194	31	on	on	ADP
cjfa-63095	194	32	days	day	NOUN
cjfa-63095	194	33	t	t	PROPN
cjfa-63095	194	34	and	and	CCONJ
cjfa-63095	194	35	t-1	t-1	PROPN
cjfa-63095	194	36	,	,	PUNCT
cjfa-63095	194	37	respectively	respectively	ADV
cjfa-63095	194	38	.	.	PUNCT
cjfa-63095	195	1	daily	daily	PROPN
cjfa-63095	195	2	egx	egx	PROPN
cjfa-63095	195	3	100	100	NUM
cjfa-63095	195	4	return	return	VERB
cjfa-63095	195	5	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	195	6	�	�	PROPN
cjfa-63095	195	7	�	�	PROPN
cjfa-63095	195	8	=	=	SYM
cjfa-63095	195	9	�	�	PROPN
cjfa-63095	195	10	�	�	PROPN
cjfa-63095	195	11	�	�	PROPN
cjfa-63095	195	12	�	�	PROPN
cjfa-63095	195	13	�	�	PROPN
cjfa-63095	195	14	�	�	PROPN
cjfa-63095	195	15	�	�	PROPN
cjfa-63095	195	16	�	�	PROPN
cjfa-63095	195	17	�	�	PROPN
cjfa-63095	195	18	�	�	PROPN
cjfa-63095	195	19	�	�	PROPN
cjfa-63095	195	20	�	�	PROPN
cjfa-63095	195	21	�	�	PROPN
cjfa-63095	195	22	�	�	PROPN
cjfa-63095	195	23	�	�	PROPN
cjfa-63095	195	24	�	�	PROPN
cjfa-63095	195	25	)	)	PUNCT
cjfa-63095	195	26	2	2	NUM
cjfa-63095	195	27	(	(	PUNCT
cjfa-63095	195	28	where	where	SCONJ
cjfa-63095	195	29	𝑅𝑅	𝑅𝑅	PROPN
cjfa-63095	195	30	�	�	PROPN
cjfa-63095	195	31	�	�	PROPN
cjfa-63095	195	32	represents	represent	VERB
cjfa-63095	195	33	the	the	DET
cjfa-63095	195	34	return	return	NOUN
cjfa-63095	195	35	of	of	ADP
cjfa-63095	195	36	egx	egx	PROPN
cjfa-63095	195	37	100	100	NUM
cjfa-63095	195	38	index	index	NOUN
cjfa-63095	195	39	on	on	ADP
cjfa-63095	195	40	day	day	NOUN
cjfa-63095	195	41	t	t	PROPN
cjfa-63095	195	42	,	,	PUNCT
cjfa-63095	195	43	while	while	SCONJ
cjfa-63095	195	44	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	195	45	�	�	PROPN
cjfa-63095	195	46	�	�	PROPN
cjfa-63095	195	47	and	and	CCONJ
cjfa-63095	195	48	𝑃𝑃	𝑃𝑃	PROPN
cjfa-63095	195	49	�	�	PROPN
cjfa-63095	195	50	�	�	PROPN
cjfa-63095	195	51	�	�	PROPN
cjfa-63095	195	52	�	�	PROPN
cjfa-63095	195	53	denote	denote	VERB
cjfa-63095	195	54	the	the	DET
cjfa-63095	195	55	closing	closing	NOUN
cjfa-63095	195	56	prices	price	NOUN
cjfa-63095	195	57	of	of	ADP
cjfa-63095	195	58	egx	egx	PROPN
cjfa-63095	195	59	100	100	NUM
cjfa-63095	195	60	index	index	NOUN
cjfa-63095	195	61	on	on	ADP
cjfa-63095	195	62	days	day	NOUN
cjfa-63095	195	63	t	t	PROPN
cjfa-63095	195	64	and	and	CCONJ
cjfa-63095	195	65	t-1	t-1	PROPN
cjfa-63095	195	66	,	,	PUNCT
cjfa-63095	195	67	respectively	respectively	ADV
cjfa-63095	195	68	.	.	PUNCT
cjfa-63095	195	69	calculating	calculate	VERB
cjfa-63095	195	70	excess	excess	ADJ
cjfa-63095	195	71	daily	daily	ADJ
cjfa-63095	195	72	return	return	NOUN
cjfa-63095	195	73	for	for	ADP
cjfa-63095	195	74	each	each	DET
cjfa-63095	195	75	stock	stock	NOUN
cjfa-63095	195	76	as	as	ADV
cjfa-63095	195	77	well	well	ADV
cjfa-63095	195	78	as	as	ADP
cjfa-63095	195	79	the	the	DET
cjfa-63095	195	80	egx	egx	PROPN
cjfa-63095	195	81	100	100	NUM
cjfa-63095	195	82	index	index	NOUN
cjfa-63095	195	83	:	:	PUNCT
cjfa-63095	195	84	the	the	DET
cjfa-63095	195	85	excess	excess	ADJ
cjfa-63095	195	86	daily	daily	ADJ
cjfa-63095	195	87	return	return	NOUN
cjfa-63095	195	88	is	be	AUX
cjfa-63095	195	89	calculated	calculate	VERB
cjfa-63095	195	90	by	by	ADP
cjfa-63095	195	91	deducting	deduct	VERB
cjfa-63095	195	92	the	the	DET
cjfa-63095	195	93	risk	risk	NOUN
cjfa-63095	195	94	-	-	PUNCT
cjfa-63095	195	95	free	free	ADJ
cjfa-63095	195	96	rate	rate	NOUN
cjfa-63095	195	97	from	from	ADP
cjfa-63095	195	98	the	the	DET
cjfa-63095	195	99	daily	daily	ADJ
cjfa-63095	195	100	return	return	NOUN
cjfa-63095	195	101	of	of	ADP
cjfa-63095	195	102	each	each	DET
cjfa-63095	195	103	stock	stock	NOUN
cjfa-63095	195	104	,	,	PUNCT
cjfa-63095	195	105	as	as	ADV
cjfa-63095	195	106	well	well	ADV
cjfa-63095	195	107	as	as	ADP
cjfa-63095	195	108	from	from	ADP
cjfa-63095	195	109	the	the	DET
cjfa-63095	195	110	daily	daily	ADJ
cjfa-63095	195	111	return	return	NOUN
cjfa-63095	195	112	of	of	ADP
cjfa-63095	195	113	the	the	DET
cjfa-63095	195	114	egx	egx	PROPN
cjfa-63095	195	115	100	100	NUM
cjfa-63095	195	116	market	market	NOUN
cjfa-63095	195	117	index	index	NOUN
cjfa-63095	195	118	.	.	PUNCT
cjfa-63095	196	1	monthly	monthly	ADJ
cjfa-63095	196	2	beta	beta	NOUN
cjfa-63095	196	3	is	be	AUX
cjfa-63095	196	4	calculated	calculate	VERB
cjfa-63095	196	5	using	use	VERB
cjfa-63095	196	6	the	the	DET
cjfa-63095	196	7	ordinary	ordinary	ADJ
cjfa-63095	196	8	least	least	ADJ
cjfa-63095	196	9	squares	square	NOUN
cjfa-63095	196	10	method	method	NOUN
cjfa-63095	196	11	(	(	PUNCT
cjfa-63095	196	12	ols	ol	NOUN
cjfa-63095	196	13	)	)	PUNCT
cjfa-63095	196	14	by	by	ADP
cjfa-63095	196	15	the	the	DET
cjfa-63095	196	16	following	follow	VERB
cjfa-63095	196	17	regression	regression	NOUN
cjfa-63095	196	18	formula	formula	NOUN
cjfa-63095	196	19	:	:	PUNCT
cjfa-63095	196	20	(	(	PUNCT
cjfa-63095	196	21	2	2	X
cjfa-63095	196	22	)	)	PUNCT
cjfa-63095	196	23	where	where	SCONJ
cjfa-63095	196	24	rmt	rmt	NOUN
cjfa-63095	196	25	represents	represent	VERB
cjfa-63095	196	26	the	the	DET
cjfa-63095	196	27	return	return	NOUN
cjfa-63095	196	28	of	of	ADP
cjfa-63095	196	29	egx	egx	PROPN
cjfa-63095	196	30	100	100	NUM
cjfa-63095	196	31	index	index	NOUN
cjfa-63095	196	32	on	on	ADP
cjfa-63095	196	33	day	day	NOUN
cjfa-63095	196	34	t	t	PROPN
cjfa-63095	196	35	,	,	PUNCT
cjfa-63095	196	36	while	while	SCONJ
cjfa-63095	196	37	pmt	pmt	PROPN
cjfa-63095	196	38	and	and	CCONJ
cjfa-63095	196	39	pmt–1	pmt–1	NOUN
cjfa-63095	196	40	denote	denote	VERB
cjfa-63095	196	41	the	the	DET
cjfa-63095	196	42	closing	closing	NOUN
cjfa-63095	196	43	prices	price	NOUN
cjfa-63095	196	44	of	of	ADP
cjfa-63095	196	45	egx	egx	PROPN
cjfa-63095	196	46	100	100	NUM
cjfa-63095	196	47	index	index	NOUN
cjfa-63095	196	48	on	on	ADP
cjfa-63095	196	49	days	day	NOUN
cjfa-63095	196	50	t	t	PROPN
cjfa-63095	196	51	and	and	CCONJ
cjfa-63095	196	52	t-1	t-1	PROPN
cjfa-63095	196	53	,	,	PUNCT
cjfa-63095	196	54	respectively	respectively	ADV
cjfa-63095	196	55	.	.	PUNCT
cjfa-63095	196	56	calculating	calculate	VERB
cjfa-63095	196	57	excess	excess	ADJ
cjfa-63095	196	58	daily	daily	ADJ
cjfa-63095	196	59	return	return	NOUN
cjfa-63095	196	60	for	for	ADP
cjfa-63095	196	61	each	each	DET
cjfa-63095	196	62	stock	stock	NOUN
cjfa-63095	196	63	as	as	ADV
cjfa-63095	196	64	well	well	ADV
cjfa-63095	196	65	as	as	ADP
cjfa-63095	196	66	the	the	DET
cjfa-63095	196	67	egx	egx	PROPN
cjfa-63095	196	68	100	100	NUM
cjfa-63095	196	69	index	index	NOUN
cjfa-63095	196	70	:	:	PUNCT
cjfa-63095	196	71	the	the	DET
cjfa-63095	196	72	excess	excess	ADJ
cjfa-63095	196	73	daily	daily	ADJ
cjfa-63095	196	74	return	return	NOUN
cjfa-63095	196	75	is	be	AUX
cjfa-63095	196	76	calculated	calculate	VERB
cjfa-63095	196	77	by	by	ADP
cjfa-63095	196	78	deducting	deduct	VERB
cjfa-63095	196	79	the	the	DET
cjfa-63095	196	80	risk	risk	NOUN
cjfa-63095	196	81	-	-	PUNCT
cjfa-63095	196	82	free	free	ADJ
cjfa-63095	196	83	rate	rate	NOUN
cjfa-63095	196	84	from	from	ADP
cjfa-63095	196	85	the	the	DET
cjfa-63095	196	86	daily	daily	ADJ
cjfa-63095	196	87	return	return	NOUN
cjfa-63095	196	88	of	of	ADP
cjfa-63095	196	89	each	each	DET
cjfa-63095	196	90	stock	stock	NOUN
cjfa-63095	196	91	,	,	PUNCT
cjfa-63095	196	92	as	as	ADV
cjfa-63095	196	93	well	well	ADV
cjfa-63095	196	94	as	as	ADP
cjfa-63095	196	95	from	from	ADP
cjfa-63095	196	96	the	the	DET
cjfa-63095	196	97	daily	daily	ADJ
cjfa-63095	196	98	return	return	NOUN
cjfa-63095	196	99	of	of	ADP
cjfa-63095	196	100	the	the	DET
cjfa-63095	196	101	egx	egx	PROPN
cjfa-63095	196	102	100	100	NUM
cjfa-63095	196	103	market	market	NOUN
cjfa-63095	196	104	index	index	NOUN
cjfa-63095	196	105	.	.	PUNCT
cjfa-63095	197	1	monthly	monthly	ADJ
cjfa-63095	197	2	beta	beta	NOUN
cjfa-63095	197	3	is	be	AUX
cjfa-63095	197	4	calculated	calculate	VERB
cjfa-63095	197	5	using	use	VERB
cjfa-63095	197	6	the	the	DET
cjfa-63095	197	7	ordinary	ordinary	ADJ
cjfa-63095	197	8	least	least	ADJ
cjfa-63095	197	9	squares	square	NOUN
cjfa-63095	197	10	method	method	NOUN
cjfa-63095	197	11	(	(	PUNCT
cjfa-63095	197	12	ols	ol	NOUN
cjfa-63095	197	13	)	)	PUNCT
cjfa-63095	197	14	by	by	ADP
cjfa-63095	197	15	the	the	DET
cjfa-63095	197	16	following	follow	VERB
cjfa-63095	197	17	regression	regression	NOUN
cjfa-63095	197	18	formula	formula	NOUN
cjfa-63095	197	19	:	:	PUNCT
cjfa-63095	197	20	𝑟𝑟	𝑟𝑟	X
cjfa-63095	197	21	�	�	PROPN
cjfa-63095	197	22	�	�	PROPN
cjfa-63095	197	23	�	�	PROPN
cjfa-63095	197	24	=	=	SYM
cjfa-63095	197	25	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	197	26	�	�	PROPN
cjfa-63095	197	27	�	�	PROPN
cjfa-63095	197	28	�	�	PROPN
cjfa-63095	197	29	+	+	CCONJ
cjfa-63095	197	30	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	197	31	�	�	PROPN
cjfa-63095	197	32	�	�	PROPN
cjfa-63095	197	33	�	�	PROPN
cjfa-63095	197	34	�	�	PROPN
cjfa-63095	197	35	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	197	36	�	�	PROPN
cjfa-63095	197	37	�	�	PROPN
cjfa-63095	197	38	�	�	PROPN
cjfa-63095	197	39	+	+	CCONJ
cjfa-63095	197	40	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	197	41	�	�	PROPN
cjfa-63095	197	42	�	�	PROPN
cjfa-63095	197	43	�	�	PROPN
cjfa-63095	197	44	(	(	PUNCT
cjfa-63095	197	45	3	3	NUM
cjfa-63095	197	46	)	)	PUNCT
cjfa-63095	197	47	where	where	SCONJ
cjfa-63095	197	48	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	197	49	�	�	PROPN
cjfa-63095	197	50	�	�	PROPN
cjfa-63095	197	51	�	�	PROPN
cjfa-63095	197	52	and	and	CCONJ
cjfa-63095	197	53	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	197	54	�	�	PROPN
cjfa-63095	197	55	�	�	PROPN
cjfa-63095	197	56	�	�	PROPN
cjfa-63095	197	57	represent	represent	VERB
cjfa-63095	197	58	the	the	DET
cjfa-63095	197	59	daily	daily	ADJ
cjfa-63095	197	60	return	return	NOUN
cjfa-63095	197	61	of	of	ADP
cjfa-63095	197	62	stock	stock	NOUN
cjfa-63095	197	63	i	i	PROPN
cjfa-63095	197	64	and	and	CCONJ
cjfa-63095	197	65	the	the	DET
cjfa-63095	197	66	egx100	egx100	PROPN
cjfa-63095	197	67	index	index	NOUN
cjfa-63095	197	68	during	during	ADP
cjfa-63095	197	69	month	month	NOUN
cjfa-63095	197	70	t	t	NOUN
cjfa-63095	197	71	respectively	respectively	ADV
cjfa-63095	197	72	,	,	PUNCT
cjfa-63095	197	73	while	while	SCONJ
cjfa-63095	197	74	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	197	75	�	�	PROPN
cjfa-63095	197	76	�	�	PROPN
cjfa-63095	197	77	�	�	PROPN
cjfa-63095	197	78	�	�	PROPN
cjfa-63095	197	79	denotes	denote	VERB
cjfa-63095	197	80	the	the	DET
cjfa-63095	197	81	monthly	monthly	ADJ
cjfa-63095	197	82	beta	beta	NOUN
cjfa-63095	197	83	for	for	ADP
cjfa-63095	197	84	each	each	DET
cjfa-63095	197	85	stock	stock	NOUN
cjfa-63095	197	86	.	.	PUNCT
cjfa-63095	198	1	the	the	DET
cjfa-63095	198	2	regression	regression	NOUN
cjfa-63095	198	3	analysis	analysis	NOUN
cjfa-63095	198	4	was	be	AUX
cjfa-63095	198	5	performed	perform	VERB
cjfa-63095	198	6	60	60	NUM
cjfa-63095	198	7	times	time	NOUN
cjfa-63095	198	8	per	per	ADP
cjfa-63095	198	9	stock	stock	NOUN
cjfa-63095	198	10	to	to	PART
cjfa-63095	198	11	obtain	obtain	VERB
cjfa-63095	198	12	monthly	monthly	ADJ
cjfa-63095	198	13	beta	beta	NOUN
cjfa-63095	198	14	per	per	ADP
cjfa-63095	198	15	stock	stock	NOUN
cjfa-63095	198	16	,	,	PUNCT
cjfa-63095	198	17	thus	thus	ADV
cjfa-63095	198	18	the	the	DET
cjfa-63095	198	19	regression	regression	NOUN
cjfa-63095	198	20	analysis	analysis	NOUN
cjfa-63095	198	21	was	be	AUX
cjfa-63095	198	22	performed	perform	VERB
cjfa-63095	198	23	3,000	3,000	NUM
cjfa-63095	198	24	times	time	NOUN
cjfa-63095	198	25	for	for	ADP
cjfa-63095	198	26	all	all	DET
cjfa-63095	198	27	stocks	stock	NOUN
cjfa-63095	198	28	.	.	PUNCT
cjfa-63095	199	1	the	the	DET
cjfa-63095	199	2	hwang	hwang	PROPN
cjfa-63095	199	3	and	and	CCONJ
cjfa-63095	199	4	salmon	salmon	PROPN
cjfa-63095	199	5	(	(	PUNCT
cjfa-63095	199	6	2004	2004	NUM
cjfa-63095	199	7	)	)	PUNCT
cjfa-63095	199	8	methodology	methodology	NOUN
cjfa-63095	199	9	is	be	AUX
cjfa-63095	199	10	based	base	VERB
cjfa-63095	199	11	on	on	ADP
cjfa-63095	199	12	the	the	DET
cjfa-63095	199	13	cross	cross	ADJ
cjfa-63095	199	14	-	-	ADJ
cjfa-63095	199	15	sectional	sectional	ADJ
cjfa-63095	199	16	standard	standard	ADJ
cjfa-63095	199	17	deviation	deviation	NOUN
cjfa-63095	199	18	of	of	ADP
cjfa-63095	199	19	betas	beta	NOUN
cjfa-63095	199	20	.	.	PUNCT
cjfa-63095	200	1	as	as	SCONJ
cjfa-63095	200	2	follows	follow	VERB
cjfa-63095	200	3	:	:	PUNCT
cjfa-63095	200	4	…	…	PUNCT
cjfa-63095	200	5	�	�	PROPN
cjfa-63095	200	6	�	�	PROPN
cjfa-63095	200	7	�	�	PROPN
cjfa-63095	200	8	�	�	PROPN
cjfa-63095	200	9	�	�	PROPN
cjfa-63095	200	10	�	�	PROPN
cjfa-63095	200	11	�	�	PROPN
cjfa-63095	200	12	�	�	PROPN
cjfa-63095	200	13	�	�	PROPN
cjfa-63095	200	14	�	�	PROPN
cjfa-63095	200	15	�	�	PROPN
cjfa-63095	200	16	�	�	PROPN
cjfa-63095	200	17	�	�	PROPN
cjfa-63095	200	18	�	�	PROPN
cjfa-63095	200	19	�	�	PROPN
cjfa-63095	200	20	=	=	PUNCT
cjfa-63095	200	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	200	22	�	�	PROPN
cjfa-63095	200	23	�	�	PROPN
cjfa-63095	200	24	�	�	PROPN
cjfa-63095	200	25	�	�	NOUN
cjfa-63095	200	26	=	=	PROPN
cjfa-63095	200	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	200	28	�	�	PROPN
cjfa-63095	200	29	�	�	PROPN
cjfa-63095	200	30	�	�	PROPN
cjfa-63095	200	31			PROPN
cjfa-63095	200	32	ℎ	ℎ	PROPN
cjfa-63095	200	33	�	�	PROPN
cjfa-63095	200	34	�	�	PROPN
cjfa-63095	200	35	(	(	PUNCT
cjfa-63095	200	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	200	37	�	�	PROPN
cjfa-63095	200	38	�	�	PROPN
cjfa-63095	200	39	�	�	NOUN
cjfa-63095	200	40	1	1	NOUN
cjfa-63095	200	41	)	)	PUNCT
cjfa-63095	200	42	(	(	PUNCT
cjfa-63095	200	43	4	4	X
cjfa-63095	200	44	)	)	PUNCT
cjfa-63095	200	45	where	where	SCONJ
cjfa-63095	200	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	200	47	�	�	PROPN
cjfa-63095	200	48	�	�	PROPN
cjfa-63095	200	49	represents	represent	VERB
cjfa-63095	200	50	the	the	DET
cjfa-63095	200	51	expected	expect	VERB
cjfa-63095	200	52	return	return	NOUN
cjfa-63095	200	53	of	of	ADP
cjfa-63095	200	54	stock	stock	NOUN
cjfa-63095	200	55	i	i	PRON
cjfa-63095	200	56	under	under	ADP
cjfa-63095	200	57	behavioral	behavioral	ADJ
cjfa-63095	200	58	bias	bias	NOUN
cjfa-63095	200	59	,	,	PUNCT
cjfa-63095	200	60	while	while	SCONJ
cjfa-63095	200	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	200	62	�	�	PROPN
cjfa-63095	200	63	�	�	PROPN
cjfa-63095	200	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	200	65	�	�	PROPN
cjfa-63095	200	66	�	�	PROPN
cjfa-63095	200	67	�	�	PROPN
cjfa-63095	200	68	denotes	denote	VERB
cjfa-63095	200	69	the	the	DET
cjfa-63095	200	70	expected	expect	VERB
cjfa-63095	200	71	return	return	NOUN
cjfa-63095	200	72	of	of	ADP
cjfa-63095	200	73	the	the	DET
cjfa-63095	200	74	market	market	NOUN
cjfa-63095	200	75	portfolio	portfolio	NOUN
cjfa-63095	200	76	.	.	PUNCT
cjfa-63095	201	1	ℎ	ℎ	PROPN
cjfa-63095	201	2	�	�	PROPN
cjfa-63095	201	3	�	�	PROPN
cjfa-63095	201	4	represents	represent	VERB
cjfa-63095	201	5	the	the	DET
cjfa-63095	201	6	herding	herd	VERB
cjfa-63095	201	7	behavior	behavior	NOUN
cjfa-63095	201	8	coefficient	coefficient	NOUN
cjfa-63095	201	9	,	,	PUNCT
cjfa-63095	201	10	if	if	SCONJ
cjfa-63095	201	11	(	(	PUNCT
cjfa-63095	201	12	ℎ	ℎ	PROPN
cjfa-63095	201	13	�	�	NOUN
cjfa-63095	201	14	�	�	NOUN
cjfa-63095	201	15	=	=	SYM
cjfa-63095	201	16	0	0	NUM
cjfa-63095	201	17	)	)	PUNCT
cjfa-63095	201	18	herding	herding	NOUN
cjfa-63095	201	19	behavior	behavior	NOUN
cjfa-63095	201	20	is	be	AUX
cjfa-63095	201	21	absent	absent	ADJ
cjfa-63095	201	22	.	.	PUNCT
cjfa-63095	202	1	conversely	conversely	ADV
cjfa-63095	202	2	,	,	PUNCT
cjfa-63095	202	3	if	if	SCONJ
cjfa-63095	202	4	(	(	PUNCT
cjfa-63095	202	5	ℎ	ℎ	PROPN
cjfa-63095	202	6	�	�	NOUN
cjfa-63095	202	7	�	�	NOUN
cjfa-63095	202	8	=	=	SYM
cjfa-63095	202	9	0	0	NUM
cjfa-63095	202	10	)	)	PUNCT
cjfa-63095	202	11	,	,	PUNCT
cjfa-63095	202	12	herding	herding	NOUN
cjfa-63095	202	13	behavior	behavior	NOUN
cjfa-63095	202	14	is	be	AUX
cjfa-63095	202	15	fully	fully	ADV
cjfa-63095	202	16	present	present	ADJ
cjfa-63095	202	17	,	,	PUNCT
cjfa-63095	202	18	meaning	mean	VERB
cjfa-63095	202	19	individual	individual	ADJ
cjfa-63095	202	20	stock	stock	NOUN
cjfa-63095	202	21	returns	return	NOUN
cjfa-63095	202	22	move	move	VERB
cjfa-63095	202	23	in	in	ADP
cjfa-63095	202	24	sync	sync	NOUN
cjfa-63095	202	25	with	with	ADP
cjfa-63095	202	26	market	market	NOUN
cjfa-63095	202	27	portfolio	portfolio	NOUN
cjfa-63095	202	28	returns	return	NOUN
cjfa-63095	202	29	.	.	PUNCT
cjfa-63095	203	1	hwang	hwang	PROPN
cjfa-63095	203	2	and	and	CCONJ
cjfa-63095	203	3	salmon	salmon	NOUN
cjfa-63095	203	4	(	(	PUNCT
cjfa-63095	203	5	2004	2004	NUM
cjfa-63095	203	6	)	)	PUNCT
cjfa-63095	203	7	proposed	propose	VERB
cjfa-63095	203	8	the	the	DET
cjfa-63095	203	9	state	state	NOUN
cjfa-63095	203	10	space	space	NOUN
cjfa-63095	203	11	model	model	NOUN
cjfa-63095	203	12	to	to	PART
cjfa-63095	203	13	measure	measure	VERB
cjfa-63095	203	14	herding	herd	VERB
cjfa-63095	203	15	behavior	behavior	NOUN
cjfa-63095	203	16	using	use	VERB
cjfa-63095	203	17	the	the	DET
cjfa-63095	203	18	change	change	NOUN
cjfa-63095	203	19	in	in	ADP
cjfa-63095	203	20	stock	stock	NOUN
cjfa-63095	203	21	sensitivity	sensitivity	NOUN
cjfa-63095	203	22	to	to	PART
cjfa-63095	203	23	change	change	VERB
cjfa-63095	203	24	in	in	ADP
cjfa-63095	203	25	market	market	NOUN
cjfa-63095	203	26	return	return	NOUN
cjfa-63095	203	27	through	through	ADP
cjfa-63095	203	28	the	the	DET
cjfa-63095	203	29	following	follow	VERB
cjfa-63095	203	30	two	two	NUM
cjfa-63095	203	31	equations	equation	NOUN
cjfa-63095	203	32	:	:	PUNCT
cjfa-63095	203	33	log	log	NOUN
cjfa-63095	203	34	[	[	PUNCT
cjfa-63095	203	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	203	36	�	�	PROPN
cjfa-63095	203	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	203	38	�	�	PROPN
cjfa-63095	203	39	�	�	PROPN
cjfa-63095	203	40	�	�	PROPN
cjfa-63095	203	41	�	�	PROPN
cjfa-63095	203	42	)	)	PUNCT
cjfa-63095	203	43	]	]	PUNCT
cjfa-63095	204	1	=	=	PUNCT
cjfa-63095	204	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	204	3	�	�	PROPN
cjfa-63095	204	4	+	+	CCONJ
cjfa-63095	204	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	204	6	�	�	PROPN
cjfa-63095	204	7	�	�	PROPN
cjfa-63095	204	8	+	+	CCONJ
cjfa-63095	204	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	204	10	�	�	PROPN
cjfa-63095	204	11	�	�	PROPN
cjfa-63095	204	12	(	(	PUNCT
cjfa-63095	204	13	5	5	NUM
cjfa-63095	204	14	)	)	PUNCT
cjfa-63095	204	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	204	16	�	�	PROPN
cjfa-63095	204	17	�	�	PROPN
cjfa-63095	204	18	=	=	PUNCT
cjfa-63095	204	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	204	20	�	�	PROPN
cjfa-63095	204	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	204	22	�	�	PROPN
cjfa-63095	204	23	,	,	PUNCT
cjfa-63095	204	24	�	�	PROPN
cjfa-63095	204	25	�	�	PROPN
cjfa-63095	204	26	�	�	PROPN
cjfa-63095	204	27	+	+	CCONJ
cjfa-63095	204	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	204	29	�	�	PROPN
cjfa-63095	204	30	�	�	PROPN
cjfa-63095	204	31	(	(	PUNCT
cjfa-63095	204	32	6	6	NUM
cjfa-63095	204	33	)	)	PUNCT
cjfa-63095	204	34	where	where	SCONJ
cjfa-63095	204	35	:	:	PUNCT
cjfa-63095	204	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	204	37	�	�	PROPN
cjfa-63095	204	38	�	�	NOUN
cjfa-63095	204	39	~	~	SYM
cjfa-63095	204	40	iid	iid	NOUN
cjfa-63095	204	41	(	(	PUNCT
cjfa-63095	204	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	204	43	�	�	PROPN
cjfa-63095	204	44	,	,	PUNCT
cjfa-63095	204	45	�	�	PROPN
cjfa-63095	204	46	�	�	PROPN
cjfa-63095	204	47	)	)	PUNCT
cjfa-63095	204	48	the	the	DET
cjfa-63095	204	49	model	model	NOUN
cjfa-63095	204	50	was	be	AUX
cjfa-63095	204	51	estimated	estimate	VERB
cjfa-63095	204	52	using	use	VERB
cjfa-63095	204	53	the	the	DET
cjfa-63095	204	54	kalman	kalman	NOUN
cjfa-63095	204	55	filter	filter	NOUN
cjfa-63095	204	56	methodology	methodology	NOUN
cjfa-63095	204	57	within	within	ADP
cjfa-63095	204	58	eviews	eviews	PROPN
cjfa-63095	204	59	software	software	NOUN
cjfa-63095	204	60	.	.	PUNCT
cjfa-63095	205	1	the	the	DET
cjfa-63095	205	2	presence	presence	NOUN
cjfa-63095	205	3	of	of	ADP
cjfa-63095	205	4	herding	herding	NOUN
cjfa-63095	205	5	behavior	behavior	NOUN
cjfa-63095	205	6	is	be	AUX
cjfa-63095	205	7	inferred	infer	VERB
cjfa-63095	205	8	from	from	ADP
cjfa-63095	205	9	the	the	DET
cjfa-63095	205	10	significant	significant	ADJ
cjfa-63095	205	11	value	value	NOUN
cjfa-63095	205	12	of	of	ADP
cjfa-63095	205	13	the	the	DET
cjfa-63095	205	14	variance	variance	NOUN
cjfa-63095	205	15	of	of	ADP
cjfa-63095	205	16	the	the	DET
cjfa-63095	205	17	error	error	NOUN
cjfa-63095	205	18	term	term	NOUN
cjfa-63095	205	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	205	20	�	�	PROPN
cjfa-63095	205	21	�	�	PROPN
cjfa-63095	205	22	(	(	PUNCT
cjfa-63095	205	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	205	24	�	�	PROPN
cjfa-63095	205	25	,	,	PUNCT
cjfa-63095	205	26	�	�	PROPN
cjfa-63095	205	27	�	�	PROPN
cjfa-63095	205	28	)	)	PUNCT
cjfa-63095	205	29	,	,	PUNCT
cjfa-63095	205	30	and	and	CCONJ
cjfa-63095	205	31	the	the	DET
cjfa-63095	205	32	significance	significance	NOUN
cjfa-63095	205	33	of	of	ADP
cjfa-63095	205	34	the	the	DET
cjfa-63095	205	35	persistence	persistence	NOUN
cjfa-63095	205	36	parameter	parameter	NOUN
cjfa-63095	205	37	�	�	PROPN
cjfa-63095	205	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	205	39	�	�	PROPN
cjfa-63095	205	40	�	�	PROPN
cjfa-63095	205	41	.	.	PUNCT
cjfa-63095	206	1	cross	cross	ADJ
cjfa-63095	206	2	-	-	ADJ
cjfa-63095	206	3	sectional	sectional	ADJ
cjfa-63095	206	4	standard	standard	ADJ
cjfa-63095	206	5	deviation	deviation	NOUN
cjfa-63095	206	6	of	of	ADP
cjfa-63095	206	7	betas	beta	NOUN
cjfa-63095	206	8	is	be	AUX
cjfa-63095	206	9	calculated	calculate	VERB
cjfa-63095	206	10	by	by	ADP
cjfa-63095	206	11	the	the	DET
cjfa-63095	206	12	following	follow	VERB
cjfa-63095	206	13	formula	formula	NOUN
cjfa-63095	206	14	:	:	PUNCT
cjfa-63095	206	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	206	16	�	�	PROPN
cjfa-63095	206	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	206	18	�	�	PROPN
cjfa-63095	206	19	�	�	PROPN
cjfa-63095	206	20	)	)	PUNCT
cjfa-63095	206	21	=	=	SYM
cjfa-63095	206	22	�	�	PROPN
cjfa-63095	206	23	�	�	PROPN
cjfa-63095	206	24	�	�	PROPN
cjfa-63095	206	25	�	�	PROPN
cjfa-63095	206	26	�	�	PROPN
cjfa-63095	206	27	�	�	PROPN
cjfa-63095	206	28	�	�	PROPN
cjfa-63095	206	29	�	�	PROPN
cjfa-63095	206	30	�	�	PROPN
cjfa-63095	206	31	�	�	PROPN
cjfa-63095	206	32	�	�	PROPN
cjfa-63095	206	33	�	�	PROPN
cjfa-63095	206	34	�	�	PROPN
cjfa-63095	206	35	�	�	PROPN
cjfa-63095	206	36	�	�	PROPN
cjfa-63095	206	37	�	�	PROPN
cjfa-63095	206	38	�	�	PROPN
cjfa-63095	206	39	�	�	PROPN
cjfa-63095	206	40	�	�	PROPN
cjfa-63095	206	41	�	�	PROPN
cjfa-63095	206	42	�	�	PROPN
cjfa-63095	206	43	�	�	PROPN
cjfa-63095	206	44	�	�	PROPN
cjfa-63095	206	45	�	�	PROPN
cjfa-63095	206	46	�	�	PROPN
cjfa-63095	206	47	�	�	PROPN
cjfa-63095	206	48	�	�	PROPN
cjfa-63095	206	49	�	�	PROPN
cjfa-63095	206	50	�	�	PROPN
cjfa-63095	206	51	�	�	PROPN
cjfa-63095	206	52	(	(	PUNCT
cjfa-63095	206	53	7	7	NUM
cjfa-63095	206	54	)	)	PUNCT
cjfa-63095	206	55	statistical	statistical	ADJ
cjfa-63095	206	56	results	result	NOUN
cjfa-63095	206	57	of	of	ADP
cjfa-63095	206	58	herding	herd	VERB
cjfa-63095	206	59	behavior	behavior	NOUN
cjfa-63095	206	60	the	the	DET
cjfa-63095	206	61	study	study	NOUN
cjfa-63095	206	62	sample	sample	NOUN
cjfa-63095	206	63	was	be	AUX
cjfa-63095	206	64	divided	divide	VERB
cjfa-63095	206	65	into	into	ADP
cjfa-63095	206	66	two	two	NUM
cjfa-63095	206	67	different	different	ADJ
cjfa-63095	206	68	portfolios	portfolio	NOUN
cjfa-63095	206	69	,	,	PUNCT
cjfa-63095	206	70	as	as	SCONJ
cjfa-63095	206	71	follows	follow	VERB
cjfa-63095	206	72	:	:	PUNCT
cjfa-63095	206	73	(	(	PUNCT
cjfa-63095	206	74	3	3	X
cjfa-63095	206	75	)	)	PUNCT
cjfa-63095	206	76	m.	m.	NOUN
cjfa-63095	206	77	h.	h.	PROPN
cjfa-63095	206	78	abd	abd	PROPN
cjfa-63095	206	79	-	-	PUNCT
cjfa-63095	206	80	allah	allah	PROPN
cjfa-63095	206	81	,	,	PUNCT
cjfa-63095	206	82	k.	k.	PROPN
cjfa-63095	206	83	m.	m.	PROPN
cjfa-63095	206	84	k.	k.	PROPN
cjfa-63095	206	85	mohamed	mohamed	PROPN
cjfa-63095	206	86	,	,	PUNCT
cjfa-63095	206	87	m.	m.	PROPN
cjfa-63095	206	88	s.	s.	PROPN
cjfa-63095	206	89	m.	m.	PROPN
cjfa-63095	206	90	mahmood	mahmood	PROPN
cjfa-63095	206	91	,	,	PUNCT
cjfa-63095	207	1	n.	n.	PROPN
cjfa-63095	207	2	n.	n.	PROPN
cjfa-63095	207	3	s.	s.	PROPN
cjfa-63095	207	4	mohamed2020	mohamed2020	PROPN
cjfa-63095	207	5	where	where	SCONJ
cjfa-63095	207	6	ritd	ritd	NOUN
cjfa-63095	207	7	and	and	CCONJ
cjfa-63095	207	8	rmtd	rmtd	PROPN
cjfa-63095	207	9	represent	represent	VERB
cjfa-63095	207	10	the	the	DET
cjfa-63095	207	11	daily	daily	ADJ
cjfa-63095	207	12	return	return	NOUN
cjfa-63095	207	13	of	of	ADP
cjfa-63095	207	14	stock	stock	NOUN
cjfa-63095	207	15	i	i	PROPN
cjfa-63095	207	16	and	and	CCONJ
cjfa-63095	207	17	the	the	DET
cjfa-63095	207	18	egx100	egx100	PROPN
cjfa-63095	207	19	index	index	NOUN
cjfa-63095	207	20	during	during	ADP
cjfa-63095	207	21	month	month	NOUN
cjfa-63095	207	22	t	t	PROPN
cjfa-63095	207	23	,	,	PUNCT
cjfa-63095	207	24	respectively	respectively	ADV
cjfa-63095	207	25	,	,	PUNCT
cjfa-63095	207	26	while	while	SCONJ
cjfa-63095	207	27	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	207	28	�	�	PROPN
cjfa-63095	207	29	�	�	PROPN
cjfa-63095	207	30	�	�	PROPN
cjfa-63095	207	31	=	=	SYM
cjfa-63095	207	32	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	207	33	�	�	PROPN
cjfa-63095	207	34	�	�	PROPN
cjfa-63095	207	35	�	�	PROPN
cjfa-63095	207	36	+	+	CCONJ
cjfa-63095	207	37	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	207	38	�	�	PROPN
cjfa-63095	207	39	�	�	PROPN
cjfa-63095	207	40	�	�	PROPN
cjfa-63095	207	41	�	�	PROPN
cjfa-63095	207	42	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	207	43	�	�	PROPN
cjfa-63095	207	44	�	�	PROPN
cjfa-63095	207	45	�	�	PROPN
cjfa-63095	207	46	+	+	CCONJ
cjfa-63095	207	47	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	207	48	�	�	PROPN
cjfa-63095	207	49	�	�	PROPN
cjfa-63095	207	50	�	�	PROPN
cjfa-63095	207	51	(	(	PUNCT
cjfa-63095	207	52	3	3	NUM
cjfa-63095	207	53	)	)	PUNCT
cjfa-63095	207	54	where	where	SCONJ
cjfa-63095	207	55	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	207	56	�	�	PROPN
cjfa-63095	207	57	�	�	PROPN
cjfa-63095	207	58	�	�	PROPN
cjfa-63095	207	59	and	and	CCONJ
cjfa-63095	207	60	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	207	61	�	�	PROPN
cjfa-63095	207	62	�	�	PROPN
cjfa-63095	207	63	�	�	PROPN
cjfa-63095	207	64	represent	represent	VERB
cjfa-63095	207	65	the	the	DET
cjfa-63095	207	66	daily	daily	ADJ
cjfa-63095	207	67	return	return	NOUN
cjfa-63095	207	68	of	of	ADP
cjfa-63095	207	69	stock	stock	NOUN
cjfa-63095	207	70	i	i	PROPN
cjfa-63095	207	71	and	and	CCONJ
cjfa-63095	207	72	the	the	DET
cjfa-63095	207	73	egx100	egx100	PROPN
cjfa-63095	207	74	index	index	NOUN
cjfa-63095	207	75	during	during	ADP
cjfa-63095	207	76	month	month	NOUN
cjfa-63095	207	77	t	t	NOUN
cjfa-63095	207	78	respectively	respectively	ADV
cjfa-63095	207	79	,	,	PUNCT
cjfa-63095	207	80	while	while	SCONJ
cjfa-63095	207	81	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	207	82	�	�	PROPN
cjfa-63095	207	83	�	�	PROPN
cjfa-63095	207	84	�	�	PROPN
cjfa-63095	207	85	�	�	PROPN
cjfa-63095	207	86	denotes	denote	VERB
cjfa-63095	207	87	the	the	DET
cjfa-63095	207	88	monthly	monthly	ADJ
cjfa-63095	207	89	beta	beta	NOUN
cjfa-63095	207	90	for	for	ADP
cjfa-63095	207	91	each	each	DET
cjfa-63095	207	92	stock	stock	NOUN
cjfa-63095	207	93	.	.	PUNCT
cjfa-63095	208	1	the	the	DET
cjfa-63095	208	2	regression	regression	NOUN
cjfa-63095	208	3	analysis	analysis	NOUN
cjfa-63095	208	4	was	be	AUX
cjfa-63095	208	5	performed	perform	VERB
cjfa-63095	208	6	60	60	NUM
cjfa-63095	208	7	times	time	NOUN
cjfa-63095	208	8	per	per	ADP
cjfa-63095	208	9	stock	stock	NOUN
cjfa-63095	208	10	to	to	PART
cjfa-63095	208	11	obtain	obtain	VERB
cjfa-63095	208	12	monthly	monthly	ADJ
cjfa-63095	208	13	beta	beta	NOUN
cjfa-63095	208	14	per	per	ADP
cjfa-63095	208	15	stock	stock	NOUN
cjfa-63095	208	16	,	,	PUNCT
cjfa-63095	208	17	thus	thus	ADV
cjfa-63095	208	18	the	the	DET
cjfa-63095	208	19	regression	regression	NOUN
cjfa-63095	208	20	analysis	analysis	NOUN
cjfa-63095	208	21	was	be	AUX
cjfa-63095	208	22	performed	perform	VERB
cjfa-63095	208	23	3,000	3,000	NUM
cjfa-63095	208	24	times	time	NOUN
cjfa-63095	208	25	for	for	ADP
cjfa-63095	208	26	all	all	DET
cjfa-63095	208	27	stocks	stock	NOUN
cjfa-63095	208	28	.	.	PUNCT
cjfa-63095	209	1	the	the	DET
cjfa-63095	209	2	hwang	hwang	PROPN
cjfa-63095	209	3	and	and	CCONJ
cjfa-63095	209	4	salmon	salmon	PROPN
cjfa-63095	209	5	(	(	PUNCT
cjfa-63095	209	6	2004	2004	NUM
cjfa-63095	209	7	)	)	PUNCT
cjfa-63095	209	8	methodology	methodology	NOUN
cjfa-63095	209	9	is	be	AUX
cjfa-63095	209	10	based	base	VERB
cjfa-63095	209	11	on	on	ADP
cjfa-63095	209	12	the	the	DET
cjfa-63095	209	13	cross	cross	ADJ
cjfa-63095	209	14	-	-	ADJ
cjfa-63095	209	15	sectional	sectional	ADJ
cjfa-63095	209	16	standard	standard	ADJ
cjfa-63095	209	17	deviation	deviation	NOUN
cjfa-63095	209	18	of	of	ADP
cjfa-63095	209	19	betas	beta	NOUN
cjfa-63095	209	20	.	.	PUNCT
cjfa-63095	210	1	as	as	SCONJ
cjfa-63095	210	2	follows	follow	VERB
cjfa-63095	210	3	:	:	PUNCT
cjfa-63095	210	4	…	…	PUNCT
cjfa-63095	210	5	�	�	PROPN
cjfa-63095	210	6	�	�	PROPN
cjfa-63095	210	7	�	�	PROPN
cjfa-63095	210	8	�	�	PROPN
cjfa-63095	210	9	�	�	PROPN
cjfa-63095	210	10	�	�	PROPN
cjfa-63095	210	11	�	�	PROPN
cjfa-63095	210	12	�	�	PROPN
cjfa-63095	210	13	�	�	PROPN
cjfa-63095	210	14	�	�	PROPN
cjfa-63095	210	15	�	�	PROPN
cjfa-63095	210	16	�	�	PROPN
cjfa-63095	210	17	�	�	PROPN
cjfa-63095	210	18	�	�	PROPN
cjfa-63095	210	19	�	�	PROPN
cjfa-63095	210	20	=	=	PUNCT
cjfa-63095	210	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	210	22	�	�	PROPN
cjfa-63095	210	23	�	�	PROPN
cjfa-63095	210	24	�	�	PROPN
cjfa-63095	210	25	�	�	NOUN
cjfa-63095	210	26	=	=	PROPN
cjfa-63095	210	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	210	28	�	�	PROPN
cjfa-63095	210	29	�	�	PROPN
cjfa-63095	210	30	�	�	PROPN
cjfa-63095	210	31			PROPN
cjfa-63095	210	32	ℎ	ℎ	PROPN
cjfa-63095	210	33	�	�	PROPN
cjfa-63095	210	34	�	�	PROPN
cjfa-63095	210	35	(	(	PUNCT
cjfa-63095	210	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	210	37	�	�	PROPN
cjfa-63095	210	38	�	�	PROPN
cjfa-63095	210	39	�	�	NOUN
cjfa-63095	210	40	1	1	NOUN
cjfa-63095	210	41	)	)	PUNCT
cjfa-63095	210	42	(	(	PUNCT
cjfa-63095	210	43	4	4	X
cjfa-63095	210	44	)	)	PUNCT
cjfa-63095	210	45	where	where	SCONJ
cjfa-63095	210	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	210	47	�	�	PROPN
cjfa-63095	210	48	�	�	PROPN
cjfa-63095	210	49	represents	represent	VERB
cjfa-63095	210	50	the	the	DET
cjfa-63095	210	51	expected	expect	VERB
cjfa-63095	210	52	return	return	NOUN
cjfa-63095	210	53	of	of	ADP
cjfa-63095	210	54	stock	stock	NOUN
cjfa-63095	210	55	i	i	PRON
cjfa-63095	210	56	under	under	ADP
cjfa-63095	210	57	behavioral	behavioral	ADJ
cjfa-63095	210	58	bias	bias	NOUN
cjfa-63095	210	59	,	,	PUNCT
cjfa-63095	210	60	while	while	SCONJ
cjfa-63095	210	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	210	62	�	�	PROPN
cjfa-63095	210	63	�	�	PROPN
cjfa-63095	210	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	210	65	�	�	PROPN
cjfa-63095	210	66	�	�	PROPN
cjfa-63095	210	67	�	�	PROPN
cjfa-63095	210	68	denotes	denote	VERB
cjfa-63095	210	69	the	the	DET
cjfa-63095	210	70	expected	expect	VERB
cjfa-63095	210	71	return	return	NOUN
cjfa-63095	210	72	of	of	ADP
cjfa-63095	210	73	the	the	DET
cjfa-63095	210	74	market	market	NOUN
cjfa-63095	210	75	portfolio	portfolio	NOUN
cjfa-63095	210	76	.	.	PUNCT
cjfa-63095	211	1	ℎ	ℎ	PROPN
cjfa-63095	211	2	�	�	PROPN
cjfa-63095	211	3	�	�	PROPN
cjfa-63095	211	4	represents	represent	VERB
cjfa-63095	211	5	the	the	DET
cjfa-63095	211	6	herding	herd	VERB
cjfa-63095	211	7	behavior	behavior	NOUN
cjfa-63095	211	8	coefficient	coefficient	NOUN
cjfa-63095	211	9	,	,	PUNCT
cjfa-63095	211	10	if	if	SCONJ
cjfa-63095	211	11	(	(	PUNCT
cjfa-63095	211	12	ℎ	ℎ	PROPN
cjfa-63095	211	13	�	�	NOUN
cjfa-63095	211	14	�	�	NOUN
cjfa-63095	211	15	=	=	SYM
cjfa-63095	211	16	0	0	NUM
cjfa-63095	211	17	)	)	PUNCT
cjfa-63095	211	18	herding	herding	NOUN
cjfa-63095	211	19	behavior	behavior	NOUN
cjfa-63095	211	20	is	be	AUX
cjfa-63095	211	21	absent	absent	ADJ
cjfa-63095	211	22	.	.	PUNCT
cjfa-63095	212	1	conversely	conversely	ADV
cjfa-63095	212	2	,	,	PUNCT
cjfa-63095	212	3	if	if	SCONJ
cjfa-63095	212	4	(	(	PUNCT
cjfa-63095	212	5	ℎ	ℎ	PROPN
cjfa-63095	212	6	�	�	NOUN
cjfa-63095	212	7	�	�	NOUN
cjfa-63095	212	8	=	=	SYM
cjfa-63095	212	9	0	0	NUM
cjfa-63095	212	10	)	)	PUNCT
cjfa-63095	212	11	,	,	PUNCT
cjfa-63095	212	12	herding	herding	NOUN
cjfa-63095	212	13	behavior	behavior	NOUN
cjfa-63095	212	14	is	be	AUX
cjfa-63095	212	15	fully	fully	ADV
cjfa-63095	212	16	present	present	ADJ
cjfa-63095	212	17	,	,	PUNCT
cjfa-63095	212	18	meaning	mean	VERB
cjfa-63095	212	19	individual	individual	ADJ
cjfa-63095	212	20	stock	stock	NOUN
cjfa-63095	212	21	returns	return	NOUN
cjfa-63095	212	22	move	move	VERB
cjfa-63095	212	23	in	in	ADP
cjfa-63095	212	24	sync	sync	NOUN
cjfa-63095	212	25	with	with	ADP
cjfa-63095	212	26	market	market	NOUN
cjfa-63095	212	27	portfolio	portfolio	NOUN
cjfa-63095	212	28	returns	return	NOUN
cjfa-63095	212	29	.	.	PUNCT
cjfa-63095	213	1	hwang	hwang	PROPN
cjfa-63095	213	2	and	and	CCONJ
cjfa-63095	213	3	salmon	salmon	NOUN
cjfa-63095	213	4	(	(	PUNCT
cjfa-63095	213	5	2004	2004	NUM
cjfa-63095	213	6	)	)	PUNCT
cjfa-63095	213	7	proposed	propose	VERB
cjfa-63095	213	8	the	the	DET
cjfa-63095	213	9	state	state	NOUN
cjfa-63095	213	10	space	space	NOUN
cjfa-63095	213	11	model	model	NOUN
cjfa-63095	213	12	to	to	PART
cjfa-63095	213	13	measure	measure	VERB
cjfa-63095	213	14	herding	herd	VERB
cjfa-63095	213	15	behavior	behavior	NOUN
cjfa-63095	213	16	using	use	VERB
cjfa-63095	213	17	the	the	DET
cjfa-63095	213	18	change	change	NOUN
cjfa-63095	213	19	in	in	ADP
cjfa-63095	213	20	stock	stock	NOUN
cjfa-63095	213	21	sensitivity	sensitivity	NOUN
cjfa-63095	213	22	to	to	PART
cjfa-63095	213	23	change	change	VERB
cjfa-63095	213	24	in	in	ADP
cjfa-63095	213	25	market	market	NOUN
cjfa-63095	213	26	return	return	NOUN
cjfa-63095	213	27	through	through	ADP
cjfa-63095	213	28	the	the	DET
cjfa-63095	213	29	following	follow	VERB
cjfa-63095	213	30	two	two	NUM
cjfa-63095	213	31	equations	equation	NOUN
cjfa-63095	213	32	:	:	PUNCT
cjfa-63095	213	33	log	log	NOUN
cjfa-63095	213	34	[	[	PUNCT
cjfa-63095	213	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	213	36	�	�	PROPN
cjfa-63095	213	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	213	38	�	�	PROPN
cjfa-63095	213	39	�	�	PROPN
cjfa-63095	213	40	�	�	PROPN
cjfa-63095	213	41	�	�	PROPN
cjfa-63095	213	42	)	)	PUNCT
cjfa-63095	213	43	]	]	PUNCT
cjfa-63095	214	1	=	=	PUNCT
cjfa-63095	214	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	214	3	�	�	PROPN
cjfa-63095	214	4	+	+	CCONJ
cjfa-63095	214	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	214	6	�	�	PROPN
cjfa-63095	214	7	�	�	PROPN
cjfa-63095	214	8	+	+	CCONJ
cjfa-63095	214	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	214	10	�	�	PROPN
cjfa-63095	214	11	�	�	PROPN
cjfa-63095	214	12	(	(	PUNCT
cjfa-63095	214	13	5	5	NUM
cjfa-63095	214	14	)	)	PUNCT
cjfa-63095	214	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	214	16	�	�	PROPN
cjfa-63095	214	17	�	�	PROPN
cjfa-63095	214	18	=	=	PUNCT
cjfa-63095	214	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	214	20	�	�	PROPN
cjfa-63095	214	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	214	22	�	�	PROPN
cjfa-63095	214	23	,	,	PUNCT
cjfa-63095	214	24	�	�	PROPN
cjfa-63095	214	25	�	�	PROPN
cjfa-63095	214	26	�	�	PROPN
cjfa-63095	214	27	+	+	CCONJ
cjfa-63095	214	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	214	29	�	�	PROPN
cjfa-63095	214	30	�	�	PROPN
cjfa-63095	214	31	(	(	PUNCT
cjfa-63095	214	32	6	6	NUM
cjfa-63095	214	33	)	)	PUNCT
cjfa-63095	214	34	where	where	SCONJ
cjfa-63095	214	35	:	:	PUNCT
cjfa-63095	214	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	214	37	�	�	PROPN
cjfa-63095	214	38	�	�	NOUN
cjfa-63095	214	39	~	~	SYM
cjfa-63095	214	40	iid	iid	NOUN
cjfa-63095	214	41	(	(	PUNCT
cjfa-63095	214	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	214	43	�	�	PROPN
cjfa-63095	214	44	,	,	PUNCT
cjfa-63095	214	45	�	�	PROPN
cjfa-63095	214	46	�	�	PROPN
cjfa-63095	214	47	)	)	PUNCT
cjfa-63095	214	48	the	the	DET
cjfa-63095	214	49	model	model	NOUN
cjfa-63095	214	50	was	be	AUX
cjfa-63095	214	51	estimated	estimate	VERB
cjfa-63095	214	52	using	use	VERB
cjfa-63095	214	53	the	the	DET
cjfa-63095	214	54	kalman	kalman	NOUN
cjfa-63095	214	55	filter	filter	NOUN
cjfa-63095	214	56	methodology	methodology	NOUN
cjfa-63095	214	57	within	within	ADP
cjfa-63095	214	58	eviews	eviews	PROPN
cjfa-63095	214	59	software	software	NOUN
cjfa-63095	214	60	.	.	PUNCT
cjfa-63095	215	1	the	the	DET
cjfa-63095	215	2	presence	presence	NOUN
cjfa-63095	215	3	of	of	ADP
cjfa-63095	215	4	herding	herding	NOUN
cjfa-63095	215	5	behavior	behavior	NOUN
cjfa-63095	215	6	is	be	AUX
cjfa-63095	215	7	inferred	infer	VERB
cjfa-63095	215	8	from	from	ADP
cjfa-63095	215	9	the	the	DET
cjfa-63095	215	10	significant	significant	ADJ
cjfa-63095	215	11	value	value	NOUN
cjfa-63095	215	12	of	of	ADP
cjfa-63095	215	13	the	the	DET
cjfa-63095	215	14	variance	variance	NOUN
cjfa-63095	215	15	of	of	ADP
cjfa-63095	215	16	the	the	DET
cjfa-63095	215	17	error	error	NOUN
cjfa-63095	215	18	term	term	NOUN
cjfa-63095	215	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	215	20	�	�	PROPN
cjfa-63095	215	21	�	�	PROPN
cjfa-63095	215	22	(	(	PUNCT
cjfa-63095	215	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	215	24	�	�	PROPN
cjfa-63095	215	25	,	,	PUNCT
cjfa-63095	215	26	�	�	PROPN
cjfa-63095	215	27	�	�	PROPN
cjfa-63095	215	28	)	)	PUNCT
cjfa-63095	215	29	,	,	PUNCT
cjfa-63095	215	30	and	and	CCONJ
cjfa-63095	215	31	the	the	DET
cjfa-63095	215	32	significance	significance	NOUN
cjfa-63095	215	33	of	of	ADP
cjfa-63095	215	34	the	the	DET
cjfa-63095	215	35	persistence	persistence	NOUN
cjfa-63095	215	36	parameter	parameter	NOUN
cjfa-63095	215	37	�	�	PROPN
cjfa-63095	215	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	215	39	�	�	PROPN
cjfa-63095	215	40	�	�	PROPN
cjfa-63095	215	41	.	.	PUNCT
cjfa-63095	216	1	cross	cross	ADJ
cjfa-63095	216	2	-	-	ADJ
cjfa-63095	216	3	sectional	sectional	ADJ
cjfa-63095	216	4	standard	standard	ADJ
cjfa-63095	216	5	deviation	deviation	NOUN
cjfa-63095	216	6	of	of	ADP
cjfa-63095	216	7	betas	beta	NOUN
cjfa-63095	216	8	is	be	AUX
cjfa-63095	216	9	calculated	calculate	VERB
cjfa-63095	216	10	by	by	ADP
cjfa-63095	216	11	the	the	DET
cjfa-63095	216	12	following	follow	VERB
cjfa-63095	216	13	formula	formula	NOUN
cjfa-63095	216	14	:	:	PUNCT
cjfa-63095	216	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	216	16	�	�	PROPN
cjfa-63095	216	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	216	18	�	�	PROPN
cjfa-63095	216	19	�	�	PROPN
cjfa-63095	216	20	)	)	PUNCT
cjfa-63095	216	21	=	=	SYM
cjfa-63095	216	22	�	�	PROPN
cjfa-63095	216	23	�	�	PROPN
cjfa-63095	216	24	�	�	PROPN
cjfa-63095	216	25	�	�	PROPN
cjfa-63095	216	26	�	�	PROPN
cjfa-63095	216	27	�	�	PROPN
cjfa-63095	216	28	�	�	PROPN
cjfa-63095	216	29	�	�	PROPN
cjfa-63095	216	30	�	�	PROPN
cjfa-63095	216	31	�	�	PROPN
cjfa-63095	216	32	�	�	PROPN
cjfa-63095	216	33	�	�	PROPN
cjfa-63095	216	34	�	�	PROPN
cjfa-63095	216	35	�	�	PROPN
cjfa-63095	216	36	�	�	PROPN
cjfa-63095	216	37	�	�	PROPN
cjfa-63095	216	38	�	�	PROPN
cjfa-63095	216	39	�	�	PROPN
cjfa-63095	216	40	�	�	PROPN
cjfa-63095	216	41	�	�	PROPN
cjfa-63095	216	42	�	�	PROPN
cjfa-63095	216	43	�	�	PROPN
cjfa-63095	216	44	�	�	PROPN
cjfa-63095	216	45	�	�	PROPN
cjfa-63095	216	46	�	�	PROPN
cjfa-63095	216	47	�	�	PROPN
cjfa-63095	216	48	�	�	PROPN
cjfa-63095	216	49	�	�	PROPN
cjfa-63095	216	50	�	�	PROPN
cjfa-63095	216	51	�	�	PROPN
cjfa-63095	216	52	(	(	PUNCT
cjfa-63095	216	53	7	7	NUM
cjfa-63095	216	54	)	)	PUNCT
cjfa-63095	216	55	statistical	statistical	ADJ
cjfa-63095	216	56	results	result	NOUN
cjfa-63095	216	57	of	of	ADP
cjfa-63095	216	58	herding	herd	VERB
cjfa-63095	216	59	behavior	behavior	NOUN
cjfa-63095	216	60	the	the	DET
cjfa-63095	216	61	study	study	NOUN
cjfa-63095	216	62	sample	sample	NOUN
cjfa-63095	216	63	was	be	AUX
cjfa-63095	216	64	divided	divide	VERB
cjfa-63095	216	65	into	into	ADP
cjfa-63095	216	66	two	two	NUM
cjfa-63095	216	67	different	different	ADJ
cjfa-63095	216	68	portfolios	portfolio	NOUN
cjfa-63095	216	69	,	,	PUNCT
cjfa-63095	216	70	as	as	SCONJ
cjfa-63095	216	71	follows	follow	VERB
cjfa-63095	216	72	:	:	PUNCT
cjfa-63095	216	73	denotes	denote	VERB
cjfa-63095	216	74	the	the	DET
cjfa-63095	216	75	monthly	monthly	ADJ
cjfa-63095	216	76	beta	beta	NOUN
cjfa-63095	216	77	for	for	ADP
cjfa-63095	216	78	each	each	DET
cjfa-63095	216	79	stock	stock	NOUN
cjfa-63095	216	80	.	.	PUNCT
cjfa-63095	217	1	the	the	DET
cjfa-63095	217	2	regression	regression	NOUN
cjfa-63095	217	3	analysis	analysis	NOUN
cjfa-63095	217	4	was	be	AUX
cjfa-63095	217	5	performed	perform	VERB
cjfa-63095	217	6	60	60	NUM
cjfa-63095	217	7	times	time	NOUN
cjfa-63095	217	8	per	per	ADP
cjfa-63095	217	9	stock	stock	NOUN
cjfa-63095	217	10	to	to	PART
cjfa-63095	217	11	obtain	obtain	VERB
cjfa-63095	217	12	monthly	monthly	ADJ
cjfa-63095	217	13	beta	beta	NOUN
cjfa-63095	217	14	per	per	ADP
cjfa-63095	217	15	stock	stock	NOUN
cjfa-63095	217	16	,	,	PUNCT
cjfa-63095	217	17	thus	thus	ADV
cjfa-63095	217	18	the	the	DET
cjfa-63095	217	19	regression	regression	NOUN
cjfa-63095	217	20	analysis	analysis	NOUN
cjfa-63095	217	21	was	be	AUX
cjfa-63095	217	22	performed	perform	VERB
cjfa-63095	217	23	3,000	3,000	NUM
cjfa-63095	217	24	times	time	NOUN
cjfa-63095	217	25	for	for	ADP
cjfa-63095	217	26	all	all	DET
cjfa-63095	217	27	stocks	stock	NOUN
cjfa-63095	217	28	.	.	PUNCT
cjfa-63095	218	1	the	the	DET
cjfa-63095	218	2	hwang	hwang	PROPN
cjfa-63095	218	3	and	and	CCONJ
cjfa-63095	218	4	salmon	salmon	PROPN
cjfa-63095	218	5	(	(	PUNCT
cjfa-63095	218	6	2004	2004	NUM
cjfa-63095	218	7	)	)	PUNCT
cjfa-63095	218	8	methodology	methodology	NOUN
cjfa-63095	218	9	is	be	AUX
cjfa-63095	218	10	based	base	VERB
cjfa-63095	218	11	on	on	ADP
cjfa-63095	218	12	the	the	DET
cjfa-63095	218	13	crosssectional	crosssectional	ADJ
cjfa-63095	218	14	standard	standard	ADJ
cjfa-63095	218	15	deviation	deviation	NOUN
cjfa-63095	218	16	of	of	ADP
cjfa-63095	218	17	betas	beta	NOUN
cjfa-63095	218	18	,	,	PUNCT
cjfa-63095	218	19	as	as	SCONJ
cjfa-63095	218	20	follows	follow	VERB
cjfa-63095	218	21	:	:	PUNCT
cjfa-63095	218	22	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	218	23	�	�	PROPN
cjfa-63095	218	24	�	�	PROPN
cjfa-63095	218	25	�	�	PROPN
cjfa-63095	218	26	=	=	SYM
cjfa-63095	218	27	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	218	28	�	�	PROPN
cjfa-63095	218	29	�	�	PROPN
cjfa-63095	218	30	�	�	PROPN
cjfa-63095	218	31	+	+	CCONJ
cjfa-63095	218	32	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	218	33	�	�	PROPN
cjfa-63095	218	34	�	�	PROPN
cjfa-63095	218	35	�	�	PROPN
cjfa-63095	218	36	�	�	PROPN
cjfa-63095	218	37	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	218	38	�	�	PROPN
cjfa-63095	218	39	�	�	PROPN
cjfa-63095	218	40	�	�	PROPN
cjfa-63095	218	41	+	+	CCONJ
cjfa-63095	218	42	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	218	43	�	�	PROPN
cjfa-63095	218	44	�	�	PROPN
cjfa-63095	218	45	�	�	PROPN
cjfa-63095	218	46	(	(	PUNCT
cjfa-63095	218	47	3	3	NUM
cjfa-63095	218	48	)	)	PUNCT
cjfa-63095	218	49	where	where	SCONJ
cjfa-63095	218	50	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	218	51	�	�	PROPN
cjfa-63095	218	52	�	�	PROPN
cjfa-63095	218	53	�	�	PROPN
cjfa-63095	218	54	and	and	CCONJ
cjfa-63095	218	55	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	218	56	�	�	PROPN
cjfa-63095	218	57	�	�	PROPN
cjfa-63095	218	58	�	�	PROPN
cjfa-63095	218	59	represent	represent	VERB
cjfa-63095	218	60	the	the	DET
cjfa-63095	218	61	daily	daily	ADJ
cjfa-63095	218	62	return	return	NOUN
cjfa-63095	218	63	of	of	ADP
cjfa-63095	218	64	stock	stock	NOUN
cjfa-63095	218	65	i	i	PROPN
cjfa-63095	218	66	and	and	CCONJ
cjfa-63095	218	67	the	the	DET
cjfa-63095	218	68	egx100	egx100	PROPN
cjfa-63095	218	69	index	index	NOUN
cjfa-63095	218	70	during	during	ADP
cjfa-63095	218	71	month	month	NOUN
cjfa-63095	218	72	t	t	NOUN
cjfa-63095	218	73	respectively	respectively	ADV
cjfa-63095	218	74	,	,	PUNCT
cjfa-63095	218	75	while	while	SCONJ
cjfa-63095	218	76	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	218	77	�	�	PROPN
cjfa-63095	218	78	�	�	PROPN
cjfa-63095	218	79	�	�	PROPN
cjfa-63095	218	80	�	�	PROPN
cjfa-63095	218	81	denotes	denote	VERB
cjfa-63095	218	82	the	the	DET
cjfa-63095	218	83	monthly	monthly	ADJ
cjfa-63095	218	84	beta	beta	NOUN
cjfa-63095	218	85	for	for	ADP
cjfa-63095	218	86	each	each	DET
cjfa-63095	218	87	stock	stock	NOUN
cjfa-63095	218	88	.	.	PUNCT
cjfa-63095	219	1	the	the	DET
cjfa-63095	219	2	regression	regression	NOUN
cjfa-63095	219	3	analysis	analysis	NOUN
cjfa-63095	219	4	was	be	AUX
cjfa-63095	219	5	performed	perform	VERB
cjfa-63095	219	6	60	60	NUM
cjfa-63095	219	7	times	time	NOUN
cjfa-63095	219	8	per	per	ADP
cjfa-63095	219	9	stock	stock	NOUN
cjfa-63095	219	10	to	to	PART
cjfa-63095	219	11	obtain	obtain	VERB
cjfa-63095	219	12	monthly	monthly	ADJ
cjfa-63095	219	13	beta	beta	NOUN
cjfa-63095	219	14	per	per	ADP
cjfa-63095	219	15	stock	stock	NOUN
cjfa-63095	219	16	,	,	PUNCT
cjfa-63095	219	17	thus	thus	ADV
cjfa-63095	219	18	the	the	DET
cjfa-63095	219	19	regression	regression	NOUN
cjfa-63095	219	20	analysis	analysis	NOUN
cjfa-63095	219	21	was	be	AUX
cjfa-63095	219	22	performed	perform	VERB
cjfa-63095	219	23	3,000	3,000	NUM
cjfa-63095	219	24	times	time	NOUN
cjfa-63095	219	25	for	for	ADP
cjfa-63095	219	26	all	all	DET
cjfa-63095	219	27	stocks	stock	NOUN
cjfa-63095	219	28	.	.	PUNCT
cjfa-63095	220	1	the	the	DET
cjfa-63095	220	2	hwang	hwang	PROPN
cjfa-63095	220	3	and	and	CCONJ
cjfa-63095	220	4	salmon	salmon	PROPN
cjfa-63095	220	5	(	(	PUNCT
cjfa-63095	220	6	2004	2004	NUM
cjfa-63095	220	7	)	)	PUNCT
cjfa-63095	220	8	methodology	methodology	NOUN
cjfa-63095	220	9	is	be	AUX
cjfa-63095	220	10	based	base	VERB
cjfa-63095	220	11	on	on	ADP
cjfa-63095	220	12	the	the	DET
cjfa-63095	220	13	cross	cross	ADJ
cjfa-63095	220	14	-	-	ADJ
cjfa-63095	220	15	sectional	sectional	ADJ
cjfa-63095	220	16	standard	standard	ADJ
cjfa-63095	220	17	deviation	deviation	NOUN
cjfa-63095	220	18	of	of	ADP
cjfa-63095	220	19	betas	beta	NOUN
cjfa-63095	220	20	.	.	PUNCT
cjfa-63095	221	1	as	as	SCONJ
cjfa-63095	221	2	follows	follow	VERB
cjfa-63095	221	3	:	:	PUNCT
cjfa-63095	221	4	…	…	PUNCT
cjfa-63095	221	5	�	�	PROPN
cjfa-63095	221	6	�	�	PROPN
cjfa-63095	221	7	�	�	PROPN
cjfa-63095	221	8	�	�	PROPN
cjfa-63095	221	9	�	�	PROPN
cjfa-63095	221	10	�	�	PROPN
cjfa-63095	221	11	�	�	PROPN
cjfa-63095	221	12	�	�	PROPN
cjfa-63095	221	13	�	�	PROPN
cjfa-63095	221	14	�	�	PROPN
cjfa-63095	221	15	�	�	PROPN
cjfa-63095	221	16	�	�	PROPN
cjfa-63095	221	17	�	�	PROPN
cjfa-63095	221	18	�	�	PROPN
cjfa-63095	221	19	�	�	PROPN
cjfa-63095	221	20	=	=	PUNCT
cjfa-63095	221	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	221	22	�	�	PROPN
cjfa-63095	221	23	�	�	PROPN
cjfa-63095	221	24	�	�	PROPN
cjfa-63095	221	25	�	�	NOUN
cjfa-63095	221	26	=	=	PROPN
cjfa-63095	221	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	221	28	�	�	PROPN
cjfa-63095	221	29	�	�	PROPN
cjfa-63095	221	30	�	�	PROPN
cjfa-63095	221	31			PROPN
cjfa-63095	221	32	ℎ	ℎ	PROPN
cjfa-63095	221	33	�	�	PROPN
cjfa-63095	221	34	�	�	PROPN
cjfa-63095	221	35	(	(	PUNCT
cjfa-63095	221	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	221	37	�	�	PROPN
cjfa-63095	221	38	�	�	PROPN
cjfa-63095	221	39	�	�	NOUN
cjfa-63095	221	40	1	1	NOUN
cjfa-63095	221	41	)	)	PUNCT
cjfa-63095	221	42	(	(	PUNCT
cjfa-63095	221	43	4	4	X
cjfa-63095	221	44	)	)	PUNCT
cjfa-63095	221	45	where	where	SCONJ
cjfa-63095	221	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	221	47	�	�	PROPN
cjfa-63095	221	48	�	�	PROPN
cjfa-63095	221	49	represents	represent	VERB
cjfa-63095	221	50	the	the	DET
cjfa-63095	221	51	expected	expect	VERB
cjfa-63095	221	52	return	return	NOUN
cjfa-63095	221	53	of	of	ADP
cjfa-63095	221	54	stock	stock	NOUN
cjfa-63095	221	55	i	i	PRON
cjfa-63095	221	56	under	under	ADP
cjfa-63095	221	57	behavioral	behavioral	ADJ
cjfa-63095	221	58	bias	bias	NOUN
cjfa-63095	221	59	,	,	PUNCT
cjfa-63095	221	60	while	while	SCONJ
cjfa-63095	221	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	221	62	�	�	PROPN
cjfa-63095	221	63	�	�	PROPN
cjfa-63095	221	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	221	65	�	�	PROPN
cjfa-63095	221	66	�	�	PROPN
cjfa-63095	221	67	�	�	PROPN
cjfa-63095	221	68	denotes	denote	VERB
cjfa-63095	221	69	the	the	DET
cjfa-63095	221	70	expected	expect	VERB
cjfa-63095	221	71	return	return	NOUN
cjfa-63095	221	72	of	of	ADP
cjfa-63095	221	73	the	the	DET
cjfa-63095	221	74	market	market	NOUN
cjfa-63095	221	75	portfolio	portfolio	NOUN
cjfa-63095	221	76	.	.	PUNCT
cjfa-63095	222	1	ℎ	ℎ	PROPN
cjfa-63095	222	2	�	�	PROPN
cjfa-63095	222	3	�	�	PROPN
cjfa-63095	222	4	represents	represent	VERB
cjfa-63095	222	5	the	the	DET
cjfa-63095	222	6	herding	herd	VERB
cjfa-63095	222	7	behavior	behavior	NOUN
cjfa-63095	222	8	coefficient	coefficient	NOUN
cjfa-63095	222	9	,	,	PUNCT
cjfa-63095	222	10	if	if	SCONJ
cjfa-63095	222	11	(	(	PUNCT
cjfa-63095	222	12	ℎ	ℎ	PROPN
cjfa-63095	222	13	�	�	NOUN
cjfa-63095	222	14	�	�	NOUN
cjfa-63095	222	15	=	=	SYM
cjfa-63095	222	16	0	0	NUM
cjfa-63095	222	17	)	)	PUNCT
cjfa-63095	222	18	herding	herding	NOUN
cjfa-63095	222	19	behavior	behavior	NOUN
cjfa-63095	222	20	is	be	AUX
cjfa-63095	222	21	absent	absent	ADJ
cjfa-63095	222	22	.	.	PUNCT
cjfa-63095	223	1	conversely	conversely	ADV
cjfa-63095	223	2	,	,	PUNCT
cjfa-63095	223	3	if	if	SCONJ
cjfa-63095	223	4	(	(	PUNCT
cjfa-63095	223	5	ℎ	ℎ	PROPN
cjfa-63095	223	6	�	�	NOUN
cjfa-63095	223	7	�	�	NOUN
cjfa-63095	223	8	=	=	SYM
cjfa-63095	223	9	0	0	NUM
cjfa-63095	223	10	)	)	PUNCT
cjfa-63095	223	11	,	,	PUNCT
cjfa-63095	223	12	herding	herding	NOUN
cjfa-63095	223	13	behavior	behavior	NOUN
cjfa-63095	223	14	is	be	AUX
cjfa-63095	223	15	fully	fully	ADV
cjfa-63095	223	16	present	present	ADJ
cjfa-63095	223	17	,	,	PUNCT
cjfa-63095	223	18	meaning	mean	VERB
cjfa-63095	223	19	individual	individual	ADJ
cjfa-63095	223	20	stock	stock	NOUN
cjfa-63095	223	21	returns	return	NOUN
cjfa-63095	223	22	move	move	VERB
cjfa-63095	223	23	in	in	ADP
cjfa-63095	223	24	sync	sync	NOUN
cjfa-63095	223	25	with	with	ADP
cjfa-63095	223	26	market	market	NOUN
cjfa-63095	223	27	portfolio	portfolio	NOUN
cjfa-63095	223	28	returns	return	NOUN
cjfa-63095	223	29	.	.	PUNCT
cjfa-63095	224	1	hwang	hwang	PROPN
cjfa-63095	224	2	and	and	CCONJ
cjfa-63095	224	3	salmon	salmon	NOUN
cjfa-63095	224	4	(	(	PUNCT
cjfa-63095	224	5	2004	2004	NUM
cjfa-63095	224	6	)	)	PUNCT
cjfa-63095	224	7	proposed	propose	VERB
cjfa-63095	224	8	the	the	DET
cjfa-63095	224	9	state	state	NOUN
cjfa-63095	224	10	space	space	NOUN
cjfa-63095	224	11	model	model	NOUN
cjfa-63095	224	12	to	to	PART
cjfa-63095	224	13	measure	measure	VERB
cjfa-63095	224	14	herding	herd	VERB
cjfa-63095	224	15	behavior	behavior	NOUN
cjfa-63095	224	16	using	use	VERB
cjfa-63095	224	17	the	the	DET
cjfa-63095	224	18	change	change	NOUN
cjfa-63095	224	19	in	in	ADP
cjfa-63095	224	20	stock	stock	NOUN
cjfa-63095	224	21	sensitivity	sensitivity	NOUN
cjfa-63095	224	22	to	to	PART
cjfa-63095	224	23	change	change	VERB
cjfa-63095	224	24	in	in	ADP
cjfa-63095	224	25	market	market	NOUN
cjfa-63095	224	26	return	return	NOUN
cjfa-63095	224	27	through	through	ADP
cjfa-63095	224	28	the	the	DET
cjfa-63095	224	29	following	follow	VERB
cjfa-63095	224	30	two	two	NUM
cjfa-63095	224	31	equations	equation	NOUN
cjfa-63095	224	32	:	:	PUNCT
cjfa-63095	224	33	log	log	NOUN
cjfa-63095	224	34	[	[	PUNCT
cjfa-63095	224	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	224	36	�	�	PROPN
cjfa-63095	224	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	224	38	�	�	PROPN
cjfa-63095	224	39	�	�	PROPN
cjfa-63095	224	40	�	�	PROPN
cjfa-63095	224	41	�	�	PROPN
cjfa-63095	224	42	)	)	PUNCT
cjfa-63095	224	43	]	]	PUNCT
cjfa-63095	225	1	=	=	PUNCT
cjfa-63095	225	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	225	3	�	�	PROPN
cjfa-63095	225	4	+	+	CCONJ
cjfa-63095	225	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	225	6	�	�	PROPN
cjfa-63095	225	7	�	�	PROPN
cjfa-63095	225	8	+	+	CCONJ
cjfa-63095	225	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	225	10	�	�	PROPN
cjfa-63095	225	11	�	�	PROPN
cjfa-63095	225	12	(	(	PUNCT
cjfa-63095	225	13	5	5	NUM
cjfa-63095	225	14	)	)	PUNCT
cjfa-63095	225	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	225	16	�	�	PROPN
cjfa-63095	225	17	�	�	PROPN
cjfa-63095	225	18	=	=	PUNCT
cjfa-63095	225	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	225	20	�	�	PROPN
cjfa-63095	225	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	225	22	�	�	PROPN
cjfa-63095	225	23	,	,	PUNCT
cjfa-63095	225	24	�	�	PROPN
cjfa-63095	225	25	�	�	PROPN
cjfa-63095	225	26	�	�	PROPN
cjfa-63095	225	27	+	+	CCONJ
cjfa-63095	225	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	225	29	�	�	PROPN
cjfa-63095	225	30	�	�	PROPN
cjfa-63095	225	31	(	(	PUNCT
cjfa-63095	225	32	6	6	NUM
cjfa-63095	225	33	)	)	PUNCT
cjfa-63095	225	34	where	where	SCONJ
cjfa-63095	225	35	:	:	PUNCT
cjfa-63095	225	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	225	37	�	�	PROPN
cjfa-63095	225	38	�	�	NOUN
cjfa-63095	225	39	~	~	SYM
cjfa-63095	225	40	iid	iid	NOUN
cjfa-63095	225	41	(	(	PUNCT
cjfa-63095	225	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	225	43	�	�	PROPN
cjfa-63095	225	44	,	,	PUNCT
cjfa-63095	225	45	�	�	PROPN
cjfa-63095	225	46	�	�	PROPN
cjfa-63095	225	47	)	)	PUNCT
cjfa-63095	225	48	the	the	DET
cjfa-63095	225	49	model	model	NOUN
cjfa-63095	225	50	was	be	AUX
cjfa-63095	225	51	estimated	estimate	VERB
cjfa-63095	225	52	using	use	VERB
cjfa-63095	225	53	the	the	DET
cjfa-63095	225	54	kalman	kalman	NOUN
cjfa-63095	225	55	filter	filter	NOUN
cjfa-63095	225	56	methodology	methodology	NOUN
cjfa-63095	225	57	within	within	ADP
cjfa-63095	225	58	eviews	eviews	PROPN
cjfa-63095	225	59	software	software	NOUN
cjfa-63095	225	60	.	.	PUNCT
cjfa-63095	226	1	the	the	DET
cjfa-63095	226	2	presence	presence	NOUN
cjfa-63095	226	3	of	of	ADP
cjfa-63095	226	4	herding	herding	NOUN
cjfa-63095	226	5	behavior	behavior	NOUN
cjfa-63095	226	6	is	be	AUX
cjfa-63095	226	7	inferred	infer	VERB
cjfa-63095	226	8	from	from	ADP
cjfa-63095	226	9	the	the	DET
cjfa-63095	226	10	significant	significant	ADJ
cjfa-63095	226	11	value	value	NOUN
cjfa-63095	226	12	of	of	ADP
cjfa-63095	226	13	the	the	DET
cjfa-63095	226	14	variance	variance	NOUN
cjfa-63095	226	15	of	of	ADP
cjfa-63095	226	16	the	the	DET
cjfa-63095	226	17	error	error	NOUN
cjfa-63095	226	18	term	term	NOUN
cjfa-63095	226	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	226	20	�	�	PROPN
cjfa-63095	226	21	�	�	PROPN
cjfa-63095	226	22	(	(	PUNCT
cjfa-63095	226	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	226	24	�	�	PROPN
cjfa-63095	226	25	,	,	PUNCT
cjfa-63095	226	26	�	�	PROPN
cjfa-63095	226	27	�	�	PROPN
cjfa-63095	226	28	)	)	PUNCT
cjfa-63095	226	29	,	,	PUNCT
cjfa-63095	226	30	and	and	CCONJ
cjfa-63095	226	31	the	the	DET
cjfa-63095	226	32	significance	significance	NOUN
cjfa-63095	226	33	of	of	ADP
cjfa-63095	226	34	the	the	DET
cjfa-63095	226	35	persistence	persistence	NOUN
cjfa-63095	226	36	parameter	parameter	NOUN
cjfa-63095	226	37	�	�	PROPN
cjfa-63095	226	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	226	39	�	�	PROPN
cjfa-63095	226	40	�	�	PROPN
cjfa-63095	226	41	.	.	PUNCT
cjfa-63095	227	1	cross	cross	ADJ
cjfa-63095	227	2	-	-	ADJ
cjfa-63095	227	3	sectional	sectional	ADJ
cjfa-63095	227	4	standard	standard	ADJ
cjfa-63095	227	5	deviation	deviation	NOUN
cjfa-63095	227	6	of	of	ADP
cjfa-63095	227	7	betas	beta	NOUN
cjfa-63095	227	8	is	be	AUX
cjfa-63095	227	9	calculated	calculate	VERB
cjfa-63095	227	10	by	by	ADP
cjfa-63095	227	11	the	the	DET
cjfa-63095	227	12	following	follow	VERB
cjfa-63095	227	13	formula	formula	NOUN
cjfa-63095	227	14	:	:	PUNCT
cjfa-63095	227	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	227	16	�	�	PROPN
cjfa-63095	227	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	227	18	�	�	PROPN
cjfa-63095	227	19	�	�	PROPN
cjfa-63095	227	20	)	)	PUNCT
cjfa-63095	227	21	=	=	SYM
cjfa-63095	227	22	�	�	PROPN
cjfa-63095	227	23	�	�	PROPN
cjfa-63095	227	24	�	�	PROPN
cjfa-63095	227	25	�	�	PROPN
cjfa-63095	227	26	�	�	PROPN
cjfa-63095	227	27	�	�	PROPN
cjfa-63095	227	28	�	�	PROPN
cjfa-63095	227	29	�	�	PROPN
cjfa-63095	227	30	�	�	PROPN
cjfa-63095	227	31	�	�	PROPN
cjfa-63095	227	32	�	�	PROPN
cjfa-63095	227	33	�	�	PROPN
cjfa-63095	227	34	�	�	PROPN
cjfa-63095	227	35	�	�	PROPN
cjfa-63095	227	36	�	�	PROPN
cjfa-63095	227	37	�	�	PROPN
cjfa-63095	227	38	�	�	PROPN
cjfa-63095	227	39	�	�	PROPN
cjfa-63095	227	40	�	�	PROPN
cjfa-63095	227	41	�	�	PROPN
cjfa-63095	227	42	�	�	PROPN
cjfa-63095	227	43	�	�	PROPN
cjfa-63095	227	44	�	�	PROPN
cjfa-63095	227	45	�	�	PROPN
cjfa-63095	227	46	�	�	PROPN
cjfa-63095	227	47	�	�	PROPN
cjfa-63095	227	48	�	�	PROPN
cjfa-63095	227	49	�	�	PROPN
cjfa-63095	227	50	�	�	PROPN
cjfa-63095	227	51	�	�	PROPN
cjfa-63095	227	52	(	(	PUNCT
cjfa-63095	227	53	7	7	NUM
cjfa-63095	227	54	)	)	PUNCT
cjfa-63095	227	55	statistical	statistical	ADJ
cjfa-63095	227	56	results	result	NOUN
cjfa-63095	227	57	of	of	ADP
cjfa-63095	227	58	herding	herd	VERB
cjfa-63095	227	59	behavior	behavior	NOUN
cjfa-63095	227	60	the	the	DET
cjfa-63095	227	61	study	study	NOUN
cjfa-63095	227	62	sample	sample	NOUN
cjfa-63095	227	63	was	be	AUX
cjfa-63095	227	64	divided	divide	VERB
cjfa-63095	227	65	into	into	ADP
cjfa-63095	227	66	two	two	NUM
cjfa-63095	227	67	different	different	ADJ
cjfa-63095	227	68	portfolios	portfolio	NOUN
cjfa-63095	227	69	,	,	PUNCT
cjfa-63095	227	70	as	as	SCONJ
cjfa-63095	227	71	follows	follow	VERB
cjfa-63095	227	72	:	:	PUNCT
cjfa-63095	227	73	(	(	PUNCT
cjfa-63095	227	74	4	4	X
cjfa-63095	227	75	)	)	PUNCT
cjfa-63095	227	76	where	where	SCONJ
cjfa-63095	227	77	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	227	78	�	�	PROPN
cjfa-63095	227	79	�	�	PROPN
cjfa-63095	227	80	�	�	PROPN
cjfa-63095	227	81	=	=	SYM
cjfa-63095	227	82	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	227	83	�	�	PROPN
cjfa-63095	227	84	�	�	PROPN
cjfa-63095	227	85	�	�	PROPN
cjfa-63095	227	86	+	+	CCONJ
cjfa-63095	227	87	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	227	88	�	�	PROPN
cjfa-63095	227	89	�	�	PROPN
cjfa-63095	227	90	�	�	PROPN
cjfa-63095	227	91	�	�	PROPN
cjfa-63095	227	92	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	227	93	�	�	PROPN
cjfa-63095	227	94	�	�	PROPN
cjfa-63095	227	95	�	�	PROPN
cjfa-63095	227	96	+	+	CCONJ
cjfa-63095	227	97	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	227	98	�	�	PROPN
cjfa-63095	227	99	�	�	PROPN
cjfa-63095	227	100	�	�	PROPN
cjfa-63095	227	101	(	(	PUNCT
cjfa-63095	227	102	3	3	NUM
cjfa-63095	227	103	)	)	PUNCT
cjfa-63095	227	104	where	where	SCONJ
cjfa-63095	227	105	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	227	106	�	�	PROPN
cjfa-63095	227	107	�	�	PROPN
cjfa-63095	227	108	�	�	PROPN
cjfa-63095	227	109	and	and	CCONJ
cjfa-63095	227	110	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	227	111	�	�	PROPN
cjfa-63095	227	112	�	�	PROPN
cjfa-63095	227	113	�	�	PROPN
cjfa-63095	227	114	represent	represent	VERB
cjfa-63095	227	115	the	the	DET
cjfa-63095	227	116	daily	daily	ADJ
cjfa-63095	227	117	return	return	NOUN
cjfa-63095	227	118	of	of	ADP
cjfa-63095	227	119	stock	stock	NOUN
cjfa-63095	227	120	i	i	PROPN
cjfa-63095	227	121	and	and	CCONJ
cjfa-63095	227	122	the	the	DET
cjfa-63095	227	123	egx100	egx100	PROPN
cjfa-63095	227	124	index	index	NOUN
cjfa-63095	227	125	during	during	ADP
cjfa-63095	227	126	month	month	NOUN
cjfa-63095	227	127	t	t	NOUN
cjfa-63095	227	128	respectively	respectively	ADV
cjfa-63095	227	129	,	,	PUNCT
cjfa-63095	227	130	while	while	SCONJ
cjfa-63095	227	131	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	227	132	�	�	PROPN
cjfa-63095	227	133	�	�	PROPN
cjfa-63095	227	134	�	�	PROPN
cjfa-63095	227	135	�	�	PROPN
cjfa-63095	227	136	denotes	denote	VERB
cjfa-63095	227	137	the	the	DET
cjfa-63095	227	138	monthly	monthly	ADJ
cjfa-63095	227	139	beta	beta	NOUN
cjfa-63095	227	140	for	for	ADP
cjfa-63095	227	141	each	each	DET
cjfa-63095	227	142	stock	stock	NOUN
cjfa-63095	227	143	.	.	PUNCT
cjfa-63095	228	1	the	the	DET
cjfa-63095	228	2	regression	regression	NOUN
cjfa-63095	228	3	analysis	analysis	NOUN
cjfa-63095	228	4	was	be	AUX
cjfa-63095	228	5	performed	perform	VERB
cjfa-63095	228	6	60	60	NUM
cjfa-63095	228	7	times	time	NOUN
cjfa-63095	228	8	per	per	ADP
cjfa-63095	228	9	stock	stock	NOUN
cjfa-63095	228	10	to	to	PART
cjfa-63095	228	11	obtain	obtain	VERB
cjfa-63095	228	12	monthly	monthly	ADJ
cjfa-63095	228	13	beta	beta	NOUN
cjfa-63095	228	14	per	per	ADP
cjfa-63095	228	15	stock	stock	NOUN
cjfa-63095	228	16	,	,	PUNCT
cjfa-63095	228	17	thus	thus	ADV
cjfa-63095	228	18	the	the	DET
cjfa-63095	228	19	regression	regression	NOUN
cjfa-63095	228	20	analysis	analysis	NOUN
cjfa-63095	228	21	was	be	AUX
cjfa-63095	228	22	performed	perform	VERB
cjfa-63095	228	23	3,000	3,000	NUM
cjfa-63095	228	24	times	time	NOUN
cjfa-63095	228	25	for	for	ADP
cjfa-63095	228	26	all	all	DET
cjfa-63095	228	27	stocks	stock	NOUN
cjfa-63095	228	28	.	.	PUNCT
cjfa-63095	229	1	the	the	DET
cjfa-63095	229	2	hwang	hwang	PROPN
cjfa-63095	229	3	and	and	CCONJ
cjfa-63095	229	4	salmon	salmon	PROPN
cjfa-63095	229	5	(	(	PUNCT
cjfa-63095	229	6	2004	2004	NUM
cjfa-63095	229	7	)	)	PUNCT
cjfa-63095	229	8	methodology	methodology	NOUN
cjfa-63095	229	9	is	be	AUX
cjfa-63095	229	10	based	base	VERB
cjfa-63095	229	11	on	on	ADP
cjfa-63095	229	12	the	the	DET
cjfa-63095	229	13	cross	cross	ADJ
cjfa-63095	229	14	-	-	ADJ
cjfa-63095	229	15	sectional	sectional	ADJ
cjfa-63095	229	16	standard	standard	ADJ
cjfa-63095	229	17	deviation	deviation	NOUN
cjfa-63095	229	18	of	of	ADP
cjfa-63095	229	19	betas	beta	NOUN
cjfa-63095	229	20	.	.	PUNCT
cjfa-63095	230	1	as	as	SCONJ
cjfa-63095	230	2	follows	follow	VERB
cjfa-63095	230	3	:	:	PUNCT
cjfa-63095	230	4	…	…	PUNCT
cjfa-63095	230	5	�	�	PROPN
cjfa-63095	230	6	�	�	PROPN
cjfa-63095	230	7	�	�	PROPN
cjfa-63095	230	8	�	�	PROPN
cjfa-63095	230	9	�	�	PROPN
cjfa-63095	230	10	�	�	PROPN
cjfa-63095	230	11	�	�	PROPN
cjfa-63095	230	12	�	�	PROPN
cjfa-63095	230	13	�	�	PROPN
cjfa-63095	230	14	�	�	PROPN
cjfa-63095	230	15	�	�	PROPN
cjfa-63095	230	16	�	�	PROPN
cjfa-63095	230	17	�	�	PROPN
cjfa-63095	230	18	�	�	PROPN
cjfa-63095	230	19	�	�	PROPN
cjfa-63095	230	20	=	=	PUNCT
cjfa-63095	230	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	230	22	�	�	PROPN
cjfa-63095	230	23	�	�	PROPN
cjfa-63095	230	24	�	�	PROPN
cjfa-63095	230	25	�	�	NOUN
cjfa-63095	230	26	=	=	PROPN
cjfa-63095	230	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	230	28	�	�	PROPN
cjfa-63095	230	29	�	�	PROPN
cjfa-63095	230	30	�	�	PROPN
cjfa-63095	230	31			PROPN
cjfa-63095	230	32	ℎ	ℎ	PROPN
cjfa-63095	230	33	�	�	PROPN
cjfa-63095	230	34	�	�	PROPN
cjfa-63095	230	35	(	(	PUNCT
cjfa-63095	230	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	230	37	�	�	PROPN
cjfa-63095	230	38	�	�	PROPN
cjfa-63095	230	39	�	�	NOUN
cjfa-63095	230	40	1	1	NOUN
cjfa-63095	230	41	)	)	PUNCT
cjfa-63095	230	42	(	(	PUNCT
cjfa-63095	230	43	4	4	X
cjfa-63095	230	44	)	)	PUNCT
cjfa-63095	230	45	where	where	SCONJ
cjfa-63095	230	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	230	47	�	�	PROPN
cjfa-63095	230	48	�	�	PROPN
cjfa-63095	230	49	represents	represent	VERB
cjfa-63095	230	50	the	the	DET
cjfa-63095	230	51	expected	expect	VERB
cjfa-63095	230	52	return	return	NOUN
cjfa-63095	230	53	of	of	ADP
cjfa-63095	230	54	stock	stock	NOUN
cjfa-63095	230	55	i	i	PRON
cjfa-63095	230	56	under	under	ADP
cjfa-63095	230	57	behavioral	behavioral	ADJ
cjfa-63095	230	58	bias	bias	NOUN
cjfa-63095	230	59	,	,	PUNCT
cjfa-63095	230	60	while	while	SCONJ
cjfa-63095	230	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	230	62	�	�	PROPN
cjfa-63095	230	63	�	�	PROPN
cjfa-63095	230	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	230	65	�	�	PROPN
cjfa-63095	230	66	�	�	PROPN
cjfa-63095	230	67	�	�	PROPN
cjfa-63095	230	68	denotes	denote	VERB
cjfa-63095	230	69	the	the	DET
cjfa-63095	230	70	expected	expect	VERB
cjfa-63095	230	71	return	return	NOUN
cjfa-63095	230	72	of	of	ADP
cjfa-63095	230	73	the	the	DET
cjfa-63095	230	74	market	market	NOUN
cjfa-63095	230	75	portfolio	portfolio	NOUN
cjfa-63095	230	76	.	.	PUNCT
cjfa-63095	231	1	ℎ	ℎ	PROPN
cjfa-63095	231	2	�	�	PROPN
cjfa-63095	231	3	�	�	PROPN
cjfa-63095	231	4	represents	represent	VERB
cjfa-63095	231	5	the	the	DET
cjfa-63095	231	6	herding	herd	VERB
cjfa-63095	231	7	behavior	behavior	NOUN
cjfa-63095	231	8	coefficient	coefficient	NOUN
cjfa-63095	231	9	,	,	PUNCT
cjfa-63095	231	10	if	if	SCONJ
cjfa-63095	231	11	(	(	PUNCT
cjfa-63095	231	12	ℎ	ℎ	PROPN
cjfa-63095	231	13	�	�	NOUN
cjfa-63095	231	14	�	�	NOUN
cjfa-63095	231	15	=	=	SYM
cjfa-63095	231	16	0	0	NUM
cjfa-63095	231	17	)	)	PUNCT
cjfa-63095	231	18	herding	herding	NOUN
cjfa-63095	231	19	behavior	behavior	NOUN
cjfa-63095	231	20	is	be	AUX
cjfa-63095	231	21	absent	absent	ADJ
cjfa-63095	231	22	.	.	PUNCT
cjfa-63095	232	1	conversely	conversely	ADV
cjfa-63095	232	2	,	,	PUNCT
cjfa-63095	232	3	if	if	SCONJ
cjfa-63095	232	4	(	(	PUNCT
cjfa-63095	232	5	ℎ	ℎ	PROPN
cjfa-63095	232	6	�	�	NOUN
cjfa-63095	232	7	�	�	NOUN
cjfa-63095	232	8	=	=	SYM
cjfa-63095	232	9	0	0	NUM
cjfa-63095	232	10	)	)	PUNCT
cjfa-63095	232	11	,	,	PUNCT
cjfa-63095	232	12	herding	herding	NOUN
cjfa-63095	232	13	behavior	behavior	NOUN
cjfa-63095	232	14	is	be	AUX
cjfa-63095	232	15	fully	fully	ADV
cjfa-63095	232	16	present	present	ADJ
cjfa-63095	232	17	,	,	PUNCT
cjfa-63095	232	18	meaning	mean	VERB
cjfa-63095	232	19	individual	individual	ADJ
cjfa-63095	232	20	stock	stock	NOUN
cjfa-63095	232	21	returns	return	NOUN
cjfa-63095	232	22	move	move	VERB
cjfa-63095	232	23	in	in	ADP
cjfa-63095	232	24	sync	sync	NOUN
cjfa-63095	232	25	with	with	ADP
cjfa-63095	232	26	market	market	NOUN
cjfa-63095	232	27	portfolio	portfolio	NOUN
cjfa-63095	232	28	returns	return	NOUN
cjfa-63095	232	29	.	.	PUNCT
cjfa-63095	233	1	hwang	hwang	PROPN
cjfa-63095	233	2	and	and	CCONJ
cjfa-63095	233	3	salmon	salmon	NOUN
cjfa-63095	233	4	(	(	PUNCT
cjfa-63095	233	5	2004	2004	NUM
cjfa-63095	233	6	)	)	PUNCT
cjfa-63095	233	7	proposed	propose	VERB
cjfa-63095	233	8	the	the	DET
cjfa-63095	233	9	state	state	NOUN
cjfa-63095	233	10	space	space	NOUN
cjfa-63095	233	11	model	model	NOUN
cjfa-63095	233	12	to	to	PART
cjfa-63095	233	13	measure	measure	VERB
cjfa-63095	233	14	herding	herd	VERB
cjfa-63095	233	15	behavior	behavior	NOUN
cjfa-63095	233	16	using	use	VERB
cjfa-63095	233	17	the	the	DET
cjfa-63095	233	18	change	change	NOUN
cjfa-63095	233	19	in	in	ADP
cjfa-63095	233	20	stock	stock	NOUN
cjfa-63095	233	21	sensitivity	sensitivity	NOUN
cjfa-63095	233	22	to	to	PART
cjfa-63095	233	23	change	change	VERB
cjfa-63095	233	24	in	in	ADP
cjfa-63095	233	25	market	market	NOUN
cjfa-63095	233	26	return	return	NOUN
cjfa-63095	233	27	through	through	ADP
cjfa-63095	233	28	the	the	DET
cjfa-63095	233	29	following	follow	VERB
cjfa-63095	233	30	two	two	NUM
cjfa-63095	233	31	equations	equation	NOUN
cjfa-63095	233	32	:	:	PUNCT
cjfa-63095	233	33	log	log	NOUN
cjfa-63095	233	34	[	[	PUNCT
cjfa-63095	233	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	233	36	�	�	PROPN
cjfa-63095	233	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	233	38	�	�	PROPN
cjfa-63095	233	39	�	�	PROPN
cjfa-63095	233	40	�	�	PROPN
cjfa-63095	233	41	�	�	PROPN
cjfa-63095	233	42	)	)	PUNCT
cjfa-63095	233	43	]	]	PUNCT
cjfa-63095	234	1	=	=	PUNCT
cjfa-63095	234	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	234	3	�	�	PROPN
cjfa-63095	234	4	+	+	CCONJ
cjfa-63095	234	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	234	6	�	�	PROPN
cjfa-63095	234	7	�	�	PROPN
cjfa-63095	234	8	+	+	CCONJ
cjfa-63095	234	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	234	10	�	�	PROPN
cjfa-63095	234	11	�	�	PROPN
cjfa-63095	234	12	(	(	PUNCT
cjfa-63095	234	13	5	5	NUM
cjfa-63095	234	14	)	)	PUNCT
cjfa-63095	234	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	234	16	�	�	PROPN
cjfa-63095	234	17	�	�	PROPN
cjfa-63095	234	18	=	=	PUNCT
cjfa-63095	234	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	234	20	�	�	PROPN
cjfa-63095	234	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	234	22	�	�	PROPN
cjfa-63095	234	23	,	,	PUNCT
cjfa-63095	234	24	�	�	PROPN
cjfa-63095	234	25	�	�	PROPN
cjfa-63095	234	26	�	�	PROPN
cjfa-63095	234	27	+	+	CCONJ
cjfa-63095	234	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	234	29	�	�	PROPN
cjfa-63095	234	30	�	�	PROPN
cjfa-63095	234	31	(	(	PUNCT
cjfa-63095	234	32	6	6	NUM
cjfa-63095	234	33	)	)	PUNCT
cjfa-63095	234	34	where	where	SCONJ
cjfa-63095	234	35	:	:	PUNCT
cjfa-63095	234	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	234	37	�	�	PROPN
cjfa-63095	234	38	�	�	NOUN
cjfa-63095	234	39	~	~	SYM
cjfa-63095	234	40	iid	iid	NOUN
cjfa-63095	234	41	(	(	PUNCT
cjfa-63095	234	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	234	43	�	�	PROPN
cjfa-63095	234	44	,	,	PUNCT
cjfa-63095	234	45	�	�	PROPN
cjfa-63095	234	46	�	�	PROPN
cjfa-63095	234	47	)	)	PUNCT
cjfa-63095	234	48	the	the	DET
cjfa-63095	234	49	model	model	NOUN
cjfa-63095	234	50	was	be	AUX
cjfa-63095	234	51	estimated	estimate	VERB
cjfa-63095	234	52	using	use	VERB
cjfa-63095	234	53	the	the	DET
cjfa-63095	234	54	kalman	kalman	NOUN
cjfa-63095	234	55	filter	filter	NOUN
cjfa-63095	234	56	methodology	methodology	NOUN
cjfa-63095	234	57	within	within	ADP
cjfa-63095	234	58	eviews	eviews	PROPN
cjfa-63095	234	59	software	software	NOUN
cjfa-63095	234	60	.	.	PUNCT
cjfa-63095	235	1	the	the	DET
cjfa-63095	235	2	presence	presence	NOUN
cjfa-63095	235	3	of	of	ADP
cjfa-63095	235	4	herding	herding	NOUN
cjfa-63095	235	5	behavior	behavior	NOUN
cjfa-63095	235	6	is	be	AUX
cjfa-63095	235	7	inferred	infer	VERB
cjfa-63095	235	8	from	from	ADP
cjfa-63095	235	9	the	the	DET
cjfa-63095	235	10	significant	significant	ADJ
cjfa-63095	235	11	value	value	NOUN
cjfa-63095	235	12	of	of	ADP
cjfa-63095	235	13	the	the	DET
cjfa-63095	235	14	variance	variance	NOUN
cjfa-63095	235	15	of	of	ADP
cjfa-63095	235	16	the	the	DET
cjfa-63095	235	17	error	error	NOUN
cjfa-63095	235	18	term	term	NOUN
cjfa-63095	235	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	235	20	�	�	PROPN
cjfa-63095	235	21	�	�	PROPN
cjfa-63095	235	22	(	(	PUNCT
cjfa-63095	235	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	235	24	�	�	PROPN
cjfa-63095	235	25	,	,	PUNCT
cjfa-63095	235	26	�	�	PROPN
cjfa-63095	235	27	�	�	PROPN
cjfa-63095	235	28	)	)	PUNCT
cjfa-63095	235	29	,	,	PUNCT
cjfa-63095	235	30	and	and	CCONJ
cjfa-63095	235	31	the	the	DET
cjfa-63095	235	32	significance	significance	NOUN
cjfa-63095	235	33	of	of	ADP
cjfa-63095	235	34	the	the	DET
cjfa-63095	235	35	persistence	persistence	NOUN
cjfa-63095	235	36	parameter	parameter	NOUN
cjfa-63095	235	37	�	�	PROPN
cjfa-63095	235	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	235	39	�	�	PROPN
cjfa-63095	235	40	�	�	PROPN
cjfa-63095	235	41	.	.	PUNCT
cjfa-63095	236	1	cross	cross	ADJ
cjfa-63095	236	2	-	-	ADJ
cjfa-63095	236	3	sectional	sectional	ADJ
cjfa-63095	236	4	standard	standard	ADJ
cjfa-63095	236	5	deviation	deviation	NOUN
cjfa-63095	236	6	of	of	ADP
cjfa-63095	236	7	betas	beta	NOUN
cjfa-63095	236	8	is	be	AUX
cjfa-63095	236	9	calculated	calculate	VERB
cjfa-63095	236	10	by	by	ADP
cjfa-63095	236	11	the	the	DET
cjfa-63095	236	12	following	follow	VERB
cjfa-63095	236	13	formula	formula	NOUN
cjfa-63095	236	14	:	:	PUNCT
cjfa-63095	236	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	236	16	�	�	PROPN
cjfa-63095	236	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	236	18	�	�	PROPN
cjfa-63095	236	19	�	�	PROPN
cjfa-63095	236	20	)	)	PUNCT
cjfa-63095	236	21	=	=	SYM
cjfa-63095	236	22	�	�	PROPN
cjfa-63095	236	23	�	�	PROPN
cjfa-63095	236	24	�	�	PROPN
cjfa-63095	236	25	�	�	PROPN
cjfa-63095	236	26	�	�	PROPN
cjfa-63095	236	27	�	�	PROPN
cjfa-63095	236	28	�	�	PROPN
cjfa-63095	236	29	�	�	PROPN
cjfa-63095	236	30	�	�	PROPN
cjfa-63095	236	31	�	�	PROPN
cjfa-63095	236	32	�	�	PROPN
cjfa-63095	236	33	�	�	PROPN
cjfa-63095	236	34	�	�	PROPN
cjfa-63095	236	35	�	�	PROPN
cjfa-63095	236	36	�	�	PROPN
cjfa-63095	236	37	�	�	PROPN
cjfa-63095	236	38	�	�	PROPN
cjfa-63095	236	39	�	�	PROPN
cjfa-63095	236	40	�	�	PROPN
cjfa-63095	236	41	�	�	PROPN
cjfa-63095	236	42	�	�	PROPN
cjfa-63095	236	43	�	�	PROPN
cjfa-63095	236	44	�	�	PROPN
cjfa-63095	236	45	�	�	PROPN
cjfa-63095	236	46	�	�	PROPN
cjfa-63095	236	47	�	�	PROPN
cjfa-63095	236	48	�	�	PROPN
cjfa-63095	236	49	�	�	PROPN
cjfa-63095	236	50	�	�	PROPN
cjfa-63095	236	51	�	�	PROPN
cjfa-63095	236	52	(	(	PUNCT
cjfa-63095	236	53	7	7	NUM
cjfa-63095	236	54	)	)	PUNCT
cjfa-63095	236	55	statistical	statistical	ADJ
cjfa-63095	236	56	results	result	NOUN
cjfa-63095	236	57	of	of	ADP
cjfa-63095	236	58	herding	herd	VERB
cjfa-63095	236	59	behavior	behavior	NOUN
cjfa-63095	236	60	the	the	DET
cjfa-63095	236	61	study	study	NOUN
cjfa-63095	236	62	sample	sample	NOUN
cjfa-63095	236	63	was	be	AUX
cjfa-63095	236	64	divided	divide	VERB
cjfa-63095	236	65	into	into	ADP
cjfa-63095	236	66	two	two	NUM
cjfa-63095	236	67	different	different	ADJ
cjfa-63095	236	68	portfolios	portfolio	NOUN
cjfa-63095	236	69	,	,	PUNCT
cjfa-63095	236	70	as	as	SCONJ
cjfa-63095	236	71	follows	follow	VERB
cjfa-63095	236	72	:	:	PUNCT
cjfa-63095	236	73	represents	represent	VERB
cjfa-63095	236	74	the	the	DET
cjfa-63095	236	75	expected	expect	VERB
cjfa-63095	236	76	return	return	NOUN
cjfa-63095	236	77	of	of	ADP
cjfa-63095	236	78	stock	stock	NOUN
cjfa-63095	236	79	i	i	PRON
cjfa-63095	236	80	under	under	ADP
cjfa-63095	236	81	behavioral	behavioral	ADJ
cjfa-63095	236	82	bias	bias	NOUN
cjfa-63095	236	83	,	,	PUNCT
cjfa-63095	236	84	while	while	SCONJ
cjfa-63095	236	85	et	et	PRON
cjfa-63095	236	86	 	 	SPACE
cjfa-63095	236	87	(	(	PUNCT
cjfa-63095	236	88	rmt	rmt	NOUN
cjfa-63095	236	89	 	 	SPACE
cjfa-63095	236	90	)	)	PUNCT
cjfa-63095	236	91	denotes	denote	VERB
cjfa-63095	236	92	the	the	DET
cjfa-63095	236	93	expected	expect	VERB
cjfa-63095	236	94	return	return	NOUN
cjfa-63095	236	95	of	of	ADP
cjfa-63095	236	96	the	the	DET
cjfa-63095	236	97	market	market	NOUN
cjfa-63095	236	98	portfolio	portfolio	NOUN
cjfa-63095	236	99	.	.	PUNCT
cjfa-63095	237	1	hmt	hmt	PROPN
cjfa-63095	237	2	 	 	SPACE
cjfa-63095	237	3	represents	represent	VERB
cjfa-63095	237	4	the	the	DET
cjfa-63095	237	5	herding	herd	VERB
cjfa-63095	237	6	behavior	behavior	NOUN
cjfa-63095	237	7	coefficient	coefficient	NOUN
cjfa-63095	237	8	,	,	PUNCT
cjfa-63095	237	9	if	if	SCONJ
cjfa-63095	237	10	(	(	PUNCT
cjfa-63095	237	11	hmt	hmt	NOUN
cjfa-63095	237	12	=	=	SYM
cjfa-63095	237	13	0	0	X
cjfa-63095	237	14	)	)	PUNCT
cjfa-63095	237	15	herding	herding	NOUN
cjfa-63095	237	16	behavior	behavior	NOUN
cjfa-63095	237	17	is	be	AUX
cjfa-63095	237	18	absent	absent	ADJ
cjfa-63095	237	19	.	.	PUNCT
cjfa-63095	238	1	conversely	conversely	ADV
cjfa-63095	238	2	,	,	PUNCT
cjfa-63095	238	3	if	if	SCONJ
cjfa-63095	238	4	(	(	PUNCT
cjfa-63095	238	5	hmt	hmt	NOUN
cjfa-63095	238	6	=	=	NOUN
cjfa-63095	238	7	0	0	NUM
cjfa-63095	238	8	)	)	PUNCT
cjfa-63095	238	9	,	,	PUNCT
cjfa-63095	238	10	herding	herding	NOUN
cjfa-63095	238	11	behavior	behavior	NOUN
cjfa-63095	238	12	is	be	AUX
cjfa-63095	238	13	fully	fully	ADV
cjfa-63095	238	14	present	present	ADJ
cjfa-63095	238	15	,	,	PUNCT
cjfa-63095	238	16	meaning	mean	VERB
cjfa-63095	238	17	individual	individual	ADJ
cjfa-63095	238	18	stock	stock	NOUN
cjfa-63095	238	19	returns	return	NOUN
cjfa-63095	238	20	move	move	VERB
cjfa-63095	238	21	in	in	ADP
cjfa-63095	238	22	sync	sync	NOUN
cjfa-63095	238	23	with	with	ADP
cjfa-63095	238	24	market	market	NOUN
cjfa-63095	238	25	portfolio	portfolio	NOUN
cjfa-63095	238	26	returns	return	NOUN
cjfa-63095	238	27	.	.	PUNCT
cjfa-63095	239	1	hwang	hwang	PROPN
cjfa-63095	239	2	and	and	CCONJ
cjfa-63095	239	3	salmon	salmon	NOUN
cjfa-63095	239	4	(	(	PUNCT
cjfa-63095	239	5	2004	2004	NUM
cjfa-63095	239	6	)	)	PUNCT
cjfa-63095	239	7	proposed	propose	VERB
cjfa-63095	239	8	the	the	DET
cjfa-63095	239	9	state	state	NOUN
cjfa-63095	239	10	space	space	NOUN
cjfa-63095	239	11	model	model	NOUN
cjfa-63095	239	12	to	to	PART
cjfa-63095	239	13	measure	measure	VERB
cjfa-63095	239	14	herding	herd	VERB
cjfa-63095	239	15	behavior	behavior	NOUN
cjfa-63095	239	16	using	use	VERB
cjfa-63095	239	17	the	the	DET
cjfa-63095	239	18	change	change	NOUN
cjfa-63095	239	19	in	in	ADP
cjfa-63095	239	20	stock	stock	NOUN
cjfa-63095	239	21	sensitivity	sensitivity	NOUN
cjfa-63095	239	22	to	to	PART
cjfa-63095	239	23	change	change	VERB
cjfa-63095	239	24	in	in	ADP
cjfa-63095	239	25	market	market	NOUN
cjfa-63095	239	26	return	return	NOUN
cjfa-63095	239	27	through	through	ADP
cjfa-63095	239	28	the	the	DET
cjfa-63095	239	29	following	follow	VERB
cjfa-63095	239	30	two	two	NUM
cjfa-63095	239	31	equations	equation	NOUN
cjfa-63095	239	32	:	:	PUNCT
cjfa-63095	239	33	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	239	34	�	�	PROPN
cjfa-63095	239	35	�	�	PROPN
cjfa-63095	239	36	�	�	PROPN
cjfa-63095	239	37	=	=	SYM
cjfa-63095	239	38	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	239	39	�	�	PROPN
cjfa-63095	239	40	�	�	PROPN
cjfa-63095	239	41	�	�	PROPN
cjfa-63095	239	42	+	+	CCONJ
cjfa-63095	239	43	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	239	44	�	�	PROPN
cjfa-63095	239	45	�	�	PROPN
cjfa-63095	239	46	�	�	PROPN
cjfa-63095	239	47	�	�	PROPN
cjfa-63095	239	48	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	239	49	�	�	PROPN
cjfa-63095	239	50	�	�	PROPN
cjfa-63095	239	51	�	�	PROPN
cjfa-63095	239	52	+	+	CCONJ
cjfa-63095	239	53	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	239	54	�	�	PROPN
cjfa-63095	239	55	�	�	PROPN
cjfa-63095	239	56	�	�	PROPN
cjfa-63095	239	57	(	(	PUNCT
cjfa-63095	239	58	3	3	NUM
cjfa-63095	239	59	)	)	PUNCT
cjfa-63095	239	60	where	where	SCONJ
cjfa-63095	239	61	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	239	62	�	�	PROPN
cjfa-63095	239	63	�	�	PROPN
cjfa-63095	239	64	�	�	PROPN
cjfa-63095	239	65	and	and	CCONJ
cjfa-63095	239	66	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	239	67	�	�	PROPN
cjfa-63095	239	68	�	�	PROPN
cjfa-63095	239	69	�	�	PROPN
cjfa-63095	239	70	represent	represent	VERB
cjfa-63095	239	71	the	the	DET
cjfa-63095	239	72	daily	daily	ADJ
cjfa-63095	239	73	return	return	NOUN
cjfa-63095	239	74	of	of	ADP
cjfa-63095	239	75	stock	stock	NOUN
cjfa-63095	239	76	i	i	PROPN
cjfa-63095	239	77	and	and	CCONJ
cjfa-63095	239	78	the	the	DET
cjfa-63095	239	79	egx100	egx100	PROPN
cjfa-63095	239	80	index	index	NOUN
cjfa-63095	239	81	during	during	ADP
cjfa-63095	239	82	month	month	NOUN
cjfa-63095	239	83	t	t	NOUN
cjfa-63095	239	84	respectively	respectively	ADV
cjfa-63095	239	85	,	,	PUNCT
cjfa-63095	239	86	while	while	SCONJ
cjfa-63095	239	87	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	239	88	�	�	PROPN
cjfa-63095	239	89	�	�	PROPN
cjfa-63095	239	90	�	�	PROPN
cjfa-63095	239	91	�	�	PROPN
cjfa-63095	239	92	denotes	denote	VERB
cjfa-63095	239	93	the	the	DET
cjfa-63095	239	94	monthly	monthly	ADJ
cjfa-63095	239	95	beta	beta	NOUN
cjfa-63095	239	96	for	for	ADP
cjfa-63095	239	97	each	each	DET
cjfa-63095	239	98	stock	stock	NOUN
cjfa-63095	239	99	.	.	PUNCT
cjfa-63095	240	1	the	the	DET
cjfa-63095	240	2	regression	regression	NOUN
cjfa-63095	240	3	analysis	analysis	NOUN
cjfa-63095	240	4	was	be	AUX
cjfa-63095	240	5	performed	perform	VERB
cjfa-63095	240	6	60	60	NUM
cjfa-63095	240	7	times	time	NOUN
cjfa-63095	240	8	per	per	ADP
cjfa-63095	240	9	stock	stock	NOUN
cjfa-63095	240	10	to	to	PART
cjfa-63095	240	11	obtain	obtain	VERB
cjfa-63095	240	12	monthly	monthly	ADJ
cjfa-63095	240	13	beta	beta	NOUN
cjfa-63095	240	14	per	per	ADP
cjfa-63095	240	15	stock	stock	NOUN
cjfa-63095	240	16	,	,	PUNCT
cjfa-63095	240	17	thus	thus	ADV
cjfa-63095	240	18	the	the	DET
cjfa-63095	240	19	regression	regression	NOUN
cjfa-63095	240	20	analysis	analysis	NOUN
cjfa-63095	240	21	was	be	AUX
cjfa-63095	240	22	performed	perform	VERB
cjfa-63095	240	23	3,000	3,000	NUM
cjfa-63095	240	24	times	time	NOUN
cjfa-63095	240	25	for	for	ADP
cjfa-63095	240	26	all	all	DET
cjfa-63095	240	27	stocks	stock	NOUN
cjfa-63095	240	28	.	.	PUNCT
cjfa-63095	241	1	the	the	DET
cjfa-63095	241	2	hwang	hwang	PROPN
cjfa-63095	241	3	and	and	CCONJ
cjfa-63095	241	4	salmon	salmon	PROPN
cjfa-63095	241	5	(	(	PUNCT
cjfa-63095	241	6	2004	2004	NUM
cjfa-63095	241	7	)	)	PUNCT
cjfa-63095	241	8	methodology	methodology	NOUN
cjfa-63095	241	9	is	be	AUX
cjfa-63095	241	10	based	base	VERB
cjfa-63095	241	11	on	on	ADP
cjfa-63095	241	12	the	the	DET
cjfa-63095	241	13	cross	cross	ADJ
cjfa-63095	241	14	-	-	ADJ
cjfa-63095	241	15	sectional	sectional	ADJ
cjfa-63095	241	16	standard	standard	ADJ
cjfa-63095	241	17	deviation	deviation	NOUN
cjfa-63095	241	18	of	of	ADP
cjfa-63095	241	19	betas	beta	NOUN
cjfa-63095	241	20	.	.	PUNCT
cjfa-63095	242	1	as	as	SCONJ
cjfa-63095	242	2	follows	follow	VERB
cjfa-63095	242	3	:	:	PUNCT
cjfa-63095	242	4	…	…	PUNCT
cjfa-63095	242	5	�	�	PROPN
cjfa-63095	242	6	�	�	PROPN
cjfa-63095	242	7	�	�	PROPN
cjfa-63095	242	8	�	�	PROPN
cjfa-63095	242	9	�	�	PROPN
cjfa-63095	242	10	�	�	PROPN
cjfa-63095	242	11	�	�	PROPN
cjfa-63095	242	12	�	�	PROPN
cjfa-63095	242	13	�	�	PROPN
cjfa-63095	242	14	�	�	PROPN
cjfa-63095	242	15	�	�	PROPN
cjfa-63095	242	16	�	�	PROPN
cjfa-63095	242	17	�	�	PROPN
cjfa-63095	242	18	�	�	PROPN
cjfa-63095	242	19	�	�	PROPN
cjfa-63095	242	20	=	=	PUNCT
cjfa-63095	242	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	242	22	�	�	PROPN
cjfa-63095	242	23	�	�	PROPN
cjfa-63095	242	24	�	�	PROPN
cjfa-63095	242	25	�	�	NOUN
cjfa-63095	242	26	=	=	PROPN
cjfa-63095	242	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	242	28	�	�	PROPN
cjfa-63095	242	29	�	�	PROPN
cjfa-63095	242	30	�	�	PROPN
cjfa-63095	242	31			PROPN
cjfa-63095	242	32	ℎ	ℎ	PROPN
cjfa-63095	242	33	�	�	PROPN
cjfa-63095	242	34	�	�	PROPN
cjfa-63095	242	35	(	(	PUNCT
cjfa-63095	242	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	242	37	�	�	PROPN
cjfa-63095	242	38	�	�	PROPN
cjfa-63095	242	39	�	�	NOUN
cjfa-63095	242	40	1	1	NOUN
cjfa-63095	242	41	)	)	PUNCT
cjfa-63095	242	42	(	(	PUNCT
cjfa-63095	242	43	4	4	X
cjfa-63095	242	44	)	)	PUNCT
cjfa-63095	242	45	where	where	SCONJ
cjfa-63095	242	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	242	47	�	�	PROPN
cjfa-63095	242	48	�	�	PROPN
cjfa-63095	242	49	represents	represent	VERB
cjfa-63095	242	50	the	the	DET
cjfa-63095	242	51	expected	expect	VERB
cjfa-63095	242	52	return	return	NOUN
cjfa-63095	242	53	of	of	ADP
cjfa-63095	242	54	stock	stock	NOUN
cjfa-63095	242	55	i	i	PRON
cjfa-63095	242	56	under	under	ADP
cjfa-63095	242	57	behavioral	behavioral	ADJ
cjfa-63095	242	58	bias	bias	NOUN
cjfa-63095	242	59	,	,	PUNCT
cjfa-63095	242	60	while	while	SCONJ
cjfa-63095	242	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	242	62	�	�	PROPN
cjfa-63095	242	63	�	�	PROPN
cjfa-63095	242	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	242	65	�	�	PROPN
cjfa-63095	242	66	�	�	PROPN
cjfa-63095	242	67	�	�	PROPN
cjfa-63095	242	68	denotes	denote	VERB
cjfa-63095	242	69	the	the	DET
cjfa-63095	242	70	expected	expect	VERB
cjfa-63095	242	71	return	return	NOUN
cjfa-63095	242	72	of	of	ADP
cjfa-63095	242	73	the	the	DET
cjfa-63095	242	74	market	market	NOUN
cjfa-63095	242	75	portfolio	portfolio	NOUN
cjfa-63095	242	76	.	.	PUNCT
cjfa-63095	243	1	ℎ	ℎ	PROPN
cjfa-63095	243	2	�	�	PROPN
cjfa-63095	243	3	�	�	PROPN
cjfa-63095	243	4	represents	represent	VERB
cjfa-63095	243	5	the	the	DET
cjfa-63095	243	6	herding	herd	VERB
cjfa-63095	243	7	behavior	behavior	NOUN
cjfa-63095	243	8	coefficient	coefficient	NOUN
cjfa-63095	243	9	,	,	PUNCT
cjfa-63095	243	10	if	if	SCONJ
cjfa-63095	243	11	(	(	PUNCT
cjfa-63095	243	12	ℎ	ℎ	PROPN
cjfa-63095	243	13	�	�	NOUN
cjfa-63095	243	14	�	�	NOUN
cjfa-63095	243	15	=	=	SYM
cjfa-63095	243	16	0	0	NUM
cjfa-63095	243	17	)	)	PUNCT
cjfa-63095	243	18	herding	herding	NOUN
cjfa-63095	243	19	behavior	behavior	NOUN
cjfa-63095	243	20	is	be	AUX
cjfa-63095	243	21	absent	absent	ADJ
cjfa-63095	243	22	.	.	PUNCT
cjfa-63095	244	1	conversely	conversely	ADV
cjfa-63095	244	2	,	,	PUNCT
cjfa-63095	244	3	if	if	SCONJ
cjfa-63095	244	4	(	(	PUNCT
cjfa-63095	244	5	ℎ	ℎ	PROPN
cjfa-63095	244	6	�	�	NOUN
cjfa-63095	244	7	�	�	NOUN
cjfa-63095	244	8	=	=	SYM
cjfa-63095	244	9	0	0	NUM
cjfa-63095	244	10	)	)	PUNCT
cjfa-63095	244	11	,	,	PUNCT
cjfa-63095	244	12	herding	herding	NOUN
cjfa-63095	244	13	behavior	behavior	NOUN
cjfa-63095	244	14	is	be	AUX
cjfa-63095	244	15	fully	fully	ADV
cjfa-63095	244	16	present	present	ADJ
cjfa-63095	244	17	,	,	PUNCT
cjfa-63095	244	18	meaning	mean	VERB
cjfa-63095	244	19	individual	individual	ADJ
cjfa-63095	244	20	stock	stock	NOUN
cjfa-63095	244	21	returns	return	NOUN
cjfa-63095	244	22	move	move	VERB
cjfa-63095	244	23	in	in	ADP
cjfa-63095	244	24	sync	sync	NOUN
cjfa-63095	244	25	with	with	ADP
cjfa-63095	244	26	market	market	NOUN
cjfa-63095	244	27	portfolio	portfolio	NOUN
cjfa-63095	244	28	returns	return	NOUN
cjfa-63095	244	29	.	.	PUNCT
cjfa-63095	245	1	hwang	hwang	PROPN
cjfa-63095	245	2	and	and	CCONJ
cjfa-63095	245	3	salmon	salmon	NOUN
cjfa-63095	245	4	(	(	PUNCT
cjfa-63095	245	5	2004	2004	NUM
cjfa-63095	245	6	)	)	PUNCT
cjfa-63095	245	7	proposed	propose	VERB
cjfa-63095	245	8	the	the	DET
cjfa-63095	245	9	state	state	NOUN
cjfa-63095	245	10	space	space	NOUN
cjfa-63095	245	11	model	model	NOUN
cjfa-63095	245	12	to	to	PART
cjfa-63095	245	13	measure	measure	VERB
cjfa-63095	245	14	herding	herd	VERB
cjfa-63095	245	15	behavior	behavior	NOUN
cjfa-63095	245	16	using	use	VERB
cjfa-63095	245	17	the	the	DET
cjfa-63095	245	18	change	change	NOUN
cjfa-63095	245	19	in	in	ADP
cjfa-63095	245	20	stock	stock	NOUN
cjfa-63095	245	21	sensitivity	sensitivity	NOUN
cjfa-63095	245	22	to	to	PART
cjfa-63095	245	23	change	change	VERB
cjfa-63095	245	24	in	in	ADP
cjfa-63095	245	25	market	market	NOUN
cjfa-63095	245	26	return	return	NOUN
cjfa-63095	245	27	through	through	ADP
cjfa-63095	245	28	the	the	DET
cjfa-63095	245	29	following	follow	VERB
cjfa-63095	245	30	two	two	NUM
cjfa-63095	245	31	equations	equation	NOUN
cjfa-63095	245	32	:	:	PUNCT
cjfa-63095	245	33	log	log	NOUN
cjfa-63095	245	34	[	[	PUNCT
cjfa-63095	245	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	245	36	�	�	PROPN
cjfa-63095	245	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	245	38	�	�	PROPN
cjfa-63095	245	39	�	�	PROPN
cjfa-63095	245	40	�	�	PROPN
cjfa-63095	245	41	�	�	PROPN
cjfa-63095	245	42	)	)	PUNCT
cjfa-63095	245	43	]	]	PUNCT
cjfa-63095	246	1	=	=	PUNCT
cjfa-63095	246	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	246	3	�	�	PROPN
cjfa-63095	246	4	+	+	CCONJ
cjfa-63095	246	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	246	6	�	�	PROPN
cjfa-63095	246	7	�	�	PROPN
cjfa-63095	246	8	+	+	CCONJ
cjfa-63095	246	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	246	10	�	�	PROPN
cjfa-63095	246	11	�	�	PROPN
cjfa-63095	246	12	(	(	PUNCT
cjfa-63095	246	13	5	5	NUM
cjfa-63095	246	14	)	)	PUNCT
cjfa-63095	246	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	246	16	�	�	PROPN
cjfa-63095	246	17	�	�	PROPN
cjfa-63095	246	18	=	=	PUNCT
cjfa-63095	246	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	246	20	�	�	PROPN
cjfa-63095	246	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	246	22	�	�	PROPN
cjfa-63095	246	23	,	,	PUNCT
cjfa-63095	246	24	�	�	PROPN
cjfa-63095	246	25	�	�	PROPN
cjfa-63095	246	26	�	�	PROPN
cjfa-63095	246	27	+	+	CCONJ
cjfa-63095	246	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	246	29	�	�	PROPN
cjfa-63095	246	30	�	�	PROPN
cjfa-63095	246	31	(	(	PUNCT
cjfa-63095	246	32	6	6	NUM
cjfa-63095	246	33	)	)	PUNCT
cjfa-63095	246	34	where	where	SCONJ
cjfa-63095	246	35	:	:	PUNCT
cjfa-63095	246	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	246	37	�	�	PROPN
cjfa-63095	246	38	�	�	NOUN
cjfa-63095	246	39	~	~	SYM
cjfa-63095	246	40	iid	iid	NOUN
cjfa-63095	246	41	(	(	PUNCT
cjfa-63095	246	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	246	43	�	�	PROPN
cjfa-63095	246	44	,	,	PUNCT
cjfa-63095	246	45	�	�	PROPN
cjfa-63095	246	46	�	�	PROPN
cjfa-63095	246	47	)	)	PUNCT
cjfa-63095	246	48	the	the	DET
cjfa-63095	246	49	model	model	NOUN
cjfa-63095	246	50	was	be	AUX
cjfa-63095	246	51	estimated	estimate	VERB
cjfa-63095	246	52	using	use	VERB
cjfa-63095	246	53	the	the	DET
cjfa-63095	246	54	kalman	kalman	NOUN
cjfa-63095	246	55	filter	filter	NOUN
cjfa-63095	246	56	methodology	methodology	NOUN
cjfa-63095	246	57	within	within	ADP
cjfa-63095	246	58	eviews	eviews	PROPN
cjfa-63095	246	59	software	software	NOUN
cjfa-63095	246	60	.	.	PUNCT
cjfa-63095	247	1	the	the	DET
cjfa-63095	247	2	presence	presence	NOUN
cjfa-63095	247	3	of	of	ADP
cjfa-63095	247	4	herding	herding	NOUN
cjfa-63095	247	5	behavior	behavior	NOUN
cjfa-63095	247	6	is	be	AUX
cjfa-63095	247	7	inferred	infer	VERB
cjfa-63095	247	8	from	from	ADP
cjfa-63095	247	9	the	the	DET
cjfa-63095	247	10	significant	significant	ADJ
cjfa-63095	247	11	value	value	NOUN
cjfa-63095	247	12	of	of	ADP
cjfa-63095	247	13	the	the	DET
cjfa-63095	247	14	variance	variance	NOUN
cjfa-63095	247	15	of	of	ADP
cjfa-63095	247	16	the	the	DET
cjfa-63095	247	17	error	error	NOUN
cjfa-63095	247	18	term	term	NOUN
cjfa-63095	247	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	247	20	�	�	PROPN
cjfa-63095	247	21	�	�	PROPN
cjfa-63095	247	22	(	(	PUNCT
cjfa-63095	247	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	247	24	�	�	PROPN
cjfa-63095	247	25	,	,	PUNCT
cjfa-63095	247	26	�	�	PROPN
cjfa-63095	247	27	�	�	PROPN
cjfa-63095	247	28	)	)	PUNCT
cjfa-63095	247	29	,	,	PUNCT
cjfa-63095	247	30	and	and	CCONJ
cjfa-63095	247	31	the	the	DET
cjfa-63095	247	32	significance	significance	NOUN
cjfa-63095	247	33	of	of	ADP
cjfa-63095	247	34	the	the	DET
cjfa-63095	247	35	persistence	persistence	NOUN
cjfa-63095	247	36	parameter	parameter	NOUN
cjfa-63095	247	37	�	�	PROPN
cjfa-63095	247	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	247	39	�	�	PROPN
cjfa-63095	247	40	�	�	PROPN
cjfa-63095	247	41	.	.	PUNCT
cjfa-63095	248	1	cross	cross	ADJ
cjfa-63095	248	2	-	-	ADJ
cjfa-63095	248	3	sectional	sectional	ADJ
cjfa-63095	248	4	standard	standard	ADJ
cjfa-63095	248	5	deviation	deviation	NOUN
cjfa-63095	248	6	of	of	ADP
cjfa-63095	248	7	betas	beta	NOUN
cjfa-63095	248	8	is	be	AUX
cjfa-63095	248	9	calculated	calculate	VERB
cjfa-63095	248	10	by	by	ADP
cjfa-63095	248	11	the	the	DET
cjfa-63095	248	12	following	follow	VERB
cjfa-63095	248	13	formula	formula	NOUN
cjfa-63095	248	14	:	:	PUNCT
cjfa-63095	248	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	248	16	�	�	PROPN
cjfa-63095	248	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	248	18	�	�	PROPN
cjfa-63095	248	19	�	�	PROPN
cjfa-63095	248	20	)	)	PUNCT
cjfa-63095	248	21	=	=	SYM
cjfa-63095	248	22	�	�	PROPN
cjfa-63095	248	23	�	�	PROPN
cjfa-63095	248	24	�	�	PROPN
cjfa-63095	248	25	�	�	PROPN
cjfa-63095	248	26	�	�	PROPN
cjfa-63095	248	27	�	�	PROPN
cjfa-63095	248	28	�	�	PROPN
cjfa-63095	248	29	�	�	PROPN
cjfa-63095	248	30	�	�	PROPN
cjfa-63095	248	31	�	�	PROPN
cjfa-63095	248	32	�	�	PROPN
cjfa-63095	248	33	�	�	PROPN
cjfa-63095	248	34	�	�	PROPN
cjfa-63095	248	35	�	�	PROPN
cjfa-63095	248	36	�	�	PROPN
cjfa-63095	248	37	�	�	PROPN
cjfa-63095	248	38	�	�	PROPN
cjfa-63095	248	39	�	�	PROPN
cjfa-63095	248	40	�	�	PROPN
cjfa-63095	248	41	�	�	PROPN
cjfa-63095	248	42	�	�	PROPN
cjfa-63095	248	43	�	�	PROPN
cjfa-63095	248	44	�	�	PROPN
cjfa-63095	248	45	�	�	PROPN
cjfa-63095	248	46	�	�	PROPN
cjfa-63095	248	47	�	�	PROPN
cjfa-63095	248	48	�	�	PROPN
cjfa-63095	248	49	�	�	PROPN
cjfa-63095	248	50	�	�	PROPN
cjfa-63095	248	51	�	�	PROPN
cjfa-63095	248	52	(	(	PUNCT
cjfa-63095	248	53	7	7	NUM
cjfa-63095	248	54	)	)	PUNCT
cjfa-63095	248	55	statistical	statistical	ADJ
cjfa-63095	248	56	results	result	NOUN
cjfa-63095	248	57	of	of	ADP
cjfa-63095	248	58	herding	herd	VERB
cjfa-63095	248	59	behavior	behavior	NOUN
cjfa-63095	248	60	the	the	DET
cjfa-63095	248	61	study	study	NOUN
cjfa-63095	248	62	sample	sample	NOUN
cjfa-63095	248	63	was	be	AUX
cjfa-63095	248	64	divided	divide	VERB
cjfa-63095	248	65	into	into	ADP
cjfa-63095	248	66	two	two	NUM
cjfa-63095	248	67	different	different	ADJ
cjfa-63095	248	68	portfolios	portfolio	NOUN
cjfa-63095	248	69	,	,	PUNCT
cjfa-63095	248	70	as	as	SCONJ
cjfa-63095	248	71	follows	follow	VERB
cjfa-63095	248	72	:	:	PUNCT
cjfa-63095	248	73	(	(	PUNCT
cjfa-63095	248	74	5	5	X
cjfa-63095	248	75	)	)	PUNCT
cjfa-63095	248	76	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	248	77	�	�	PROPN
cjfa-63095	248	78	�	�	PROPN
cjfa-63095	248	79	�	�	PROPN
cjfa-63095	248	80	=	=	SYM
cjfa-63095	248	81	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	248	82	�	�	PROPN
cjfa-63095	248	83	�	�	PROPN
cjfa-63095	248	84	�	�	PROPN
cjfa-63095	248	85	+	+	CCONJ
cjfa-63095	248	86	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	248	87	�	�	PROPN
cjfa-63095	248	88	�	�	PROPN
cjfa-63095	248	89	�	�	PROPN
cjfa-63095	248	90	�	�	PROPN
cjfa-63095	248	91	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	248	92	�	�	PROPN
cjfa-63095	248	93	�	�	PROPN
cjfa-63095	248	94	�	�	PROPN
cjfa-63095	248	95	+	+	CCONJ
cjfa-63095	248	96	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	248	97	�	�	PROPN
cjfa-63095	248	98	�	�	PROPN
cjfa-63095	248	99	�	�	PROPN
cjfa-63095	248	100	(	(	PUNCT
cjfa-63095	248	101	3	3	NUM
cjfa-63095	248	102	)	)	PUNCT
cjfa-63095	248	103	where	where	SCONJ
cjfa-63095	248	104	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	248	105	�	�	PROPN
cjfa-63095	248	106	�	�	PROPN
cjfa-63095	248	107	�	�	PROPN
cjfa-63095	248	108	and	and	CCONJ
cjfa-63095	248	109	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	248	110	�	�	PROPN
cjfa-63095	248	111	�	�	PROPN
cjfa-63095	248	112	�	�	PROPN
cjfa-63095	248	113	represent	represent	VERB
cjfa-63095	248	114	the	the	DET
cjfa-63095	248	115	daily	daily	ADJ
cjfa-63095	248	116	return	return	NOUN
cjfa-63095	248	117	of	of	ADP
cjfa-63095	248	118	stock	stock	NOUN
cjfa-63095	248	119	i	i	PROPN
cjfa-63095	248	120	and	and	CCONJ
cjfa-63095	248	121	the	the	DET
cjfa-63095	248	122	egx100	egx100	PROPN
cjfa-63095	248	123	index	index	NOUN
cjfa-63095	248	124	during	during	ADP
cjfa-63095	248	125	month	month	NOUN
cjfa-63095	248	126	t	t	NOUN
cjfa-63095	248	127	respectively	respectively	ADV
cjfa-63095	248	128	,	,	PUNCT
cjfa-63095	248	129	while	while	SCONJ
cjfa-63095	248	130	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	248	131	�	�	PROPN
cjfa-63095	248	132	�	�	PROPN
cjfa-63095	248	133	�	�	PROPN
cjfa-63095	248	134	�	�	PROPN
cjfa-63095	248	135	denotes	denote	VERB
cjfa-63095	248	136	the	the	DET
cjfa-63095	248	137	monthly	monthly	ADJ
cjfa-63095	248	138	beta	beta	NOUN
cjfa-63095	248	139	for	for	ADP
cjfa-63095	248	140	each	each	DET
cjfa-63095	248	141	stock	stock	NOUN
cjfa-63095	248	142	.	.	PUNCT
cjfa-63095	249	1	the	the	DET
cjfa-63095	249	2	regression	regression	NOUN
cjfa-63095	249	3	analysis	analysis	NOUN
cjfa-63095	249	4	was	be	AUX
cjfa-63095	249	5	performed	perform	VERB
cjfa-63095	249	6	60	60	NUM
cjfa-63095	249	7	times	time	NOUN
cjfa-63095	249	8	per	per	ADP
cjfa-63095	249	9	stock	stock	NOUN
cjfa-63095	249	10	to	to	PART
cjfa-63095	249	11	obtain	obtain	VERB
cjfa-63095	249	12	monthly	monthly	ADJ
cjfa-63095	249	13	beta	beta	NOUN
cjfa-63095	249	14	per	per	ADP
cjfa-63095	249	15	stock	stock	NOUN
cjfa-63095	249	16	,	,	PUNCT
cjfa-63095	249	17	thus	thus	ADV
cjfa-63095	249	18	the	the	DET
cjfa-63095	249	19	regression	regression	NOUN
cjfa-63095	249	20	analysis	analysis	NOUN
cjfa-63095	249	21	was	be	AUX
cjfa-63095	249	22	performed	perform	VERB
cjfa-63095	249	23	3,000	3,000	NUM
cjfa-63095	249	24	times	time	NOUN
cjfa-63095	249	25	for	for	ADP
cjfa-63095	249	26	all	all	DET
cjfa-63095	249	27	stocks	stock	NOUN
cjfa-63095	249	28	.	.	PUNCT
cjfa-63095	250	1	the	the	DET
cjfa-63095	250	2	hwang	hwang	PROPN
cjfa-63095	250	3	and	and	CCONJ
cjfa-63095	250	4	salmon	salmon	PROPN
cjfa-63095	250	5	(	(	PUNCT
cjfa-63095	250	6	2004	2004	NUM
cjfa-63095	250	7	)	)	PUNCT
cjfa-63095	250	8	methodology	methodology	NOUN
cjfa-63095	250	9	is	be	AUX
cjfa-63095	250	10	based	base	VERB
cjfa-63095	250	11	on	on	ADP
cjfa-63095	250	12	the	the	DET
cjfa-63095	250	13	cross	cross	ADJ
cjfa-63095	250	14	-	-	ADJ
cjfa-63095	250	15	sectional	sectional	ADJ
cjfa-63095	250	16	standard	standard	ADJ
cjfa-63095	250	17	deviation	deviation	NOUN
cjfa-63095	250	18	of	of	ADP
cjfa-63095	250	19	betas	beta	NOUN
cjfa-63095	250	20	.	.	PUNCT
cjfa-63095	251	1	as	as	SCONJ
cjfa-63095	251	2	follows	follow	VERB
cjfa-63095	251	3	:	:	PUNCT
cjfa-63095	251	4	…	…	PUNCT
cjfa-63095	251	5	�	�	PROPN
cjfa-63095	251	6	�	�	PROPN
cjfa-63095	251	7	�	�	PROPN
cjfa-63095	251	8	�	�	PROPN
cjfa-63095	251	9	�	�	PROPN
cjfa-63095	251	10	�	�	PROPN
cjfa-63095	251	11	�	�	PROPN
cjfa-63095	251	12	�	�	PROPN
cjfa-63095	251	13	�	�	PROPN
cjfa-63095	251	14	�	�	PROPN
cjfa-63095	251	15	�	�	PROPN
cjfa-63095	251	16	�	�	PROPN
cjfa-63095	251	17	�	�	PROPN
cjfa-63095	251	18	�	�	PROPN
cjfa-63095	251	19	�	�	PROPN
cjfa-63095	251	20	=	=	PUNCT
cjfa-63095	251	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	251	22	�	�	PROPN
cjfa-63095	251	23	�	�	PROPN
cjfa-63095	251	24	�	�	PROPN
cjfa-63095	251	25	�	�	NOUN
cjfa-63095	251	26	=	=	PROPN
cjfa-63095	251	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	251	28	�	�	PROPN
cjfa-63095	251	29	�	�	PROPN
cjfa-63095	251	30	�	�	PROPN
cjfa-63095	251	31			PROPN
cjfa-63095	251	32	ℎ	ℎ	PROPN
cjfa-63095	251	33	�	�	PROPN
cjfa-63095	251	34	�	�	PROPN
cjfa-63095	251	35	(	(	PUNCT
cjfa-63095	251	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	251	37	�	�	PROPN
cjfa-63095	251	38	�	�	PROPN
cjfa-63095	251	39	�	�	NOUN
cjfa-63095	251	40	1	1	NOUN
cjfa-63095	251	41	)	)	PUNCT
cjfa-63095	251	42	(	(	PUNCT
cjfa-63095	251	43	4	4	X
cjfa-63095	251	44	)	)	PUNCT
cjfa-63095	251	45	where	where	SCONJ
cjfa-63095	251	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	251	47	�	�	PROPN
cjfa-63095	251	48	�	�	PROPN
cjfa-63095	251	49	represents	represent	VERB
cjfa-63095	251	50	the	the	DET
cjfa-63095	251	51	expected	expect	VERB
cjfa-63095	251	52	return	return	NOUN
cjfa-63095	251	53	of	of	ADP
cjfa-63095	251	54	stock	stock	NOUN
cjfa-63095	251	55	i	i	PRON
cjfa-63095	251	56	under	under	ADP
cjfa-63095	251	57	behavioral	behavioral	ADJ
cjfa-63095	251	58	bias	bias	NOUN
cjfa-63095	251	59	,	,	PUNCT
cjfa-63095	251	60	while	while	SCONJ
cjfa-63095	251	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	251	62	�	�	PROPN
cjfa-63095	251	63	�	�	PROPN
cjfa-63095	251	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	251	65	�	�	PROPN
cjfa-63095	251	66	�	�	PROPN
cjfa-63095	251	67	�	�	PROPN
cjfa-63095	251	68	denotes	denote	VERB
cjfa-63095	251	69	the	the	DET
cjfa-63095	251	70	expected	expect	VERB
cjfa-63095	251	71	return	return	NOUN
cjfa-63095	251	72	of	of	ADP
cjfa-63095	251	73	the	the	DET
cjfa-63095	251	74	market	market	NOUN
cjfa-63095	251	75	portfolio	portfolio	NOUN
cjfa-63095	251	76	.	.	PUNCT
cjfa-63095	252	1	ℎ	ℎ	PROPN
cjfa-63095	252	2	�	�	PROPN
cjfa-63095	252	3	�	�	PROPN
cjfa-63095	252	4	represents	represent	VERB
cjfa-63095	252	5	the	the	DET
cjfa-63095	252	6	herding	herd	VERB
cjfa-63095	252	7	behavior	behavior	NOUN
cjfa-63095	252	8	coefficient	coefficient	NOUN
cjfa-63095	252	9	,	,	PUNCT
cjfa-63095	252	10	if	if	SCONJ
cjfa-63095	252	11	(	(	PUNCT
cjfa-63095	252	12	ℎ	ℎ	PROPN
cjfa-63095	252	13	�	�	NOUN
cjfa-63095	252	14	�	�	NOUN
cjfa-63095	252	15	=	=	SYM
cjfa-63095	252	16	0	0	NUM
cjfa-63095	252	17	)	)	PUNCT
cjfa-63095	252	18	herding	herding	NOUN
cjfa-63095	252	19	behavior	behavior	NOUN
cjfa-63095	252	20	is	be	AUX
cjfa-63095	252	21	absent	absent	ADJ
cjfa-63095	252	22	.	.	PUNCT
cjfa-63095	253	1	conversely	conversely	ADV
cjfa-63095	253	2	,	,	PUNCT
cjfa-63095	253	3	if	if	SCONJ
cjfa-63095	253	4	(	(	PUNCT
cjfa-63095	253	5	ℎ	ℎ	PROPN
cjfa-63095	253	6	�	�	NOUN
cjfa-63095	253	7	�	�	NOUN
cjfa-63095	253	8	=	=	SYM
cjfa-63095	253	9	0	0	NUM
cjfa-63095	253	10	)	)	PUNCT
cjfa-63095	253	11	,	,	PUNCT
cjfa-63095	253	12	herding	herding	NOUN
cjfa-63095	253	13	behavior	behavior	NOUN
cjfa-63095	253	14	is	be	AUX
cjfa-63095	253	15	fully	fully	ADV
cjfa-63095	253	16	present	present	ADJ
cjfa-63095	253	17	,	,	PUNCT
cjfa-63095	253	18	meaning	mean	VERB
cjfa-63095	253	19	individual	individual	ADJ
cjfa-63095	253	20	stock	stock	NOUN
cjfa-63095	253	21	returns	return	NOUN
cjfa-63095	253	22	move	move	VERB
cjfa-63095	253	23	in	in	ADP
cjfa-63095	253	24	sync	sync	NOUN
cjfa-63095	253	25	with	with	ADP
cjfa-63095	253	26	market	market	NOUN
cjfa-63095	253	27	portfolio	portfolio	NOUN
cjfa-63095	253	28	returns	return	NOUN
cjfa-63095	253	29	.	.	PUNCT
cjfa-63095	254	1	hwang	hwang	PROPN
cjfa-63095	254	2	and	and	CCONJ
cjfa-63095	254	3	salmon	salmon	NOUN
cjfa-63095	254	4	(	(	PUNCT
cjfa-63095	254	5	2004	2004	NUM
cjfa-63095	254	6	)	)	PUNCT
cjfa-63095	254	7	proposed	propose	VERB
cjfa-63095	254	8	the	the	DET
cjfa-63095	254	9	state	state	NOUN
cjfa-63095	254	10	space	space	NOUN
cjfa-63095	254	11	model	model	NOUN
cjfa-63095	254	12	to	to	PART
cjfa-63095	254	13	measure	measure	VERB
cjfa-63095	254	14	herding	herd	VERB
cjfa-63095	254	15	behavior	behavior	NOUN
cjfa-63095	254	16	using	use	VERB
cjfa-63095	254	17	the	the	DET
cjfa-63095	254	18	change	change	NOUN
cjfa-63095	254	19	in	in	ADP
cjfa-63095	254	20	stock	stock	NOUN
cjfa-63095	254	21	sensitivity	sensitivity	NOUN
cjfa-63095	254	22	to	to	PART
cjfa-63095	254	23	change	change	VERB
cjfa-63095	254	24	in	in	ADP
cjfa-63095	254	25	market	market	NOUN
cjfa-63095	254	26	return	return	NOUN
cjfa-63095	254	27	through	through	ADP
cjfa-63095	254	28	the	the	DET
cjfa-63095	254	29	following	follow	VERB
cjfa-63095	254	30	two	two	NUM
cjfa-63095	254	31	equations	equation	NOUN
cjfa-63095	254	32	:	:	PUNCT
cjfa-63095	254	33	log	log	NOUN
cjfa-63095	254	34	[	[	PUNCT
cjfa-63095	254	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	254	36	�	�	PROPN
cjfa-63095	254	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	254	38	�	�	PROPN
cjfa-63095	254	39	�	�	PROPN
cjfa-63095	254	40	�	�	PROPN
cjfa-63095	254	41	�	�	PROPN
cjfa-63095	254	42	)	)	PUNCT
cjfa-63095	254	43	]	]	PUNCT
cjfa-63095	255	1	=	=	PUNCT
cjfa-63095	255	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	255	3	�	�	PROPN
cjfa-63095	255	4	+	+	CCONJ
cjfa-63095	255	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	255	6	�	�	PROPN
cjfa-63095	255	7	�	�	PROPN
cjfa-63095	255	8	+	+	CCONJ
cjfa-63095	255	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	255	10	�	�	PROPN
cjfa-63095	255	11	�	�	PROPN
cjfa-63095	255	12	(	(	PUNCT
cjfa-63095	255	13	5	5	NUM
cjfa-63095	255	14	)	)	PUNCT
cjfa-63095	255	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	255	16	�	�	PROPN
cjfa-63095	255	17	�	�	PROPN
cjfa-63095	255	18	=	=	PUNCT
cjfa-63095	255	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	255	20	�	�	PROPN
cjfa-63095	255	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	255	22	�	�	PROPN
cjfa-63095	255	23	,	,	PUNCT
cjfa-63095	255	24	�	�	PROPN
cjfa-63095	255	25	�	�	PROPN
cjfa-63095	255	26	�	�	PROPN
cjfa-63095	255	27	+	+	CCONJ
cjfa-63095	255	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	255	29	�	�	PROPN
cjfa-63095	255	30	�	�	PROPN
cjfa-63095	255	31	(	(	PUNCT
cjfa-63095	255	32	6	6	NUM
cjfa-63095	255	33	)	)	PUNCT
cjfa-63095	255	34	where	where	SCONJ
cjfa-63095	255	35	:	:	PUNCT
cjfa-63095	255	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	255	37	�	�	PROPN
cjfa-63095	255	38	�	�	NOUN
cjfa-63095	255	39	~	~	SYM
cjfa-63095	255	40	iid	iid	NOUN
cjfa-63095	255	41	(	(	PUNCT
cjfa-63095	255	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	255	43	�	�	PROPN
cjfa-63095	255	44	,	,	PUNCT
cjfa-63095	255	45	�	�	PROPN
cjfa-63095	255	46	�	�	PROPN
cjfa-63095	255	47	)	)	PUNCT
cjfa-63095	255	48	the	the	DET
cjfa-63095	255	49	model	model	NOUN
cjfa-63095	255	50	was	be	AUX
cjfa-63095	255	51	estimated	estimate	VERB
cjfa-63095	255	52	using	use	VERB
cjfa-63095	255	53	the	the	DET
cjfa-63095	255	54	kalman	kalman	NOUN
cjfa-63095	255	55	filter	filter	NOUN
cjfa-63095	255	56	methodology	methodology	NOUN
cjfa-63095	255	57	within	within	ADP
cjfa-63095	255	58	eviews	eviews	PROPN
cjfa-63095	255	59	software	software	NOUN
cjfa-63095	255	60	.	.	PUNCT
cjfa-63095	256	1	the	the	DET
cjfa-63095	256	2	presence	presence	NOUN
cjfa-63095	256	3	of	of	ADP
cjfa-63095	256	4	herding	herding	NOUN
cjfa-63095	256	5	behavior	behavior	NOUN
cjfa-63095	256	6	is	be	AUX
cjfa-63095	256	7	inferred	infer	VERB
cjfa-63095	256	8	from	from	ADP
cjfa-63095	256	9	the	the	DET
cjfa-63095	256	10	significant	significant	ADJ
cjfa-63095	256	11	value	value	NOUN
cjfa-63095	256	12	of	of	ADP
cjfa-63095	256	13	the	the	DET
cjfa-63095	256	14	variance	variance	NOUN
cjfa-63095	256	15	of	of	ADP
cjfa-63095	256	16	the	the	DET
cjfa-63095	256	17	error	error	NOUN
cjfa-63095	256	18	term	term	NOUN
cjfa-63095	256	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	256	20	�	�	PROPN
cjfa-63095	256	21	�	�	PROPN
cjfa-63095	256	22	(	(	PUNCT
cjfa-63095	256	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	256	24	�	�	PROPN
cjfa-63095	256	25	,	,	PUNCT
cjfa-63095	256	26	�	�	PROPN
cjfa-63095	256	27	�	�	PROPN
cjfa-63095	256	28	)	)	PUNCT
cjfa-63095	256	29	,	,	PUNCT
cjfa-63095	256	30	and	and	CCONJ
cjfa-63095	256	31	the	the	DET
cjfa-63095	256	32	significance	significance	NOUN
cjfa-63095	256	33	of	of	ADP
cjfa-63095	256	34	the	the	DET
cjfa-63095	256	35	persistence	persistence	NOUN
cjfa-63095	256	36	parameter	parameter	NOUN
cjfa-63095	256	37	�	�	PROPN
cjfa-63095	256	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	256	39	�	�	PROPN
cjfa-63095	256	40	�	�	PROPN
cjfa-63095	256	41	.	.	PUNCT
cjfa-63095	257	1	cross	cross	ADJ
cjfa-63095	257	2	-	-	ADJ
cjfa-63095	257	3	sectional	sectional	ADJ
cjfa-63095	257	4	standard	standard	ADJ
cjfa-63095	257	5	deviation	deviation	NOUN
cjfa-63095	257	6	of	of	ADP
cjfa-63095	257	7	betas	beta	NOUN
cjfa-63095	257	8	is	be	AUX
cjfa-63095	257	9	calculated	calculate	VERB
cjfa-63095	257	10	by	by	ADP
cjfa-63095	257	11	the	the	DET
cjfa-63095	257	12	following	follow	VERB
cjfa-63095	257	13	formula	formula	NOUN
cjfa-63095	257	14	:	:	PUNCT
cjfa-63095	257	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	257	16	�	�	PROPN
cjfa-63095	257	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	257	18	�	�	PROPN
cjfa-63095	257	19	�	�	PROPN
cjfa-63095	257	20	)	)	PUNCT
cjfa-63095	257	21	=	=	SYM
cjfa-63095	257	22	�	�	PROPN
cjfa-63095	257	23	�	�	PROPN
cjfa-63095	257	24	�	�	PROPN
cjfa-63095	257	25	�	�	PROPN
cjfa-63095	257	26	�	�	PROPN
cjfa-63095	257	27	�	�	PROPN
cjfa-63095	257	28	�	�	PROPN
cjfa-63095	257	29	�	�	PROPN
cjfa-63095	257	30	�	�	PROPN
cjfa-63095	257	31	�	�	PROPN
cjfa-63095	257	32	�	�	PROPN
cjfa-63095	257	33	�	�	PROPN
cjfa-63095	257	34	�	�	PROPN
cjfa-63095	257	35	�	�	PROPN
cjfa-63095	257	36	�	�	PROPN
cjfa-63095	257	37	�	�	PROPN
cjfa-63095	257	38	�	�	PROPN
cjfa-63095	257	39	�	�	PROPN
cjfa-63095	257	40	�	�	PROPN
cjfa-63095	257	41	�	�	PROPN
cjfa-63095	257	42	�	�	PROPN
cjfa-63095	257	43	�	�	PROPN
cjfa-63095	257	44	�	�	PROPN
cjfa-63095	257	45	�	�	PROPN
cjfa-63095	257	46	�	�	PROPN
cjfa-63095	257	47	�	�	PROPN
cjfa-63095	257	48	�	�	PROPN
cjfa-63095	257	49	�	�	PROPN
cjfa-63095	257	50	�	�	PROPN
cjfa-63095	257	51	�	�	PROPN
cjfa-63095	257	52	(	(	PUNCT
cjfa-63095	257	53	7	7	NUM
cjfa-63095	257	54	)	)	PUNCT
cjfa-63095	257	55	statistical	statistical	ADJ
cjfa-63095	257	56	results	result	NOUN
cjfa-63095	257	57	of	of	ADP
cjfa-63095	257	58	herding	herd	VERB
cjfa-63095	257	59	behavior	behavior	NOUN
cjfa-63095	257	60	the	the	DET
cjfa-63095	257	61	study	study	NOUN
cjfa-63095	257	62	sample	sample	NOUN
cjfa-63095	257	63	was	be	AUX
cjfa-63095	257	64	divided	divide	VERB
cjfa-63095	257	65	into	into	ADP
cjfa-63095	257	66	two	two	NUM
cjfa-63095	257	67	different	different	ADJ
cjfa-63095	257	68	portfolios	portfolio	NOUN
cjfa-63095	257	69	,	,	PUNCT
cjfa-63095	257	70	as	as	SCONJ
cjfa-63095	257	71	follows	follow	VERB
cjfa-63095	257	72	:	:	PUNCT
cjfa-63095	257	73	(	(	PUNCT
cjfa-63095	257	74	6	6	NUM
cjfa-63095	257	75	)	)	PUNCT
cjfa-63095	257	76	where	where	SCONJ
cjfa-63095	257	77	:	:	PUNCT
cjfa-63095	257	78	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	257	79	�	�	PROPN
cjfa-63095	257	80	�	�	PROPN
cjfa-63095	257	81	�	�	PROPN
cjfa-63095	257	82	=	=	SYM
cjfa-63095	257	83	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	257	84	�	�	PROPN
cjfa-63095	257	85	�	�	PROPN
cjfa-63095	257	86	�	�	PROPN
cjfa-63095	257	87	+	+	CCONJ
cjfa-63095	257	88	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	257	89	�	�	PROPN
cjfa-63095	257	90	�	�	PROPN
cjfa-63095	257	91	�	�	PROPN
cjfa-63095	257	92	�	�	PROPN
cjfa-63095	257	93	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	257	94	�	�	PROPN
cjfa-63095	257	95	�	�	PROPN
cjfa-63095	257	96	�	�	PROPN
cjfa-63095	257	97	+	+	CCONJ
cjfa-63095	257	98	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	257	99	�	�	PROPN
cjfa-63095	257	100	�	�	PROPN
cjfa-63095	257	101	�	�	PROPN
cjfa-63095	257	102	(	(	PUNCT
cjfa-63095	257	103	3	3	NUM
cjfa-63095	257	104	)	)	PUNCT
cjfa-63095	257	105	where	where	SCONJ
cjfa-63095	257	106	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	257	107	�	�	PROPN
cjfa-63095	257	108	�	�	PROPN
cjfa-63095	257	109	�	�	PROPN
cjfa-63095	257	110	and	and	CCONJ
cjfa-63095	257	111	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	257	112	�	�	PROPN
cjfa-63095	257	113	�	�	PROPN
cjfa-63095	257	114	�	�	PROPN
cjfa-63095	257	115	represent	represent	VERB
cjfa-63095	257	116	the	the	DET
cjfa-63095	257	117	daily	daily	ADJ
cjfa-63095	257	118	return	return	NOUN
cjfa-63095	257	119	of	of	ADP
cjfa-63095	257	120	stock	stock	NOUN
cjfa-63095	257	121	i	i	PROPN
cjfa-63095	257	122	and	and	CCONJ
cjfa-63095	257	123	the	the	DET
cjfa-63095	257	124	egx100	egx100	PROPN
cjfa-63095	257	125	index	index	NOUN
cjfa-63095	257	126	during	during	ADP
cjfa-63095	257	127	month	month	NOUN
cjfa-63095	257	128	t	t	NOUN
cjfa-63095	257	129	respectively	respectively	ADV
cjfa-63095	257	130	,	,	PUNCT
cjfa-63095	257	131	while	while	SCONJ
cjfa-63095	257	132	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	257	133	�	�	PROPN
cjfa-63095	257	134	�	�	PROPN
cjfa-63095	257	135	�	�	PROPN
cjfa-63095	257	136	�	�	PROPN
cjfa-63095	257	137	denotes	denote	VERB
cjfa-63095	257	138	the	the	DET
cjfa-63095	257	139	monthly	monthly	ADJ
cjfa-63095	257	140	beta	beta	NOUN
cjfa-63095	257	141	for	for	ADP
cjfa-63095	257	142	each	each	DET
cjfa-63095	257	143	stock	stock	NOUN
cjfa-63095	257	144	.	.	PUNCT
cjfa-63095	258	1	the	the	DET
cjfa-63095	258	2	regression	regression	NOUN
cjfa-63095	258	3	analysis	analysis	NOUN
cjfa-63095	258	4	was	be	AUX
cjfa-63095	258	5	performed	perform	VERB
cjfa-63095	258	6	60	60	NUM
cjfa-63095	258	7	times	time	NOUN
cjfa-63095	258	8	per	per	ADP
cjfa-63095	258	9	stock	stock	NOUN
cjfa-63095	258	10	to	to	PART
cjfa-63095	258	11	obtain	obtain	VERB
cjfa-63095	258	12	monthly	monthly	ADJ
cjfa-63095	258	13	beta	beta	NOUN
cjfa-63095	258	14	per	per	ADP
cjfa-63095	258	15	stock	stock	NOUN
cjfa-63095	258	16	,	,	PUNCT
cjfa-63095	258	17	thus	thus	ADV
cjfa-63095	258	18	the	the	DET
cjfa-63095	258	19	regression	regression	NOUN
cjfa-63095	258	20	analysis	analysis	NOUN
cjfa-63095	258	21	was	be	AUX
cjfa-63095	258	22	performed	perform	VERB
cjfa-63095	258	23	3,000	3,000	NUM
cjfa-63095	258	24	times	time	NOUN
cjfa-63095	258	25	for	for	ADP
cjfa-63095	258	26	all	all	DET
cjfa-63095	258	27	stocks	stock	NOUN
cjfa-63095	258	28	.	.	PUNCT
cjfa-63095	259	1	the	the	DET
cjfa-63095	259	2	hwang	hwang	PROPN
cjfa-63095	259	3	and	and	CCONJ
cjfa-63095	259	4	salmon	salmon	PROPN
cjfa-63095	259	5	(	(	PUNCT
cjfa-63095	259	6	2004	2004	NUM
cjfa-63095	259	7	)	)	PUNCT
cjfa-63095	259	8	methodology	methodology	NOUN
cjfa-63095	259	9	is	be	AUX
cjfa-63095	259	10	based	base	VERB
cjfa-63095	259	11	on	on	ADP
cjfa-63095	259	12	the	the	DET
cjfa-63095	259	13	cross	cross	ADJ
cjfa-63095	259	14	-	-	ADJ
cjfa-63095	259	15	sectional	sectional	ADJ
cjfa-63095	259	16	standard	standard	ADJ
cjfa-63095	259	17	deviation	deviation	NOUN
cjfa-63095	259	18	of	of	ADP
cjfa-63095	259	19	betas	beta	NOUN
cjfa-63095	259	20	.	.	PUNCT
cjfa-63095	260	1	as	as	SCONJ
cjfa-63095	260	2	follows	follow	VERB
cjfa-63095	260	3	:	:	PUNCT
cjfa-63095	260	4	…	…	PUNCT
cjfa-63095	260	5	�	�	PROPN
cjfa-63095	260	6	�	�	PROPN
cjfa-63095	260	7	�	�	PROPN
cjfa-63095	260	8	�	�	PROPN
cjfa-63095	260	9	�	�	PROPN
cjfa-63095	260	10	�	�	PROPN
cjfa-63095	260	11	�	�	PROPN
cjfa-63095	260	12	�	�	PROPN
cjfa-63095	260	13	�	�	PROPN
cjfa-63095	260	14	�	�	PROPN
cjfa-63095	260	15	�	�	PROPN
cjfa-63095	260	16	�	�	PROPN
cjfa-63095	260	17	�	�	PROPN
cjfa-63095	260	18	�	�	PROPN
cjfa-63095	260	19	�	�	PROPN
cjfa-63095	260	20	=	=	PUNCT
cjfa-63095	260	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	260	22	�	�	PROPN
cjfa-63095	260	23	�	�	PROPN
cjfa-63095	260	24	�	�	PROPN
cjfa-63095	260	25	�	�	NOUN
cjfa-63095	260	26	=	=	PROPN
cjfa-63095	260	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	260	28	�	�	PROPN
cjfa-63095	260	29	�	�	PROPN
cjfa-63095	260	30	�	�	PROPN
cjfa-63095	260	31			PROPN
cjfa-63095	260	32	ℎ	ℎ	PROPN
cjfa-63095	260	33	�	�	PROPN
cjfa-63095	260	34	�	�	PROPN
cjfa-63095	260	35	(	(	PUNCT
cjfa-63095	260	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	260	37	�	�	PROPN
cjfa-63095	260	38	�	�	PROPN
cjfa-63095	260	39	�	�	NOUN
cjfa-63095	260	40	1	1	NOUN
cjfa-63095	260	41	)	)	PUNCT
cjfa-63095	260	42	(	(	PUNCT
cjfa-63095	260	43	4	4	X
cjfa-63095	260	44	)	)	PUNCT
cjfa-63095	260	45	where	where	SCONJ
cjfa-63095	260	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	260	47	�	�	PROPN
cjfa-63095	260	48	�	�	PROPN
cjfa-63095	260	49	represents	represent	VERB
cjfa-63095	260	50	the	the	DET
cjfa-63095	260	51	expected	expect	VERB
cjfa-63095	260	52	return	return	NOUN
cjfa-63095	260	53	of	of	ADP
cjfa-63095	260	54	stock	stock	NOUN
cjfa-63095	260	55	i	i	PRON
cjfa-63095	260	56	under	under	ADP
cjfa-63095	260	57	behavioral	behavioral	ADJ
cjfa-63095	260	58	bias	bias	NOUN
cjfa-63095	260	59	,	,	PUNCT
cjfa-63095	260	60	while	while	SCONJ
cjfa-63095	260	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	260	62	�	�	PROPN
cjfa-63095	260	63	�	�	PROPN
cjfa-63095	260	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	260	65	�	�	PROPN
cjfa-63095	260	66	�	�	PROPN
cjfa-63095	260	67	�	�	PROPN
cjfa-63095	260	68	denotes	denote	VERB
cjfa-63095	260	69	the	the	DET
cjfa-63095	260	70	expected	expect	VERB
cjfa-63095	260	71	return	return	NOUN
cjfa-63095	260	72	of	of	ADP
cjfa-63095	260	73	the	the	DET
cjfa-63095	260	74	market	market	NOUN
cjfa-63095	260	75	portfolio	portfolio	NOUN
cjfa-63095	260	76	.	.	PUNCT
cjfa-63095	261	1	ℎ	ℎ	PROPN
cjfa-63095	261	2	�	�	PROPN
cjfa-63095	261	3	�	�	PROPN
cjfa-63095	261	4	represents	represent	VERB
cjfa-63095	261	5	the	the	DET
cjfa-63095	261	6	herding	herd	VERB
cjfa-63095	261	7	behavior	behavior	NOUN
cjfa-63095	261	8	coefficient	coefficient	NOUN
cjfa-63095	261	9	,	,	PUNCT
cjfa-63095	261	10	if	if	SCONJ
cjfa-63095	261	11	(	(	PUNCT
cjfa-63095	261	12	ℎ	ℎ	PROPN
cjfa-63095	261	13	�	�	NOUN
cjfa-63095	261	14	�	�	NOUN
cjfa-63095	261	15	=	=	SYM
cjfa-63095	261	16	0	0	NUM
cjfa-63095	261	17	)	)	PUNCT
cjfa-63095	261	18	herding	herding	NOUN
cjfa-63095	261	19	behavior	behavior	NOUN
cjfa-63095	261	20	is	be	AUX
cjfa-63095	261	21	absent	absent	ADJ
cjfa-63095	261	22	.	.	PUNCT
cjfa-63095	262	1	conversely	conversely	ADV
cjfa-63095	262	2	,	,	PUNCT
cjfa-63095	262	3	if	if	SCONJ
cjfa-63095	262	4	(	(	PUNCT
cjfa-63095	262	5	ℎ	ℎ	PROPN
cjfa-63095	262	6	�	�	NOUN
cjfa-63095	262	7	�	�	NOUN
cjfa-63095	262	8	=	=	SYM
cjfa-63095	262	9	0	0	NUM
cjfa-63095	262	10	)	)	PUNCT
cjfa-63095	262	11	,	,	PUNCT
cjfa-63095	262	12	herding	herding	NOUN
cjfa-63095	262	13	behavior	behavior	NOUN
cjfa-63095	262	14	is	be	AUX
cjfa-63095	262	15	fully	fully	ADV
cjfa-63095	262	16	present	present	ADJ
cjfa-63095	262	17	,	,	PUNCT
cjfa-63095	262	18	meaning	mean	VERB
cjfa-63095	262	19	individual	individual	ADJ
cjfa-63095	262	20	stock	stock	NOUN
cjfa-63095	262	21	returns	return	NOUN
cjfa-63095	262	22	move	move	VERB
cjfa-63095	262	23	in	in	ADP
cjfa-63095	262	24	sync	sync	NOUN
cjfa-63095	262	25	with	with	ADP
cjfa-63095	262	26	market	market	NOUN
cjfa-63095	262	27	portfolio	portfolio	NOUN
cjfa-63095	262	28	returns	return	NOUN
cjfa-63095	262	29	.	.	PUNCT
cjfa-63095	263	1	hwang	hwang	PROPN
cjfa-63095	263	2	and	and	CCONJ
cjfa-63095	263	3	salmon	salmon	NOUN
cjfa-63095	263	4	(	(	PUNCT
cjfa-63095	263	5	2004	2004	NUM
cjfa-63095	263	6	)	)	PUNCT
cjfa-63095	263	7	proposed	propose	VERB
cjfa-63095	263	8	the	the	DET
cjfa-63095	263	9	state	state	NOUN
cjfa-63095	263	10	space	space	NOUN
cjfa-63095	263	11	model	model	NOUN
cjfa-63095	263	12	to	to	PART
cjfa-63095	263	13	measure	measure	VERB
cjfa-63095	263	14	herding	herd	VERB
cjfa-63095	263	15	behavior	behavior	NOUN
cjfa-63095	263	16	using	use	VERB
cjfa-63095	263	17	the	the	DET
cjfa-63095	263	18	change	change	NOUN
cjfa-63095	263	19	in	in	ADP
cjfa-63095	263	20	stock	stock	NOUN
cjfa-63095	263	21	sensitivity	sensitivity	NOUN
cjfa-63095	263	22	to	to	PART
cjfa-63095	263	23	change	change	VERB
cjfa-63095	263	24	in	in	ADP
cjfa-63095	263	25	market	market	NOUN
cjfa-63095	263	26	return	return	NOUN
cjfa-63095	263	27	through	through	ADP
cjfa-63095	263	28	the	the	DET
cjfa-63095	263	29	following	follow	VERB
cjfa-63095	263	30	two	two	NUM
cjfa-63095	263	31	equations	equation	NOUN
cjfa-63095	263	32	:	:	PUNCT
cjfa-63095	263	33	log	log	NOUN
cjfa-63095	263	34	[	[	PUNCT
cjfa-63095	263	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	263	36	�	�	PROPN
cjfa-63095	263	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	263	38	�	�	PROPN
cjfa-63095	263	39	�	�	PROPN
cjfa-63095	263	40	�	�	PROPN
cjfa-63095	263	41	�	�	PROPN
cjfa-63095	263	42	)	)	PUNCT
cjfa-63095	263	43	]	]	PUNCT
cjfa-63095	264	1	=	=	PUNCT
cjfa-63095	264	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	264	3	�	�	PROPN
cjfa-63095	264	4	+	+	CCONJ
cjfa-63095	264	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	264	6	�	�	PROPN
cjfa-63095	264	7	�	�	PROPN
cjfa-63095	264	8	+	+	CCONJ
cjfa-63095	264	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	264	10	�	�	PROPN
cjfa-63095	264	11	�	�	PROPN
cjfa-63095	264	12	(	(	PUNCT
cjfa-63095	264	13	5	5	NUM
cjfa-63095	264	14	)	)	PUNCT
cjfa-63095	264	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	264	16	�	�	PROPN
cjfa-63095	264	17	�	�	PROPN
cjfa-63095	264	18	=	=	PUNCT
cjfa-63095	264	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	264	20	�	�	PROPN
cjfa-63095	264	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	264	22	�	�	PROPN
cjfa-63095	264	23	,	,	PUNCT
cjfa-63095	264	24	�	�	PROPN
cjfa-63095	264	25	�	�	PROPN
cjfa-63095	264	26	�	�	PROPN
cjfa-63095	264	27	+	+	CCONJ
cjfa-63095	264	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	264	29	�	�	PROPN
cjfa-63095	264	30	�	�	PROPN
cjfa-63095	264	31	(	(	PUNCT
cjfa-63095	264	32	6	6	NUM
cjfa-63095	264	33	)	)	PUNCT
cjfa-63095	264	34	where	where	SCONJ
cjfa-63095	264	35	:	:	PUNCT
cjfa-63095	264	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	264	37	�	�	PROPN
cjfa-63095	264	38	�	�	NOUN
cjfa-63095	264	39	~	~	SYM
cjfa-63095	264	40	iid	iid	NOUN
cjfa-63095	264	41	(	(	PUNCT
cjfa-63095	264	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	264	43	�	�	PROPN
cjfa-63095	264	44	,	,	PUNCT
cjfa-63095	264	45	�	�	PROPN
cjfa-63095	264	46	�	�	PROPN
cjfa-63095	264	47	)	)	PUNCT
cjfa-63095	264	48	the	the	DET
cjfa-63095	264	49	model	model	NOUN
cjfa-63095	264	50	was	be	AUX
cjfa-63095	264	51	estimated	estimate	VERB
cjfa-63095	264	52	using	use	VERB
cjfa-63095	264	53	the	the	DET
cjfa-63095	264	54	kalman	kalman	NOUN
cjfa-63095	264	55	filter	filter	NOUN
cjfa-63095	264	56	methodology	methodology	NOUN
cjfa-63095	264	57	within	within	ADP
cjfa-63095	264	58	eviews	eviews	PROPN
cjfa-63095	264	59	software	software	NOUN
cjfa-63095	264	60	.	.	PUNCT
cjfa-63095	265	1	the	the	DET
cjfa-63095	265	2	presence	presence	NOUN
cjfa-63095	265	3	of	of	ADP
cjfa-63095	265	4	herding	herding	NOUN
cjfa-63095	265	5	behavior	behavior	NOUN
cjfa-63095	265	6	is	be	AUX
cjfa-63095	265	7	inferred	infer	VERB
cjfa-63095	265	8	from	from	ADP
cjfa-63095	265	9	the	the	DET
cjfa-63095	265	10	significant	significant	ADJ
cjfa-63095	265	11	value	value	NOUN
cjfa-63095	265	12	of	of	ADP
cjfa-63095	265	13	the	the	DET
cjfa-63095	265	14	variance	variance	NOUN
cjfa-63095	265	15	of	of	ADP
cjfa-63095	265	16	the	the	DET
cjfa-63095	265	17	error	error	NOUN
cjfa-63095	265	18	term	term	NOUN
cjfa-63095	265	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	265	20	�	�	PROPN
cjfa-63095	265	21	�	�	PROPN
cjfa-63095	265	22	(	(	PUNCT
cjfa-63095	265	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	265	24	�	�	PROPN
cjfa-63095	265	25	,	,	PUNCT
cjfa-63095	265	26	�	�	PROPN
cjfa-63095	265	27	�	�	PROPN
cjfa-63095	265	28	)	)	PUNCT
cjfa-63095	265	29	,	,	PUNCT
cjfa-63095	265	30	and	and	CCONJ
cjfa-63095	265	31	the	the	DET
cjfa-63095	265	32	significance	significance	NOUN
cjfa-63095	265	33	of	of	ADP
cjfa-63095	265	34	the	the	DET
cjfa-63095	265	35	persistence	persistence	NOUN
cjfa-63095	265	36	parameter	parameter	NOUN
cjfa-63095	265	37	�	�	PROPN
cjfa-63095	265	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	265	39	�	�	PROPN
cjfa-63095	265	40	�	�	PROPN
cjfa-63095	265	41	.	.	PUNCT
cjfa-63095	266	1	cross	cross	ADJ
cjfa-63095	266	2	-	-	ADJ
cjfa-63095	266	3	sectional	sectional	ADJ
cjfa-63095	266	4	standard	standard	ADJ
cjfa-63095	266	5	deviation	deviation	NOUN
cjfa-63095	266	6	of	of	ADP
cjfa-63095	266	7	betas	beta	NOUN
cjfa-63095	266	8	is	be	AUX
cjfa-63095	266	9	calculated	calculate	VERB
cjfa-63095	266	10	by	by	ADP
cjfa-63095	266	11	the	the	DET
cjfa-63095	266	12	following	follow	VERB
cjfa-63095	266	13	formula	formula	NOUN
cjfa-63095	266	14	:	:	PUNCT
cjfa-63095	266	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	266	16	�	�	PROPN
cjfa-63095	266	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	266	18	�	�	PROPN
cjfa-63095	266	19	�	�	PROPN
cjfa-63095	266	20	)	)	PUNCT
cjfa-63095	266	21	=	=	SYM
cjfa-63095	266	22	�	�	PROPN
cjfa-63095	266	23	�	�	PROPN
cjfa-63095	266	24	�	�	PROPN
cjfa-63095	266	25	�	�	PROPN
cjfa-63095	266	26	�	�	PROPN
cjfa-63095	266	27	�	�	PROPN
cjfa-63095	266	28	�	�	PROPN
cjfa-63095	266	29	�	�	PROPN
cjfa-63095	266	30	�	�	PROPN
cjfa-63095	266	31	�	�	PROPN
cjfa-63095	266	32	�	�	PROPN
cjfa-63095	266	33	�	�	PROPN
cjfa-63095	266	34	�	�	PROPN
cjfa-63095	266	35	�	�	PROPN
cjfa-63095	266	36	�	�	PROPN
cjfa-63095	266	37	�	�	PROPN
cjfa-63095	266	38	�	�	PROPN
cjfa-63095	266	39	�	�	PROPN
cjfa-63095	266	40	�	�	PROPN
cjfa-63095	266	41	�	�	PROPN
cjfa-63095	266	42	�	�	PROPN
cjfa-63095	266	43	�	�	PROPN
cjfa-63095	266	44	�	�	PROPN
cjfa-63095	266	45	�	�	PROPN
cjfa-63095	266	46	�	�	PROPN
cjfa-63095	266	47	�	�	PROPN
cjfa-63095	266	48	�	�	PROPN
cjfa-63095	266	49	�	�	PROPN
cjfa-63095	266	50	�	�	PROPN
cjfa-63095	266	51	�	�	PROPN
cjfa-63095	266	52	(	(	PUNCT
cjfa-63095	266	53	7	7	NUM
cjfa-63095	266	54	)	)	PUNCT
cjfa-63095	266	55	statistical	statistical	ADJ
cjfa-63095	266	56	results	result	NOUN
cjfa-63095	266	57	of	of	ADP
cjfa-63095	266	58	herding	herd	VERB
cjfa-63095	266	59	behavior	behavior	NOUN
cjfa-63095	266	60	the	the	DET
cjfa-63095	266	61	study	study	NOUN
cjfa-63095	266	62	sample	sample	NOUN
cjfa-63095	266	63	was	be	AUX
cjfa-63095	266	64	divided	divide	VERB
cjfa-63095	266	65	into	into	ADP
cjfa-63095	266	66	two	two	NUM
cjfa-63095	266	67	different	different	ADJ
cjfa-63095	266	68	portfolios	portfolio	NOUN
cjfa-63095	266	69	,	,	PUNCT
cjfa-63095	266	70	as	as	SCONJ
cjfa-63095	266	71	follows	follow	VERB
cjfa-63095	266	72	:	:	PUNCT
cjfa-63095	266	73	the	the	DET
cjfa-63095	266	74	model	model	NOUN
cjfa-63095	266	75	was	be	AUX
cjfa-63095	266	76	estimated	estimate	VERB
cjfa-63095	266	77	using	use	VERB
cjfa-63095	266	78	the	the	DET
cjfa-63095	266	79	kalman	kalman	NOUN
cjfa-63095	266	80	filter	filter	NOUN
cjfa-63095	266	81	methodology	methodology	NOUN
cjfa-63095	266	82	within	within	ADP
cjfa-63095	266	83	eviews	eviews	PROPN
cjfa-63095	266	84	software	software	NOUN
cjfa-63095	266	85	.	.	PUNCT
cjfa-63095	267	1	the	the	DET
cjfa-63095	267	2	presence	presence	NOUN
cjfa-63095	267	3	of	of	ADP
cjfa-63095	267	4	herding	herding	NOUN
cjfa-63095	267	5	behavior	behavior	NOUN
cjfa-63095	267	6	is	be	AUX
cjfa-63095	267	7	inferred	infer	VERB
cjfa-63095	267	8	from	from	ADP
cjfa-63095	267	9	the	the	DET
cjfa-63095	267	10	significant	significant	ADJ
cjfa-63095	267	11	value	value	NOUN
cjfa-63095	267	12	of	of	ADP
cjfa-63095	267	13	the	the	DET
cjfa-63095	267	14	variance	variance	NOUN
cjfa-63095	267	15	of	of	ADP
cjfa-63095	267	16	the	the	DET
cjfa-63095	267	17	error	error	NOUN
cjfa-63095	267	18	term	term	NOUN
cjfa-63095	267	19	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	267	20	�	�	PROPN
cjfa-63095	267	21	�	�	PROPN
cjfa-63095	267	22	�	�	PROPN
cjfa-63095	267	23	=	=	SYM
cjfa-63095	267	24	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	267	25	�	�	PROPN
cjfa-63095	267	26	�	�	PROPN
cjfa-63095	267	27	�	�	PROPN
cjfa-63095	267	28	+	+	CCONJ
cjfa-63095	267	29	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	267	30	�	�	PROPN
cjfa-63095	267	31	�	�	PROPN
cjfa-63095	267	32	�	�	PROPN
cjfa-63095	267	33	�	�	PROPN
cjfa-63095	267	34	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	267	35	�	�	PROPN
cjfa-63095	267	36	�	�	PROPN
cjfa-63095	267	37	�	�	PROPN
cjfa-63095	267	38	+	+	CCONJ
cjfa-63095	267	39	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	267	40	�	�	PROPN
cjfa-63095	267	41	�	�	PROPN
cjfa-63095	267	42	�	�	PROPN
cjfa-63095	267	43	(	(	PUNCT
cjfa-63095	267	44	3	3	NUM
cjfa-63095	267	45	)	)	PUNCT
cjfa-63095	267	46	where	where	SCONJ
cjfa-63095	267	47	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	267	48	�	�	PROPN
cjfa-63095	267	49	�	�	PROPN
cjfa-63095	267	50	�	�	PROPN
cjfa-63095	267	51	and	and	CCONJ
cjfa-63095	267	52	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	267	53	�	�	PROPN
cjfa-63095	267	54	�	�	PROPN
cjfa-63095	267	55	�	�	PROPN
cjfa-63095	267	56	represent	represent	VERB
cjfa-63095	267	57	the	the	DET
cjfa-63095	267	58	daily	daily	ADJ
cjfa-63095	267	59	return	return	NOUN
cjfa-63095	267	60	of	of	ADP
cjfa-63095	267	61	stock	stock	NOUN
cjfa-63095	267	62	i	i	PROPN
cjfa-63095	267	63	and	and	CCONJ
cjfa-63095	267	64	the	the	DET
cjfa-63095	267	65	egx100	egx100	PROPN
cjfa-63095	267	66	index	index	NOUN
cjfa-63095	267	67	during	during	ADP
cjfa-63095	267	68	month	month	NOUN
cjfa-63095	267	69	t	t	NOUN
cjfa-63095	267	70	respectively	respectively	ADV
cjfa-63095	267	71	,	,	PUNCT
cjfa-63095	267	72	while	while	SCONJ
cjfa-63095	267	73	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	267	74	�	�	PROPN
cjfa-63095	267	75	�	�	PROPN
cjfa-63095	267	76	�	�	PROPN
cjfa-63095	267	77	�	�	PROPN
cjfa-63095	267	78	denotes	denote	VERB
cjfa-63095	267	79	the	the	DET
cjfa-63095	267	80	monthly	monthly	ADJ
cjfa-63095	267	81	beta	beta	NOUN
cjfa-63095	267	82	for	for	ADP
cjfa-63095	267	83	each	each	DET
cjfa-63095	267	84	stock	stock	NOUN
cjfa-63095	267	85	.	.	PUNCT
cjfa-63095	268	1	the	the	DET
cjfa-63095	268	2	regression	regression	NOUN
cjfa-63095	268	3	analysis	analysis	NOUN
cjfa-63095	268	4	was	be	AUX
cjfa-63095	268	5	performed	perform	VERB
cjfa-63095	268	6	60	60	NUM
cjfa-63095	268	7	times	time	NOUN
cjfa-63095	268	8	per	per	ADP
cjfa-63095	268	9	stock	stock	NOUN
cjfa-63095	268	10	to	to	PART
cjfa-63095	268	11	obtain	obtain	VERB
cjfa-63095	268	12	monthly	monthly	ADJ
cjfa-63095	268	13	beta	beta	NOUN
cjfa-63095	268	14	per	per	ADP
cjfa-63095	268	15	stock	stock	NOUN
cjfa-63095	268	16	,	,	PUNCT
cjfa-63095	268	17	thus	thus	ADV
cjfa-63095	268	18	the	the	DET
cjfa-63095	268	19	regression	regression	NOUN
cjfa-63095	268	20	analysis	analysis	NOUN
cjfa-63095	268	21	was	be	AUX
cjfa-63095	268	22	performed	perform	VERB
cjfa-63095	268	23	3,000	3,000	NUM
cjfa-63095	268	24	times	time	NOUN
cjfa-63095	268	25	for	for	ADP
cjfa-63095	268	26	all	all	DET
cjfa-63095	268	27	stocks	stock	NOUN
cjfa-63095	268	28	.	.	PUNCT
cjfa-63095	269	1	the	the	DET
cjfa-63095	269	2	hwang	hwang	PROPN
cjfa-63095	269	3	and	and	CCONJ
cjfa-63095	269	4	salmon	salmon	PROPN
cjfa-63095	269	5	(	(	PUNCT
cjfa-63095	269	6	2004	2004	NUM
cjfa-63095	269	7	)	)	PUNCT
cjfa-63095	269	8	methodology	methodology	NOUN
cjfa-63095	269	9	is	be	AUX
cjfa-63095	269	10	based	base	VERB
cjfa-63095	269	11	on	on	ADP
cjfa-63095	269	12	the	the	DET
cjfa-63095	269	13	cross	cross	ADJ
cjfa-63095	269	14	-	-	ADJ
cjfa-63095	269	15	sectional	sectional	ADJ
cjfa-63095	269	16	standard	standard	ADJ
cjfa-63095	269	17	deviation	deviation	NOUN
cjfa-63095	269	18	of	of	ADP
cjfa-63095	269	19	betas	beta	NOUN
cjfa-63095	269	20	.	.	PUNCT
cjfa-63095	270	1	as	as	SCONJ
cjfa-63095	270	2	follows	follow	VERB
cjfa-63095	270	3	:	:	PUNCT
cjfa-63095	270	4	…	…	PUNCT
cjfa-63095	270	5	�	�	PROPN
cjfa-63095	270	6	�	�	PROPN
cjfa-63095	270	7	�	�	PROPN
cjfa-63095	270	8	�	�	PROPN
cjfa-63095	270	9	�	�	PROPN
cjfa-63095	270	10	�	�	PROPN
cjfa-63095	270	11	�	�	PROPN
cjfa-63095	270	12	�	�	PROPN
cjfa-63095	270	13	�	�	PROPN
cjfa-63095	270	14	�	�	PROPN
cjfa-63095	270	15	�	�	PROPN
cjfa-63095	270	16	�	�	PROPN
cjfa-63095	270	17	�	�	PROPN
cjfa-63095	270	18	�	�	PROPN
cjfa-63095	270	19	�	�	PROPN
cjfa-63095	270	20	=	=	PUNCT
cjfa-63095	270	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	270	22	�	�	PROPN
cjfa-63095	270	23	�	�	PROPN
cjfa-63095	270	24	�	�	PROPN
cjfa-63095	270	25	�	�	NOUN
cjfa-63095	270	26	=	=	PROPN
cjfa-63095	270	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	270	28	�	�	PROPN
cjfa-63095	270	29	�	�	PROPN
cjfa-63095	270	30	�	�	PROPN
cjfa-63095	270	31			PROPN
cjfa-63095	270	32	ℎ	ℎ	PROPN
cjfa-63095	270	33	�	�	PROPN
cjfa-63095	270	34	�	�	PROPN
cjfa-63095	270	35	(	(	PUNCT
cjfa-63095	270	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	270	37	�	�	PROPN
cjfa-63095	270	38	�	�	PROPN
cjfa-63095	270	39	�	�	NOUN
cjfa-63095	270	40	1	1	NOUN
cjfa-63095	270	41	)	)	PUNCT
cjfa-63095	270	42	(	(	PUNCT
cjfa-63095	270	43	4	4	X
cjfa-63095	270	44	)	)	PUNCT
cjfa-63095	270	45	where	where	SCONJ
cjfa-63095	270	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	270	47	�	�	PROPN
cjfa-63095	270	48	�	�	PROPN
cjfa-63095	270	49	represents	represent	VERB
cjfa-63095	270	50	the	the	DET
cjfa-63095	270	51	expected	expect	VERB
cjfa-63095	270	52	return	return	NOUN
cjfa-63095	270	53	of	of	ADP
cjfa-63095	270	54	stock	stock	NOUN
cjfa-63095	270	55	i	i	PRON
cjfa-63095	270	56	under	under	ADP
cjfa-63095	270	57	behavioral	behavioral	ADJ
cjfa-63095	270	58	bias	bias	NOUN
cjfa-63095	270	59	,	,	PUNCT
cjfa-63095	270	60	while	while	SCONJ
cjfa-63095	270	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	270	62	�	�	PROPN
cjfa-63095	270	63	�	�	PROPN
cjfa-63095	270	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	270	65	�	�	PROPN
cjfa-63095	270	66	�	�	PROPN
cjfa-63095	270	67	�	�	PROPN
cjfa-63095	270	68	denotes	denote	VERB
cjfa-63095	270	69	the	the	DET
cjfa-63095	270	70	expected	expect	VERB
cjfa-63095	270	71	return	return	NOUN
cjfa-63095	270	72	of	of	ADP
cjfa-63095	270	73	the	the	DET
cjfa-63095	270	74	market	market	NOUN
cjfa-63095	270	75	portfolio	portfolio	NOUN
cjfa-63095	270	76	.	.	PUNCT
cjfa-63095	271	1	ℎ	ℎ	PROPN
cjfa-63095	271	2	�	�	PROPN
cjfa-63095	271	3	�	�	PROPN
cjfa-63095	271	4	represents	represent	VERB
cjfa-63095	271	5	the	the	DET
cjfa-63095	271	6	herding	herd	VERB
cjfa-63095	271	7	behavior	behavior	NOUN
cjfa-63095	271	8	coefficient	coefficient	NOUN
cjfa-63095	271	9	,	,	PUNCT
cjfa-63095	271	10	if	if	SCONJ
cjfa-63095	271	11	(	(	PUNCT
cjfa-63095	271	12	ℎ	ℎ	PROPN
cjfa-63095	271	13	�	�	NOUN
cjfa-63095	271	14	�	�	NOUN
cjfa-63095	271	15	=	=	SYM
cjfa-63095	271	16	0	0	NUM
cjfa-63095	271	17	)	)	PUNCT
cjfa-63095	271	18	herding	herding	NOUN
cjfa-63095	271	19	behavior	behavior	NOUN
cjfa-63095	271	20	is	be	AUX
cjfa-63095	271	21	absent	absent	ADJ
cjfa-63095	271	22	.	.	PUNCT
cjfa-63095	272	1	conversely	conversely	ADV
cjfa-63095	272	2	,	,	PUNCT
cjfa-63095	272	3	if	if	SCONJ
cjfa-63095	272	4	(	(	PUNCT
cjfa-63095	272	5	ℎ	ℎ	PROPN
cjfa-63095	272	6	�	�	NOUN
cjfa-63095	272	7	�	�	NOUN
cjfa-63095	272	8	=	=	SYM
cjfa-63095	272	9	0	0	NUM
cjfa-63095	272	10	)	)	PUNCT
cjfa-63095	272	11	,	,	PUNCT
cjfa-63095	272	12	herding	herding	NOUN
cjfa-63095	272	13	behavior	behavior	NOUN
cjfa-63095	272	14	is	be	AUX
cjfa-63095	272	15	fully	fully	ADV
cjfa-63095	272	16	present	present	ADJ
cjfa-63095	272	17	,	,	PUNCT
cjfa-63095	272	18	meaning	mean	VERB
cjfa-63095	272	19	individual	individual	ADJ
cjfa-63095	272	20	stock	stock	NOUN
cjfa-63095	272	21	returns	return	NOUN
cjfa-63095	272	22	move	move	VERB
cjfa-63095	272	23	in	in	ADP
cjfa-63095	272	24	sync	sync	NOUN
cjfa-63095	272	25	with	with	ADP
cjfa-63095	272	26	market	market	NOUN
cjfa-63095	272	27	portfolio	portfolio	NOUN
cjfa-63095	272	28	returns	return	NOUN
cjfa-63095	272	29	.	.	PUNCT
cjfa-63095	273	1	hwang	hwang	PROPN
cjfa-63095	273	2	and	and	CCONJ
cjfa-63095	273	3	salmon	salmon	NOUN
cjfa-63095	273	4	(	(	PUNCT
cjfa-63095	273	5	2004	2004	NUM
cjfa-63095	273	6	)	)	PUNCT
cjfa-63095	273	7	proposed	propose	VERB
cjfa-63095	273	8	the	the	DET
cjfa-63095	273	9	state	state	NOUN
cjfa-63095	273	10	space	space	NOUN
cjfa-63095	273	11	model	model	NOUN
cjfa-63095	273	12	to	to	PART
cjfa-63095	273	13	measure	measure	VERB
cjfa-63095	273	14	herding	herd	VERB
cjfa-63095	273	15	behavior	behavior	NOUN
cjfa-63095	273	16	using	use	VERB
cjfa-63095	273	17	the	the	DET
cjfa-63095	273	18	change	change	NOUN
cjfa-63095	273	19	in	in	ADP
cjfa-63095	273	20	stock	stock	NOUN
cjfa-63095	273	21	sensitivity	sensitivity	NOUN
cjfa-63095	273	22	to	to	PART
cjfa-63095	273	23	change	change	VERB
cjfa-63095	273	24	in	in	ADP
cjfa-63095	273	25	market	market	NOUN
cjfa-63095	273	26	return	return	NOUN
cjfa-63095	273	27	through	through	ADP
cjfa-63095	273	28	the	the	DET
cjfa-63095	273	29	following	follow	VERB
cjfa-63095	273	30	two	two	NUM
cjfa-63095	273	31	equations	equation	NOUN
cjfa-63095	273	32	:	:	PUNCT
cjfa-63095	273	33	log	log	NOUN
cjfa-63095	273	34	[	[	PUNCT
cjfa-63095	273	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	273	36	�	�	PROPN
cjfa-63095	273	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	273	38	�	�	PROPN
cjfa-63095	273	39	�	�	PROPN
cjfa-63095	273	40	�	�	PROPN
cjfa-63095	273	41	�	�	PROPN
cjfa-63095	273	42	)	)	PUNCT
cjfa-63095	273	43	]	]	PUNCT
cjfa-63095	274	1	=	=	PUNCT
cjfa-63095	274	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	274	3	�	�	PROPN
cjfa-63095	274	4	+	+	CCONJ
cjfa-63095	274	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	274	6	�	�	PROPN
cjfa-63095	274	7	�	�	PROPN
cjfa-63095	274	8	+	+	CCONJ
cjfa-63095	274	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	274	10	�	�	PROPN
cjfa-63095	274	11	�	�	PROPN
cjfa-63095	274	12	(	(	PUNCT
cjfa-63095	274	13	5	5	NUM
cjfa-63095	274	14	)	)	PUNCT
cjfa-63095	274	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	274	16	�	�	PROPN
cjfa-63095	274	17	�	�	PROPN
cjfa-63095	274	18	=	=	PUNCT
cjfa-63095	274	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	274	20	�	�	PROPN
cjfa-63095	274	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	274	22	�	�	PROPN
cjfa-63095	274	23	,	,	PUNCT
cjfa-63095	274	24	�	�	PROPN
cjfa-63095	274	25	�	�	PROPN
cjfa-63095	274	26	�	�	PROPN
cjfa-63095	274	27	+	+	CCONJ
cjfa-63095	274	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	274	29	�	�	PROPN
cjfa-63095	274	30	�	�	PROPN
cjfa-63095	274	31	(	(	PUNCT
cjfa-63095	274	32	6	6	NUM
cjfa-63095	274	33	)	)	PUNCT
cjfa-63095	274	34	where	where	SCONJ
cjfa-63095	274	35	:	:	PUNCT
cjfa-63095	274	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	274	37	�	�	PROPN
cjfa-63095	274	38	�	�	NOUN
cjfa-63095	274	39	~	~	SYM
cjfa-63095	274	40	iid	iid	NOUN
cjfa-63095	274	41	(	(	PUNCT
cjfa-63095	274	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	274	43	�	�	PROPN
cjfa-63095	274	44	,	,	PUNCT
cjfa-63095	274	45	�	�	PROPN
cjfa-63095	274	46	�	�	PROPN
cjfa-63095	274	47	)	)	PUNCT
cjfa-63095	274	48	the	the	DET
cjfa-63095	274	49	model	model	NOUN
cjfa-63095	274	50	was	be	AUX
cjfa-63095	274	51	estimated	estimate	VERB
cjfa-63095	274	52	using	use	VERB
cjfa-63095	274	53	the	the	DET
cjfa-63095	274	54	kalman	kalman	NOUN
cjfa-63095	274	55	filter	filter	NOUN
cjfa-63095	274	56	methodology	methodology	NOUN
cjfa-63095	274	57	within	within	ADP
cjfa-63095	274	58	eviews	eviews	PROPN
cjfa-63095	274	59	software	software	NOUN
cjfa-63095	274	60	.	.	PUNCT
cjfa-63095	275	1	the	the	DET
cjfa-63095	275	2	presence	presence	NOUN
cjfa-63095	275	3	of	of	ADP
cjfa-63095	275	4	herding	herding	NOUN
cjfa-63095	275	5	behavior	behavior	NOUN
cjfa-63095	275	6	is	be	AUX
cjfa-63095	275	7	inferred	infer	VERB
cjfa-63095	275	8	from	from	ADP
cjfa-63095	275	9	the	the	DET
cjfa-63095	275	10	significant	significant	ADJ
cjfa-63095	275	11	value	value	NOUN
cjfa-63095	275	12	of	of	ADP
cjfa-63095	275	13	the	the	DET
cjfa-63095	275	14	variance	variance	NOUN
cjfa-63095	275	15	of	of	ADP
cjfa-63095	275	16	the	the	DET
cjfa-63095	275	17	error	error	NOUN
cjfa-63095	275	18	term	term	NOUN
cjfa-63095	275	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	275	20	�	�	PROPN
cjfa-63095	275	21	�	�	PROPN
cjfa-63095	275	22	(	(	PUNCT
cjfa-63095	275	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	275	24	�	�	PROPN
cjfa-63095	275	25	,	,	PUNCT
cjfa-63095	275	26	�	�	PROPN
cjfa-63095	275	27	�	�	PROPN
cjfa-63095	275	28	)	)	PUNCT
cjfa-63095	275	29	,	,	PUNCT
cjfa-63095	275	30	and	and	CCONJ
cjfa-63095	275	31	the	the	DET
cjfa-63095	275	32	significance	significance	NOUN
cjfa-63095	275	33	of	of	ADP
cjfa-63095	275	34	the	the	DET
cjfa-63095	275	35	persistence	persistence	NOUN
cjfa-63095	275	36	parameter	parameter	NOUN
cjfa-63095	275	37	�	�	PROPN
cjfa-63095	275	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	275	39	�	�	PROPN
cjfa-63095	275	40	�	�	PROPN
cjfa-63095	275	41	.	.	PUNCT
cjfa-63095	276	1	cross	cross	ADJ
cjfa-63095	276	2	-	-	ADJ
cjfa-63095	276	3	sectional	sectional	ADJ
cjfa-63095	276	4	standard	standard	ADJ
cjfa-63095	276	5	deviation	deviation	NOUN
cjfa-63095	276	6	of	of	ADP
cjfa-63095	276	7	betas	beta	NOUN
cjfa-63095	276	8	is	be	AUX
cjfa-63095	276	9	calculated	calculate	VERB
cjfa-63095	276	10	by	by	ADP
cjfa-63095	276	11	the	the	DET
cjfa-63095	276	12	following	follow	VERB
cjfa-63095	276	13	formula	formula	NOUN
cjfa-63095	276	14	:	:	PUNCT
cjfa-63095	276	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	276	16	�	�	PROPN
cjfa-63095	276	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	276	18	�	�	PROPN
cjfa-63095	276	19	�	�	PROPN
cjfa-63095	276	20	)	)	PUNCT
cjfa-63095	276	21	=	=	SYM
cjfa-63095	276	22	�	�	PROPN
cjfa-63095	276	23	�	�	PROPN
cjfa-63095	276	24	�	�	PROPN
cjfa-63095	276	25	�	�	PROPN
cjfa-63095	276	26	�	�	PROPN
cjfa-63095	276	27	�	�	PROPN
cjfa-63095	276	28	�	�	PROPN
cjfa-63095	276	29	�	�	PROPN
cjfa-63095	276	30	�	�	PROPN
cjfa-63095	276	31	�	�	PROPN
cjfa-63095	276	32	�	�	PROPN
cjfa-63095	276	33	�	�	PROPN
cjfa-63095	276	34	�	�	PROPN
cjfa-63095	276	35	�	�	PROPN
cjfa-63095	276	36	�	�	PROPN
cjfa-63095	276	37	�	�	PROPN
cjfa-63095	276	38	�	�	PROPN
cjfa-63095	276	39	�	�	PROPN
cjfa-63095	276	40	�	�	PROPN
cjfa-63095	276	41	�	�	PROPN
cjfa-63095	276	42	�	�	PROPN
cjfa-63095	276	43	�	�	PROPN
cjfa-63095	276	44	�	�	PROPN
cjfa-63095	276	45	�	�	PROPN
cjfa-63095	276	46	�	�	PROPN
cjfa-63095	276	47	�	�	PROPN
cjfa-63095	276	48	�	�	PROPN
cjfa-63095	276	49	�	�	PROPN
cjfa-63095	276	50	�	�	PROPN
cjfa-63095	276	51	�	�	PROPN
cjfa-63095	276	52	(	(	PUNCT
cjfa-63095	276	53	7	7	NUM
cjfa-63095	276	54	)	)	PUNCT
cjfa-63095	276	55	statistical	statistical	ADJ
cjfa-63095	276	56	results	result	NOUN
cjfa-63095	276	57	of	of	ADP
cjfa-63095	276	58	herding	herd	VERB
cjfa-63095	276	59	behavior	behavior	NOUN
cjfa-63095	276	60	the	the	DET
cjfa-63095	276	61	study	study	NOUN
cjfa-63095	276	62	sample	sample	NOUN
cjfa-63095	276	63	was	be	AUX
cjfa-63095	276	64	divided	divide	VERB
cjfa-63095	276	65	into	into	ADP
cjfa-63095	276	66	two	two	NUM
cjfa-63095	276	67	different	different	ADJ
cjfa-63095	276	68	portfolios	portfolio	NOUN
cjfa-63095	276	69	,	,	PUNCT
cjfa-63095	276	70	as	as	SCONJ
cjfa-63095	276	71	follows	follow	VERB
cjfa-63095	276	72	:	:	PUNCT
cjfa-63095	276	73	,	,	PUNCT
cjfa-63095	276	74	and	and	CCONJ
cjfa-63095	276	75	the	the	DET
cjfa-63095	276	76	significance	significance	NOUN
cjfa-63095	276	77	of	of	ADP
cjfa-63095	276	78	the	the	DET
cjfa-63095	276	79	persistence	persistence	NOUN
cjfa-63095	276	80	parameter	parameter	NOUN
cjfa-63095	276	81	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	276	82	�	�	PROPN
cjfa-63095	276	83	�	�	PROPN
cjfa-63095	276	84	�	�	PROPN
cjfa-63095	276	85	=	=	SYM
cjfa-63095	276	86	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	276	87	�	�	PROPN
cjfa-63095	276	88	�	�	PROPN
cjfa-63095	276	89	�	�	PROPN
cjfa-63095	276	90	+	+	CCONJ
cjfa-63095	276	91	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	276	92	�	�	PROPN
cjfa-63095	276	93	�	�	PROPN
cjfa-63095	276	94	�	�	PROPN
cjfa-63095	276	95	�	�	PROPN
cjfa-63095	276	96	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	276	97	�	�	PROPN
cjfa-63095	276	98	�	�	PROPN
cjfa-63095	276	99	�	�	PROPN
cjfa-63095	276	100	+	+	CCONJ
cjfa-63095	276	101	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	276	102	�	�	PROPN
cjfa-63095	276	103	�	�	PROPN
cjfa-63095	276	104	�	�	PROPN
cjfa-63095	276	105	(	(	PUNCT
cjfa-63095	276	106	3	3	NUM
cjfa-63095	276	107	)	)	PUNCT
cjfa-63095	276	108	where	where	SCONJ
cjfa-63095	276	109	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	276	110	�	�	PROPN
cjfa-63095	276	111	�	�	PROPN
cjfa-63095	276	112	�	�	PROPN
cjfa-63095	276	113	and	and	CCONJ
cjfa-63095	276	114	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	276	115	�	�	PROPN
cjfa-63095	276	116	�	�	PROPN
cjfa-63095	276	117	�	�	PROPN
cjfa-63095	276	118	represent	represent	VERB
cjfa-63095	276	119	the	the	DET
cjfa-63095	276	120	daily	daily	ADJ
cjfa-63095	276	121	return	return	NOUN
cjfa-63095	276	122	of	of	ADP
cjfa-63095	276	123	stock	stock	NOUN
cjfa-63095	276	124	i	i	PROPN
cjfa-63095	276	125	and	and	CCONJ
cjfa-63095	276	126	the	the	DET
cjfa-63095	276	127	egx100	egx100	PROPN
cjfa-63095	276	128	index	index	NOUN
cjfa-63095	276	129	during	during	ADP
cjfa-63095	276	130	month	month	NOUN
cjfa-63095	276	131	t	t	NOUN
cjfa-63095	276	132	respectively	respectively	ADV
cjfa-63095	276	133	,	,	PUNCT
cjfa-63095	276	134	while	while	SCONJ
cjfa-63095	276	135	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	276	136	�	�	PROPN
cjfa-63095	276	137	�	�	PROPN
cjfa-63095	276	138	�	�	PROPN
cjfa-63095	276	139	�	�	PROPN
cjfa-63095	276	140	denotes	denote	VERB
cjfa-63095	276	141	the	the	DET
cjfa-63095	276	142	monthly	monthly	ADJ
cjfa-63095	276	143	beta	beta	NOUN
cjfa-63095	276	144	for	for	ADP
cjfa-63095	276	145	each	each	DET
cjfa-63095	276	146	stock	stock	NOUN
cjfa-63095	276	147	.	.	PUNCT
cjfa-63095	277	1	the	the	DET
cjfa-63095	277	2	regression	regression	NOUN
cjfa-63095	277	3	analysis	analysis	NOUN
cjfa-63095	277	4	was	be	AUX
cjfa-63095	277	5	performed	perform	VERB
cjfa-63095	277	6	60	60	NUM
cjfa-63095	277	7	times	time	NOUN
cjfa-63095	277	8	per	per	ADP
cjfa-63095	277	9	stock	stock	NOUN
cjfa-63095	277	10	to	to	PART
cjfa-63095	277	11	obtain	obtain	VERB
cjfa-63095	277	12	monthly	monthly	ADJ
cjfa-63095	277	13	beta	beta	NOUN
cjfa-63095	277	14	per	per	ADP
cjfa-63095	277	15	stock	stock	NOUN
cjfa-63095	277	16	,	,	PUNCT
cjfa-63095	277	17	thus	thus	ADV
cjfa-63095	277	18	the	the	DET
cjfa-63095	277	19	regression	regression	NOUN
cjfa-63095	277	20	analysis	analysis	NOUN
cjfa-63095	277	21	was	be	AUX
cjfa-63095	277	22	performed	perform	VERB
cjfa-63095	277	23	3,000	3,000	NUM
cjfa-63095	277	24	times	time	NOUN
cjfa-63095	277	25	for	for	ADP
cjfa-63095	277	26	all	all	DET
cjfa-63095	277	27	stocks	stock	NOUN
cjfa-63095	277	28	.	.	PUNCT
cjfa-63095	278	1	the	the	DET
cjfa-63095	278	2	hwang	hwang	PROPN
cjfa-63095	278	3	and	and	CCONJ
cjfa-63095	278	4	salmon	salmon	PROPN
cjfa-63095	278	5	(	(	PUNCT
cjfa-63095	278	6	2004	2004	NUM
cjfa-63095	278	7	)	)	PUNCT
cjfa-63095	278	8	methodology	methodology	NOUN
cjfa-63095	278	9	is	be	AUX
cjfa-63095	278	10	based	base	VERB
cjfa-63095	278	11	on	on	ADP
cjfa-63095	278	12	the	the	DET
cjfa-63095	278	13	cross	cross	ADJ
cjfa-63095	278	14	-	-	ADJ
cjfa-63095	278	15	sectional	sectional	ADJ
cjfa-63095	278	16	standard	standard	ADJ
cjfa-63095	278	17	deviation	deviation	NOUN
cjfa-63095	278	18	of	of	ADP
cjfa-63095	278	19	betas	beta	NOUN
cjfa-63095	278	20	.	.	PUNCT
cjfa-63095	279	1	as	as	SCONJ
cjfa-63095	279	2	follows	follow	VERB
cjfa-63095	279	3	:	:	PUNCT
cjfa-63095	279	4	…	…	PUNCT
cjfa-63095	279	5	�	�	PROPN
cjfa-63095	279	6	�	�	PROPN
cjfa-63095	279	7	�	�	PROPN
cjfa-63095	279	8	�	�	PROPN
cjfa-63095	279	9	�	�	PROPN
cjfa-63095	279	10	�	�	PROPN
cjfa-63095	279	11	�	�	PROPN
cjfa-63095	279	12	�	�	PROPN
cjfa-63095	279	13	�	�	PROPN
cjfa-63095	279	14	�	�	PROPN
cjfa-63095	279	15	�	�	PROPN
cjfa-63095	279	16	�	�	PROPN
cjfa-63095	279	17	�	�	PROPN
cjfa-63095	279	18	�	�	PROPN
cjfa-63095	279	19	�	�	PROPN
cjfa-63095	279	20	=	=	PUNCT
cjfa-63095	279	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	279	22	�	�	PROPN
cjfa-63095	279	23	�	�	PROPN
cjfa-63095	279	24	�	�	PROPN
cjfa-63095	279	25	�	�	NOUN
cjfa-63095	279	26	=	=	PROPN
cjfa-63095	279	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	279	28	�	�	PROPN
cjfa-63095	279	29	�	�	PROPN
cjfa-63095	279	30	�	�	PROPN
cjfa-63095	279	31			PROPN
cjfa-63095	279	32	ℎ	ℎ	PROPN
cjfa-63095	279	33	�	�	PROPN
cjfa-63095	279	34	�	�	PROPN
cjfa-63095	279	35	(	(	PUNCT
cjfa-63095	279	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	279	37	�	�	PROPN
cjfa-63095	279	38	�	�	PROPN
cjfa-63095	279	39	�	�	NOUN
cjfa-63095	279	40	1	1	NOUN
cjfa-63095	279	41	)	)	PUNCT
cjfa-63095	279	42	(	(	PUNCT
cjfa-63095	279	43	4	4	X
cjfa-63095	279	44	)	)	PUNCT
cjfa-63095	279	45	where	where	SCONJ
cjfa-63095	279	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	279	47	�	�	PROPN
cjfa-63095	279	48	�	�	PROPN
cjfa-63095	279	49	represents	represent	VERB
cjfa-63095	279	50	the	the	DET
cjfa-63095	279	51	expected	expect	VERB
cjfa-63095	279	52	return	return	NOUN
cjfa-63095	279	53	of	of	ADP
cjfa-63095	279	54	stock	stock	NOUN
cjfa-63095	279	55	i	i	PRON
cjfa-63095	279	56	under	under	ADP
cjfa-63095	279	57	behavioral	behavioral	ADJ
cjfa-63095	279	58	bias	bias	NOUN
cjfa-63095	279	59	,	,	PUNCT
cjfa-63095	279	60	while	while	SCONJ
cjfa-63095	279	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	279	62	�	�	PROPN
cjfa-63095	279	63	�	�	PROPN
cjfa-63095	279	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	279	65	�	�	PROPN
cjfa-63095	279	66	�	�	PROPN
cjfa-63095	279	67	�	�	PROPN
cjfa-63095	279	68	denotes	denote	VERB
cjfa-63095	279	69	the	the	DET
cjfa-63095	279	70	expected	expect	VERB
cjfa-63095	279	71	return	return	NOUN
cjfa-63095	279	72	of	of	ADP
cjfa-63095	279	73	the	the	DET
cjfa-63095	279	74	market	market	NOUN
cjfa-63095	279	75	portfolio	portfolio	NOUN
cjfa-63095	279	76	.	.	PUNCT
cjfa-63095	280	1	ℎ	ℎ	PROPN
cjfa-63095	280	2	�	�	PROPN
cjfa-63095	280	3	�	�	PROPN
cjfa-63095	280	4	represents	represent	VERB
cjfa-63095	280	5	the	the	DET
cjfa-63095	280	6	herding	herd	VERB
cjfa-63095	280	7	behavior	behavior	NOUN
cjfa-63095	280	8	coefficient	coefficient	NOUN
cjfa-63095	280	9	,	,	PUNCT
cjfa-63095	280	10	if	if	SCONJ
cjfa-63095	280	11	(	(	PUNCT
cjfa-63095	280	12	ℎ	ℎ	PROPN
cjfa-63095	280	13	�	�	NOUN
cjfa-63095	280	14	�	�	NOUN
cjfa-63095	280	15	=	=	SYM
cjfa-63095	280	16	0	0	NUM
cjfa-63095	280	17	)	)	PUNCT
cjfa-63095	280	18	herding	herding	NOUN
cjfa-63095	280	19	behavior	behavior	NOUN
cjfa-63095	280	20	is	be	AUX
cjfa-63095	280	21	absent	absent	ADJ
cjfa-63095	280	22	.	.	PUNCT
cjfa-63095	281	1	conversely	conversely	ADV
cjfa-63095	281	2	,	,	PUNCT
cjfa-63095	281	3	if	if	SCONJ
cjfa-63095	281	4	(	(	PUNCT
cjfa-63095	281	5	ℎ	ℎ	PROPN
cjfa-63095	281	6	�	�	NOUN
cjfa-63095	281	7	�	�	NOUN
cjfa-63095	281	8	=	=	SYM
cjfa-63095	281	9	0	0	NUM
cjfa-63095	281	10	)	)	PUNCT
cjfa-63095	281	11	,	,	PUNCT
cjfa-63095	281	12	herding	herding	NOUN
cjfa-63095	281	13	behavior	behavior	NOUN
cjfa-63095	281	14	is	be	AUX
cjfa-63095	281	15	fully	fully	ADV
cjfa-63095	281	16	present	present	ADJ
cjfa-63095	281	17	,	,	PUNCT
cjfa-63095	281	18	meaning	mean	VERB
cjfa-63095	281	19	individual	individual	ADJ
cjfa-63095	281	20	stock	stock	NOUN
cjfa-63095	281	21	returns	return	NOUN
cjfa-63095	281	22	move	move	VERB
cjfa-63095	281	23	in	in	ADP
cjfa-63095	281	24	sync	sync	NOUN
cjfa-63095	281	25	with	with	ADP
cjfa-63095	281	26	market	market	NOUN
cjfa-63095	281	27	portfolio	portfolio	NOUN
cjfa-63095	281	28	returns	return	NOUN
cjfa-63095	281	29	.	.	PUNCT
cjfa-63095	282	1	hwang	hwang	PROPN
cjfa-63095	282	2	and	and	CCONJ
cjfa-63095	282	3	salmon	salmon	NOUN
cjfa-63095	282	4	(	(	PUNCT
cjfa-63095	282	5	2004	2004	NUM
cjfa-63095	282	6	)	)	PUNCT
cjfa-63095	282	7	proposed	propose	VERB
cjfa-63095	282	8	the	the	DET
cjfa-63095	282	9	state	state	NOUN
cjfa-63095	282	10	space	space	NOUN
cjfa-63095	282	11	model	model	NOUN
cjfa-63095	282	12	to	to	PART
cjfa-63095	282	13	measure	measure	VERB
cjfa-63095	282	14	herding	herd	VERB
cjfa-63095	282	15	behavior	behavior	NOUN
cjfa-63095	282	16	using	use	VERB
cjfa-63095	282	17	the	the	DET
cjfa-63095	282	18	change	change	NOUN
cjfa-63095	282	19	in	in	ADP
cjfa-63095	282	20	stock	stock	NOUN
cjfa-63095	282	21	sensitivity	sensitivity	NOUN
cjfa-63095	282	22	to	to	PART
cjfa-63095	282	23	change	change	VERB
cjfa-63095	282	24	in	in	ADP
cjfa-63095	282	25	market	market	NOUN
cjfa-63095	282	26	return	return	NOUN
cjfa-63095	282	27	through	through	ADP
cjfa-63095	282	28	the	the	DET
cjfa-63095	282	29	following	follow	VERB
cjfa-63095	282	30	two	two	NUM
cjfa-63095	282	31	equations	equation	NOUN
cjfa-63095	282	32	:	:	PUNCT
cjfa-63095	282	33	log	log	NOUN
cjfa-63095	282	34	[	[	PUNCT
cjfa-63095	282	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	282	36	�	�	PROPN
cjfa-63095	282	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	282	38	�	�	PROPN
cjfa-63095	282	39	�	�	PROPN
cjfa-63095	282	40	�	�	PROPN
cjfa-63095	282	41	�	�	PROPN
cjfa-63095	282	42	)	)	PUNCT
cjfa-63095	282	43	]	]	PUNCT
cjfa-63095	283	1	=	=	PUNCT
cjfa-63095	283	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	283	3	�	�	PROPN
cjfa-63095	283	4	+	+	CCONJ
cjfa-63095	283	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	283	6	�	�	PROPN
cjfa-63095	283	7	�	�	PROPN
cjfa-63095	283	8	+	+	CCONJ
cjfa-63095	283	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	283	10	�	�	PROPN
cjfa-63095	283	11	�	�	PROPN
cjfa-63095	283	12	(	(	PUNCT
cjfa-63095	283	13	5	5	NUM
cjfa-63095	283	14	)	)	PUNCT
cjfa-63095	283	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	283	16	�	�	PROPN
cjfa-63095	283	17	�	�	PROPN
cjfa-63095	283	18	=	=	PUNCT
cjfa-63095	283	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	283	20	�	�	PROPN
cjfa-63095	283	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	283	22	�	�	PROPN
cjfa-63095	283	23	,	,	PUNCT
cjfa-63095	283	24	�	�	PROPN
cjfa-63095	283	25	�	�	PROPN
cjfa-63095	283	26	�	�	PROPN
cjfa-63095	283	27	+	+	CCONJ
cjfa-63095	283	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	283	29	�	�	PROPN
cjfa-63095	283	30	�	�	PROPN
cjfa-63095	283	31	(	(	PUNCT
cjfa-63095	283	32	6	6	NUM
cjfa-63095	283	33	)	)	PUNCT
cjfa-63095	283	34	where	where	SCONJ
cjfa-63095	283	35	:	:	PUNCT
cjfa-63095	283	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	283	37	�	�	PROPN
cjfa-63095	283	38	�	�	NOUN
cjfa-63095	283	39	~	~	SYM
cjfa-63095	283	40	iid	iid	NOUN
cjfa-63095	283	41	(	(	PUNCT
cjfa-63095	283	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	283	43	�	�	PROPN
cjfa-63095	283	44	,	,	PUNCT
cjfa-63095	283	45	�	�	PROPN
cjfa-63095	283	46	�	�	PROPN
cjfa-63095	283	47	)	)	PUNCT
cjfa-63095	283	48	the	the	DET
cjfa-63095	283	49	model	model	NOUN
cjfa-63095	283	50	was	be	AUX
cjfa-63095	283	51	estimated	estimate	VERB
cjfa-63095	283	52	using	use	VERB
cjfa-63095	283	53	the	the	DET
cjfa-63095	283	54	kalman	kalman	NOUN
cjfa-63095	283	55	filter	filter	NOUN
cjfa-63095	283	56	methodology	methodology	NOUN
cjfa-63095	283	57	within	within	ADP
cjfa-63095	283	58	eviews	eviews	PROPN
cjfa-63095	283	59	software	software	NOUN
cjfa-63095	283	60	.	.	PUNCT
cjfa-63095	284	1	the	the	DET
cjfa-63095	284	2	presence	presence	NOUN
cjfa-63095	284	3	of	of	ADP
cjfa-63095	284	4	herding	herding	NOUN
cjfa-63095	284	5	behavior	behavior	NOUN
cjfa-63095	284	6	is	be	AUX
cjfa-63095	284	7	inferred	infer	VERB
cjfa-63095	284	8	from	from	ADP
cjfa-63095	284	9	the	the	DET
cjfa-63095	284	10	significant	significant	ADJ
cjfa-63095	284	11	value	value	NOUN
cjfa-63095	284	12	of	of	ADP
cjfa-63095	284	13	the	the	DET
cjfa-63095	284	14	variance	variance	NOUN
cjfa-63095	284	15	of	of	ADP
cjfa-63095	284	16	the	the	DET
cjfa-63095	284	17	error	error	NOUN
cjfa-63095	284	18	term	term	NOUN
cjfa-63095	284	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	284	20	�	�	PROPN
cjfa-63095	284	21	�	�	PROPN
cjfa-63095	284	22	(	(	PUNCT
cjfa-63095	284	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	284	24	�	�	PROPN
cjfa-63095	284	25	,	,	PUNCT
cjfa-63095	284	26	�	�	PROPN
cjfa-63095	284	27	�	�	PROPN
cjfa-63095	284	28	)	)	PUNCT
cjfa-63095	284	29	,	,	PUNCT
cjfa-63095	284	30	and	and	CCONJ
cjfa-63095	284	31	the	the	DET
cjfa-63095	284	32	significance	significance	NOUN
cjfa-63095	284	33	of	of	ADP
cjfa-63095	284	34	the	the	DET
cjfa-63095	284	35	persistence	persistence	NOUN
cjfa-63095	284	36	parameter	parameter	NOUN
cjfa-63095	284	37	�	�	PROPN
cjfa-63095	284	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	284	39	�	�	PROPN
cjfa-63095	284	40	�	�	PROPN
cjfa-63095	284	41	.	.	PUNCT
cjfa-63095	285	1	cross	cross	ADJ
cjfa-63095	285	2	-	-	ADJ
cjfa-63095	285	3	sectional	sectional	ADJ
cjfa-63095	285	4	standard	standard	ADJ
cjfa-63095	285	5	deviation	deviation	NOUN
cjfa-63095	285	6	of	of	ADP
cjfa-63095	285	7	betas	beta	NOUN
cjfa-63095	285	8	is	be	AUX
cjfa-63095	285	9	calculated	calculate	VERB
cjfa-63095	285	10	by	by	ADP
cjfa-63095	285	11	the	the	DET
cjfa-63095	285	12	following	follow	VERB
cjfa-63095	285	13	formula	formula	NOUN
cjfa-63095	285	14	:	:	PUNCT
cjfa-63095	285	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	285	16	�	�	PROPN
cjfa-63095	285	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	285	18	�	�	PROPN
cjfa-63095	285	19	�	�	PROPN
cjfa-63095	285	20	)	)	PUNCT
cjfa-63095	285	21	=	=	SYM
cjfa-63095	285	22	�	�	PROPN
cjfa-63095	285	23	�	�	PROPN
cjfa-63095	285	24	�	�	PROPN
cjfa-63095	285	25	�	�	PROPN
cjfa-63095	285	26	�	�	PROPN
cjfa-63095	285	27	�	�	PROPN
cjfa-63095	285	28	�	�	PROPN
cjfa-63095	285	29	�	�	PROPN
cjfa-63095	285	30	�	�	PROPN
cjfa-63095	285	31	�	�	PROPN
cjfa-63095	285	32	�	�	PROPN
cjfa-63095	285	33	�	�	PROPN
cjfa-63095	285	34	�	�	PROPN
cjfa-63095	285	35	�	�	PROPN
cjfa-63095	285	36	�	�	PROPN
cjfa-63095	285	37	�	�	PROPN
cjfa-63095	285	38	�	�	PROPN
cjfa-63095	285	39	�	�	PROPN
cjfa-63095	285	40	�	�	PROPN
cjfa-63095	285	41	�	�	PROPN
cjfa-63095	285	42	�	�	PROPN
cjfa-63095	285	43	�	�	PROPN
cjfa-63095	285	44	�	�	PROPN
cjfa-63095	285	45	�	�	PROPN
cjfa-63095	285	46	�	�	PROPN
cjfa-63095	285	47	�	�	PROPN
cjfa-63095	285	48	�	�	PROPN
cjfa-63095	285	49	�	�	PROPN
cjfa-63095	285	50	�	�	PROPN
cjfa-63095	285	51	�	�	PROPN
cjfa-63095	285	52	(	(	PUNCT
cjfa-63095	285	53	7	7	NUM
cjfa-63095	285	54	)	)	PUNCT
cjfa-63095	285	55	statistical	statistical	ADJ
cjfa-63095	285	56	results	result	NOUN
cjfa-63095	285	57	of	of	ADP
cjfa-63095	285	58	herding	herd	VERB
cjfa-63095	285	59	behavior	behavior	NOUN
cjfa-63095	285	60	the	the	DET
cjfa-63095	285	61	study	study	NOUN
cjfa-63095	285	62	sample	sample	NOUN
cjfa-63095	285	63	was	be	AUX
cjfa-63095	285	64	divided	divide	VERB
cjfa-63095	285	65	into	into	ADP
cjfa-63095	285	66	two	two	NUM
cjfa-63095	285	67	different	different	ADJ
cjfa-63095	285	68	portfolios	portfolio	NOUN
cjfa-63095	285	69	,	,	PUNCT
cjfa-63095	285	70	as	as	SCONJ
cjfa-63095	285	71	follows	follow	VERB
cjfa-63095	285	72	:	:	PUNCT
cjfa-63095	285	73	.	.	PUNCT
cjfa-63095	286	1	cross	cross	ADJ
cjfa-63095	286	2	-	-	ADJ
cjfa-63095	286	3	sectional	sectional	ADJ
cjfa-63095	286	4	standard	standard	ADJ
cjfa-63095	286	5	deviation	deviation	NOUN
cjfa-63095	286	6	of	of	ADP
cjfa-63095	286	7	betas	beta	NOUN
cjfa-63095	286	8	is	be	AUX
cjfa-63095	286	9	calculated	calculate	VERB
cjfa-63095	286	10	by	by	ADP
cjfa-63095	286	11	the	the	DET
cjfa-63095	286	12	following	follow	VERB
cjfa-63095	286	13	formula	formula	NOUN
cjfa-63095	286	14	:	:	PUNCT
cjfa-63095	286	15	𝑟𝑟	𝑟𝑟	X
cjfa-63095	286	16	�	�	PROPN
cjfa-63095	286	17	�	�	PROPN
cjfa-63095	286	18	�	�	PROPN
cjfa-63095	286	19	=	=	SYM
cjfa-63095	286	20	𝛼𝛼	𝛼𝛼	PROPN
cjfa-63095	286	21	�	�	PROPN
cjfa-63095	286	22	�	�	PROPN
cjfa-63095	286	23	�	�	PROPN
cjfa-63095	286	24	+	+	CCONJ
cjfa-63095	286	25	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	286	26	�	�	PROPN
cjfa-63095	286	27	�	�	PROPN
cjfa-63095	286	28	�	�	PROPN
cjfa-63095	286	29	�	�	PROPN
cjfa-63095	286	30	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	286	31	�	�	PROPN
cjfa-63095	286	32	�	�	PROPN
cjfa-63095	286	33	�	�	PROPN
cjfa-63095	286	34	+	+	CCONJ
cjfa-63095	286	35	𝜀𝜀	𝜀𝜀	PROPN
cjfa-63095	286	36	�	�	PROPN
cjfa-63095	286	37	�	�	PROPN
cjfa-63095	286	38	�	�	PROPN
cjfa-63095	286	39	(	(	PUNCT
cjfa-63095	286	40	3	3	NUM
cjfa-63095	286	41	)	)	PUNCT
cjfa-63095	286	42	where	where	SCONJ
cjfa-63095	286	43	𝑟𝑟	𝑟𝑟	ADP
cjfa-63095	286	44	�	�	PROPN
cjfa-63095	286	45	�	�	PROPN
cjfa-63095	286	46	�	�	PROPN
cjfa-63095	286	47	and	and	CCONJ
cjfa-63095	286	48	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	286	49	�	�	PROPN
cjfa-63095	286	50	�	�	PROPN
cjfa-63095	286	51	�	�	PROPN
cjfa-63095	286	52	represent	represent	VERB
cjfa-63095	286	53	the	the	DET
cjfa-63095	286	54	daily	daily	ADJ
cjfa-63095	286	55	return	return	NOUN
cjfa-63095	286	56	of	of	ADP
cjfa-63095	286	57	stock	stock	NOUN
cjfa-63095	286	58	i	i	PROPN
cjfa-63095	286	59	and	and	CCONJ
cjfa-63095	286	60	the	the	DET
cjfa-63095	286	61	egx100	egx100	PROPN
cjfa-63095	286	62	index	index	NOUN
cjfa-63095	286	63	during	during	ADP
cjfa-63095	286	64	month	month	NOUN
cjfa-63095	286	65	t	t	NOUN
cjfa-63095	286	66	respectively	respectively	ADV
cjfa-63095	286	67	,	,	PUNCT
cjfa-63095	286	68	while	while	SCONJ
cjfa-63095	286	69	𝛽𝛽	𝛽𝛽	ADP
cjfa-63095	286	70	�	�	PROPN
cjfa-63095	286	71	�	�	PROPN
cjfa-63095	286	72	�	�	PROPN
cjfa-63095	286	73	�	�	PROPN
cjfa-63095	286	74	denotes	denote	VERB
cjfa-63095	286	75	the	the	DET
cjfa-63095	286	76	monthly	monthly	ADJ
cjfa-63095	286	77	beta	beta	NOUN
cjfa-63095	286	78	for	for	ADP
cjfa-63095	286	79	each	each	DET
cjfa-63095	286	80	stock	stock	NOUN
cjfa-63095	286	81	.	.	PUNCT
cjfa-63095	287	1	the	the	DET
cjfa-63095	287	2	regression	regression	NOUN
cjfa-63095	287	3	analysis	analysis	NOUN
cjfa-63095	287	4	was	be	AUX
cjfa-63095	287	5	performed	perform	VERB
cjfa-63095	287	6	60	60	NUM
cjfa-63095	287	7	times	time	NOUN
cjfa-63095	287	8	per	per	ADP
cjfa-63095	287	9	stock	stock	NOUN
cjfa-63095	287	10	to	to	PART
cjfa-63095	287	11	obtain	obtain	VERB
cjfa-63095	287	12	monthly	monthly	ADJ
cjfa-63095	287	13	beta	beta	NOUN
cjfa-63095	287	14	per	per	ADP
cjfa-63095	287	15	stock	stock	NOUN
cjfa-63095	287	16	,	,	PUNCT
cjfa-63095	287	17	thus	thus	ADV
cjfa-63095	287	18	the	the	DET
cjfa-63095	287	19	regression	regression	NOUN
cjfa-63095	287	20	analysis	analysis	NOUN
cjfa-63095	287	21	was	be	AUX
cjfa-63095	287	22	performed	perform	VERB
cjfa-63095	287	23	3,000	3,000	NUM
cjfa-63095	287	24	times	time	NOUN
cjfa-63095	287	25	for	for	ADP
cjfa-63095	287	26	all	all	DET
cjfa-63095	287	27	stocks	stock	NOUN
cjfa-63095	287	28	.	.	PUNCT
cjfa-63095	288	1	the	the	DET
cjfa-63095	288	2	hwang	hwang	PROPN
cjfa-63095	288	3	and	and	CCONJ
cjfa-63095	288	4	salmon	salmon	PROPN
cjfa-63095	288	5	(	(	PUNCT
cjfa-63095	288	6	2004	2004	NUM
cjfa-63095	288	7	)	)	PUNCT
cjfa-63095	288	8	methodology	methodology	NOUN
cjfa-63095	288	9	is	be	AUX
cjfa-63095	288	10	based	base	VERB
cjfa-63095	288	11	on	on	ADP
cjfa-63095	288	12	the	the	DET
cjfa-63095	288	13	cross	cross	ADJ
cjfa-63095	288	14	-	-	ADJ
cjfa-63095	288	15	sectional	sectional	ADJ
cjfa-63095	288	16	standard	standard	ADJ
cjfa-63095	288	17	deviation	deviation	NOUN
cjfa-63095	288	18	of	of	ADP
cjfa-63095	288	19	betas	beta	NOUN
cjfa-63095	288	20	.	.	PUNCT
cjfa-63095	289	1	as	as	SCONJ
cjfa-63095	289	2	follows	follow	VERB
cjfa-63095	289	3	:	:	PUNCT
cjfa-63095	289	4	…	…	PUNCT
cjfa-63095	289	5	�	�	PROPN
cjfa-63095	289	6	�	�	PROPN
cjfa-63095	289	7	�	�	PROPN
cjfa-63095	289	8	�	�	PROPN
cjfa-63095	289	9	�	�	PROPN
cjfa-63095	289	10	�	�	PROPN
cjfa-63095	289	11	�	�	PROPN
cjfa-63095	289	12	�	�	PROPN
cjfa-63095	289	13	�	�	PROPN
cjfa-63095	289	14	�	�	PROPN
cjfa-63095	289	15	�	�	PROPN
cjfa-63095	289	16	�	�	PROPN
cjfa-63095	289	17	�	�	PROPN
cjfa-63095	289	18	�	�	PROPN
cjfa-63095	289	19	�	�	PROPN
cjfa-63095	289	20	=	=	PUNCT
cjfa-63095	289	21	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	289	22	�	�	PROPN
cjfa-63095	289	23	�	�	PROPN
cjfa-63095	289	24	�	�	PROPN
cjfa-63095	289	25	�	�	NOUN
cjfa-63095	289	26	=	=	PROPN
cjfa-63095	289	27	𝛽𝛽	𝛽𝛽	NOUN
cjfa-63095	289	28	�	�	PROPN
cjfa-63095	289	29	�	�	PROPN
cjfa-63095	289	30	�	�	PROPN
cjfa-63095	289	31			PROPN
cjfa-63095	289	32	ℎ	ℎ	PROPN
cjfa-63095	289	33	�	�	PROPN
cjfa-63095	289	34	�	�	PROPN
cjfa-63095	289	35	(	(	PUNCT
cjfa-63095	289	36	𝛽𝛽	𝛽𝛽	PROPN
cjfa-63095	289	37	�	�	PROPN
cjfa-63095	289	38	�	�	PROPN
cjfa-63095	289	39	�	�	NOUN
cjfa-63095	289	40	1	1	NOUN
cjfa-63095	289	41	)	)	PUNCT
cjfa-63095	289	42	(	(	PUNCT
cjfa-63095	289	43	4	4	X
cjfa-63095	289	44	)	)	PUNCT
cjfa-63095	289	45	where	where	SCONJ
cjfa-63095	289	46	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	289	47	�	�	PROPN
cjfa-63095	289	48	�	�	PROPN
cjfa-63095	289	49	represents	represent	VERB
cjfa-63095	289	50	the	the	DET
cjfa-63095	289	51	expected	expect	VERB
cjfa-63095	289	52	return	return	NOUN
cjfa-63095	289	53	of	of	ADP
cjfa-63095	289	54	stock	stock	NOUN
cjfa-63095	289	55	i	i	PRON
cjfa-63095	289	56	under	under	ADP
cjfa-63095	289	57	behavioral	behavioral	ADJ
cjfa-63095	289	58	bias	bias	NOUN
cjfa-63095	289	59	,	,	PUNCT
cjfa-63095	289	60	while	while	SCONJ
cjfa-63095	289	61	𝐸𝐸	𝐸𝐸	PROPN
cjfa-63095	289	62	�	�	PROPN
cjfa-63095	289	63	�	�	PROPN
cjfa-63095	289	64	𝑟𝑟	𝑟𝑟	PROPN
cjfa-63095	289	65	�	�	PROPN
cjfa-63095	289	66	�	�	PROPN
cjfa-63095	289	67	�	�	PROPN
cjfa-63095	289	68	denotes	denote	VERB
cjfa-63095	289	69	the	the	DET
cjfa-63095	289	70	expected	expect	VERB
cjfa-63095	289	71	return	return	NOUN
cjfa-63095	289	72	of	of	ADP
cjfa-63095	289	73	the	the	DET
cjfa-63095	289	74	market	market	NOUN
cjfa-63095	289	75	portfolio	portfolio	NOUN
cjfa-63095	289	76	.	.	PUNCT
cjfa-63095	290	1	ℎ	ℎ	PROPN
cjfa-63095	290	2	�	�	PROPN
cjfa-63095	290	3	�	�	PROPN
cjfa-63095	290	4	represents	represent	VERB
cjfa-63095	290	5	the	the	DET
cjfa-63095	290	6	herding	herd	VERB
cjfa-63095	290	7	behavior	behavior	NOUN
cjfa-63095	290	8	coefficient	coefficient	NOUN
cjfa-63095	290	9	,	,	PUNCT
cjfa-63095	290	10	if	if	SCONJ
cjfa-63095	290	11	(	(	PUNCT
cjfa-63095	290	12	ℎ	ℎ	PROPN
cjfa-63095	290	13	�	�	NOUN
cjfa-63095	290	14	�	�	NOUN
cjfa-63095	290	15	=	=	SYM
cjfa-63095	290	16	0	0	NUM
cjfa-63095	290	17	)	)	PUNCT
cjfa-63095	290	18	herding	herding	NOUN
cjfa-63095	290	19	behavior	behavior	NOUN
cjfa-63095	290	20	is	be	AUX
cjfa-63095	290	21	absent	absent	ADJ
cjfa-63095	290	22	.	.	PUNCT
cjfa-63095	291	1	conversely	conversely	ADV
cjfa-63095	291	2	,	,	PUNCT
cjfa-63095	291	3	if	if	SCONJ
cjfa-63095	291	4	(	(	PUNCT
cjfa-63095	291	5	ℎ	ℎ	PROPN
cjfa-63095	291	6	�	�	NOUN
cjfa-63095	291	7	�	�	NOUN
cjfa-63095	291	8	=	=	SYM
cjfa-63095	291	9	0	0	NUM
cjfa-63095	291	10	)	)	PUNCT
cjfa-63095	291	11	,	,	PUNCT
cjfa-63095	291	12	herding	herding	NOUN
cjfa-63095	291	13	behavior	behavior	NOUN
cjfa-63095	291	14	is	be	AUX
cjfa-63095	291	15	fully	fully	ADV
cjfa-63095	291	16	present	present	ADJ
cjfa-63095	291	17	,	,	PUNCT
cjfa-63095	291	18	meaning	mean	VERB
cjfa-63095	291	19	individual	individual	ADJ
cjfa-63095	291	20	stock	stock	NOUN
cjfa-63095	291	21	returns	return	NOUN
cjfa-63095	291	22	move	move	VERB
cjfa-63095	291	23	in	in	ADP
cjfa-63095	291	24	sync	sync	NOUN
cjfa-63095	291	25	with	with	ADP
cjfa-63095	291	26	market	market	NOUN
cjfa-63095	291	27	portfolio	portfolio	NOUN
cjfa-63095	291	28	returns	return	NOUN
cjfa-63095	291	29	.	.	PUNCT
cjfa-63095	292	1	hwang	hwang	PROPN
cjfa-63095	292	2	and	and	CCONJ
cjfa-63095	292	3	salmon	salmon	NOUN
cjfa-63095	292	4	(	(	PUNCT
cjfa-63095	292	5	2004	2004	NUM
cjfa-63095	292	6	)	)	PUNCT
cjfa-63095	292	7	proposed	propose	VERB
cjfa-63095	292	8	the	the	DET
cjfa-63095	292	9	state	state	NOUN
cjfa-63095	292	10	space	space	NOUN
cjfa-63095	292	11	model	model	NOUN
cjfa-63095	292	12	to	to	PART
cjfa-63095	292	13	measure	measure	VERB
cjfa-63095	292	14	herding	herd	VERB
cjfa-63095	292	15	behavior	behavior	NOUN
cjfa-63095	292	16	using	use	VERB
cjfa-63095	292	17	the	the	DET
cjfa-63095	292	18	change	change	NOUN
cjfa-63095	292	19	in	in	ADP
cjfa-63095	292	20	stock	stock	NOUN
cjfa-63095	292	21	sensitivity	sensitivity	NOUN
cjfa-63095	292	22	to	to	PART
cjfa-63095	292	23	change	change	VERB
cjfa-63095	292	24	in	in	ADP
cjfa-63095	292	25	market	market	NOUN
cjfa-63095	292	26	return	return	NOUN
cjfa-63095	292	27	through	through	ADP
cjfa-63095	292	28	the	the	DET
cjfa-63095	292	29	following	follow	VERB
cjfa-63095	292	30	two	two	NUM
cjfa-63095	292	31	equations	equation	NOUN
cjfa-63095	292	32	:	:	PUNCT
cjfa-63095	292	33	log	log	NOUN
cjfa-63095	292	34	[	[	PUNCT
cjfa-63095	292	35	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	292	36	�	�	PROPN
cjfa-63095	292	37	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	292	38	�	�	PROPN
cjfa-63095	292	39	�	�	PROPN
cjfa-63095	292	40	�	�	PROPN
cjfa-63095	292	41	�	�	PROPN
cjfa-63095	292	42	)	)	PUNCT
cjfa-63095	292	43	]	]	PUNCT
cjfa-63095	293	1	=	=	PUNCT
cjfa-63095	293	2	𝜇𝜇	𝜇𝜇	ADP
cjfa-63095	293	3	�	�	PROPN
cjfa-63095	293	4	+	+	CCONJ
cjfa-63095	293	5	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	293	6	�	�	PROPN
cjfa-63095	293	7	�	�	PROPN
cjfa-63095	293	8	+	+	CCONJ
cjfa-63095	293	9	𝜐𝜐	𝜐𝜐	PROPN
cjfa-63095	293	10	�	�	PROPN
cjfa-63095	293	11	�	�	PROPN
cjfa-63095	293	12	(	(	PUNCT
cjfa-63095	293	13	5	5	NUM
cjfa-63095	293	14	)	)	PUNCT
cjfa-63095	293	15	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	293	16	�	�	PROPN
cjfa-63095	293	17	�	�	PROPN
cjfa-63095	293	18	=	=	PUNCT
cjfa-63095	293	19	𝜑𝜑	𝜑𝜑	NOUN
cjfa-63095	293	20	�	�	PROPN
cjfa-63095	293	21	𝐻𝐻	𝐻𝐻	PROPN
cjfa-63095	293	22	�	�	PROPN
cjfa-63095	293	23	,	,	PUNCT
cjfa-63095	293	24	�	�	PROPN
cjfa-63095	293	25	�	�	PROPN
cjfa-63095	293	26	�	�	PROPN
cjfa-63095	293	27	+	+	CCONJ
cjfa-63095	293	28	𝜂𝜂	𝜂𝜂	PROPN
cjfa-63095	293	29	�	�	PROPN
cjfa-63095	293	30	�	�	PROPN
cjfa-63095	293	31	(	(	PUNCT
cjfa-63095	293	32	6	6	NUM
cjfa-63095	293	33	)	)	PUNCT
cjfa-63095	293	34	where	where	SCONJ
cjfa-63095	293	35	:	:	PUNCT
cjfa-63095	293	36	𝜂𝜂	𝜂𝜂	X
cjfa-63095	293	37	�	�	PROPN
cjfa-63095	293	38	�	�	NOUN
cjfa-63095	293	39	~	~	SYM
cjfa-63095	293	40	iid	iid	NOUN
cjfa-63095	293	41	(	(	PUNCT
cjfa-63095	293	42	0,𝜎𝜎	0,𝜎𝜎	PROPN
cjfa-63095	293	43	�	�	PROPN
cjfa-63095	293	44	,	,	PUNCT
cjfa-63095	293	45	�	�	PROPN
cjfa-63095	293	46	�	�	PROPN
cjfa-63095	293	47	)	)	PUNCT
cjfa-63095	293	48	the	the	DET
cjfa-63095	293	49	model	model	NOUN
cjfa-63095	293	50	was	be	AUX
cjfa-63095	293	51	estimated	estimate	VERB
cjfa-63095	293	52	using	use	VERB
cjfa-63095	293	53	the	the	DET
cjfa-63095	293	54	kalman	kalman	NOUN
cjfa-63095	293	55	filter	filter	NOUN
cjfa-63095	293	56	methodology	methodology	NOUN
cjfa-63095	293	57	within	within	ADP
cjfa-63095	293	58	eviews	eviews	PROPN
cjfa-63095	293	59	software	software	NOUN
cjfa-63095	293	60	.	.	PUNCT
cjfa-63095	294	1	the	the	DET
cjfa-63095	294	2	presence	presence	NOUN
cjfa-63095	294	3	of	of	ADP
cjfa-63095	294	4	herding	herding	NOUN
cjfa-63095	294	5	behavior	behavior	NOUN
cjfa-63095	294	6	is	be	AUX
cjfa-63095	294	7	inferred	infer	VERB
cjfa-63095	294	8	from	from	ADP
cjfa-63095	294	9	the	the	DET
cjfa-63095	294	10	significant	significant	ADJ
cjfa-63095	294	11	value	value	NOUN
cjfa-63095	294	12	of	of	ADP
cjfa-63095	294	13	the	the	DET
cjfa-63095	294	14	variance	variance	NOUN
cjfa-63095	294	15	of	of	ADP
cjfa-63095	294	16	the	the	DET
cjfa-63095	294	17	error	error	NOUN
cjfa-63095	294	18	term	term	NOUN
cjfa-63095	294	19	𝜂𝜂	𝜂𝜂	ADP
cjfa-63095	294	20	�	�	PROPN
cjfa-63095	294	21	�	�	PROPN
cjfa-63095	294	22	(	(	PUNCT
cjfa-63095	294	23	𝜎𝜎	𝜎𝜎	PROPN
cjfa-63095	294	24	�	�	PROPN
cjfa-63095	294	25	,	,	PUNCT
cjfa-63095	294	26	�	�	PROPN
cjfa-63095	294	27	�	�	PROPN
cjfa-63095	294	28	)	)	PUNCT
cjfa-63095	294	29	,	,	PUNCT
cjfa-63095	294	30	and	and	CCONJ
cjfa-63095	294	31	the	the	DET
cjfa-63095	294	32	significance	significance	NOUN
cjfa-63095	294	33	of	of	ADP
cjfa-63095	294	34	the	the	DET
cjfa-63095	294	35	persistence	persistence	NOUN
cjfa-63095	294	36	parameter	parameter	NOUN
cjfa-63095	294	37	�	�	PROPN
cjfa-63095	294	38	𝜑𝜑	𝜑𝜑	PROPN
cjfa-63095	294	39	�	�	PROPN
cjfa-63095	294	40	�	�	PROPN
cjfa-63095	294	41	.	.	PUNCT
cjfa-63095	295	1	cross	cross	ADJ
cjfa-63095	295	2	-	-	ADJ
cjfa-63095	295	3	sectional	sectional	ADJ
cjfa-63095	295	4	standard	standard	ADJ
cjfa-63095	295	5	deviation	deviation	NOUN
cjfa-63095	295	6	of	of	ADP
cjfa-63095	295	7	betas	beta	NOUN
cjfa-63095	295	8	is	be	AUX
cjfa-63095	295	9	calculated	calculate	VERB
cjfa-63095	295	10	by	by	ADP
cjfa-63095	295	11	the	the	DET
cjfa-63095	295	12	following	follow	VERB
cjfa-63095	295	13	formula	formula	NOUN
cjfa-63095	295	14	:	:	PUNCT
cjfa-63095	295	15	𝑆𝑆𝑆𝑆𝑆𝑆	𝑆𝑆𝑆𝑆𝑆𝑆	PROPN
cjfa-63095	295	16	�	�	PROPN
cjfa-63095	295	17	(𝛽𝛽	(𝛽𝛽	SYM
cjfa-63095	295	18	�	�	PROPN
cjfa-63095	295	19	�	�	PROPN
cjfa-63095	295	20	)	)	PUNCT
cjfa-63095	295	21	=	=	SYM
cjfa-63095	295	22	�	�	PROPN
cjfa-63095	295	23	�	�	PROPN
cjfa-63095	295	24	�	�	PROPN
cjfa-63095	295	25	�	�	PROPN
cjfa-63095	295	26	�	�	PROPN
cjfa-63095	295	27	�	�	PROPN
cjfa-63095	295	28	�	�	PROPN
cjfa-63095	295	29	�	�	PROPN
cjfa-63095	295	30	�	�	PROPN
cjfa-63095	295	31	�	�	PROPN
cjfa-63095	295	32	�	�	PROPN
cjfa-63095	295	33	�	�	PROPN
cjfa-63095	295	34	�	�	PROPN
cjfa-63095	295	35	�	�	PROPN
cjfa-63095	295	36	�	�	PROPN
cjfa-63095	295	37	�	�	PROPN
cjfa-63095	295	38	�	�	PROPN
cjfa-63095	295	39	�	�	PROPN
cjfa-63095	295	40	�	�	PROPN
cjfa-63095	295	41	�	�	PROPN
cjfa-63095	295	42	�	�	PROPN
cjfa-63095	295	43	�	�	PROPN
cjfa-63095	295	44	�	�	PROPN
cjfa-63095	295	45	�	�	PROPN
cjfa-63095	295	46	�	�	PROPN
cjfa-63095	295	47	�	�	PROPN
cjfa-63095	295	48	�	�	PROPN
cjfa-63095	295	49	�	�	PROPN
cjfa-63095	295	50	�	�	PROPN
cjfa-63095	295	51	�	�	PROPN
cjfa-63095	295	52	(	(	PUNCT
cjfa-63095	295	53	7	7	NUM
cjfa-63095	295	54	)	)	PUNCT
cjfa-63095	295	55	statistical	statistical	ADJ
cjfa-63095	295	56	results	result	NOUN
cjfa-63095	295	57	of	of	ADP
cjfa-63095	295	58	herding	herd	VERB
cjfa-63095	295	59	behavior	behavior	NOUN
cjfa-63095	295	60	the	the	DET
cjfa-63095	295	61	study	study	NOUN
cjfa-63095	295	62	sample	sample	NOUN
cjfa-63095	295	63	was	be	AUX
cjfa-63095	295	64	divided	divide	VERB
cjfa-63095	295	65	into	into	ADP
cjfa-63095	295	66	two	two	NUM
cjfa-63095	295	67	different	different	ADJ
cjfa-63095	295	68	portfolios	portfolio	NOUN
cjfa-63095	295	69	,	,	PUNCT
cjfa-63095	295	70	as	as	SCONJ
cjfa-63095	295	71	follows	follow	VERB
cjfa-63095	295	72	:	:	PUNCT
cjfa-63095	295	73	(	(	PUNCT
cjfa-63095	295	74	7	7	X
cjfa-63095	295	75	)	)	PUNCT
cjfa-63095	295	76	herding	herding	NOUN
cjfa-63095	295	77	behavior	behavior	NOUN
cjfa-63095	295	78	and	and	CCONJ
cjfa-63095	295	79	stock	stock	NOUN
cjfa-63095	295	80	market	market	NOUN
cjfa-63095	295	81	efficiency	efficiency	NOUN
cjfa-63095	295	82	…	…	PUNCT
cjfa-63095	295	83	2121	2121	NUM
cjfa-63095	295	84	statistical	statistical	ADJ
cjfa-63095	295	85	results	result	NOUN
cjfa-63095	295	86	of	of	ADP
cjfa-63095	295	87	herding	herd	VERB
cjfa-63095	295	88	behaviorstatistical	behaviorstatistical	ADJ
cjfa-63095	295	89	results	result	NOUN
cjfa-63095	295	90	of	of	ADP
cjfa-63095	295	91	herding	herd	VERB
cjfa-63095	295	92	behavior	behavior	NOUN
cjfa-63095	295	93	the	the	DET
cjfa-63095	295	94	study	study	NOUN
cjfa-63095	295	95	sample	sample	NOUN
cjfa-63095	295	96	was	be	AUX
cjfa-63095	295	97	divided	divide	VERB
cjfa-63095	295	98	into	into	ADP
cjfa-63095	295	99	two	two	NUM
cjfa-63095	295	100	different	different	ADJ
cjfa-63095	295	101	portfolios	portfolio	NOUN
cjfa-63095	295	102	,	,	PUNCT
cjfa-63095	295	103	as	as	SCONJ
cjfa-63095	295	104	follows	follow	VERB
cjfa-63095	295	105	:	:	PUNCT
cjfa-63095	295	106	the	the	DET
cjfa-63095	295	107	portfolio	portfolio	NOUN
cjfa-63095	295	108	shows	show	VERB
cjfa-63095	295	109	herding	herd	VERB
cjfa-63095	295	110	behavior	behavior	NOUN
cjfa-63095	295	111	among	among	ADP
cjfa-63095	295	112	investors	investor	NOUN
cjfa-63095	295	113	,	,	PUNCT
cjfa-63095	295	114	where	where	SCONJ
cjfa-63095	295	115	herding	herding	NOUN
cjfa-63095	295	116	behavior	behavior	NOUN
cjfa-63095	295	117	in	in	ADP
cjfa-63095	295	118	this	this	DET
cjfa-63095	295	119	portfolio	portfolio	NOUN
cjfa-63095	295	120	is	be	AUX
cjfa-63095	295	121	statistically	statistically	ADV
cjfa-63095	295	122	significant	significant	ADJ
cjfa-63095	295	123	and	and	CCONJ
cjfa-63095	295	124	consists	consist	VERB
cjfa-63095	295	125	of	of	ADP
cjfa-63095	295	126	18	18	NUM
cjfa-63095	295	127	stocks	stock	NOUN
cjfa-63095	295	128	.	.	PUNCT
cjfa-63095	296	1	a	a	DET
cjfa-63095	296	2	second	second	ADJ
cjfa-63095	296	3	portfolio	portfolio	NOUN
cjfa-63095	296	4	,	,	PUNCT
cjfa-63095	296	5	comprising	comprise	VERB
cjfa-63095	296	6	32	32	NUM
cjfa-63095	296	7	stocks	stock	NOUN
cjfa-63095	296	8	,	,	PUNCT
cjfa-63095	296	9	shows	show	VERB
cjfa-63095	296	10	no	no	DET
cjfa-63095	296	11	statistically	statistically	ADV
cjfa-63095	296	12	significant	significant	ADJ
cjfa-63095	296	13	herding	herding	NOUN
cjfa-63095	296	14	behavior	behavior	NOUN
cjfa-63095	296	15	.	.	PUNCT
cjfa-63095	297	1	statistical	statistical	ADJ
cjfa-63095	297	2	results	result	NOUN
cjfa-63095	297	3	of	of	ADP
cjfa-63095	297	4	herding	herd	VERB
cjfa-63095	297	5	behaviorstatistical	behaviorstatistical	ADJ
cjfa-63095	297	6	results	result	NOUN
cjfa-63095	297	7	of	of	ADP
cjfa-63095	297	8	herding	herd	VERB
cjfa-63095	297	9	behavior	behavior	NOUN
cjfa-63095	297	10	the	the	DET
cjfa-63095	297	11	stock	stock	NOUN
cjfa-63095	297	12	sample	sample	NOUN
cjfa-63095	297	13	is	be	AUX
cjfa-63095	297	14	divided	divide	VERB
cjfa-63095	297	15	into	into	ADP
cjfa-63095	297	16	two	two	NUM
cjfa-63095	297	17	portfolios	portfolio	NOUN
cjfa-63095	297	18	,	,	PUNCT
cjfa-63095	297	19	each	each	PRON
cjfa-63095	297	20	tested	test	VERB
cjfa-63095	297	21	for	for	ADP
cjfa-63095	297	22	herding	herd	VERB
cjfa-63095	297	23	behavior	behavior	NOUN
cjfa-63095	297	24	.	.	PUNCT
cjfa-63095	298	1	tables	table	NOUN
cjfa-63095	298	2	1	1	NUM
cjfa-63095	298	3	and	and	CCONJ
cjfa-63095	298	4	2	2	NUM
cjfa-63095	298	5	present	present	VERB
cjfa-63095	298	6	the	the	DET
cjfa-63095	298	7	statistical	statistical	ADJ
cjfa-63095	298	8	results	result	NOUN
cjfa-63095	298	9	for	for	ADP
cjfa-63095	298	10	both	both	DET
cjfa-63095	298	11	portfolios	portfolio	NOUN
cjfa-63095	298	12	.	.	PUNCT
cjfa-63095	299	1	table	table	NOUN
cjfa-63095	299	2	1	1	NUM
cjfa-63095	299	3	.	.	PUNCT
cjfa-63095	300	1	statistical	statistical	ADJ
cjfa-63095	300	2	results	result	NOUN
cjfa-63095	300	3	of	of	ADP
cjfa-63095	300	4	the	the	DET
cjfa-63095	300	5	space	space	NOUN
cjfa-63095	300	6	model	model	NOUN
cjfa-63095	300	7	for	for	ADP
cjfa-63095	300	8	the	the	DET
cjfa-63095	300	9	portfolios	portfolio	NOUN
cjfa-63095	300	10	in	in	ADP
cjfa-63095	300	11	which	which	PRON
cjfa-63095	300	12	herding	herding	NOUN
cjfa-63095	300	13	behavior	behavior	NOUN
cjfa-63095	300	14	is	be	AUX
cjfa-63095	300	15	statistically	statistically	ADV
cjfa-63095	300	16	significant	significant	ADJ
cjfa-63095	300	17	coefficient	coefficient	NOUN
cjfa-63095	300	18	std	std	NOUN
cjfa-63095	300	19	.	.	PUNCT
cjfa-63095	301	1	error	error	NOUN
cjfa-63095	301	2	z	z	NOUN
cjfa-63095	301	3	-	-	PUNCT
cjfa-63095	301	4	statistic	statistic	ADJ
cjfa-63095	301	5	prob	prob	NOUN
cjfa-63095	301	6	.	.	PUNCT
cjfa-63095	302	1	variable	variable	ADJ
cjfa-63095	302	2	estimate	estimate	NOUN
cjfa-63095	302	3	c(1	c(1	NOUN
cjfa-63095	302	4	)	)	PUNCT
cjfa-63095	303	1	μm	μm	NOUN
cjfa-63095	303	2	-0.001063	-0.001063	NOUN
cjfa-63095	303	3	0.089924	0.089924	NUM
cjfa-63095	303	4	-0.011821	-0.011821	VERB
cjfa-63095	303	5	0.9906	0.9906	NUM
cjfa-63095	303	6	μm	μm	NOUN
cjfa-63095	303	7	-0.001063	-0.001063	NOUN
cjfa-63095	303	8	c(2	c(2	PROPN
cjfa-63095	303	9	)	)	PUNCT
cjfa-63095	303	10	vmt	vmt	PROPN
cjfa-63095	303	11	-3.140787	-3.140787	VERB
cjfa-63095	303	12	0.348612	0.348612	NUM
cjfa-63095	303	13	-9.009405	-9.009405	NOUN
cjfa-63095	304	1	0.0000	0.0000	NUM
cjfa-63095	304	2	σmv	σmv	NOUN
cjfa-63095	304	3	0.20796333	0.20796333	NUM
cjfa-63095	304	4	c(3	c(3	ADV
cjfa-63095	304	5	)	)	PUNCT
cjfa-63095	304	6	φm	φm	ADP
cjfa-63095	304	7	0.867566	0.867566	NUM
cjfa-63095	304	8	0.194713	0.194713	NUM
cjfa-63095	304	9	4.455622	4.455622	NUM
cjfa-63095	304	10	0.0000	0.0000	NUM
cjfa-63095	304	11	φm	φm	ADP
cjfa-63095	304	12	0.86757	0.86757	NUM
cjfa-63095	304	13	c(4	c(4	PROPN
cjfa-63095	304	14	)	)	PUNCT
cjfa-63095	304	15	ηmt	ηmt	NOUN
cjfa-63095	304	16	-5.541811	-5.541811	NOUN
cjfa-63095	304	17	1.936191	1.936191	NUM
cjfa-63095	304	18	-2.862223	-2.862223	NOUN
cjfa-63095	305	1	0.0042	0.0042	NUM
cjfa-63095	305	2	σmη	σmη	NOUN
cjfa-63095	305	3	0.06260529	0.06260529	NUM
cjfa-63095	305	4	s	s	PART
cjfa-63095	305	5	o	o	NOUN
cjfa-63095	305	6	u	u	NOUN
cjfa-63095	305	7	r	r	NOUN
cjfa-63095	305	8	c	c	NOUN
cjfa-63095	305	9	e	e	NOUN
cjfa-63095	305	10	:	:	PUNCT
cjfa-63095	305	11	authors	author	NOUN
cjfa-63095	305	12	’	'	PUNCT
cjfa-63095	305	13	construction	construction	NOUN
cjfa-63095	305	14	.	.	PUNCT
cjfa-63095	306	1	table	table	NOUN
cjfa-63095	306	2	1	1	NUM
cjfa-63095	306	3	shows	show	VERB
cjfa-63095	306	4	the	the	DET
cjfa-63095	306	5	state	state	NOUN
cjfa-63095	306	6	space	space	NOUN
cjfa-63095	306	7	model	model	NOUN
cjfa-63095	306	8	results	result	VERB
cjfa-63095	306	9	for	for	ADP
cjfa-63095	306	10	a	a	DET
cjfa-63095	306	11	portfolio	portfolio	NOUN
cjfa-63095	306	12	consisting	consist	VERB
cjfa-63095	306	13	of	of	ADP
cjfa-63095	306	14	18	18	NUM
cjfa-63095	306	15	stocks	stock	NOUN
cjfa-63095	306	16	of	of	ADP
cjfa-63095	306	17	the	the	DET
cjfa-63095	306	18	sample	sample	NOUN
cjfa-63095	306	19	.	.	PUNCT
cjfa-63095	307	1	coefficient	coefficient	PROPN
cjfa-63095	307	2	c(1	c(1	PROPN
cjfa-63095	307	3	)	)	PUNCT
cjfa-63095	307	4	represents	represent	VERB
cjfa-63095	307	5	(	(	PUNCT
cjfa-63095	307	6	μm	μm	NUM
cjfa-63095	307	7	)	)	PUNCT
cjfa-63095	307	8	in	in	ADP
cjfa-63095	307	9	the	the	DET
cjfa-63095	307	10	state	state	NOUN
cjfa-63095	307	11	space	space	NOUN
cjfa-63095	307	12	model	model	NOUN
cjfa-63095	307	13	.	.	PUNCT
cjfa-63095	308	1	the	the	DET
cjfa-63095	308	2	results	result	NOUN
cjfa-63095	308	3	indicated	indicate	VERB
cjfa-63095	308	4	that	that	SCONJ
cjfa-63095	308	5	it	it	PRON
cjfa-63095	308	6	is	be	AUX
cjfa-63095	308	7	not	not	PART
cjfa-63095	308	8	significant	significant	ADJ
cjfa-63095	308	9	at	at	ADP
cjfa-63095	308	10	the	the	DET
cjfa-63095	308	11	level	level	NOUN
cjfa-63095	308	12	of	of	ADP
cjfa-63095	308	13	5	5	NUM
cjfa-63095	308	14	%	%	NOUN
cjfa-63095	308	15	.	.	PUNCT
cjfa-63095	309	1	coefficient	coefficient	PROPN
cjfa-63095	309	2	c(2	c(2	PROPN
cjfa-63095	309	3	)	)	PUNCT
cjfa-63095	309	4	represents	represent	VERB
cjfa-63095	309	5	the	the	DET
cjfa-63095	309	6	error	error	NOUN
cjfa-63095	309	7	term	term	NOUN
cjfa-63095	309	8	(	(	PUNCT
cjfa-63095	309	9	υmt	υmt	NOUN
cjfa-63095	309	10	)	)	PUNCT
cjfa-63095	309	11	,	,	PUNCT
cjfa-63095	309	12	and	and	CCONJ
cjfa-63095	309	13	coefficients	coefficient	NOUN
cjfa-63095	309	14	c(3	c(3	PRON
cjfa-63095	309	15	)	)	PUNCT
cjfa-63095	309	16	and	and	CCONJ
cjfa-63095	309	17	c(4	c(4	PROPN
cjfa-63095	309	18	)	)	PUNCT
cjfa-63095	309	19	refer	refer	VERB
cjfa-63095	309	20	to	to	ADP
cjfa-63095	309	21	the	the	DET
cjfa-63095	309	22	persistence	persistence	NOUN
cjfa-63095	309	23	parameter	parameter	NOUN
cjfa-63095	309	24	(	(	PUNCT
cjfa-63095	309	25	φm	φm	PROPN
cjfa-63095	309	26	)	)	PUNCT
cjfa-63095	309	27	and	and	CCONJ
cjfa-63095	309	28	the	the	DET
cjfa-63095	309	29	standard	standard	ADJ
cjfa-63095	309	30	deviation	deviation	NOUN
cjfa-63095	309	31	of	of	ADP
cjfa-63095	309	32	the	the	DET
cjfa-63095	309	33	state	state	NOUN
cjfa-63095	309	34	-	-	PUNCT
cjfa-63095	309	35	equation	equation	NOUN
cjfa-63095	309	36	error	error	NOUN
cjfa-63095	309	37	(	(	PUNCT
cjfa-63095	309	38	ηmt	ηmt	NOUN
cjfa-63095	309	39	)	)	PUNCT
cjfa-63095	309	40	,	,	PUNCT
cjfa-63095	309	41	respectively	respectively	ADV
cjfa-63095	309	42	.	.	PUNCT
cjfa-63095	310	1	the	the	DET
cjfa-63095	310	2	results	result	NOUN
cjfa-63095	310	3	indicated	indicate	VERB
cjfa-63095	310	4	that	that	SCONJ
cjfa-63095	310	5	they	they	PRON
cjfa-63095	310	6	are	be	AUX
cjfa-63095	310	7	statistically	statistically	ADV
cjfa-63095	310	8	significant	significant	ADJ
cjfa-63095	310	9	at	at	ADP
cjfa-63095	310	10	the	the	DET
cjfa-63095	310	11	level	level	NOUN
cjfa-63095	310	12	of	of	ADP
cjfa-63095	310	13	5	5	NUM
cjfa-63095	310	14	%	%	NOUN
cjfa-63095	310	15	,	,	PUNCT
cjfa-63095	310	16	which	which	PRON
cjfa-63095	310	17	confirms	confirm	VERB
cjfa-63095	310	18	the	the	DET
cjfa-63095	310	19	presence	presence	NOUN
cjfa-63095	310	20	of	of	ADP
cjfa-63095	310	21	herding	herding	NOUN
cjfa-63095	310	22	behavior	behavior	NOUN
cjfa-63095	310	23	.	.	PUNCT
cjfa-63095	311	1	m.	m.	PROPN
cjfa-63095	311	2	h.	h.	PROPN
cjfa-63095	311	3	abd	abd	PROPN
cjfa-63095	311	4	-	-	PUNCT
cjfa-63095	311	5	allah	allah	PROPN
cjfa-63095	311	6	,	,	PUNCT
cjfa-63095	311	7	k.	k.	PROPN
cjfa-63095	311	8	m.	m.	PROPN
cjfa-63095	311	9	k.	k.	PROPN
cjfa-63095	311	10	mohamed	mohamed	PROPN
cjfa-63095	311	11	,	,	PUNCT
cjfa-63095	311	12	m.	m.	PROPN
cjfa-63095	311	13	s.	s.	PROPN
cjfa-63095	311	14	m.	m.	PROPN
cjfa-63095	311	15	mahmood	mahmood	PROPN
cjfa-63095	311	16	,	,	PUNCT
cjfa-63095	311	17	n.	n.	PROPN
cjfa-63095	311	18	n.	n.	PROPN
cjfa-63095	311	19	s.	s.	PROPN
cjfa-63095	312	1	mohamed2222	mohamed2222	PROPN
cjfa-63095	312	2	table	table	NOUN
cjfa-63095	312	3	2	2	NUM
cjfa-63095	312	4	.	.	PUNCT
cjfa-63095	312	5	statistical	statistical	ADJ
cjfa-63095	312	6	results	result	NOUN
cjfa-63095	312	7	of	of	ADP
cjfa-63095	312	8	the	the	DET
cjfa-63095	312	9	space	space	NOUN
cjfa-63095	312	10	model	model	NOUN
cjfa-63095	312	11	for	for	ADP
cjfa-63095	312	12	the	the	DET
cjfa-63095	312	13	portfolios	portfolio	NOUN
cjfa-63095	312	14	in	in	ADP
cjfa-63095	312	15	which	which	PRON
cjfa-63095	312	16	herding	herding	NOUN
cjfa-63095	312	17	behavior	behavior	NOUN
cjfa-63095	312	18	is	be	AUX
cjfa-63095	312	19	not	not	PART
cjfa-63095	312	20	statistically	statistically	ADV
cjfa-63095	312	21	significant	significant	ADJ
cjfa-63095	312	22	coefficient	coefficient	NOUN
cjfa-63095	312	23	std	std	NOUN
cjfa-63095	312	24	.	.	PUNCT
cjfa-63095	313	1	error	error	NOUN
cjfa-63095	313	2	z	z	NOUN
cjfa-63095	313	3	-	-	PUNCT
cjfa-63095	313	4	statistic	statistic	ADJ
cjfa-63095	313	5	prob	prob	NOUN
cjfa-63095	313	6	.	.	PUNCT
cjfa-63095	314	1	variable	variable	ADJ
cjfa-63095	314	2	estimate	estimate	NOUN
cjfa-63095	314	3	c(1	c(1	NOUN
cjfa-63095	314	4	)	)	PUNCT
cjfa-63095	315	1	μm	μm	NOUN
cjfa-63095	315	2	-0.147764	-0.147764	NOUN
cjfa-63095	315	3	0.019455	0.019455	NUM
cjfa-63095	315	4	-7.595299	-7.595299	NOUN
cjfa-63095	316	1	0.0000	0.0000	NUM
cjfa-63095	316	2	μm	μm	NOUN
cjfa-63095	316	3	-0.147764	-0.147764	NOUN
cjfa-63095	316	4	c(2	c(2	PROPN
cjfa-63095	316	5	)	)	PUNCT
cjfa-63095	316	6	vmt	vmt	PROPN
cjfa-63095	316	7	-21.7119	-21.7119	PROPN
cjfa-63095	316	8	1.48e+10	1.48e+10	NUM
cjfa-63095	316	9	-1.47e-09	-1.47e-09	PROPN
cjfa-63095	316	10	1.0000	1.0000	NUM
cjfa-63095	316	11	σmv	σmv	NOUN
cjfa-63095	316	12	1.9289e-05	1.9289e-05	NUM
cjfa-63095	316	13	c(3	c(3	ADV
cjfa-63095	316	14	)	)	PUNCT
cjfa-63095	316	15	φm	φm	ADP
cjfa-63095	316	16	0.023413	0.023413	NUM
cjfa-63095	316	17	8.687411	8.687411	NUM
cjfa-63095	316	18	0.002695	0.002695	NUM
cjfa-63095	316	19	0.9978	0.9978	NUM
cjfa-63095	316	20	φm	φm	ADP
cjfa-63095	316	21	0.023413	0.023413	NUM
cjfa-63095	316	22	c(4	c(4	PROPN
cjfa-63095	316	23	)	)	PUNCT
cjfa-63095	316	24	ηmt	ηmt	NOUN
cjfa-63095	316	25	-4.21498	-4.21498	ADV
cjfa-63095	316	26	373.3079	373.3079	NUM
cjfa-63095	316	27	-0.011291	-0.011291	NOUN
cjfa-63095	316	28	0.9910	0.9910	NUM
cjfa-63095	316	29	σmη	σmη	NOUN
cjfa-63095	316	30	0.12154266	0.12154266	NUM
cjfa-63095	316	31	s	s	NOUN
cjfa-63095	316	32	o	o	NOUN
cjfa-63095	316	33	u	u	NOUN
cjfa-63095	316	34	r	r	NOUN
cjfa-63095	316	35	c	c	NOUN
cjfa-63095	316	36	e	e	NOUN
cjfa-63095	316	37	:	:	PUNCT
cjfa-63095	316	38	authors	author	NOUN
cjfa-63095	316	39	’	'	PUNCT
cjfa-63095	316	40	construction	construction	NOUN
cjfa-63095	316	41	.	.	PUNCT
cjfa-63095	317	1	table	table	NOUN
cjfa-63095	317	2	2	2	NUM
cjfa-63095	317	3	presents	present	VERB
cjfa-63095	317	4	the	the	DET
cjfa-63095	317	5	state	state	NOUN
cjfa-63095	317	6	-	-	PUNCT
cjfa-63095	317	7	space	space	NOUN
cjfa-63095	317	8	model	model	NOUN
cjfa-63095	317	9	results	result	NOUN
cjfa-63095	317	10	for	for	ADP
cjfa-63095	317	11	a	a	DET
cjfa-63095	317	12	portfolio	portfolio	NOUN
cjfa-63095	317	13	of	of	ADP
cjfa-63095	317	14	32	32	NUM
cjfa-63095	317	15	stocks	stock	NOUN
cjfa-63095	317	16	.	.	PUNCT
cjfa-63095	318	1	the	the	DET
cjfa-63095	318	2	findings	finding	NOUN
cjfa-63095	318	3	indicate	indicate	VERB
cjfa-63095	318	4	that	that	SCONJ
cjfa-63095	318	5	coefficients	coefficient	NOUN
cjfa-63095	318	6	c(3	c(3	PRON
cjfa-63095	318	7	)	)	PUNCT
cjfa-63095	318	8	and	and	CCONJ
cjfa-63095	318	9	c(4	c(4	PROPN
cjfa-63095	318	10	)	)	PUNCT
cjfa-63095	318	11	,	,	PUNCT
cjfa-63095	318	12	representing	represent	VERB
cjfa-63095	318	13	the	the	DET
cjfa-63095	318	14	persistence	persistence	NOUN
cjfa-63095	318	15	parameter	parameter	NOUN
cjfa-63095	318	16	(	(	PUNCT
cjfa-63095	318	17	φm	φm	PROPN
cjfa-63095	318	18	)	)	PUNCT
cjfa-63095	318	19	and	and	CCONJ
cjfa-63095	318	20	the	the	DET
cjfa-63095	318	21	standard	standard	ADJ
cjfa-63095	318	22	deviation	deviation	NOUN
cjfa-63095	318	23	of	of	ADP
cjfa-63095	318	24	the	the	DET
cjfa-63095	318	25	state	state	NOUN
cjfa-63095	318	26	-	-	PUNCT
cjfa-63095	318	27	equation	equation	NOUN
cjfa-63095	318	28	error	error	NOUN
cjfa-63095	318	29	(	(	PUNCT
cjfa-63095	318	30	ηmt	ηmt	NOUN
cjfa-63095	318	31	)	)	PUNCT
cjfa-63095	318	32	,	,	PUNCT
cjfa-63095	318	33	are	be	AUX
cjfa-63095	318	34	not	not	PART
cjfa-63095	318	35	statistically	statistically	ADV
cjfa-63095	318	36	significant	significant	ADJ
cjfa-63095	318	37	at	at	ADP
cjfa-63095	318	38	the	the	DET
cjfa-63095	318	39	level	level	NOUN
cjfa-63095	318	40	of	of	ADP
cjfa-63095	318	41	5	5	NUM
cjfa-63095	318	42	%	%	NOUN
cjfa-63095	318	43	,	,	PUNCT
cjfa-63095	318	44	confirming	confirm	VERB
cjfa-63095	318	45	the	the	DET
cjfa-63095	318	46	absence	absence	NOUN
cjfa-63095	318	47	of	of	ADP
cjfa-63095	318	48	herding	herding	NOUN
cjfa-63095	318	49	behavior	behavior	NOUN
cjfa-63095	318	50	.	.	PUNCT
cjfa-63095	319	1	efficiency	efficiency	NOUN
cjfa-63095	319	2	testingefficiency	testingefficiency	NOUN
cjfa-63095	319	3	testing	testing	NOUN
cjfa-63095	319	4	market	market	NOUN
cjfa-63095	319	5	efficiency	efficiency	NOUN
cjfa-63095	319	6	was	be	AUX
cjfa-63095	319	7	analyzed	analyze	VERB
cjfa-63095	319	8	in	in	ADP
cjfa-63095	319	9	two	two	NUM
cjfa-63095	319	10	portfolios	portfolio	NOUN
cjfa-63095	319	11	:	:	PUNCT
cjfa-63095	319	12	one	one	NUM
cjfa-63095	319	13	exhibiting	exhibit	VERB
cjfa-63095	319	14	statistically	statistically	ADV
cjfa-63095	319	15	significant	significant	ADJ
cjfa-63095	319	16	herding	herding	NOUN
cjfa-63095	319	17	behavior	behavior	NOUN
cjfa-63095	319	18	and	and	CCONJ
cjfa-63095	319	19	another	another	PRON
cjfa-63095	319	20	where	where	SCONJ
cjfa-63095	319	21	herding	herding	NOUN
cjfa-63095	319	22	was	be	AUX
cjfa-63095	319	23	not	not	PART
cjfa-63095	319	24	significant	significant	ADJ
cjfa-63095	319	25	.	.	PUNCT
cjfa-63095	320	1	efficiency	efficiency	NOUN
cjfa-63095	320	2	was	be	AUX
cjfa-63095	320	3	assessed	assess	VERB
cjfa-63095	320	4	based	base	VERB
cjfa-63095	320	5	on	on	ADP
cjfa-63095	320	6	the	the	DET
cjfa-63095	320	7	weak	weak	ADJ
cjfa-63095	320	8	form	form	NOUN
cjfa-63095	320	9	of	of	ADP
cjfa-63095	320	10	efficient	efficient	ADJ
cjfa-63095	320	11	markets	market	NOUN
cjfa-63095	320	12	,	,	PUNCT
cjfa-63095	320	13	as	as	SCONJ
cjfa-63095	320	14	defined	define	VERB
cjfa-63095	320	15	by	by	ADP
cjfa-63095	320	16	fama	fama	PROPN
cjfa-63095	320	17	(	(	PUNCT
cjfa-63095	320	18	1970	1970	NUM
cjfa-63095	320	19	)	)	PUNCT
cjfa-63095	320	20	,	,	PUNCT
cjfa-63095	320	21	which	which	PRON
cjfa-63095	320	22	states	state	VERB
cjfa-63095	320	23	that	that	SCONJ
cjfa-63095	320	24	stock	stock	NOUN
cjfa-63095	320	25	prices	price	NOUN
cjfa-63095	320	26	should	should	AUX
cjfa-63095	320	27	be	be	AUX
cjfa-63095	320	28	normally	normally	ADV
cjfa-63095	320	29	distributed	distribute	VERB
cjfa-63095	320	30	,	,	PUNCT
cjfa-63095	320	31	independent	independent	ADJ
cjfa-63095	320	32	,	,	PUNCT
cjfa-63095	320	33	and	and	CCONJ
cjfa-63095	320	34	unpredictable	unpredictable	ADJ
cjfa-63095	320	35	.	.	PUNCT
cjfa-63095	321	1	the	the	DET
cjfa-63095	321	2	evaluation	evaluation	NOUN
cjfa-63095	321	3	process	process	NOUN
cjfa-63095	321	4	involved	involve	VERB
cjfa-63095	321	5	the	the	DET
cjfa-63095	321	6	following	follow	VERB
cjfa-63095	321	7	steps	step	NOUN
cjfa-63095	321	8	:	:	PUNCT
cjfa-63095	321	9	■	■	PUNCT
cjfa-63095	321	10	normality	normality	ADJ
cjfa-63095	321	11	test	test	NOUN
cjfa-63095	321	12	:	:	PUNCT
cjfa-63095	321	13	the	the	DET
cjfa-63095	321	14	shapiro	shapiro	PROPN
cjfa-63095	321	15	-	-	PUNCT
cjfa-63095	321	16	wilk	wilk	PROPN
cjfa-63095	321	17	and	and	CCONJ
cjfa-63095	321	18	kolmogorov	kolmogorov	ADJ
cjfa-63095	321	19	-	-	PUNCT
cjfa-63095	321	20	smirnov	smirnov	ADJ
cjfa-63095	321	21	tests	test	NOUN
cjfa-63095	321	22	were	be	AUX
cjfa-63095	321	23	used	use	VERB
cjfa-63095	321	24	to	to	PART
cjfa-63095	321	25	check	check	VERB
cjfa-63095	321	26	if	if	SCONJ
cjfa-63095	321	27	stock	stock	NOUN
cjfa-63095	321	28	prices	price	NOUN
cjfa-63095	321	29	followed	follow	VERB
cjfa-63095	321	30	a	a	DET
cjfa-63095	321	31	normal	normal	ADJ
cjfa-63095	321	32	distribution	distribution	NOUN
cjfa-63095	321	33	;	;	PUNCT
cjfa-63095	321	34	■	■	PUNCT
cjfa-63095	321	35	dickey	dickey	ADJ
cjfa-63095	321	36	-	-	PUNCT
cjfa-63095	321	37	fuller	full	ADJ
cjfa-63095	321	38	unit	unit	NOUN
cjfa-63095	321	39	root	root	NOUN
cjfa-63095	321	40	test	test	NOUN
cjfa-63095	321	41	:	:	PUNCT
cjfa-63095	321	42	applied	apply	VERB
cjfa-63095	321	43	to	to	PART
cjfa-63095	321	44	determine	determine	VERB
cjfa-63095	321	45	whether	whether	SCONJ
cjfa-63095	321	46	the	the	DET
cjfa-63095	321	47	time	time	NOUN
cjfa-63095	321	48	series	series	PROPN
cjfa-63095	321	49	data	data	PROPN
cjfa-63095	321	50	was	be	AUX
cjfa-63095	321	51	stationary	stationary	ADJ
cjfa-63095	321	52	or	or	CCONJ
cjfa-63095	321	53	non	non	ADJ
cjfa-63095	321	54	-	-	ADJ
cjfa-63095	321	55	stationary	stationary	ADJ
cjfa-63095	321	56	;	;	PUNCT
cjfa-63095	321	57	■	■	PUNCT
cjfa-63095	321	58	runs	run	VERB
cjfa-63095	321	59	test	test	NOUN
cjfa-63095	321	60	:	:	PUNCT
cjfa-63095	321	61	used	use	VERB
cjfa-63095	321	62	to	to	PART
cjfa-63095	321	63	assess	assess	VERB
cjfa-63095	321	64	whether	whether	SCONJ
cjfa-63095	321	65	stock	stock	NOUN
cjfa-63095	321	66	price	price	NOUN
cjfa-63095	321	67	movements	movement	NOUN
cjfa-63095	321	68	followed	follow	VERB
cjfa-63095	321	69	a	a	DET
cjfa-63095	321	70	random	random	ADJ
cjfa-63095	321	71	pattern	pattern	NOUN
cjfa-63095	321	72	.	.	PUNCT
cjfa-63095	322	1	herding	herd	VERB
cjfa-63095	322	2	behavior	behavior	NOUN
cjfa-63095	322	3	and	and	CCONJ
cjfa-63095	322	4	stock	stock	NOUN
cjfa-63095	322	5	market	market	NOUN
cjfa-63095	322	6	efficiency	efficiency	NOUN
cjfa-63095	322	7	…	…	PUNCT
cjfa-63095	322	8	2323	2323	NUM
cjfa-63095	322	9	descriptive	descriptive	ADJ
cjfa-63095	322	10	statisticsdescriptive	statisticsdescriptive	ADJ
cjfa-63095	322	11	statistics	statistics	PROPN
cjfa-63095	322	12	table	table	NOUN
cjfa-63095	322	13	3	3	NUM
cjfa-63095	322	14	presents	present	VERB
cjfa-63095	322	15	the	the	DET
cjfa-63095	322	16	descriptive	descriptive	ADJ
cjfa-63095	322	17	statistics	statistic	NOUN
cjfa-63095	322	18	for	for	ADP
cjfa-63095	322	19	both	both	DET
cjfa-63095	322	20	portfolios	portfolio	NOUN
cjfa-63095	322	21	:	:	PUNCT
cjfa-63095	322	22	one	one	NUM
cjfa-63095	322	23	where	where	SCONJ
cjfa-63095	322	24	herding	herding	NOUN
cjfa-63095	322	25	behavior	behavior	NOUN
cjfa-63095	322	26	is	be	AUX
cjfa-63095	322	27	statistically	statistically	ADV
cjfa-63095	322	28	significant	significant	ADJ
cjfa-63095	322	29	and	and	CCONJ
cjfa-63095	322	30	another	another	PRON
cjfa-63095	322	31	where	where	SCONJ
cjfa-63095	322	32	it	it	PRON
cjfa-63095	322	33	is	be	AUX
cjfa-63095	322	34	not	not	PART
cjfa-63095	322	35	.	.	PUNCT
cjfa-63095	323	1	the	the	DET
cjfa-63095	323	2	results	result	NOUN
cjfa-63095	323	3	indicate	indicate	VERB
cjfa-63095	323	4	that	that	SCONJ
cjfa-63095	323	5	the	the	DET
cjfa-63095	323	6	time	time	NOUN
cjfa-63095	323	7	series	series	NOUN
cjfa-63095	323	8	for	for	ADP
cjfa-63095	323	9	both	both	DET
cjfa-63095	323	10	portfolios	portfolio	NOUN
cjfa-63095	323	11	exhibit	exhibit	VERB
cjfa-63095	323	12	right	right	ADJ
cjfa-63095	323	13	-	-	PUNCT
cjfa-63095	323	14	skewed	skewed	ADJ
cjfa-63095	323	15	distributions	distribution	NOUN
cjfa-63095	323	16	.	.	PUNCT
cjfa-63095	324	1	the	the	DET
cjfa-63095	324	2	skewness	skewness	NOUN
cjfa-63095	324	3	coefficient	coefficient	NOUN
cjfa-63095	324	4	is	be	AUX
cjfa-63095	324	5	0.546	0.546	NUM
cjfa-63095	324	6	for	for	ADP
cjfa-63095	324	7	the	the	DET
cjfa-63095	324	8	portfolio	portfolio	NOUN
cjfa-63095	324	9	with	with	ADP
cjfa-63095	324	10	herding	herding	NOUN
cjfa-63095	324	11	behavior	behavior	NOUN
cjfa-63095	324	12	and	and	CCONJ
cjfa-63095	324	13	0.463	0.463	NUM
cjfa-63095	324	14	for	for	ADP
cjfa-63095	324	15	the	the	DET
cjfa-63095	324	16	portfolio	portfolio	NOUN
cjfa-63095	324	17	without	without	ADP
cjfa-63095	324	18	it	it	PRON
cjfa-63095	324	19	.	.	PUNCT
cjfa-63095	325	1	table	table	NOUN
cjfa-63095	325	2	3	3	NUM
cjfa-63095	325	3	.	.	PUNCT
cjfa-63095	325	4	descriptive	descriptive	ADJ
cjfa-63095	325	5	statistics	statistic	NOUN
cjfa-63095	326	1	the	the	DET
cjfa-63095	326	2	portfolio	portfolio	NOUN
cjfa-63095	326	3	shows	show	VERB
cjfa-63095	326	4	herding	herd	VERB
cjfa-63095	326	5	behavior	behavior	NOUN
cjfa-63095	326	6	the	the	DET
cjfa-63095	326	7	portfolio	portfolio	NOUN
cjfa-63095	326	8	does	do	AUX
cjfa-63095	326	9	not	not	PART
cjfa-63095	326	10	show	show	VERB
cjfa-63095	326	11	herding	herding	NOUN
cjfa-63095	326	12	behavior	behavior	NOUN
cjfa-63095	326	13	mean	mean	VERB
cjfa-63095	326	14	19.6767	19.6767	NUM
cjfa-63095	326	15	mean	mean	NOUN
cjfa-63095	326	16	21.5867	21.5867	NUM
cjfa-63095	326	17	median	median	NOUN
cjfa-63095	326	18	16.6518	16.6518	NUM
cjfa-63095	326	19	median	median	NOUN
cjfa-63095	326	20	20.6888	20.6888	NUM
cjfa-63095	326	21	variance	variance	NOUN
cjfa-63095	326	22	74.068	74.068	NUM
cjfa-63095	326	23	variance	variance	NOUN
cjfa-63095	326	24	122.926	122.926	NUM
cjfa-63095	326	25	std	std	NOUN
cjfa-63095	326	26	.	.	PUNCT
cjfa-63095	327	1	deviation	deviation	NOUN
cjfa-63095	327	2	8.60626	8.60626	NUM
cjfa-63095	327	3	std	std	NOUN
cjfa-63095	327	4	.	.	PUNCT
cjfa-63095	328	1	deviation	deviation	NOUN
cjfa-63095	328	2	11.08721	11.08721	NUM
cjfa-63095	328	3	minimum	minimum	ADJ
cjfa-63095	328	4	6.94	6.94	NUM
cjfa-63095	328	5	minimum	minimum	NOUN
cjfa-63095	328	6	6.43	6.43	NUM
cjfa-63095	328	7	maximum	maximum	NOUN
cjfa-63095	328	8	36.71	36.71	NUM
cjfa-63095	328	9	maximum	maximum	NOUN
cjfa-63095	328	10	46.69	46.69	NUM
cjfa-63095	328	11	range	range	NOUN
cjfa-63095	328	12	29.77	29.77	NUM
cjfa-63095	328	13	range	range	NOUN
cjfa-63095	328	14	40.26	40.26	NUM
cjfa-63095	328	15	skewness	skewness	NOUN
cjfa-63095	328	16	0.546	0.546	NUM
cjfa-63095	328	17	skewness	skewness	NOUN
cjfa-63095	328	18	0.463	0.463	NUM
cjfa-63095	328	19	kurtosis	kurtosis	NOUN
cjfa-63095	328	20	-1.042	-1.042	NOUN
cjfa-63095	328	21	kurtosis	kurtosis	NOUN
cjfa-63095	328	22	-0.871	-0.871	NOUN
cjfa-63095	328	23	s	s	PART
cjfa-63095	328	24	o	o	NOUN
cjfa-63095	328	25	u	u	NOUN
cjfa-63095	328	26	r	r	NOUN
cjfa-63095	328	27	c	c	NOUN
cjfa-63095	328	28	e	e	NOUN
cjfa-63095	328	29	:	:	PUNCT
cjfa-63095	328	30	authors	author	NOUN
cjfa-63095	328	31	’	'	PUNCT
cjfa-63095	328	32	construction	construction	NOUN
cjfa-63095	328	33	.	.	PUNCT
cjfa-63095	329	1	testing	test	VERB
cjfa-63095	329	2	the	the	DET
cjfa-63095	329	3	normal	normal	ADJ
cjfa-63095	329	4	distribution	distribution	NOUN
cjfa-63095	329	5	of	of	ADP
cjfa-63095	329	6	time	time	NOUN
cjfa-63095	329	7	seriestesting	seriesteste	VERB
cjfa-63095	329	8	the	the	DET
cjfa-63095	329	9	normal	normal	ADJ
cjfa-63095	329	10	distribution	distribution	NOUN
cjfa-63095	329	11	of	of	ADP
cjfa-63095	329	12	time	time	NOUN
cjfa-63095	329	13	series	series	PROPN
cjfa-63095	329	14	the	the	DET
cjfa-63095	329	15	shapiro	shapiro	PROPN
cjfa-63095	329	16	-	-	PUNCT
cjfa-63095	329	17	wilk	wilk	PROPN
cjfa-63095	329	18	and	and	CCONJ
cjfa-63095	329	19	kolmogorov	kolmogorov	ADJ
cjfa-63095	329	20	-	-	PUNCT
cjfa-63095	329	21	smirnov	smirnov	ADJ
cjfa-63095	329	22	tests	test	NOUN
cjfa-63095	329	23	were	be	AUX
cjfa-63095	329	24	performed	perform	VERB
cjfa-63095	329	25	to	to	PART
cjfa-63095	329	26	assess	assess	VERB
cjfa-63095	329	27	whether	whether	SCONJ
cjfa-63095	329	28	the	the	DET
cjfa-63095	329	29	time	time	NOUN
cjfa-63095	329	30	series	series	PROPN
cjfa-63095	329	31	follows	follow	VERB
cjfa-63095	329	32	a	a	DET
cjfa-63095	329	33	normal	normal	ADJ
cjfa-63095	329	34	distribution	distribution	NOUN
cjfa-63095	329	35	.	.	PUNCT
cjfa-63095	330	1	the	the	DET
cjfa-63095	330	2	results	result	NOUN
cjfa-63095	330	3	in	in	ADP
cjfa-63095	330	4	table	table	NOUN
cjfa-63095	330	5	4	4	NUM
cjfa-63095	330	6	show	show	VERB
cjfa-63095	330	7	that	that	SCONJ
cjfa-63095	330	8	sig	sig	NOUN
cjfa-63095	330	9	.	.	PUNCT
cjfa-63095	330	10	value	value	NOUN
cjfa-63095	330	11	is	be	AUX
cjfa-63095	330	12	at	at	ADP
cjfa-63095	330	13	less	less	ADJ
cjfa-63095	330	14	than	than	ADP
cjfa-63095	330	15	5	5	NUM
cjfa-63095	330	16	%	%	NOUN
cjfa-63095	330	17	.	.	PUNCT
cjfa-63095	331	1	therefore	therefore	ADV
cjfa-63095	331	2	,	,	PUNCT
cjfa-63095	331	3	stock	stock	NOUN
cjfa-63095	331	4	prices	price	NOUN
cjfa-63095	331	5	do	do	AUX
cjfa-63095	331	6	not	not	PART
cjfa-63095	331	7	normally	normally	ADV
cjfa-63095	331	8	distribute	distribute	VERB
cjfa-63095	331	9	and	and	CCONJ
cjfa-63095	331	10	are	be	AUX
cjfa-63095	331	11	independent	independent	ADJ
cjfa-63095	331	12	for	for	ADP
cjfa-63095	331	13	both	both	CCONJ
cjfa-63095	331	14	the	the	DET
cjfa-63095	331	15	portfolio	portfolio	NOUN
cjfa-63095	331	16	that	that	PRON
cjfa-63095	331	17	shows	show	VERB
cjfa-63095	331	18	herding	herd	VERB
cjfa-63095	331	19	behavior	behavior	NOUN
cjfa-63095	331	20	and	and	CCONJ
cjfa-63095	331	21	the	the	DET
cjfa-63095	331	22	portfolio	portfolio	NOUN
cjfa-63095	331	23	that	that	PRON
cjfa-63095	331	24	does	do	AUX
cjfa-63095	331	25	not	not	PART
cjfa-63095	331	26	show	show	VERB
cjfa-63095	331	27	herding	herding	NOUN
cjfa-63095	331	28	behavior	behavior	NOUN
cjfa-63095	331	29	.	.	PUNCT
cjfa-63095	332	1	therefore	therefore	ADV
cjfa-63095	332	2	,	,	PUNCT
cjfa-63095	332	3	the	the	DET
cjfa-63095	332	4	two	two	NUM
cjfa-63095	332	5	portfolios	portfolio	NOUN
cjfa-63095	332	6	do	do	AUX
cjfa-63095	332	7	not	not	PART
cjfa-63095	332	8	achieve	achieve	VERB
cjfa-63095	332	9	a	a	DET
cjfa-63095	332	10	weak	weak	ADJ
cjfa-63095	332	11	level	level	NOUN
cjfa-63095	332	12	of	of	ADP
cjfa-63095	332	13	efficiency	efficiency	NOUN
cjfa-63095	332	14	.	.	PUNCT
cjfa-63095	333	1	m.	m.	NOUN
cjfa-63095	333	2	h.	h.	PROPN
cjfa-63095	333	3	abd	abd	PROPN
cjfa-63095	333	4	-	-	PUNCT
cjfa-63095	333	5	allah	allah	PROPN
cjfa-63095	333	6	,	,	PUNCT
cjfa-63095	333	7	k.	k.	PROPN
cjfa-63095	333	8	m.	m.	PROPN
cjfa-63095	333	9	k.	k.	PROPN
cjfa-63095	333	10	mohamed	mohamed	PROPN
cjfa-63095	333	11	,	,	PUNCT
cjfa-63095	333	12	m.	m.	PROPN
cjfa-63095	333	13	s.	s.	PROPN
cjfa-63095	333	14	m.	m.	PROPN
cjfa-63095	333	15	mahmood	mahmood	PROPN
cjfa-63095	333	16	,	,	PUNCT
cjfa-63095	333	17	n.	n.	PROPN
cjfa-63095	333	18	n.	n.	PROPN
cjfa-63095	333	19	s.	s.	PROPN
cjfa-63095	333	20	mohamed2424	mohamed2424	PROPN
cjfa-63095	333	21	table	table	NOUN
cjfa-63095	333	22	4	4	NUM
cjfa-63095	333	23	.	.	PUNCT
cjfa-63095	333	24	time	time	NOUN
cjfa-63095	333	25	-	-	PUNCT
cjfa-63095	333	26	series	series	NOUN
cjfa-63095	333	27	natural	natural	ADJ
cjfa-63095	333	28	distribution	distribution	NOUN
cjfa-63095	333	29	test	test	NOUN
cjfa-63095	333	30	the	the	DET
cjfa-63095	333	31	portfolio	portfolio	NOUN
cjfa-63095	333	32	shows	show	VERB
cjfa-63095	333	33	herding	herd	VERB
cjfa-63095	333	34	behavior	behavior	NOUN
cjfa-63095	333	35	the	the	DET
cjfa-63095	333	36	portfolio	portfolio	NOUN
cjfa-63095	333	37	does	do	AUX
cjfa-63095	333	38	not	not	PART
cjfa-63095	333	39	show	show	VERB
cjfa-63095	333	40	herding	herd	VERB
cjfa-63095	333	41	behavior	behavior	NOUN
cjfa-63095	333	42	statistic	statistic	PROPN
cjfa-63095	333	43	df	df	PROPN
cjfa-63095	333	44	sig	sig	PROPN
cjfa-63095	333	45	.	.	PUNCT
cjfa-63095	334	1	statistic	statistic	PROPN
cjfa-63095	334	2	df	df	PROPN
cjfa-63095	334	3	sig	sig	PROPN
cjfa-63095	334	4	.	.	PUNCT
cjfa-63095	335	1	kolmogorov	kolmogorov	PROPN
cjfa-63095	335	2	-	-	PUNCT
cjfa-63095	335	3	smirnov	smirnov	PROPN
cjfa-63095	335	4	0.156	0.156	NUM
cjfa-63095	335	5	1220	1220	NUM
cjfa-63095	335	6	0.000	0.000	NUM
cjfa-63095	335	7	0.099	0.099	NUM
cjfa-63095	335	8	1220	1220	NUM
cjfa-63095	335	9	0.000	0.000	NUM
cjfa-63095	335	10	shapiro	shapiro	PROPN
cjfa-63095	335	11	-	-	PUNCT
cjfa-63095	335	12	wilk	wilk	NOUN
cjfa-63095	335	13	0.905	0.905	NUM
cjfa-63095	335	14	1220	1220	NUM
cjfa-63095	335	15	0.000	0.000	NUM
cjfa-63095	335	16	0.905	0.905	NUM
cjfa-63095	335	17	1220	1220	NUM
cjfa-63095	335	18	0.000	0.000	NUM
cjfa-63095	335	19	s	s	NOUN
cjfa-63095	335	20	o	o	NOUN
cjfa-63095	335	21	u	u	NOUN
cjfa-63095	335	22	r	r	NOUN
cjfa-63095	335	23	c	c	NOUN
cjfa-63095	335	24	e	e	NOUN
cjfa-63095	335	25	:	:	PUNCT
cjfa-63095	335	26	authors	author	NOUN
cjfa-63095	335	27	’	'	PUNCT
cjfa-63095	335	28	construction	construction	NOUN
cjfa-63095	335	29	.	.	PUNCT
cjfa-63095	336	1	testing	test	VERB
cjfa-63095	336	2	random	random	ADJ
cjfa-63095	336	3	behavior	behavior	NOUN
cjfa-63095	336	4	of	of	ADP
cjfa-63095	336	5	the	the	DET
cjfa-63095	336	6	time	time	NOUN
cjfa-63095	336	7	seriestesting	seriesteste	VERB
cjfa-63095	336	8	random	random	ADJ
cjfa-63095	336	9	behavior	behavior	NOUN
cjfa-63095	336	10	of	of	ADP
cjfa-63095	336	11	the	the	DET
cjfa-63095	336	12	time	time	NOUN
cjfa-63095	336	13	series	series	NOUN
cjfa-63095	336	14	this	this	DET
cjfa-63095	336	15	study	study	NOUN
cjfa-63095	336	16	analyzes	analyze	VERB
cjfa-63095	336	17	the	the	DET
cjfa-63095	336	18	randomness	randomness	NOUN
cjfa-63095	336	19	of	of	ADP
cjfa-63095	336	20	the	the	DET
cjfa-63095	336	21	time	time	NOUN
cjfa-63095	336	22	series	series	NOUN
cjfa-63095	336	23	using	use	VERB
cjfa-63095	336	24	various	various	ADJ
cjfa-63095	336	25	statistical	statistical	ADJ
cjfa-63095	336	26	methods	method	NOUN
cjfa-63095	336	27	,	,	PUNCT
cjfa-63095	336	28	including	include	VERB
cjfa-63095	336	29	:	:	PUNCT
cjfa-63095	336	30	the	the	DET
cjfa-63095	336	31	runs	run	NOUN
cjfa-63095	336	32	test	test	VERB
cjfa-63095	336	33	the	the	DET
cjfa-63095	336	34	runs	run	NOUN
cjfa-63095	336	35	test	test	VERB
cjfa-63095	336	36	the	the	DET
cjfa-63095	336	37	runs	run	NOUN
cjfa-63095	336	38	test	test	NOUN
cjfa-63095	336	39	is	be	AUX
cjfa-63095	336	40	used	use	VERB
cjfa-63095	336	41	to	to	PART
cjfa-63095	336	42	examine	examine	VERB
cjfa-63095	336	43	the	the	DET
cjfa-63095	336	44	randomness	randomness	NOUN
cjfa-63095	336	45	of	of	ADP
cjfa-63095	336	46	data	datum	NOUN
cjfa-63095	336	47	.	.	PUNCT
cjfa-63095	337	1	table	table	NOUN
cjfa-63095	337	2	5	5	NUM
cjfa-63095	337	3	shows	show	VERB
cjfa-63095	337	4	the	the	DET
cjfa-63095	337	5	results	result	NOUN
cjfa-63095	337	6	of	of	ADP
cjfa-63095	337	7	the	the	DET
cjfa-63095	337	8	runs	run	NOUN
cjfa-63095	337	9	test	test	VERB
cjfa-63095	337	10	.	.	PUNCT
cjfa-63095	338	1	the	the	DET
cjfa-63095	338	2	results	result	NOUN
cjfa-63095	338	3	show	show	VERB
cjfa-63095	338	4	that	that	SCONJ
cjfa-63095	338	5	the	the	DET
cjfa-63095	338	6	p	p	NOUN
cjfa-63095	338	7	-	-	PUNCT
cjfa-63095	338	8	value	value	NOUN
cjfa-63095	338	9	is	be	AUX
cjfa-63095	338	10	less	less	ADJ
cjfa-63095	338	11	than	than	ADP
cjfa-63095	338	12	5	5	NUM
cjfa-63095	338	13	%	%	NOUN
cjfa-63095	338	14	,	,	PUNCT
cjfa-63095	338	15	as	as	SCONJ
cjfa-63095	338	16	the	the	DET
cjfa-63095	338	17	p	p	NOUN
cjfa-63095	338	18	-	-	PUNCT
cjfa-63095	338	19	value	value	NOUN
cjfa-63095	338	20	is	be	AUX
cjfa-63095	338	21	equal	equal	ADJ
cjfa-63095	338	22	to	to	ADP
cjfa-63095	338	23	zero	zero	NUM
cjfa-63095	338	24	for	for	ADP
cjfa-63095	338	25	both	both	CCONJ
cjfa-63095	338	26	the	the	DET
cjfa-63095	338	27	portfolio	portfolio	NOUN
cjfa-63095	338	28	showing	show	VERB
cjfa-63095	338	29	herding	herding	NOUN
cjfa-63095	338	30	behavior	behavior	NOUN
cjfa-63095	338	31	and	and	CCONJ
cjfa-63095	338	32	the	the	DET
cjfa-63095	338	33	portfolio	portfolio	NOUN
cjfa-63095	338	34	does	do	AUX
cjfa-63095	338	35	not	not	PART
cjfa-63095	338	36	showing	show	VERB
cjfa-63095	338	37	herding	herding	NOUN
cjfa-63095	338	38	behavior	behavior	NOUN
cjfa-63095	338	39	.	.	PUNCT
cjfa-63095	339	1	thus	thus	ADV
cjfa-63095	339	2	,	,	PUNCT
cjfa-63095	339	3	the	the	DET
cjfa-63095	339	4	time	time	NOUN
cjfa-63095	339	5	series	series	NOUN
cjfa-63095	339	6	of	of	ADP
cjfa-63095	339	7	each	each	DET
cjfa-63095	339	8	portfolio	portfolio	NOUN
cjfa-63095	339	9	is	be	AUX
cjfa-63095	339	10	non	non	ADJ
cjfa-63095	339	11	-	-	ADJ
cjfa-63095	339	12	random	random	ADJ
cjfa-63095	339	13	,	,	PUNCT
cjfa-63095	339	14	which	which	PRON
cjfa-63095	339	15	indicates	indicate	VERB
cjfa-63095	339	16	that	that	SCONJ
cjfa-63095	339	17	the	the	DET
cjfa-63095	339	18	two	two	NUM
cjfa-63095	339	19	portfolios	portfolio	NOUN
cjfa-63095	339	20	do	do	AUX
cjfa-63095	339	21	not	not	PART
cjfa-63095	339	22	achieve	achieve	VERB
cjfa-63095	339	23	a	a	DET
cjfa-63095	339	24	weak	weak	ADJ
cjfa-63095	339	25	level	level	NOUN
cjfa-63095	339	26	of	of	ADP
cjfa-63095	339	27	efficiency	efficiency	NOUN
cjfa-63095	339	28	.	.	PUNCT
cjfa-63095	340	1	table	table	NOUN
cjfa-63095	340	2	5	5	NUM
cjfa-63095	340	3	.	.	PUNCT
cjfa-63095	341	1	the	the	DET
cjfa-63095	341	2	runs	run	NOUN
cjfa-63095	341	3	test	test	NOUN
cjfa-63095	341	4	results	result	VERB
cjfa-63095	341	5	the	the	DET
cjfa-63095	341	6	portfolio	portfolio	NOUN
cjfa-63095	341	7	shows	show	VERB
cjfa-63095	341	8	herding	herd	VERB
cjfa-63095	341	9	behavior	behavior	NOUN
cjfa-63095	341	10	the	the	DET
cjfa-63095	341	11	portfolio	portfolio	NOUN
cjfa-63095	341	12	does	do	AUX
cjfa-63095	341	13	not	not	PART
cjfa-63095	341	14	show	show	VERB
cjfa-63095	341	15	herding	herding	NOUN
cjfa-63095	341	16	behavior	behavior	NOUN
cjfa-63095	341	17	test	test	NOUN
cjfa-63095	341	18	value	value	NOUN
cjfa-63095	341	19	16.65	16.65	NUM
cjfa-63095	341	20	20.69	20.69	NUM
cjfa-63095	341	21	number	number	NOUN
cjfa-63095	341	22	of	of	ADP
cjfa-63095	341	23	runs	run	NOUN
cjfa-63095	341	24	14	14	NUM
cjfa-63095	341	25	12	12	NUM
cjfa-63095	341	26	z	z	NOUN
cjfa-63095	341	27	-	-	PUNCT
cjfa-63095	341	28	statistic	statistic	ADJ
cjfa-63095	341	29	-34.198	-34.198	ADJ
cjfa-63095	341	30	-34.313	-34.313	ADJ
cjfa-63095	341	31	p	p	NOUN
cjfa-63095	341	32	-	-	PUNCT
cjfa-63095	341	33	value	value	NOUN
cjfa-63095	342	1	0.000	0.000	NUM
cjfa-63095	342	2	0.000	0.000	NUM
cjfa-63095	342	3	s	s	NOUN
cjfa-63095	342	4	o	o	NOUN
cjfa-63095	342	5	u	u	NOUN
cjfa-63095	342	6	r	r	NOUN
cjfa-63095	342	7	c	c	NOUN
cjfa-63095	342	8	e	e	NOUN
cjfa-63095	342	9	:	:	PUNCT
cjfa-63095	342	10	authors	author	NOUN
cjfa-63095	342	11	’	'	PUNCT
cjfa-63095	342	12	construction	construction	NOUN
cjfa-63095	342	13	.	.	PUNCT
cjfa-63095	343	1	herding	herd	VERB
cjfa-63095	343	2	behavior	behavior	NOUN
cjfa-63095	343	3	and	and	CCONJ
cjfa-63095	343	4	stock	stock	NOUN
cjfa-63095	343	5	market	market	NOUN
cjfa-63095	343	6	efficiency	efficiency	NOUN
cjfa-63095	343	7	…	…	PUNCT
cjfa-63095	343	8	2525	2525	NUM
cjfa-63095	343	9	unit	unit	NOUN
cjfa-63095	343	10	root	root	NOUN
cjfa-63095	343	11	test	test	NOUN
cjfa-63095	343	12	for	for	ADP
cjfa-63095	343	13	dickey	dickey	PROPN
cjfa-63095	343	14	-	-	PUNCT
cjfa-63095	343	15	fullerunit	fullerunit	PROPN
cjfa-63095	343	16	root	root	PROPN
cjfa-63095	343	17	test	test	NOUN
cjfa-63095	343	18	for	for	ADP
cjfa-63095	343	19	dickey	dickey	NOUN
cjfa-63095	343	20	-	-	PUNCT
cjfa-63095	343	21	fuller	full	ADJ
cjfa-63095	343	22	the	the	DET
cjfa-63095	343	23	unit	unit	NOUN
cjfa-63095	343	24	root	root	NOUN
cjfa-63095	343	25	test	test	NOUN
cjfa-63095	343	26	for	for	ADP
cjfa-63095	343	27	dickey	dickey	NOUN
cjfa-63095	343	28	-	-	PUNCT
cjfa-63095	343	29	fuller	fuller	NOUN
cjfa-63095	343	30	,	,	PUNCT
cjfa-63095	343	31	or	or	CCONJ
cjfa-63095	343	32	the	the	DET
cjfa-63095	343	33	so	so	ADV
cjfa-63095	343	34	-	-	PUNCT
cjfa-63095	343	35	called	call	VERB
cjfa-63095	343	36	augmented	augment	VERB
cjfa-63095	343	37	dickey	dickey	PROPN
cjfa-63095	343	38	-	-	PUNCT
cjfa-63095	343	39	fuller	full	ADJ
cjfa-63095	343	40	test	test	NOUN
cjfa-63095	343	41	(	(	PUNCT
cjfa-63095	343	42	adf	adf	NOUN
cjfa-63095	343	43	test	test	NOUN
cjfa-63095	343	44	)	)	PUNCT
cjfa-63095	343	45	,	,	PUNCT
cjfa-63095	343	46	is	be	AUX
cjfa-63095	343	47	used	use	VERB
cjfa-63095	343	48	to	to	PART
cjfa-63095	343	49	study	study	VERB
cjfa-63095	343	50	the	the	DET
cjfa-63095	343	51	stationary	stationary	NOUN
cjfa-63095	343	52	and	and	CCONJ
cjfa-63095	343	53	stability	stability	NOUN
cjfa-63095	343	54	of	of	ADP
cjfa-63095	343	55	the	the	DET
cjfa-63095	343	56	time	time	NOUN
cjfa-63095	343	57	series	series	NOUN
cjfa-63095	343	58	.	.	PUNCT
cjfa-63095	344	1	if	if	SCONJ
cjfa-63095	344	2	the	the	DET
cjfa-63095	344	3	time	time	NOUN
cjfa-63095	344	4	series	series	PROPN
cjfa-63095	344	5	is	be	AUX
cjfa-63095	344	6	static	static	ADJ
cjfa-63095	344	7	and	and	CCONJ
cjfa-63095	344	8	does	do	AUX
cjfa-63095	344	9	not	not	PART
cjfa-63095	344	10	move	move	VERB
cjfa-63095	344	11	randomly	randomly	ADV
cjfa-63095	344	12	,	,	PUNCT
cjfa-63095	344	13	this	this	PRON
cjfa-63095	344	14	means	mean	VERB
cjfa-63095	344	15	that	that	SCONJ
cjfa-63095	344	16	the	the	DET
cjfa-63095	344	17	market	market	NOUN
cjfa-63095	344	18	is	be	AUX
cjfa-63095	344	19	inefficient	inefficient	ADJ
cjfa-63095	344	20	according	accord	VERB
cjfa-63095	344	21	to	to	ADP
cjfa-63095	344	22	the	the	DET
cjfa-63095	344	23	weak	weak	ADJ
cjfa-63095	344	24	level	level	NOUN
cjfa-63095	344	25	.	.	PUNCT
cjfa-63095	345	1	table	table	NOUN
cjfa-63095	345	2	6	6	NUM
cjfa-63095	345	3	shows	show	VERB
cjfa-63095	345	4	the	the	DET
cjfa-63095	345	5	results	result	NOUN
cjfa-63095	345	6	of	of	ADP
cjfa-63095	345	7	the	the	DET
cjfa-63095	345	8	unit	unit	NOUN
cjfa-63095	345	9	root	root	NOUN
cjfa-63095	345	10	test	test	NOUN
cjfa-63095	345	11	,	,	PUNCT
cjfa-63095	345	12	which	which	PRON
cjfa-63095	345	13	indicates	indicate	VERB
cjfa-63095	345	14	that	that	SCONJ
cjfa-63095	345	15	the	the	DET
cjfa-63095	345	16	adf	adf	PROPN
cjfa-63095	345	17	test	test	NOUN
cjfa-63095	345	18	statistic	statistic	NOUN
cjfa-63095	345	19	is	be	AUX
cjfa-63095	345	20	smaller	small	ADJ
cjfa-63095	345	21	than	than	ADP
cjfa-63095	345	22	the	the	DET
cjfa-63095	345	23	critical	critical	ADJ
cjfa-63095	345	24	values	value	NOUN
cjfa-63095	345	25	at	at	ADP
cjfa-63095	345	26	1	1	NUM
cjfa-63095	345	27	%	%	NOUN
cjfa-63095	345	28	,	,	PUNCT
cjfa-63095	345	29	5	5	NUM
cjfa-63095	345	30	%	%	NOUN
cjfa-63095	345	31	,	,	PUNCT
cjfa-63095	345	32	and	and	CCONJ
cjfa-63095	345	33	10	10	NUM
cjfa-63095	345	34	%	%	NOUN
cjfa-63095	345	35	.	.	PUNCT
cjfa-63095	346	1	the	the	DET
cjfa-63095	346	2	value	value	NOUN
cjfa-63095	346	3	of	of	ADP
cjfa-63095	346	4	the	the	DET
cjfa-63095	346	5	p	p	NOUN
cjfa-63095	346	6	-	-	PUNCT
cjfa-63095	346	7	value	value	NOUN
cjfa-63095	346	8	is	be	AUX
cjfa-63095	346	9	also	also	ADV
cjfa-63095	346	10	less	less	ADJ
cjfa-63095	346	11	than	than	ADP
cjfa-63095	346	12	5	5	NUM
cjfa-63095	346	13	%	%	NOUN
cjfa-63095	346	14	,	,	PUNCT
cjfa-63095	346	15	as	as	SCONJ
cjfa-63095	346	16	it	it	PRON
cjfa-63095	346	17	is	be	AUX
cjfa-63095	346	18	equal	equal	ADJ
cjfa-63095	346	19	to	to	ADP
cjfa-63095	346	20	zero	zero	NUM
cjfa-63095	346	21	for	for	ADP
cjfa-63095	346	22	both	both	DET
cjfa-63095	346	23	portfolios	portfolio	NOUN
cjfa-63095	346	24	showing	show	VERB
cjfa-63095	346	25	herding	herding	NOUN
cjfa-63095	346	26	behavior	behavior	NOUN
cjfa-63095	346	27	and	and	CCONJ
cjfa-63095	346	28	those	those	PRON
cjfa-63095	346	29	that	that	PRON
cjfa-63095	346	30	do	do	AUX
cjfa-63095	346	31	not	not	PART
cjfa-63095	346	32	show	show	VERB
cjfa-63095	346	33	herding	herding	NOUN
cjfa-63095	346	34	behavior	behavior	NOUN
cjfa-63095	346	35	.	.	PUNCT
cjfa-63095	347	1	therefore	therefore	ADV
cjfa-63095	347	2	,	,	PUNCT
cjfa-63095	347	3	these	these	DET
cjfa-63095	347	4	results	result	NOUN
cjfa-63095	347	5	show	show	VERB
cjfa-63095	347	6	that	that	SCONJ
cjfa-63095	347	7	there	there	PRON
cjfa-63095	347	8	is	be	VERB
cjfa-63095	347	9	no	no	DET
cjfa-63095	347	10	unit	unit	NOUN
cjfa-63095	347	11	root	root	NOUN
cjfa-63095	347	12	in	in	ADP
cjfa-63095	347	13	the	the	DET
cjfa-63095	347	14	return	return	NOUN
cjfa-63095	347	15	series	series	NOUN
cjfa-63095	347	16	of	of	ADP
cjfa-63095	347	17	the	the	DET
cjfa-63095	347	18	two	two	NUM
cjfa-63095	347	19	portfolios	portfolio	NOUN
cjfa-63095	347	20	,	,	PUNCT
cjfa-63095	347	21	which	which	PRON
cjfa-63095	347	22	indicates	indicate	VERB
cjfa-63095	347	23	incompetence	incompetence	NOUN
cjfa-63095	347	24	at	at	ADP
cjfa-63095	347	25	the	the	DET
cjfa-63095	347	26	weak	weak	ADJ
cjfa-63095	347	27	level	level	NOUN
cjfa-63095	347	28	of	of	ADP
cjfa-63095	347	29	each	each	DET
cjfa-63095	347	30	portfolio	portfolio	NOUN
cjfa-63095	347	31	.	.	PUNCT
cjfa-63095	348	1	table	table	NOUN
cjfa-63095	348	2	6	6	NUM
cjfa-63095	348	3	.	.	PUNCT
cjfa-63095	348	4	unit	unit	NOUN
cjfa-63095	348	5	root	root	PROPN
cjfa-63095	348	6	test	test	NOUN
cjfa-63095	348	7	for	for	ADP
cjfa-63095	348	8	dickey	dickey	NOUN
cjfa-63095	348	9	-	-	PUNCT
cjfa-63095	348	10	fuller	full	ADJ
cjfa-63095	348	11	the	the	DET
cjfa-63095	348	12	portfolio	portfolio	NOUN
cjfa-63095	348	13	shows	show	VERB
cjfa-63095	348	14	herding	herd	VERB
cjfa-63095	348	15	behavior	behavior	NOUN
cjfa-63095	348	16	the	the	DET
cjfa-63095	348	17	portfolio	portfolio	NOUN
cjfa-63095	348	18	does	do	AUX
cjfa-63095	348	19	not	not	PART
cjfa-63095	348	20	show	show	VERB
cjfa-63095	348	21	herding	herd	VERB
cjfa-63095	348	22	behavior	behavior	NOUN
cjfa-63095	348	23	critical	critical	ADJ
cjfa-63095	348	24	value	value	NOUN
cjfa-63095	348	25	1	1	NUM
cjfa-63095	348	26	%	%	NOUN
cjfa-63095	348	27	-3.969876	-3.969876	NOUN
cjfa-63095	348	28	-3.969845	-3.969845	NOUN
cjfa-63095	348	29	5	5	NUM
cjfa-63095	348	30	%	%	NOUN
cjfa-63095	348	31	-3.415595	-3.415595	NOUN
cjfa-63095	348	32	-3.41558	-3.41558	VERB
cjfa-63095	348	33	10	10	NUM
cjfa-63095	348	34	%	%	NOUN
cjfa-63095	348	35	-3.130037	-3.130037	NOUN
cjfa-63095	348	36	-3.130028	-3.130028	PROPN
cjfa-63095	348	37	adf	adf	PROPN
cjfa-63095	348	38	test	test	NOUN
cjfa-63095	348	39	statistic	statistic	PROPN
cjfa-63095	348	40	-19.0147	-19.0147	PUNCT
cjfa-63095	348	41	-26.59111	-26.59111	PUNCT
cjfa-63095	348	42	p	p	NOUN
cjfa-63095	348	43	-	-	PUNCT
cjfa-63095	348	44	value	value	NOUN
cjfa-63095	349	1	0.0000	0.0000	NUM
cjfa-63095	349	2	0.0000	0.0000	NUM
cjfa-63095	349	3	s	s	PART
cjfa-63095	349	4	o	o	NOUN
cjfa-63095	349	5	u	u	NOUN
cjfa-63095	349	6	r	r	NOUN
cjfa-63095	349	7	c	c	NOUN
cjfa-63095	349	8	e	e	NOUN
cjfa-63095	349	9	:	:	PUNCT
cjfa-63095	349	10	authors	author	NOUN
cjfa-63095	349	11	’	'	PUNCT
cjfa-63095	349	12	construction	construction	NOUN
cjfa-63095	349	13	.	.	PUNCT
cjfa-63095	349	14	 	 	SPACE
cjfa-63095	350	1	conclusion	conclusion	NOUN
cjfa-63095	350	2	 	 	SPACE
cjfa-63095	350	3	conclusion	conclusion	NOUN
cjfa-63095	350	4	this	this	DET
cjfa-63095	350	5	paper	paper	NOUN
cjfa-63095	350	6	examined	examine	VERB
cjfa-63095	350	7	the	the	DET
cjfa-63095	350	8	impact	impact	NOUN
cjfa-63095	350	9	of	of	ADP
cjfa-63095	350	10	herding	herd	VERB
cjfa-63095	350	11	behavior	behavior	NOUN
cjfa-63095	350	12	on	on	ADP
cjfa-63095	350	13	market	market	NOUN
cjfa-63095	350	14	efficiency	efficiency	NOUN
cjfa-63095	350	15	in	in	ADP
cjfa-63095	350	16	the	the	DET
cjfa-63095	350	17	egyptian	egyptian	ADJ
cjfa-63095	350	18	stock	stock	NOUN
cjfa-63095	350	19	market	market	NOUN
cjfa-63095	350	20	.	.	PUNCT
cjfa-63095	351	1	the	the	DET
cjfa-63095	351	2	main	main	ADJ
cjfa-63095	351	3	sample	sample	NOUN
cjfa-63095	351	4	of	of	ADP
cjfa-63095	351	5	the	the	DET
cjfa-63095	351	6	research	research	NOUN
cjfa-63095	351	7	was	be	AUX
cjfa-63095	351	8	divided	divide	VERB
cjfa-63095	351	9	into	into	ADP
cjfa-63095	351	10	two	two	NUM
cjfa-63095	351	11	sub	sub	NOUN
cjfa-63095	351	12	-	-	NOUN
cjfa-63095	351	13	samples	sample	NOUN
cjfa-63095	351	14	:	:	PUNCT
cjfa-63095	351	15	the	the	DET
cjfa-63095	351	16	first	first	ADJ
cjfa-63095	351	17	sample	sample	NOUN
cjfa-63095	351	18	is	be	AUX
cjfa-63095	351	19	a	a	DET
cjfa-63095	351	20	portfolio	portfolio	NOUN
cjfa-63095	351	21	of	of	ADP
cjfa-63095	351	22	stocks	stock	NOUN
cjfa-63095	351	23	showing	show	VERB
cjfa-63095	351	24	herding	herding	NOUN
cjfa-63095	351	25	behavior	behavior	NOUN
cjfa-63095	351	26	and	and	CCONJ
cjfa-63095	351	27	the	the	DET
cjfa-63095	351	28	second	second	ADJ
cjfa-63095	351	29	sample	sample	NOUN
cjfa-63095	351	30	is	be	AUX
cjfa-63095	351	31	a	a	DET
cjfa-63095	351	32	portfolio	portfolio	NOUN
cjfa-63095	351	33	of	of	ADP
cjfa-63095	351	34	stocks	stock	NOUN
cjfa-63095	351	35	that	that	PRON
cjfa-63095	351	36	does	do	AUX
cjfa-63095	351	37	not	not	PART
cjfa-63095	351	38	show	show	VERB
cjfa-63095	351	39	herding	herding	NOUN
cjfa-63095	351	40	behavior	behavior	NOUN
cjfa-63095	351	41	.	.	PUNCT
cjfa-63095	352	1	the	the	DET
cjfa-63095	352	2	efficiency	efficiency	NOUN
cjfa-63095	352	3	was	be	AUX
cjfa-63095	352	4	tested	test	VERB
cjfa-63095	352	5	using	use	VERB
cjfa-63095	352	6	the	the	DET
cjfa-63095	352	7	runs	run	NOUN
cjfa-63095	352	8	test	test	NOUN
cjfa-63095	352	9	and	and	CCONJ
cjfa-63095	352	10	the	the	DET
cjfa-63095	352	11	dickey	dickey	PROPN
cjfa-63095	352	12	-	-	PUNCT
cjfa-63095	352	13	fuller	full	ADJ
cjfa-63095	352	14	unit	unit	NOUN
cjfa-63095	352	15	root	root	NOUN
cjfa-63095	352	16	tests	test	NOUN
cjfa-63095	352	17	,	,	PUNCT
cjfa-63095	352	18	in	in	ADP
cjfa-63095	352	19	addition	addition	NOUN
cjfa-63095	352	20	to	to	ADP
cjfa-63095	352	21	applying	apply	VERB
cjfa-63095	352	22	the	the	DET
cjfa-63095	352	23	hwang	hwang	PROPN
cjfa-63095	352	24	and	and	CCONJ
cjfa-63095	352	25	salmon	salmon	PROPN
cjfa-63095	352	26	(	(	PUNCT
cjfa-63095	352	27	2004	2004	NUM
cjfa-63095	352	28	)	)	PUNCT
cjfa-63095	352	29	methodology	methodology	NOUN
cjfa-63095	352	30	to	to	PART
cjfa-63095	352	31	test	test	VERB
cjfa-63095	352	32	herding	herding	NOUN
cjfa-63095	352	33	behavior	behavior	NOUN
cjfa-63095	352	34	.	.	PUNCT
cjfa-63095	353	1	through	through	ADP
cjfa-63095	353	2	statistical	statistical	ADJ
cjfa-63095	353	3	results	result	NOUN
cjfa-63095	353	4	,	,	PUNCT
cjfa-63095	353	5	the	the	DET
cjfa-63095	353	6	time	time	NOUN
cjfa-63095	353	7	-	-	PUNCT
cjfa-63095	353	8	series	series	NOUN
cjfa-63095	353	9	prices	price	NOUN
cjfa-63095	353	10	of	of	ADP
cjfa-63095	353	11	both	both	CCONJ
cjfa-63095	353	12	the	the	DET
cjfa-63095	353	13	portfolio	portfolio	NOUN
cjfa-63095	353	14	showing	show	VERB
cjfa-63095	353	15	herding	herding	NOUN
cjfa-63095	353	16	behavior	behavior	NOUN
cjfa-63095	353	17	and	and	CCONJ
cjfa-63095	353	18	the	the	DET
cjfa-63095	353	19	portfolio	portfolio	NOUN
cjfa-63095	353	20	does	do	AUX
cjfa-63095	353	21	not	not	PART
cjfa-63095	353	22	show	show	VERB
cjfa-63095	353	23	herding	herding	NOUN
cjfa-63095	353	24	behavior	behavior	NOUN
cjfa-63095	353	25	,	,	PUNCT
cjfa-63095	353	26	are	be	AUX
cjfa-63095	353	27	not	not	PART
cjfa-63095	353	28	going	go	VERB
cjfa-63095	353	29	randomly	randomly	ADV
cjfa-63095	353	30	,	,	PUNCT
cjfa-63095	353	31	as	as	SCONJ
cjfa-63095	353	32	the	the	DET
cjfa-63095	353	33	results	result	NOUN
cjfa-63095	353	34	of	of	ADP
cjfa-63095	353	35	the	the	DET
cjfa-63095	353	36	runs	run	NOUN
cjfa-63095	353	37	test	test	VERB
cjfa-63095	353	38	and	and	CCONJ
cjfa-63095	353	39	m.	m.	PROPN
cjfa-63095	353	40	h.	h.	PROPN
cjfa-63095	353	41	abd	abd	PROPN
cjfa-63095	353	42	-	-	PUNCT
cjfa-63095	353	43	allah	allah	PROPN
cjfa-63095	353	44	,	,	PUNCT
cjfa-63095	353	45	k.	k.	PROPN
cjfa-63095	353	46	m.	m.	PROPN
cjfa-63095	353	47	k.	k.	PROPN
cjfa-63095	353	48	mohamed	mohamed	PROPN
cjfa-63095	353	49	,	,	PUNCT
cjfa-63095	353	50	m.	m.	PROPN
cjfa-63095	353	51	s.	s.	PROPN
cjfa-63095	353	52	m.	m.	PROPN
cjfa-63095	353	53	mahmood	mahmood	PROPN
cjfa-63095	353	54	,	,	PUNCT
cjfa-63095	353	55	n.	n.	PROPN
cjfa-63095	353	56	n.	n.	PROPN
cjfa-63095	354	1	s.	s.	PROPN
cjfa-63095	354	2	mohamed2626	mohamed2626	PROPN
cjfa-63095	354	3	the	the	DET
cjfa-63095	354	4	dickey	dickey	PROPN
cjfa-63095	354	5	-	-	PUNCT
cjfa-63095	354	6	fuller	full	ADJ
cjfa-63095	354	7	unit	unit	NOUN
cjfa-63095	354	8	root	root	NOUN
cjfa-63095	354	9	tests	test	NOUN
cjfa-63095	354	10	are	be	AUX
cjfa-63095	354	11	consistent	consistent	ADJ
cjfa-63095	354	12	and	and	CCONJ
cjfa-63095	354	13	supportive	supportive	ADJ
cjfa-63095	354	14	of	of	ADP
cjfa-63095	354	15	each	each	DET
cjfa-63095	354	16	other	other	ADJ
cjfa-63095	354	17	.	.	PUNCT
cjfa-63095	355	1	therefore	therefore	ADV
cjfa-63095	355	2	,	,	PUNCT
cjfa-63095	355	3	the	the	DET
cjfa-63095	355	4	two	two	NUM
cjfa-63095	355	5	portfolios	portfolio	NOUN
cjfa-63095	355	6	do	do	AUX
cjfa-63095	355	7	not	not	PART
cjfa-63095	355	8	achieve	achieve	VERB
cjfa-63095	355	9	a	a	DET
cjfa-63095	355	10	weak	weak	ADJ
cjfa-63095	355	11	level	level	NOUN
cjfa-63095	355	12	of	of	ADP
cjfa-63095	355	13	efficiency	efficiency	NOUN
cjfa-63095	355	14	.	.	PUNCT
cjfa-63095	356	1	thus	thus	ADV
cjfa-63095	356	2	,	,	PUNCT
cjfa-63095	356	3	we	we	PRON
cjfa-63095	356	4	can	can	AUX
cjfa-63095	356	5	conclude	conclude	VERB
cjfa-63095	356	6	that	that	SCONJ
cjfa-63095	356	7	herding	herding	NOUN
cjfa-63095	356	8	behavior	behavior	NOUN
cjfa-63095	356	9	among	among	ADP
cjfa-63095	356	10	investors	investor	NOUN
cjfa-63095	356	11	in	in	ADP
cjfa-63095	356	12	the	the	DET
cjfa-63095	356	13	egyptian	egyptian	ADJ
cjfa-63095	356	14	stock	stock	NOUN
cjfa-63095	356	15	market	market	NOUN
cjfa-63095	356	16	does	do	AUX
cjfa-63095	356	17	not	not	PART
cjfa-63095	356	18	affect	affect	VERB
cjfa-63095	356	19	market	market	NOUN
cjfa-63095	356	20	efficiency	efficiency	NOUN
cjfa-63095	356	21	.	.	PUNCT
cjfa-63095	357	1	therefore	therefore	ADV
cjfa-63095	357	2	,	,	PUNCT
cjfa-63095	357	3	other	other	ADJ
cjfa-63095	357	4	factors	factor	NOUN
cjfa-63095	357	5	,	,	PUNCT
cjfa-63095	357	6	rather	rather	ADV
cjfa-63095	357	7	than	than	ADP
cjfa-63095	357	8	herding	herd	VERB
cjfa-63095	357	9	behavior	behavior	NOUN
cjfa-63095	357	10	,	,	PUNCT
cjfa-63095	357	11	may	may	AUX
cjfa-63095	357	12	influence	influence	VERB
cjfa-63095	357	13	the	the	DET
cjfa-63095	357	14	efficiency	efficiency	NOUN
cjfa-63095	357	15	of	of	ADP
cjfa-63095	357	16	the	the	DET
cjfa-63095	357	17	egyptian	egyptian	ADJ
cjfa-63095	357	18	stock	stock	NOUN
cjfa-63095	357	19	market	market	NOUN
cjfa-63095	357	20	.	.	PUNCT
cjfa-63095	358	1	there	there	PRON
cjfa-63095	358	2	may	may	AUX
cjfa-63095	358	3	be	be	AUX
cjfa-63095	358	4	a	a	DET
cjfa-63095	358	5	relationship	relationship	NOUN
cjfa-63095	358	6	between	between	ADP
cjfa-63095	358	7	herding	herd	VERB
cjfa-63095	358	8	behavior	behavior	NOUN
cjfa-63095	358	9	and	and	CCONJ
cjfa-63095	358	10	inefficient	inefficient	ADJ
cjfa-63095	358	11	financial	financial	ADJ
cjfa-63095	358	12	markets	market	NOUN
cjfa-63095	358	13	,	,	PUNCT
cjfa-63095	358	14	but	but	CCONJ
cjfa-63095	358	15	due	due	ADP
cjfa-63095	358	16	to	to	ADP
cjfa-63095	358	17	several	several	ADJ
cjfa-63095	358	18	limitations	limitation	NOUN
cjfa-63095	358	19	in	in	ADP
cjfa-63095	358	20	this	this	DET
cjfa-63095	358	21	research	research	NOUN
cjfa-63095	358	22	,	,	PUNCT
cjfa-63095	358	23	this	this	DET
cjfa-63095	358	24	relationship	relationship	NOUN
cjfa-63095	358	25	was	be	AUX
cjfa-63095	358	26	not	not	PART
cjfa-63095	358	27	as	as	ADV
cjfa-63095	358	28	clear	clear	ADJ
cjfa-63095	358	29	as	as	SCONJ
cjfa-63095	358	30	the	the	DET
cjfa-63095	358	31	results	result	NOUN
cjfa-63095	358	32	showed	show	VERB
cjfa-63095	358	33	.	.	PUNCT
cjfa-63095	359	1	one	one	NUM
cjfa-63095	359	2	of	of	ADP
cjfa-63095	359	3	the	the	DET
cjfa-63095	359	4	limitations	limitation	NOUN
cjfa-63095	359	5	is	be	AUX
cjfa-63095	359	6	the	the	DET
cjfa-63095	359	7	small	small	ADJ
cjfa-63095	359	8	size	size	NOUN
cjfa-63095	359	9	of	of	ADP
cjfa-63095	359	10	the	the	DET
cjfa-63095	359	11	sample	sample	NOUN
cjfa-63095	359	12	,	,	PUNCT
cjfa-63095	359	13	it	it	PRON
cjfa-63095	359	14	is	be	AUX
cjfa-63095	359	15	advisable	advisable	ADJ
cjfa-63095	359	16	to	to	PART
cjfa-63095	359	17	use	use	VERB
cjfa-63095	359	18	a	a	DET
cjfa-63095	359	19	larger	large	ADJ
cjfa-63095	359	20	sample	sample	NOUN
cjfa-63095	359	21	size	size	NOUN
cjfa-63095	359	22	to	to	PART
cjfa-63095	359	23	achieve	achieve	VERB
cjfa-63095	359	24	different	different	ADJ
cjfa-63095	359	25	results	result	NOUN
cjfa-63095	359	26	more	more	ADV
cjfa-63095	359	27	accurately	accurately	ADV
cjfa-63095	359	28	.	.	PUNCT
cjfa-63095	360	1	additionally	additionally	ADV
cjfa-63095	360	2	,	,	PUNCT
cjfa-63095	360	3	the	the	DET
cjfa-63095	360	4	period	period	NOUN
cjfa-63095	360	5	of	of	ADP
cjfa-63095	360	6	study	study	NOUN
cjfa-63095	360	7	was	be	AUX
cjfa-63095	360	8	only	only	ADV
cjfa-63095	360	9	5	5	NUM
cjfa-63095	360	10	years	year	NOUN
cjfa-63095	360	11	.	.	PUNCT
cjfa-63095	361	1	for	for	ADP
cjfa-63095	361	2	future	future	ADJ
cjfa-63095	361	3	studies	study	NOUN
cjfa-63095	361	4	,	,	PUNCT
cjfa-63095	361	5	it	it	PRON
cjfa-63095	361	6	is	be	AUX
cjfa-63095	361	7	advisable	advisable	ADJ
cjfa-63095	361	8	to	to	PART
cjfa-63095	361	9	consider	consider	VERB
cjfa-63095	361	10	a	a	DET
cjfa-63095	361	11	study	study	NOUN
cjfa-63095	361	12	period	period	NOUN
cjfa-63095	361	13	longer	long	ADV
cjfa-63095	361	14	than	than	ADP
cjfa-63095	361	15	5	5	NUM
cjfa-63095	361	16	years	year	NOUN
cjfa-63095	361	17	,	,	PUNCT
cjfa-63095	361	18	as	as	ADV
cjfa-63095	361	19	well	well	ADV
cjfa-63095	361	20	as	as	ADP
cjfa-63095	361	21	utilizing	utilize	VERB
cjfa-63095	361	22	different	different	ADJ
cjfa-63095	361	23	measures	measure	NOUN
cjfa-63095	361	24	of	of	ADP
cjfa-63095	361	25	herding	herding	NOUN
cjfa-63095	361	26	behavior	behavior	NOUN
cjfa-63095	361	27	,	,	PUNCT
cjfa-63095	361	28	which	which	PRON
cjfa-63095	361	29	may	may	AUX
cjfa-63095	361	30	yield	yield	VERB
cjfa-63095	361	31	varied	varied	ADJ
cjfa-63095	361	32	findings	finding	NOUN
cjfa-63095	361	33	.	.	PUNCT
cjfa-63095	361	34	 	 	SPACE
cjfa-63095	362	1	references	reference	NOUN
cjfa-63095	362	2	 	 	SPACE
cjfa-63095	362	3	references	reference	VERB
cjfa-63095	362	4	abd	abd	PROPN
cjfa-63095	362	5	-	-	PUNCT
cjfa-63095	362	6	alla	alla	NOUN
cjfa-63095	362	7	,	,	PUNCT
cjfa-63095	362	8	m.h	m.h	PROPN
cjfa-63095	362	9	.	.	PROPN
cjfa-63095	362	10	(	(	PUNCT
cjfa-63095	362	11	2020	2020	NUM
cjfa-63095	362	12	)	)	PUNCT
cjfa-63095	362	13	.	.	PUNCT
cjfa-63095	363	1	sentimental	sentimental	ADJ
cjfa-63095	363	2	herding	herding	NOUN
cjfa-63095	363	3	:	:	PUNCT
cjfa-63095	363	4	the	the	DET
cjfa-63095	363	5	role	role	NOUN
cjfa-63095	363	6	of	of	ADP
cjfa-63095	363	7	covid-19	covid-19	PROPN
cjfa-63095	363	8	crisis	crisis	NOUN
cjfa-63095	363	9	in	in	ADP
cjfa-63095	363	10	the	the	DET
cjfa-63095	363	11	egyptian	egyptian	ADJ
cjfa-63095	363	12	stock	stock	NOUN
cjfa-63095	363	13	market	market	NOUN
cjfa-63095	363	14	.	.	PUNCT
cjfa-63095	364	1	copernican	copernican	PROPN
cjfa-63095	364	2	journal	journal	PROPN
cjfa-63095	364	3	of	of	ADP
cjfa-63095	364	4	finance	finance	PROPN
cjfa-63095	364	5	&	&	CCONJ
cjfa-63095	364	6	accounting	accounting	PROPN
cjfa-63095	364	7	,	,	PUNCT
cjfa-63095	364	8	9(3	9(3	NUM
cjfa-63095	364	9	)	)	PUNCT
cjfa-63095	364	10	,	,	PUNCT
cjfa-63095	364	11	9–23	9–23	NOUN
cjfa-63095	364	12	.	.	PUNCT
cjfa-63095	365	1	https://doi	https://doi	PROPN
cjfa-63095	365	2	.	.	PUNCT
cjfa-63095	366	1	org/10.12775	org/10.12775	PROPN
cjfa-63095	366	2	/	/	SYM
cjfa-63095	366	3	cjfa.2020.009	cjfa.2020.009	PROPN
cjfa-63095	366	4	.	.	PUNCT
cjfa-63095	367	1	abd	abd	PROPN
cjfa-63095	367	2	el	el	PROPN
cjfa-63095	367	3	-	-	PUNCT
cjfa-63095	367	4	razcek	razcek	PROPN
cjfa-63095	367	5	,	,	PUNCT
cjfa-63095	367	6	m.h	m.h	PROPN
cjfa-63095	367	7	.	.	PROPN
cjfa-63095	367	8	,	,	PUNCT
cjfa-63095	367	9	&	&	CCONJ
cjfa-63095	367	10	abd	abd	PROPN
cjfa-63095	367	11	elbaseet	elbaseet	PROPN
cjfa-63095	367	12	,	,	PUNCT
cjfa-63095	367	13	a.s	a.s	PROPN
cjfa-63095	367	14	.	.	PROPN
cjfa-63095	367	15	(	(	PUNCT
cjfa-63095	367	16	2023	2023	NUM
cjfa-63095	367	17	)	)	PUNCT
cjfa-63095	367	18	.	.	PUNCT
cjfa-63095	368	1	does	do	AUX
cjfa-63095	368	2	the	the	DET
cjfa-63095	368	3	egyptian	egyptian	ADJ
cjfa-63095	368	4	exchange	exchange	NOUN
cjfa-63095	368	5	market	market	NOUN
cjfa-63095	368	6	still	still	ADV
cjfa-63095	368	7	have	have	VERB
cjfa-63095	368	8	herd	herd	ADJ
cjfa-63095	368	9	behavior	behavior	NOUN
cjfa-63095	368	10	?	?	PUNCT
cjfa-63095	369	1	scientific	scientific	ADJ
cjfa-63095	369	2	journal	journal	NOUN
cjfa-63095	369	3	for	for	ADP
cjfa-63095	369	4	financial	financial	ADJ
cjfa-63095	369	5	and	and	CCONJ
cjfa-63095	369	6	commercial	commercial	ADJ
cjfa-63095	369	7	studies	study	NOUN
cjfa-63095	369	8	and	and	CCONJ
cjfa-63095	369	9	research	research	NOUN
cjfa-63095	369	10	,	,	PUNCT
cjfa-63095	369	11	4(1	4(1	NOUN
cjfa-63095	369	12	)	)	PUNCT
cjfa-63095	369	13	,	,	PUNCT
cjfa-63095	369	14	183–228	183–228	NUM
cjfa-63095	369	15	.	.	PUNCT
cjfa-63095	370	1	banerjee	banerjee	PROPN
cjfa-63095	370	2	,	,	PUNCT
cjfa-63095	370	3	a.v	a.v	PROPN
cjfa-63095	370	4	.	.	PROPN
cjfa-63095	370	5	(	(	PUNCT
cjfa-63095	370	6	1992	1992	NUM
cjfa-63095	370	7	)	)	PUNCT
cjfa-63095	370	8	.	.	PUNCT
cjfa-63095	371	1	a	a	DET
cjfa-63095	371	2	simple	simple	ADJ
cjfa-63095	371	3	model	model	NOUN
cjfa-63095	371	4	of	of	ADP
cjfa-63095	371	5	herd	herd	NOUN
cjfa-63095	371	6	behavior	behavior	NOUN
cjfa-63095	371	7	.	.	PUNCT
cjfa-63095	372	1	the	the	DET
cjfa-63095	372	2	quarterly	quarterly	ADJ
cjfa-63095	372	3	journal	journal	NOUN
cjfa-63095	372	4	of	of	ADP
cjfa-63095	372	5	economics	economic	NOUN
cjfa-63095	372	6	,	,	PUNCT
cjfa-63095	372	7	107(3	107(3	NUM
cjfa-63095	372	8	)	)	PUNCT
cjfa-63095	372	9	,	,	PUNCT
cjfa-63095	372	10	797–817	797–817	NUM
cjfa-63095	372	11	.	.	PUNCT
cjfa-63095	373	1	https://doi.org/10.2307/2118364	https://doi.org/10.2307/2118364	NOUN
cjfa-63095	373	2	.	.	PUNCT
cjfa-63095	374	1	barberis	barberis	PROPN
cjfa-63095	374	2	,	,	PUNCT
cjfa-63095	374	3	n.	n.	NOUN
cjfa-63095	374	4	,	,	PUNCT
cjfa-63095	374	5	&	&	CCONJ
cjfa-63095	374	6	thaler	thaler	PROPN
cjfa-63095	374	7	,	,	PUNCT
cjfa-63095	374	8	r.	r.	PROPN
cjfa-63095	374	9	(	(	PUNCT
cjfa-63095	374	10	2003	2003	NUM
cjfa-63095	374	11	)	)	PUNCT
cjfa-63095	374	12	.	.	PUNCT
cjfa-63095	375	1	a	a	DET
cjfa-63095	375	2	survey	survey	NOUN
cjfa-63095	375	3	of	of	ADP
cjfa-63095	375	4	behavioral	behavioral	ADJ
cjfa-63095	375	5	finance	finance	NOUN
cjfa-63095	375	6	.	.	PUNCT
cjfa-63095	376	1	in	in	ADP
cjfa-63095	376	2	handbook	handbook	NOUN
cjfa-63095	376	3	of	of	ADP
cjfa-63095	376	4	the	the	DET
cjfa-63095	376	5	economics	economic	NOUN
cjfa-63095	376	6	of	of	ADP
cjfa-63095	376	7	finance	finance	NOUN
cjfa-63095	376	8	(	(	PUNCT
cjfa-63095	376	9	vol	vol	NOUN
cjfa-63095	376	10	.	.	PROPN
cjfa-63095	376	11	1	1	NUM
cjfa-63095	376	12	,	,	PUNCT
cjfa-63095	376	13	pp	pp	ADJ
cjfa-63095	376	14	.	.	PUNCT
cjfa-63095	376	15	1053–1128	1053–1128	NUM
cjfa-63095	376	16	)	)	PUNCT
cjfa-63095	376	17	.	.	PUNCT
cjfa-63095	377	1	https://doi.org/10.3386/w9222	https://doi.org/10.3386/w9222	NUM
cjfa-63095	377	2	.	.	PUNCT
cjfa-63095	377	3	bikhchandani	bikhchandani	PROPN
cjfa-63095	377	4	,	,	PUNCT
cjfa-63095	377	5	s.	s.	PROPN
cjfa-63095	377	6	,	,	PUNCT
cjfa-63095	377	7	hirshleifer	hirshleifer	PROPN
cjfa-63095	377	8	,	,	PUNCT
cjfa-63095	377	9	d.	d.	PROPN
cjfa-63095	377	10	,	,	PUNCT
cjfa-63095	377	11	&	&	CCONJ
cjfa-63095	377	12	welch	welch	PROPN
cjfa-63095	377	13	,	,	PUNCT
cjfa-63095	377	14	i.	i.	PROPN
cjfa-63095	377	15	(	(	PUNCT
cjfa-63095	377	16	1992	1992	NUM
cjfa-63095	377	17	)	)	PUNCT
cjfa-63095	377	18	.	.	PUNCT
cjfa-63095	378	1	a	a	DET
cjfa-63095	378	2	theory	theory	NOUN
cjfa-63095	378	3	of	of	ADP
cjfa-63095	378	4	fads	fad	NOUN
cjfa-63095	378	5	,	,	PUNCT
cjfa-63095	378	6	fashion	fashion	NOUN
cjfa-63095	378	7	,	,	PUNCT
cjfa-63095	378	8	custom	custom	ADJ
cjfa-63095	378	9	,	,	PUNCT
cjfa-63095	378	10	and	and	CCONJ
cjfa-63095	378	11	cultural	cultural	ADJ
cjfa-63095	378	12	change	change	NOUN
cjfa-63095	378	13	as	as	ADP
cjfa-63095	378	14	informational	informational	ADJ
cjfa-63095	378	15	cascades	cascade	NOUN
cjfa-63095	378	16	.	.	PUNCT
cjfa-63095	379	1	journal	journal	NOUN
cjfa-63095	379	2	of	of	ADP
cjfa-63095	379	3	political	political	ADJ
cjfa-63095	379	4	economy	economy	NOUN
cjfa-63095	379	5	,	,	PUNCT
cjfa-63095	379	6	100(5	100(5	NUM
cjfa-63095	379	7	)	)	PUNCT
cjfa-63095	379	8	,	,	PUNCT
cjfa-63095	379	9	992–1026	992–1026	NUM
cjfa-63095	379	10	.	.	PUNCT
cjfa-63095	380	1	https://doi.org/10.1086/261849	https://doi.org/10.1086/261849	NOUN
cjfa-63095	380	2	.	.	PUNCT
cjfa-63095	381	1	bikhchandani	bikhchandani	PROPN
cjfa-63095	381	2	,	,	PUNCT
cjfa-63095	381	3	s.	s.	PROPN
cjfa-63095	381	4	,	,	PUNCT
cjfa-63095	381	5	&	&	CCONJ
cjfa-63095	381	6	sharma	sharma	PROPN
cjfa-63095	381	7	,	,	PUNCT
cjfa-63095	381	8	s.	s.	PROPN
cjfa-63095	381	9	(	(	PUNCT
cjfa-63095	381	10	2000	2000	NUM
cjfa-63095	381	11	)	)	PUNCT
cjfa-63095	381	12	.	.	PUNCT
cjfa-63095	382	1	herd	herd	NOUN
cjfa-63095	382	2	behaviour	behaviour	NOUN
cjfa-63095	382	3	in	in	ADP
cjfa-63095	382	4	financial	financial	ADJ
cjfa-63095	382	5	markets	market	NOUN
cjfa-63095	382	6	.	.	PUNCT
cjfa-63095	383	1	imf	imf	PROPN
cjfa-63095	383	2	staff	staff	NOUN
cjfa-63095	383	3	papers	paper	NOUN
cjfa-63095	383	4	,	,	PUNCT
cjfa-63095	383	5	47(3	47(3	NOUN
cjfa-63095	383	6	)	)	PUNCT
cjfa-63095	383	7	,	,	PUNCT
cjfa-63095	383	8	279–310	279–310	NUM
cjfa-63095	383	9	.	.	PUNCT
cjfa-63095	384	1	black	black	PROPN
cjfa-63095	384	2	,	,	PUNCT
cjfa-63095	384	3	f.	f.	PROPN
cjfa-63095	384	4	,	,	PUNCT
cjfa-63095	384	5	jensen	jensen	PROPN
cjfa-63095	384	6	,	,	PUNCT
cjfa-63095	384	7	m.c	m.c	PROPN
cjfa-63095	384	8	.	.	PROPN
cjfa-63095	384	9	,	,	PUNCT
cjfa-63095	384	10	&	&	CCONJ
cjfa-63095	384	11	scholes	scholes	PROPN
cjfa-63095	384	12	,	,	PUNCT
cjfa-63095	384	13	m.	m.	NOUN
cjfa-63095	384	14	(	(	PUNCT
cjfa-63095	384	15	1972	1972	NUM
cjfa-63095	384	16	)	)	PUNCT
cjfa-63095	384	17	.	.	PUNCT
cjfa-63095	385	1	the	the	DET
cjfa-63095	385	2	capital	capital	NOUN
cjfa-63095	385	3	asset	asset	NOUN
cjfa-63095	385	4	pricing	pricing	NOUN
cjfa-63095	385	5	model	model	NOUN
cjfa-63095	385	6	:	:	PUNCT
cjfa-63095	385	7	some	some	DET
cjfa-63095	385	8	empirical	empirical	ADJ
cjfa-63095	385	9	tests	test	NOUN
cjfa-63095	385	10	.	.	PUNCT
cjfa-63095	386	1	in	in	ADP
cjfa-63095	386	2	studies	study	NOUN
cjfa-63095	386	3	in	in	ADP
cjfa-63095	386	4	the	the	DET
cjfa-63095	386	5	theory	theory	NOUN
cjfa-63095	386	6	of	of	ADP
cjfa-63095	386	7	capital	capital	NOUN
cjfa-63095	386	8	markets	market	NOUN
cjfa-63095	386	9	(	(	PUNCT
cjfa-63095	386	10	pp	pp	ADJ
cjfa-63095	386	11	.	.	PUNCT
cjfa-63095	387	1	79–121	79–121	NUM
cjfa-63095	387	2	)	)	PUNCT
cjfa-63095	387	3	.	.	PUNCT
cjfa-63095	388	1	bo	bo	PROPN
cjfa-63095	388	2	,	,	PUNCT
cjfa-63095	388	3	h.	h.	PROPN
cjfa-63095	388	4	,	,	PUNCT
cjfa-63095	388	5	li	li	PROPN
cjfa-63095	388	6	,	,	PUNCT
cjfa-63095	388	7	t.	t.	PROPN
cjfa-63095	388	8	,	,	PUNCT
cjfa-63095	388	9	&	&	CCONJ
cjfa-63095	388	10	sun	sun	PROPN
cjfa-63095	388	11	,	,	PUNCT
cjfa-63095	388	12	y.	y.	PROPN
cjfa-63095	388	13	(	(	PUNCT
cjfa-63095	388	14	2013	2013	NUM
cjfa-63095	388	15	)	)	PUNCT
cjfa-63095	388	16	.	.	PUNCT
cjfa-63095	389	1	board	board	NOUN
cjfa-63095	389	2	attributes	attribute	NOUN
cjfa-63095	389	3	and	and	CCONJ
cjfa-63095	389	4	herding	herd	VERB
cjfa-63095	389	5	in	in	ADP
cjfa-63095	389	6	corporate	corporate	ADJ
cjfa-63095	389	7	investment	investment	NOUN
cjfa-63095	389	8	:	:	PUNCT
cjfa-63095	389	9	evidence	evidence	NOUN
cjfa-63095	389	10	from	from	ADP
cjfa-63095	389	11	chinese	chinese	ADJ
cjfa-63095	389	12	-	-	PUNCT
cjfa-63095	389	13	listed	list	VERB
cjfa-63095	389	14	firms	firm	NOUN
cjfa-63095	389	15	.	.	PUNCT
cjfa-63095	390	1	the	the	DET
cjfa-63095	390	2	european	european	PROPN
cjfa-63095	390	3	journal	journal	PROPN
cjfa-63095	390	4	of	of	ADP
cjfa-63095	390	5	finance	finance	NOUN
cjfa-63095	390	6	,	,	PUNCT
cjfa-63095	390	7	22(4–6	22(4–6	PROPN
cjfa-63095	390	8	)	)	PUNCT
cjfa-63095	390	9	,	,	PUNCT
cjfa-63095	390	10	432–462	432–462	NUM
cjfa-63095	390	11	.	.	PUNCT
cjfa-63095	391	1	https://doi.org/10.1080/1351847x.2013.788536	https://doi.org/10.1080/1351847x.2013.788536	PROPN
cjfa-63095	391	2	.	.	PUNCT
cjfa-63095	391	3	buckner	buckner	PROPN
cjfa-63095	391	4	,	,	PUNCT
cjfa-63095	391	5	h.t	h.t	PROPN
cjfa-63095	391	6	.	.	PROPN
cjfa-63095	391	7	(	(	PUNCT
cjfa-63095	391	8	1965	1965	NUM
cjfa-63095	391	9	)	)	PUNCT
cjfa-63095	391	10	.	.	PUNCT
cjfa-63095	392	1	a	a	DET
cjfa-63095	392	2	theory	theory	NOUN
cjfa-63095	392	3	of	of	ADP
cjfa-63095	392	4	rumor	rumor	NOUN
cjfa-63095	392	5	transmission	transmission	NOUN
cjfa-63095	392	6	.	.	PUNCT
cjfa-63095	393	1	public	public	ADJ
cjfa-63095	393	2	opinion	opinion	NOUN
cjfa-63095	393	3	quarterly	quarterly	ADV
cjfa-63095	393	4	,	,	PUNCT
cjfa-63095	393	5	29(1	29(1	NUM
cjfa-63095	393	6	)	)	PUNCT
cjfa-63095	393	7	,	,	PUNCT
cjfa-63095	393	8	54–70	54–70	NUM
cjfa-63095	393	9	.	.	PUNCT
cjfa-63095	393	10	https://doi.org/10.1086/267297	https://doi.org/10.1086/267297	NOUN
cjfa-63095	393	11	.	.	PUNCT
cjfa-63095	394	1	https://doi.org/10.2307/2118364	https://doi.org/10.2307/2118364	NOUN
cjfa-63095	395	1	https://doi.org/10.3386/w9222	https://doi.org/10.3386/w9222	NUM
cjfa-63095	395	2	https://doi.org/10.1086/267297	https://doi.org/10.1086/267297	NOUN
cjfa-63095	395	3	herding	herding	NOUN
cjfa-63095	395	4	behavior	behavior	NOUN
cjfa-63095	395	5	and	and	CCONJ
cjfa-63095	395	6	stock	stock	NOUN
cjfa-63095	395	7	market	market	NOUN
cjfa-63095	395	8	efficiency	efficiency	NOUN
cjfa-63095	395	9	…	…	PUNCT
cjfa-63095	395	10	2727	2727	NUM
cjfa-63095	395	11	chang	chang	PROPN
cjfa-63095	395	12	,	,	PUNCT
cjfa-63095	395	13	e.c	e.c	PROPN
cjfa-63095	395	14	.	.	PROPN
cjfa-63095	395	15	,	,	PUNCT
cjfa-63095	395	16	cheng	cheng	PROPN
cjfa-63095	395	17	,	,	PUNCT
cjfa-63095	395	18	j.w	j.w	PROPN
cjfa-63095	395	19	.	.	PROPN
cjfa-63095	395	20	,	,	PUNCT
cjfa-63095	395	21	&	&	CCONJ
cjfa-63095	395	22	khorana	khorana	PROPN
cjfa-63095	395	23	,	,	PUNCT
cjfa-63095	395	24	a.	a.	NOUN
cjfa-63095	395	25	(	(	PUNCT
cjfa-63095	395	26	2000	2000	NUM
cjfa-63095	395	27	)	)	PUNCT
cjfa-63095	395	28	.	.	PUNCT
cjfa-63095	396	1	an	an	DET
cjfa-63095	396	2	examination	examination	NOUN
cjfa-63095	396	3	of	of	ADP
cjfa-63095	396	4	herd	herd	NOUN
cjfa-63095	396	5	behaviour	behaviour	NOUN
cjfa-63095	396	6	in	in	ADP
cjfa-63095	396	7	equity	equity	NOUN
cjfa-63095	396	8	markets	market	NOUN
cjfa-63095	396	9	:	:	PUNCT
cjfa-63095	396	10	an	an	DET
cjfa-63095	396	11	international	international	ADJ
cjfa-63095	396	12	perspective	perspective	NOUN
cjfa-63095	396	13	.	.	PUNCT
cjfa-63095	397	1	journal	journal	NOUN
cjfa-63095	397	2	of	of	ADP
cjfa-63095	397	3	banking	banking	NOUN
cjfa-63095	397	4	&	&	CCONJ
cjfa-63095	397	5	finance	finance	PROPN
cjfa-63095	397	6	,	,	PUNCT
cjfa-63095	397	7	24(10	24(10	NUM
cjfa-63095	397	8	)	)	PUNCT
cjfa-63095	397	9	,	,	PUNCT
cjfa-63095	397	10	1651–1679	1651–1679	NUM
cjfa-63095	397	11	.	.	PUNCT
cjfa-63095	398	1	https://doi.org/10.1016/s0378-4266(99)00096-5	https://doi.org/10.1016/s0378-4266(99)00096-5	PROPN
cjfa-63095	398	2	.	.	PUNCT
cjfa-63095	399	1	christie	christie	PROPN
cjfa-63095	399	2	,	,	PUNCT
cjfa-63095	399	3	w.g	w.g	PROPN
cjfa-63095	399	4	.	.	PROPN
cjfa-63095	399	5	,	,	PUNCT
cjfa-63095	399	6	&	&	CCONJ
cjfa-63095	399	7	huang	huang	PROPN
cjfa-63095	399	8	,	,	PUNCT
cjfa-63095	399	9	r.d	r.d	PROPN
cjfa-63095	399	10	.	.	PROPN
cjfa-63095	399	11	(	(	PUNCT
cjfa-63095	399	12	1995	1995	NUM
cjfa-63095	399	13	)	)	PUNCT
cjfa-63095	399	14	.	.	PUNCT
cjfa-63095	400	1	following	follow	VERB
cjfa-63095	400	2	the	the	DET
cjfa-63095	400	3	pied	pied	ADJ
cjfa-63095	400	4	piper	piper	NOUN
cjfa-63095	400	5	:	:	PUNCT
cjfa-63095	400	6	do	do	VERB
cjfa-63095	400	7	individual	individual	ADJ
cjfa-63095	400	8	returns	return	NOUN
cjfa-63095	400	9	herd	herd	VERB
cjfa-63095	400	10	around	around	ADP
cjfa-63095	400	11	the	the	DET
cjfa-63095	400	12	market	market	NOUN
cjfa-63095	400	13	?	?	PUNCT
cjfa-63095	401	1	financial	financial	ADJ
cjfa-63095	401	2	analysts	analyst	NOUN
cjfa-63095	401	3	journal	journal	NOUN
cjfa-63095	401	4	,	,	PUNCT
cjfa-63095	401	5	51(4	51(4	NUM
cjfa-63095	401	6	)	)	PUNCT
cjfa-63095	401	7	,	,	PUNCT
cjfa-63095	401	8	31–37	31–37	NUM
cjfa-63095	401	9	.	.	PUNCT
cjfa-63095	402	1	cootner	cootner	PROPN
cjfa-63095	402	2	,	,	PUNCT
cjfa-63095	402	3	h.	h.	PROPN
cjfa-63095	402	4	(	(	PUNCT
cjfa-63095	402	5	1964	1964	NUM
cjfa-63095	402	6	)	)	PUNCT
cjfa-63095	402	7	.	.	PUNCT
cjfa-63095	403	1	the	the	DET
cjfa-63095	403	2	random	random	ADJ
cjfa-63095	403	3	character	character	NOUN
cjfa-63095	403	4	of	of	ADP
cjfa-63095	403	5	stock	stock	NOUN
cjfa-63095	403	6	market	market	NOUN
cjfa-63095	403	7	prices	price	NOUN
cjfa-63095	403	8	.	.	PUNCT
cjfa-63095	404	1	mit	mit	PROPN
cjfa-63095	404	2	press	press	NOUN
cjfa-63095	404	3	.	.	PUNCT
cjfa-63095	405	1	devenow	devenow	PROPN
cjfa-63095	405	2	,	,	PUNCT
cjfa-63095	405	3	a.	a.	PROPN
cjfa-63095	405	4	,	,	PUNCT
cjfa-63095	405	5	&	&	CCONJ
cjfa-63095	405	6	welch	welch	PROPN
cjfa-63095	405	7	,	,	PUNCT
cjfa-63095	405	8	i.	i.	PROPN
cjfa-63095	405	9	(	(	PUNCT
cjfa-63095	405	10	1996	1996	NUM
cjfa-63095	405	11	)	)	PUNCT
cjfa-63095	405	12	.	.	PUNCT
cjfa-63095	406	1	rational	rational	ADJ
cjfa-63095	406	2	herding	herding	NOUN
cjfa-63095	406	3	in	in	ADP
cjfa-63095	406	4	financial	financial	ADJ
cjfa-63095	406	5	economics	economic	NOUN
cjfa-63095	406	6	.	.	PUNCT
cjfa-63095	407	1	european	european	ADJ
cjfa-63095	407	2	economic	economic	PROPN
cjfa-63095	407	3	review	review	PROPN
cjfa-63095	407	4	,	,	PUNCT
cjfa-63095	407	5	40(3–5	40(3–5	PROPN
cjfa-63095	407	6	)	)	PUNCT
cjfa-63095	407	7	,	,	PUNCT
cjfa-63095	407	8	603–615	603–615	NUM
cjfa-63095	407	9	.	.	PUNCT
cjfa-63095	408	1	https://doi.org/10.1016/0014-2921(95)00073-9	https://doi.org/10.1016/0014-2921(95)00073-9	PROPN
cjfa-63095	408	2	.	.	PUNCT
cjfa-63095	409	1	el	el	PROPN
cjfa-63095	409	2	mosallamy	mosallamy	PROPN
cjfa-63095	409	3	,	,	PUNCT
cjfa-63095	409	4	d.a	d.a	PROPN
cjfa-63095	409	5	.	.	PROPN
cjfa-63095	409	6	,	,	PUNCT
cjfa-63095	409	7	&	&	CCONJ
cjfa-63095	409	8	gamal	gamal	PROPN
cjfa-63095	409	9	,	,	PUNCT
cjfa-63095	409	10	n.	n.	PROPN
cjfa-63095	409	11	(	(	PUNCT
cjfa-63095	409	12	2024	2024	NUM
cjfa-63095	409	13	)	)	PUNCT
cjfa-63095	409	14	.	.	PUNCT
cjfa-63095	410	1	empirical	empirical	ADJ
cjfa-63095	410	2	evidence	evidence	NOUN
cjfa-63095	410	3	on	on	ADP
cjfa-63095	410	4	testing	test	VERB
cjfa-63095	410	5	the	the	DET
cjfa-63095	410	6	efficient	efficient	ADJ
cjfa-63095	410	7	market	market	NOUN
cjfa-63095	410	8	hypothesis	hypothesis	NOUN
cjfa-63095	410	9	in	in	ADP
cjfa-63095	410	10	egypt	egypt	PROPN
cjfa-63095	410	11	:	:	PUNCT
cjfa-63095	410	12	case	case	NOUN
cjfa-63095	410	13	of	of	ADP
cjfa-63095	410	14	currency	currency	NOUN
cjfa-63095	410	15	devaluation	devaluation	NOUN
cjfa-63095	410	16	.	.	PUNCT
cjfa-63095	411	1	msa	msa	PROPN
cjfa-63095	411	2	-	-	PUNCT
cjfa-63095	411	3	management	management	PROPN
cjfa-63095	411	4	science	science	NOUN
cjfa-63095	411	5	journal	journal	NOUN
cjfa-63095	411	6	,	,	PUNCT
cjfa-63095	411	7	3(2	3(2	NUM
cjfa-63095	411	8	)	)	PUNCT
cjfa-63095	411	9	,	,	PUNCT
cjfa-63095	411	10	1–27	1–27	NOUN
cjfa-63095	411	11	.	.	PUNCT
cjfa-63095	412	1	https://doi.org/10.21608/msamsj.2024.257624.1049	https://doi.org/10.21608/msamsj.2024.257624.1049	NOUN
cjfa-63095	412	2	.	.	PUNCT
cjfa-63095	413	1	fama	fama	PROPN
cjfa-63095	413	2	,	,	PUNCT
cjfa-63095	413	3	e.f	e.f	PROPN
cjfa-63095	413	4	.	.	PROPN
cjfa-63095	413	5	(	(	PUNCT
cjfa-63095	413	6	1965	1965	NUM
cjfa-63095	413	7	)	)	PUNCT
cjfa-63095	413	8	.	.	PUNCT
cjfa-63095	414	1	random	random	ADJ
cjfa-63095	414	2	walks	walk	NOUN
cjfa-63095	414	3	in	in	ADP
cjfa-63095	414	4	stock	stock	NOUN
cjfa-63095	414	5	market	market	NOUN
cjfa-63095	414	6	prices	price	NOUN
cjfa-63095	414	7	.	.	PUNCT
cjfa-63095	415	1	financial	financial	ADJ
cjfa-63095	415	2	analysts	analyst	NOUN
cjfa-63095	415	3	journal	journal	NOUN
cjfa-63095	415	4	,	,	PUNCT
cjfa-63095	415	5	21(5	21(5	NUM
cjfa-63095	415	6	)	)	PUNCT
cjfa-63095	415	7	,	,	PUNCT
cjfa-63095	415	8	55–59	55–59	NUM
cjfa-63095	415	9	.	.	PUNCT
cjfa-63095	416	1	https://doi.org/10.2469/faj.v21.n5.55	https://doi.org/10.2469/faj.v21.n5.55	NOUN
cjfa-63095	416	2	.	.	PUNCT
cjfa-63095	417	1	fama	fama	PROPN
cjfa-63095	417	2	,	,	PUNCT
cjfa-63095	417	3	e.f	e.f	PROPN
cjfa-63095	417	4	.	.	PROPN
cjfa-63095	417	5	(	(	PUNCT
cjfa-63095	417	6	1970	1970	NUM
cjfa-63095	417	7	)	)	PUNCT
cjfa-63095	417	8	.	.	PUNCT
cjfa-63095	418	1	efficient	efficient	ADJ
cjfa-63095	418	2	capital	capital	NOUN
cjfa-63095	418	3	markets	market	NOUN
cjfa-63095	418	4	:	:	PUNCT
cjfa-63095	418	5	a	a	DET
cjfa-63095	418	6	review	review	NOUN
cjfa-63095	418	7	of	of	ADP
cjfa-63095	418	8	theory	theory	NOUN
cjfa-63095	418	9	and	and	CCONJ
cjfa-63095	418	10	empirical	empirical	ADJ
cjfa-63095	418	11	work	work	NOUN
cjfa-63095	418	12	.	.	PUNCT
cjfa-63095	419	1	the	the	DET
cjfa-63095	419	2	journal	journal	PROPN
cjfa-63095	419	3	of	of	ADP
cjfa-63095	419	4	finance	finance	NOUN
cjfa-63095	419	5	,	,	PUNCT
cjfa-63095	419	6	25(2	25(2	NUM
cjfa-63095	419	7	)	)	PUNCT
cjfa-63095	419	8	,	,	PUNCT
cjfa-63095	419	9	383–417	383–417	NUM
cjfa-63095	419	10	.	.	PUNCT
cjfa-63095	420	1	https://doi.org/10.2307/2325486	https://doi.org/10.2307/2325486	NOUN
cjfa-63095	420	2	.	.	PUNCT
cjfa-63095	421	1	fama	fama	PROPN
cjfa-63095	421	2	,	,	PUNCT
cjfa-63095	421	3	e.f	e.f	PROPN
cjfa-63095	421	4	.	.	PROPN
cjfa-63095	421	5	(	(	PUNCT
cjfa-63095	421	6	1976	1976	NUM
cjfa-63095	421	7	)	)	PUNCT
cjfa-63095	421	8	.	.	PUNCT
cjfa-63095	422	1	efficient	efficient	ADJ
cjfa-63095	422	2	capital	capital	NOUN
cjfa-63095	422	3	markets	market	NOUN
cjfa-63095	422	4	:	:	PUNCT
cjfa-63095	422	5	reply	reply	NOUN
cjfa-63095	422	6	.	.	PUNCT
cjfa-63095	423	1	the	the	DET
cjfa-63095	423	2	journal	journal	PROPN
cjfa-63095	423	3	of	of	ADP
cjfa-63095	423	4	finance	finance	NOUN
cjfa-63095	423	5	,	,	PUNCT
cjfa-63095	423	6	31(1	31(1	NUM
cjfa-63095	423	7	)	)	PUNCT
cjfa-63095	423	8	,	,	PUNCT
cjfa-63095	423	9	143	143	NUM
cjfa-63095	423	10	–	–	SYM
cjfa-63095	423	11	145	145	NUM
cjfa-63095	423	12	.	.	PUNCT
cjfa-63095	423	13	https://doi.org/10.2307/2326404	https://doi.org/10.2307/2326404	NOUN
cjfa-63095	423	14	.	.	PUNCT
cjfa-63095	424	1	fama	fama	PROPN
cjfa-63095	424	2	,	,	PUNCT
cjfa-63095	424	3	e.f	e.f	PROPN
cjfa-63095	424	4	.	.	PROPN
cjfa-63095	424	5	,	,	PUNCT
cjfa-63095	424	6	fisher	fisher	PROPN
cjfa-63095	424	7	,	,	PUNCT
cjfa-63095	424	8	l.	l.	PROPN
cjfa-63095	424	9	,	,	PUNCT
cjfa-63095	424	10	jensen	jensen	PROPN
cjfa-63095	424	11	,	,	PUNCT
cjfa-63095	424	12	m.c	m.c	PROPN
cjfa-63095	424	13	.	.	PROPN
cjfa-63095	424	14	,	,	PUNCT
cjfa-63095	424	15	&	&	CCONJ
cjfa-63095	424	16	roll	roll	PROPN
cjfa-63095	424	17	,	,	PUNCT
cjfa-63095	424	18	r.	r.	PROPN
cjfa-63095	424	19	(	(	PUNCT
cjfa-63095	424	20	1969	1969	NUM
cjfa-63095	424	21	)	)	PUNCT
cjfa-63095	424	22	.	.	PUNCT
cjfa-63095	425	1	the	the	DET
cjfa-63095	425	2	adjustment	adjustment	NOUN
cjfa-63095	425	3	of	of	ADP
cjfa-63095	425	4	stock	stock	NOUN
cjfa-63095	425	5	prices	price	NOUN
cjfa-63095	425	6	to	to	ADP
cjfa-63095	425	7	new	new	ADJ
cjfa-63095	425	8	information	information	NOUN
cjfa-63095	425	9	.	.	PUNCT
cjfa-63095	426	1	international	international	ADJ
cjfa-63095	426	2	economic	economic	ADJ
cjfa-63095	426	3	review	review	NOUN
cjfa-63095	426	4	,	,	PUNCT
cjfa-63095	426	5	10(1	10(1	NUM
cjfa-63095	426	6	)	)	PUNCT
cjfa-63095	426	7	,	,	PUNCT
cjfa-63095	426	8	1–21	1–21	PROPN
cjfa-63095	426	9	.	.	PUNCT
cjfa-63095	427	1	https://doi.org/10.2307/	https://doi.org/10.2307/	PROPN
cjfa-63095	427	2	2525569	2525569	NUM
cjfa-63095	427	3	.	.	PUNCT
cjfa-63095	428	1	fama	fama	PROPN
cjfa-63095	428	2	,	,	PUNCT
cjfa-63095	428	3	e.f	e.f	PROPN
cjfa-63095	428	4	.	.	PROPN
cjfa-63095	428	5	,	,	PUNCT
cjfa-63095	428	6	&	&	CCONJ
cjfa-63095	428	7	macbeth	macbeth	PROPN
cjfa-63095	428	8	,	,	PUNCT
cjfa-63095	428	9	j.d	j.d	PROPN
cjfa-63095	428	10	.	.	PROPN
cjfa-63095	428	11	(	(	PUNCT
cjfa-63095	428	12	1973	1973	NUM
cjfa-63095	428	13	)	)	PUNCT
cjfa-63095	428	14	.	.	PUNCT
cjfa-63095	429	1	risk	risk	NOUN
cjfa-63095	429	2	,	,	PUNCT
cjfa-63095	429	3	return	return	NOUN
cjfa-63095	429	4	,	,	PUNCT
cjfa-63095	429	5	and	and	CCONJ
cjfa-63095	429	6	equilibrium	equilibrium	NOUN
cjfa-63095	429	7	:	:	PUNCT
cjfa-63095	429	8	empirical	empirical	ADJ
cjfa-63095	429	9	tests	test	NOUN
cjfa-63095	429	10	.	.	PUNCT
cjfa-63095	430	1	journal	journal	NOUN
cjfa-63095	430	2	of	of	ADP
cjfa-63095	430	3	political	political	ADJ
cjfa-63095	430	4	economy	economy	NOUN
cjfa-63095	430	5	,	,	PUNCT
cjfa-63095	430	6	81(3	81(3	NUM
cjfa-63095	430	7	)	)	PUNCT
cjfa-63095	430	8	,	,	PUNCT
cjfa-63095	430	9	607–636	607–636	NUM
cjfa-63095	430	10	.	.	PUNCT
cjfa-63095	431	1	french	french	PROPN
cjfa-63095	431	2	,	,	PUNCT
cjfa-63095	431	3	k.r	k.r	PROPN
cjfa-63095	431	4	.	.	PROPN
cjfa-63095	431	5	(	(	PUNCT
cjfa-63095	431	6	1980	1980	NUM
cjfa-63095	431	7	)	)	PUNCT
cjfa-63095	431	8	.	.	PUNCT
cjfa-63095	432	1	stock	stock	NOUN
cjfa-63095	432	2	returns	return	NOUN
cjfa-63095	432	3	and	and	CCONJ
cjfa-63095	432	4	the	the	DET
cjfa-63095	432	5	weekend	weekend	NOUN
cjfa-63095	432	6	effect	effect	NOUN
cjfa-63095	432	7	.	.	PUNCT
cjfa-63095	433	1	journal	journal	NOUN
cjfa-63095	433	2	of	of	ADP
cjfa-63095	433	3	financial	financial	ADJ
cjfa-63095	433	4	economics	economic	NOUN
cjfa-63095	433	5	,	,	PUNCT
cjfa-63095	433	6	8(1	8(1	NOUN
cjfa-63095	433	7	)	)	PUNCT
cjfa-63095	433	8	,	,	PUNCT
cjfa-63095	433	9	55–69	55–69	NUM
cjfa-63095	433	10	.	.	PUNCT
cjfa-63095	434	1	https://doi.org/10.1016/0304-405x(80)90021-5	https://doi.org/10.1016/0304-405x(80)90021-5	PROPN
cjfa-63095	434	2	.	.	PUNCT
cjfa-63095	434	3	gavriilidis	gavriilidis	PROPN
cjfa-63095	434	4	,	,	PUNCT
cjfa-63095	434	5	c.	c.	PROPN
cjfa-63095	434	6	(	(	PUNCT
cjfa-63095	434	7	2013	2013	NUM
cjfa-63095	434	8	)	)	PUNCT
cjfa-63095	434	9	.	.	PUNCT
cjfa-63095	435	1	essays	essay	NOUN
cjfa-63095	435	2	on	on	ADP
cjfa-63095	435	3	collective	collective	ADJ
cjfa-63095	435	4	investor	investor	NOUN
cjfa-63095	435	5	’s	’s	PART
cjfa-63095	435	6	behaviour	behaviour	NOUN
cjfa-63095	435	7	(	(	PUNCT
cjfa-63095	435	8	doctoral	doctoral	ADJ
cjfa-63095	435	9	dissertation	dissertation	NOUN
cjfa-63095	435	10	,	,	PUNCT
cjfa-63095	435	11	durham	durham	PROPN
cjfa-63095	435	12	university	university	PROPN
cjfa-63095	435	13	)	)	PUNCT
cjfa-63095	435	14	.	.	PUNCT
cjfa-63095	436	1	guney	guney	NOUN
cjfa-63095	436	2	,	,	PUNCT
cjfa-63095	436	3	y.	y.	PROPN
cjfa-63095	436	4	,	,	PUNCT
cjfa-63095	436	5	kallinterakis	kallinterakis	PROPN
cjfa-63095	436	6	,	,	PUNCT
cjfa-63095	436	7	v.	v.	ADV
cjfa-63095	436	8	,	,	PUNCT
cjfa-63095	436	9	&	&	CCONJ
cjfa-63095	436	10	komba	komba	PROPN
cjfa-63095	436	11	,	,	PUNCT
cjfa-63095	436	12	g.	g.	PROPN
cjfa-63095	436	13	(	(	PUNCT
cjfa-63095	436	14	2017	2017	NUM
cjfa-63095	436	15	)	)	PUNCT
cjfa-63095	436	16	.	.	PUNCT
cjfa-63095	437	1	herding	herd	VERB
cjfa-63095	437	2	in	in	ADP
cjfa-63095	437	3	frontier	frontier	NOUN
cjfa-63095	437	4	markets	market	NOUN
cjfa-63095	437	5	:	:	PUNCT
cjfa-63095	437	6	evidence	evidence	NOUN
cjfa-63095	437	7	from	from	ADP
cjfa-63095	437	8	african	african	ADJ
cjfa-63095	437	9	stock	stock	NOUN
cjfa-63095	437	10	exchanges	exchange	NOUN
cjfa-63095	437	11	.	.	PUNCT
cjfa-63095	438	1	journal	journal	PROPN
cjfa-63095	438	2	of	of	ADP
cjfa-63095	438	3	international	international	ADJ
cjfa-63095	438	4	financial	financial	ADJ
cjfa-63095	438	5	markets	market	NOUN
cjfa-63095	438	6	,	,	PUNCT
cjfa-63095	438	7	institutions	institution	NOUN
cjfa-63095	438	8	and	and	CCONJ
cjfa-63095	438	9	money	money	NOUN
cjfa-63095	438	10	,	,	PUNCT
cjfa-63095	438	11	47	47	NUM
cjfa-63095	438	12	,	,	PUNCT
cjfa-63095	438	13	152–175	152–175	NUM
cjfa-63095	438	14	.	.	PUNCT
cjfa-63095	439	1	https://doi.org/10.1016/j.intfin.2016.11.001	https://doi.org/10.1016/j.intfin.2016.11.001	PROPN
cjfa-63095	439	2	.	.	PUNCT
cjfa-63095	440	1	hirshleifer	hirshleifer	PROPN
cjfa-63095	440	2	,	,	PUNCT
cjfa-63095	440	3	d.	d.	PROPN
cjfa-63095	440	4	(	(	PUNCT
cjfa-63095	440	5	2001	2001	NUM
cjfa-63095	440	6	)	)	PUNCT
cjfa-63095	440	7	.	.	PUNCT
cjfa-63095	441	1	investor	investor	NOUN
cjfa-63095	441	2	psychology	psychology	NOUN
cjfa-63095	441	3	and	and	CCONJ
cjfa-63095	441	4	asset	asset	NOUN
cjfa-63095	441	5	pricing	pricing	NOUN
cjfa-63095	441	6	.	.	PUNCT
cjfa-63095	442	1	the	the	DET
cjfa-63095	442	2	journal	journal	PROPN
cjfa-63095	442	3	of	of	ADP
cjfa-63095	442	4	finance	finance	NOUN
cjfa-63095	442	5	,	,	PUNCT
cjfa-63095	442	6	56(4	56(4	NOUN
cjfa-63095	442	7	)	)	PUNCT
cjfa-63095	442	8	,	,	PUNCT
cjfa-63095	442	9	1533–1597	1533–1597	NUM
cjfa-63095	442	10	.	.	PUNCT
cjfa-63095	443	1	https://doi.org/10.1111/0022-1082.00379	https://doi.org/10.1111/0022-1082.00379	PROPN
cjfa-63095	443	2	.	.	PUNCT
cjfa-63095	444	1	hirshleifer	hirshleifer	PROPN
cjfa-63095	444	2	,	,	PUNCT
cjfa-63095	444	3	d.	d.	PROPN
cjfa-63095	444	4	,	,	PUNCT
cjfa-63095	444	5	&	&	CCONJ
cjfa-63095	444	6	teoh	teoh	PROPN
cjfa-63095	444	7	,	,	PUNCT
cjfa-63095	444	8	s.h	s.h	PROPN
cjfa-63095	444	9	.	.	PROPN
cjfa-63095	444	10	(	(	PUNCT
cjfa-63095	444	11	2003	2003	NUM
cjfa-63095	444	12	)	)	PUNCT
cjfa-63095	444	13	.	.	PUNCT
cjfa-63095	445	1	herd	herd	NOUN
cjfa-63095	445	2	behaviour	behaviour	NOUN
cjfa-63095	445	3	and	and	CCONJ
cjfa-63095	445	4	cascading	cascade	VERB
cjfa-63095	445	5	in	in	ADP
cjfa-63095	445	6	capital	capital	NOUN
cjfa-63095	445	7	markets	market	NOUN
cjfa-63095	445	8	:	:	PUNCT
cjfa-63095	445	9	a	a	DET
cjfa-63095	445	10	review	review	NOUN
cjfa-63095	445	11	and	and	CCONJ
cjfa-63095	445	12	synthesis	synthesis	NOUN
cjfa-63095	445	13	.	.	PUNCT
cjfa-63095	446	1	european	european	ADJ
cjfa-63095	446	2	financial	financial	ADJ
cjfa-63095	446	3	management	management	NOUN
cjfa-63095	446	4	,	,	PUNCT
cjfa-63095	446	5	9(1	9(1	NUM
cjfa-63095	446	6	)	)	PUNCT
cjfa-63095	446	7	,	,	PUNCT
cjfa-63095	446	8	25–66	25–66	NUM
cjfa-63095	446	9	.	.	PUNCT
cjfa-63095	447	1	https://doi	https://doi	NOUN
cjfa-63095	447	2	.	.	PUNCT
cjfa-63095	447	3	org/10.1111/1468	org/10.1111/1468	NOUN
cjfa-63095	447	4	-	-	PUNCT
cjfa-63095	447	5	036x.00207	036x.00207	NOUN
cjfa-63095	447	6	.	.	PUNCT
cjfa-63095	448	1	hudson	hudson	PROPN
cjfa-63095	448	2	,	,	PUNCT
cjfa-63095	448	3	y.	y.	PROPN
cjfa-63095	448	4	,	,	PUNCT
cjfa-63095	448	5	yan	yan	PROPN
cjfa-63095	448	6	,	,	PUNCT
cjfa-63095	448	7	m.	m.	NOUN
cjfa-63095	448	8	,	,	PUNCT
cjfa-63095	448	9	&	&	CCONJ
cjfa-63095	448	10	zhang	zhang	PROPN
cjfa-63095	448	11	,	,	PUNCT
cjfa-63095	448	12	d.	d.	PROPN
cjfa-63095	448	13	(	(	PUNCT
cjfa-63095	448	14	2020	2020	NUM
cjfa-63095	448	15	)	)	PUNCT
cjfa-63095	448	16	.	.	PUNCT
cjfa-63095	449	1	herd	herd	NOUN
cjfa-63095	449	2	behaviour	behaviour	PROPN
cjfa-63095	449	3	&	&	CCONJ
cjfa-63095	449	4	investor	investor	NOUN
cjfa-63095	449	5	sentiment	sentiment	NOUN
cjfa-63095	449	6	:	:	PUNCT
cjfa-63095	449	7	evidence	evidence	NOUN
cjfa-63095	449	8	from	from	ADP
cjfa-63095	449	9	uk	uk	PROPN
cjfa-63095	449	10	mutual	mutual	ADJ
cjfa-63095	449	11	funds	fund	NOUN
cjfa-63095	449	12	.	.	PUNCT
cjfa-63095	450	1	international	international	ADJ
cjfa-63095	450	2	review	review	NOUN
cjfa-63095	450	3	of	of	ADP
cjfa-63095	450	4	financial	financial	ADJ
cjfa-63095	450	5	analysis	analysis	NOUN
cjfa-63095	450	6	,	,	PUNCT
cjfa-63095	450	7	71	71	NUM
cjfa-63095	450	8	,	,	PUNCT
cjfa-63095	450	9	101494	101494	NUM
cjfa-63095	450	10	.	.	PUNCT
cjfa-63095	451	1	https://doi.org/10.1016/j.irfa.2020.101494	https://doi.org/10.1016/j.irfa.2020.101494	NOUN
cjfa-63095	451	2	.	.	PUNCT
cjfa-63095	452	1	hwang	hwang	PROPN
cjfa-63095	452	2	,	,	PUNCT
cjfa-63095	452	3	s.	s.	PROPN
cjfa-63095	452	4	,	,	PUNCT
cjfa-63095	452	5	&	&	CCONJ
cjfa-63095	452	6	salmon	salmon	PROPN
cjfa-63095	452	7	,	,	PUNCT
cjfa-63095	452	8	m.	m.	NOUN
cjfa-63095	452	9	(	(	PUNCT
cjfa-63095	452	10	2004	2004	NUM
cjfa-63095	452	11	)	)	PUNCT
cjfa-63095	452	12	.	.	PUNCT
cjfa-63095	453	1	market	market	NOUN
cjfa-63095	453	2	stress	stress	NOUN
cjfa-63095	453	3	and	and	CCONJ
cjfa-63095	453	4	herding	herding	NOUN
cjfa-63095	453	5	.	.	PUNCT
cjfa-63095	454	1	journal	journal	PROPN
cjfa-63095	454	2	of	of	ADP
cjfa-63095	454	3	empirical	empirical	ADJ
cjfa-63095	454	4	finance	finance	NOUN
cjfa-63095	454	5	,	,	PUNCT
cjfa-63095	454	6	11(4	11(4	NUM
cjfa-63095	454	7	)	)	PUNCT
cjfa-63095	454	8	,	,	PUNCT
cjfa-63095	454	9	585–616	585–616	NUM
cjfa-63095	454	10	.	.	PUNCT
cjfa-63095	454	11	https://doi.org/10.1016/j.jempfin.2004.04.003	https://doi.org/10.1016/j.jempfin.2004.04.003	PROPN
cjfa-63095	454	12	.	.	PUNCT
cjfa-63095	455	1	jensen	jensen	PROPN
cjfa-63095	455	2	,	,	PUNCT
cjfa-63095	455	3	m.c	m.c	PROPN
cjfa-63095	455	4	.	.	PROPN
cjfa-63095	455	5	(	(	PUNCT
cjfa-63095	455	6	1978	1978	NUM
cjfa-63095	455	7	)	)	PUNCT
cjfa-63095	455	8	.	.	PUNCT
cjfa-63095	456	1	some	some	DET
cjfa-63095	456	2	anomalous	anomalous	ADJ
cjfa-63095	456	3	evidence	evidence	NOUN
cjfa-63095	456	4	regarding	regard	VERB
cjfa-63095	456	5	market	market	NOUN
cjfa-63095	456	6	efficiency	efficiency	NOUN
cjfa-63095	456	7	.	.	PUNCT
cjfa-63095	457	1	journal	journal	NOUN
cjfa-63095	457	2	of	of	ADP
cjfa-63095	457	3	financial	financial	ADJ
cjfa-63095	457	4	economics	economic	NOUN
cjfa-63095	457	5	,	,	PUNCT
cjfa-63095	457	6	6(2–3	6(2–3	PROPN
cjfa-63095	457	7	)	)	PUNCT
cjfa-63095	457	8	,	,	PUNCT
cjfa-63095	457	9	95–101	95–101	NUM
cjfa-63095	457	10	.	.	PUNCT
cjfa-63095	458	1	https://doi.org/10.1016/0304-405x(78)90025-9	https://doi.org/10.1016/0304-405x(78)90025-9	PROPN
cjfa-63095	458	2	.	.	PUNCT
cjfa-63095	458	3	https://doi.org/10.1016/s0378-4266(99)00096-5	https://doi.org/10.1016/s0378-4266(99)00096-5	PROPN
cjfa-63095	459	1	https://doi.org/10.1016/0014-2921(95)00073-9	https://doi.org/10.1016/0014-2921(95)00073-9	PROPN
cjfa-63095	459	2	https://doi.org/10.2469/faj.v21.n5.55	https://doi.org/10.2469/faj.v21.n5.55	ADJ
cjfa-63095	459	3	https://doi.org/10.2307/2325486	https://doi.org/10.2307/2325486	NUM
cjfa-63095	459	4	https://doi.org/10.2307/2326404	https://doi.org/10.2307/2326404	NOUN
cjfa-63095	459	5	https://doi.org/10.2307/2525569	https://doi.org/10.2307/2525569	NOUN
cjfa-63095	459	6	https://doi.org/10.2307/2525569	https://doi.org/10.2307/2525569	PUNCT
cjfa-63095	460	1	https://doi.org/10.1016/0304-405x(80)90021-5	https://doi.org/10.1016/0304-405x(80)90021-5	PROPN
cjfa-63095	460	2	https://doi.org/10.1016/j.intfin.2016.11.001	https://doi.org/10.1016/j.intfin.2016.11.001	VERB
cjfa-63095	460	3	https://doi.org/10.1111/0022-1082.00379	https://doi.org/10.1111/0022-1082.00379	PROPN
cjfa-63095	460	4	https://doi.org/10.1111/1468-036x.00207	https://doi.org/10.1111/1468-036x.00207	PROPN
cjfa-63095	460	5	https://doi.org/10.1111/1468-036x.00207	https://doi.org/10.1111/1468-036x.00207	PROPN
cjfa-63095	460	6	https://doi.org/10.1016/j.irfa.2020.101494	https://doi.org/10.1016/j.irfa.2020.101494	NOUN
cjfa-63095	460	7	https://doi.org/10.1016/j.irfa.2020.101494	https://doi.org/10.1016/j.irfa.2020.101494	NOUN
cjfa-63095	460	8	https://doi.org/10.1016/j.jempfin.2004.04.003	https://doi.org/10.1016/j.jempfin.2004.04.003	PROPN
cjfa-63095	460	9	https://doi.org/10.1016/0304-405x(78)90025-9	https://doi.org/10.1016/0304-405x(78)90025-9	PROPN
cjfa-63095	460	10	m.	m.	NOUN
cjfa-63095	460	11	h.	h.	PROPN
cjfa-63095	460	12	abd	abd	PROPN
cjfa-63095	460	13	-	-	PUNCT
cjfa-63095	460	14	allah	allah	PROPN
cjfa-63095	460	15	,	,	PUNCT
cjfa-63095	460	16	k.	k.	PROPN
cjfa-63095	460	17	m.	m.	PROPN
cjfa-63095	460	18	k.	k.	PROPN
cjfa-63095	460	19	mohamed	mohamed	PROPN
cjfa-63095	460	20	,	,	PUNCT
cjfa-63095	460	21	m.	m.	PROPN
cjfa-63095	460	22	s.	s.	PROPN
cjfa-63095	460	23	m.	m.	PROPN
cjfa-63095	460	24	mahmood	mahmood	PROPN
cjfa-63095	460	25	,	,	PUNCT
cjfa-63095	460	26	n.	n.	PROPN
cjfa-63095	460	27	n.	n.	PROPN
cjfa-63095	460	28	s.	s.	PROPN
cjfa-63095	460	29	mohamed2828	mohamed2828	PROPN
cjfa-63095	460	30	kauffman	kauffman	PROPN
cjfa-63095	460	31	,	,	PUNCT
cjfa-63095	460	32	r.j	r.j	PROPN
cjfa-63095	460	33	.	.	PROPN
cjfa-63095	460	34	,	,	PUNCT
cjfa-63095	460	35	&	&	CCONJ
cjfa-63095	460	36	li	li	PROPN
cjfa-63095	460	37	,	,	PUNCT
cjfa-63095	460	38	x.	x.	PROPN
cjfa-63095	460	39	(	(	PUNCT
cjfa-63095	460	40	2003	2003	NUM
cjfa-63095	460	41	)	)	PUNCT
cjfa-63095	460	42	.	.	PUNCT
cjfa-63095	461	1	payoff	payoff	NOUN
cjfa-63095	461	2	externalities	externality	NOUN
cjfa-63095	461	3	,	,	PUNCT
cjfa-63095	461	4	informational	informational	ADJ
cjfa-63095	461	5	cascades	cascade	NOUN
cjfa-63095	461	6	and	and	CCONJ
cjfa-63095	461	7	managerial	managerial	ADJ
cjfa-63095	461	8	incentives	incentive	NOUN
cjfa-63095	461	9	:	:	PUNCT
cjfa-63095	461	10	a	a	DET
cjfa-63095	461	11	theoretical	theoretical	ADJ
cjfa-63095	461	12	framework	framework	NOUN
cjfa-63095	461	13	for	for	SCONJ
cjfa-63095	461	14	it	it	PRON
cjfa-63095	461	15	adoption	adoption	NOUN
cjfa-63095	461	16	herding	herd	VERB
cjfa-63095	461	17	.	.	PUNCT
cjfa-63095	462	1	in	in	ADP
cjfa-63095	462	2	proceedings	proceeding	NOUN
cjfa-63095	462	3	of	of	ADP
cjfa-63095	462	4	the	the	DET
cjfa-63095	462	5	2003	2003	NUM
cjfa-63095	462	6	informs	inform	VERB
cjfa-63095	462	7	conference	conference	NOUN
cjfa-63095	462	8	on	on	ADP
cjfa-63095	462	9	is	be	AUX
cjfa-63095	462	10	and	and	CCONJ
cjfa-63095	462	11	technology	technology	NOUN
cjfa-63095	462	12	,	,	PUNCT
cjfa-63095	462	13	atlanta	atlanta	PROPN
cjfa-63095	462	14	,	,	PUNCT
cjfa-63095	462	15	ga	ga	PROPN
cjfa-63095	462	16	,	,	PUNCT
cjfa-63095	462	17	october	october	PROPN
cjfa-63095	462	18	2003	2003	NUM
cjfa-63095	462	19	.	.	PUNCT
cjfa-63095	463	1	kendall	kendall	PROPN
cjfa-63095	463	2	,	,	PUNCT
cjfa-63095	463	3	m.g	m.g	PROPN
cjfa-63095	463	4	.	.	PROPN
cjfa-63095	463	5	,	,	PUNCT
cjfa-63095	463	6	&	&	CCONJ
cjfa-63095	463	7	hill	hill	PROPN
cjfa-63095	463	8	,	,	PUNCT
cjfa-63095	463	9	a.b	a.b	PROPN
cjfa-63095	463	10	.	.	PROPN
cjfa-63095	463	11	(	(	PUNCT
cjfa-63095	463	12	1953	1953	NUM
cjfa-63095	463	13	)	)	PUNCT
cjfa-63095	463	14	.	.	PUNCT
cjfa-63095	464	1	the	the	DET
cjfa-63095	464	2	analysis	analysis	NOUN
cjfa-63095	464	3	of	of	ADP
cjfa-63095	464	4	economic	economic	ADJ
cjfa-63095	464	5	time	time	NOUN
cjfa-63095	464	6	-	-	PUNCT
cjfa-63095	464	7	series	series	NOUN
cjfa-63095	464	8	—	—	PUNCT
cjfa-63095	464	9	part	part	NOUN
cjfa-63095	464	10	i	i	PRON
cjfa-63095	464	11	:	:	PUNCT
cjfa-63095	464	12	prices	price	NOUN
cjfa-63095	464	13	.	.	PUNCT
cjfa-63095	465	1	journal	journal	NOUN
cjfa-63095	465	2	of	of	ADP
cjfa-63095	465	3	the	the	DET
cjfa-63095	465	4	royal	royal	ADJ
cjfa-63095	465	5	statistical	statistical	ADJ
cjfa-63095	465	6	society	society	NOUN
cjfa-63095	465	7	.	.	PUNCT
cjfa-63095	466	1	series	series	PROPN
cjfa-63095	466	2	a	a	PRON
cjfa-63095	466	3	(	(	PUNCT
cjfa-63095	466	4	general	general	ADJ
cjfa-63095	466	5	)	)	PUNCT
cjfa-63095	466	6	,	,	PUNCT
cjfa-63095	466	7	116(1	116(1	NUM
cjfa-63095	466	8	)	)	PUNCT
cjfa-63095	466	9	,	,	PUNCT
cjfa-63095	466	10	11–34	11–34	NUM
cjfa-63095	466	11	.	.	PUNCT
cjfa-63095	467	1	https://doi	https://doi	PROPN
cjfa-63095	467	2	.	.	PUNCT
cjfa-63095	467	3	org/10.2307/2980947	org/10.2307/2980947	PROPN
cjfa-63095	467	4	.	.	PUNCT
cjfa-63095	467	5	le	le	PROPN
cjfa-63095	467	6	bon	bon	PROPN
cjfa-63095	467	7	,	,	PUNCT
cjfa-63095	467	8	g.	g.	PROPN
cjfa-63095	467	9	(	(	PUNCT
cjfa-63095	467	10	1895	1895	NUM
cjfa-63095	467	11	)	)	PUNCT
cjfa-63095	467	12	.	.	PUNCT
cjfa-63095	468	1	the	the	DET
cjfa-63095	468	2	crowd	crowd	NOUN
cjfa-63095	468	3	:	:	PUNCT
cjfa-63095	468	4	a	a	DET
cjfa-63095	468	5	study	study	NOUN
cjfa-63095	468	6	of	of	ADP
cjfa-63095	468	7	the	the	DET
cjfa-63095	468	8	popular	popular	ADJ
cjfa-63095	468	9	mind	mind	NOUN
cjfa-63095	468	10	.	.	PUNCT
cjfa-63095	469	1	london	london	PROPN
cjfa-63095	469	2	.	.	PUNCT
cjfa-63095	470	1	litimi	litimi	PROPN
cjfa-63095	470	2	,	,	PUNCT
cjfa-63095	470	3	h.	h.	PROPN
cjfa-63095	470	4	(	(	PUNCT
cjfa-63095	470	5	2017	2017	NUM
cjfa-63095	470	6	)	)	PUNCT
cjfa-63095	470	7	.	.	PUNCT
cjfa-63095	471	1	herd	herd	NOUN
cjfa-63095	471	2	behavior	behavior	NOUN
cjfa-63095	471	3	in	in	ADP
cjfa-63095	471	4	the	the	DET
cjfa-63095	471	5	french	french	ADJ
cjfa-63095	471	6	stock	stock	NOUN
cjfa-63095	471	7	market	market	NOUN
cjfa-63095	471	8	.	.	PUNCT
cjfa-63095	472	1	review	review	NOUN
cjfa-63095	472	2	of	of	ADP
cjfa-63095	472	3	accounting	accounting	NOUN
cjfa-63095	472	4	and	and	CCONJ
cjfa-63095	472	5	finance	finance	NOUN
cjfa-63095	472	6	,	,	PUNCT
cjfa-63095	472	7	16(4	16(4	NUM
cjfa-63095	472	8	)	)	PUNCT
cjfa-63095	472	9	,	,	PUNCT
cjfa-63095	472	10	497–515	497–515	NUM
cjfa-63095	472	11	.	.	PUNCT
cjfa-63095	473	1	https://doi.org/10.1108/raf-11-2016-0188	https://doi.org/10.1108/raf-11-2016-0188	NOUN
cjfa-63095	473	2	.	.	PROPN
cjfa-63095	473	3	messaoud	messaoud	PROPN
cjfa-63095	473	4	,	,	PUNCT
cjfa-63095	473	5	d.	d.	PROPN
cjfa-63095	473	6	,	,	PUNCT
cjfa-63095	473	7	&	&	CCONJ
cjfa-63095	473	8	ben	ben	PROPN
cjfa-63095	473	9	amar	amar	PROPN
cjfa-63095	473	10	,	,	PUNCT
cjfa-63095	473	11	a.	a.	NOUN
cjfa-63095	473	12	(	(	PUNCT
cjfa-63095	473	13	2025	2025	NUM
cjfa-63095	473	14	)	)	PUNCT
cjfa-63095	473	15	.	.	PUNCT
cjfa-63095	474	1	herding	herd	VERB
cjfa-63095	474	2	behaviour	behaviour	NOUN
cjfa-63095	474	3	and	and	CCONJ
cjfa-63095	474	4	sentiment	sentiment	NOUN
cjfa-63095	474	5	:	:	PUNCT
cjfa-63095	474	6	evidence	evidence	NOUN
cjfa-63095	474	7	from	from	ADP
cjfa-63095	474	8	emerging	emerge	VERB
cjfa-63095	474	9	markets	market	NOUN
cjfa-63095	474	10	.	.	PUNCT
cjfa-63095	475	1	euromed	eurome	VERB
cjfa-63095	475	2	journal	journal	PROPN
cjfa-63095	475	3	of	of	ADP
cjfa-63095	475	4	business	business	NOUN
cjfa-63095	475	5	,	,	PUNCT
cjfa-63095	475	6	20(2	20(2	NUM
cjfa-63095	475	7	)	)	PUNCT
cjfa-63095	475	8	,	,	PUNCT
cjfa-63095	475	9	552–573	552–573	NUM
cjfa-63095	475	10	.	.	PUNCT
cjfa-63095	476	1	https://doi	https://doi	X
cjfa-63095	476	2	.	.	PUNCT
cjfa-63095	476	3	org/10.1108	org/10.1108	PROPN
cjfa-63095	476	4	/	/	SYM
cjfa-63095	476	5	emjb-08	emjb-08	NOUN
cjfa-63095	476	6	-	-	PUNCT
cjfa-63095	476	7	2023	2023	NUM
cjfa-63095	476	8	-	-	PUNCT
cjfa-63095	476	9	0209	0209	NUM
cjfa-63095	476	10	.	.	PUNCT
cjfa-63095	477	1	ozkan	ozkan	ADJ
cjfa-63095	477	2	,	,	PUNCT
cjfa-63095	477	3	o.	o.	INTJ
cjfa-63095	477	4	(	(	PUNCT
cjfa-63095	477	5	2021	2021	NUM
cjfa-63095	477	6	)	)	PUNCT
cjfa-63095	477	7	.	.	PUNCT
cjfa-63095	478	1	impact	impact	NOUN
cjfa-63095	478	2	of	of	ADP
cjfa-63095	478	3	covid-19	covid-19	PROPN
cjfa-63095	478	4	on	on	ADP
cjfa-63095	478	5	stock	stock	NOUN
cjfa-63095	478	6	market	market	NOUN
cjfa-63095	478	7	efficiency	efficiency	NOUN
cjfa-63095	478	8	:	:	PUNCT
cjfa-63095	478	9	evidence	evidence	NOUN
cjfa-63095	478	10	from	from	ADP
cjfa-63095	478	11	developed	develop	VERB
cjfa-63095	478	12	countries	country	NOUN
cjfa-63095	478	13	.	.	PUNCT
cjfa-63095	479	1	research	research	NOUN
cjfa-63095	479	2	in	in	ADP
cjfa-63095	479	3	international	international	ADJ
cjfa-63095	479	4	business	business	NOUN
cjfa-63095	479	5	and	and	CCONJ
cjfa-63095	479	6	finance	finance	NOUN
cjfa-63095	479	7	,	,	PUNCT
cjfa-63095	479	8	58	58	NUM
cjfa-63095	479	9	,	,	PUNCT
cjfa-63095	479	10	101445	101445	NUM
cjfa-63095	479	11	.	.	PUNCT
cjfa-63095	480	1	https://	https://	PROPN
cjfa-63095	480	2	doi.org/10.1016/j.ribaf.2021.101445	doi.org/10.1016/j.ribaf.2021.101445	PROPN
cjfa-63095	480	3	.	.	PUNCT
cjfa-63095	481	1	rozeff	rozeff	PROPN
cjfa-63095	481	2	,	,	PUNCT
cjfa-63095	481	3	m.s	m.s	PROPN
cjfa-63095	481	4	.	.	PROPN
cjfa-63095	481	5	,	,	PUNCT
cjfa-63095	481	6	&	&	CCONJ
cjfa-63095	481	7	kinney	kinney	PROPN
cjfa-63095	481	8	,	,	PUNCT
cjfa-63095	481	9	w.r	w.r	PROPN
cjfa-63095	481	10	.	.	PUNCT
cjfa-63095	481	11	(	(	PUNCT
cjfa-63095	481	12	1976	1976	NUM
cjfa-63095	481	13	)	)	PUNCT
cjfa-63095	481	14	.	.	PUNCT
cjfa-63095	482	1	capital	capital	NOUN
cjfa-63095	482	2	market	market	NOUN
cjfa-63095	482	3	seasonality	seasonality	NOUN
cjfa-63095	482	4	:	:	PUNCT
cjfa-63095	482	5	the	the	DET
cjfa-63095	482	6	case	case	NOUN
cjfa-63095	482	7	of	of	ADP
cjfa-63095	482	8	stock	stock	NOUN
cjfa-63095	482	9	returns	return	NOUN
cjfa-63095	482	10	.	.	PUNCT
cjfa-63095	483	1	journal	journal	NOUN
cjfa-63095	483	2	of	of	ADP
cjfa-63095	483	3	financial	financial	ADJ
cjfa-63095	483	4	economics	economic	NOUN
cjfa-63095	483	5	,	,	PUNCT
cjfa-63095	483	6	3(4	3(4	NUM
cjfa-63095	483	7	)	)	PUNCT
cjfa-63095	483	8	,	,	PUNCT
cjfa-63095	483	9	379–402	379–402	NUM
cjfa-63095	483	10	.	.	PUNCT
cjfa-63095	484	1	https://doi.org/10.1016/0304405x(76)90028-3	https://doi.org/10.1016/0304405x(76)90028-3	PROPN
cjfa-63095	484	2	.	.	PUNCT
cjfa-63095	484	3	samuelson	samuelson	PROPN
cjfa-63095	484	4	,	,	PUNCT
cjfa-63095	484	5	p.a	p.a	PROPN
cjfa-63095	484	6	.	.	PROPN
cjfa-63095	484	7	(	(	PUNCT
cjfa-63095	484	8	1965a	1965a	NUM
cjfa-63095	484	9	)	)	PUNCT
cjfa-63095	484	10	.	.	PUNCT
cjfa-63095	485	1	proof	proof	NOUN
cjfa-63095	485	2	that	that	SCONJ
cjfa-63095	485	3	properly	properly	ADV
cjfa-63095	485	4	anticipated	anticipate	VERB
cjfa-63095	485	5	prices	price	NOUN
cjfa-63095	485	6	fluctuate	fluctuate	NOUN
cjfa-63095	485	7	randomly	randomly	ADV
cjfa-63095	485	8	.	.	PUNCT
cjfa-63095	486	1	industrial	industrial	ADJ
cjfa-63095	486	2	management	management	PROPN
cjfa-63095	486	3	review	review	NOUN
cjfa-63095	486	4	,	,	PUNCT
cjfa-63095	486	5	6(2	6(2	NUM
cjfa-63095	486	6	)	)	PUNCT
cjfa-63095	486	7	,	,	PUNCT
cjfa-63095	486	8	41–49	41–49	NUM
cjfa-63095	486	9	.	.	PUNCT
cjfa-63095	487	1	https://doi.org/10.1142/97898145	https://doi.org/10.1142/97898145	PROPN
cjfa-63095	487	2	66926_0002	66926_0002	NOUN
cjfa-63095	487	3	.	.	PUNCT
cjfa-63095	488	1	samuelson	samuelson	PROPN
cjfa-63095	488	2	,	,	PUNCT
cjfa-63095	488	3	p.a	p.a	PROPN
cjfa-63095	488	4	.	.	PROPN
cjfa-63095	488	5	(	(	PUNCT
cjfa-63095	488	6	1965b	1965b	NUM
cjfa-63095	488	7	)	)	PUNCT
cjfa-63095	488	8	.	.	PUNCT
cjfa-63095	489	1	rational	rational	ADJ
cjfa-63095	489	2	theory	theory	NOUN
cjfa-63095	489	3	of	of	ADP
cjfa-63095	489	4	warrant	warrant	ADJ
cjfa-63095	489	5	pricing	pricing	NOUN
cjfa-63095	489	6	.	.	PUNCT
cjfa-63095	490	1	industrial	industrial	ADJ
cjfa-63095	490	2	management	management	PROPN
cjfa-63095	490	3	review	review	NOUN
cjfa-63095	490	4	,	,	PUNCT
cjfa-63095	490	5	6(2	6(2	NUM
cjfa-63095	490	6	)	)	PUNCT
cjfa-63095	490	7	,	,	PUNCT
cjfa-63095	490	8	13–39	13–39	NUM
cjfa-63095	490	9	.	.	PUNCT
cjfa-63095	491	1	https://doi.org/10.1007/978-3-319-22237-0_11	https://doi.org/10.1007/978-3-319-22237-0_11	PROPN
cjfa-63095	491	2	.	.	PROPN
cjfa-63095	491	3	schindler	schindler	PROPN
cjfa-63095	491	4	,	,	PUNCT
cjfa-63095	491	5	m.	m.	NOUN
cjfa-63095	491	6	(	(	PUNCT
cjfa-63095	491	7	2007	2007	NUM
cjfa-63095	491	8	)	)	PUNCT
cjfa-63095	491	9	.	.	PUNCT
cjfa-63095	492	1	rumors	rumor	NOUN
cjfa-63095	492	2	in	in	ADP
cjfa-63095	492	3	financial	financial	ADJ
cjfa-63095	492	4	markets	market	NOUN
cjfa-63095	492	5	:	:	PUNCT
cjfa-63095	492	6	insights	insight	NOUN
cjfa-63095	492	7	into	into	ADP
cjfa-63095	492	8	behavioral	behavioral	ADJ
cjfa-63095	492	9	finance	finance	NOUN
cjfa-63095	492	10	.	.	PUNCT
cjfa-63095	493	1	chichester	chichester	PROPN
cjfa-63095	493	2	,	,	PUNCT
cjfa-63095	493	3	england	england	PROPN
cjfa-63095	493	4	:	:	PUNCT
cjfa-63095	493	5	john	john	PROPN
cjfa-63095	493	6	wiley	wiley	PROPN
cjfa-63095	493	7	&	&	CCONJ
cjfa-63095	493	8	sons	son	NOUN
cjfa-63095	493	9	.	.	PUNCT
cjfa-63095	494	1	shiller	shiller	PROPN
cjfa-63095	494	2	,	,	PUNCT
cjfa-63095	494	3	r.j	r.j	PROPN
cjfa-63095	494	4	.	.	PROPN
cjfa-63095	494	5	(	(	PUNCT
cjfa-63095	494	6	1999	1999	NUM
cjfa-63095	494	7	)	)	PUNCT
cjfa-63095	494	8	.	.	PUNCT
cjfa-63095	495	1	human	human	ADJ
cjfa-63095	495	2	behaviour	behaviour	NOUN
cjfa-63095	495	3	and	and	CCONJ
cjfa-63095	495	4	the	the	DET
cjfa-63095	495	5	efficiency	efficiency	NOUN
cjfa-63095	495	6	of	of	ADP
cjfa-63095	495	7	the	the	DET
cjfa-63095	495	8	financial	financial	ADJ
cjfa-63095	495	9	system	system	NOUN
cjfa-63095	495	10	.	.	PUNCT
cjfa-63095	496	1	in	in	ADP
cjfa-63095	496	2	handbook	handbook	NOUN
cjfa-63095	496	3	of	of	ADP
cjfa-63095	496	4	macroeconomics	macroeconomic	NOUN
cjfa-63095	496	5	,	,	PUNCT
cjfa-63095	496	6	1	1	NUM
cjfa-63095	496	7	,	,	PUNCT
cjfa-63095	496	8	1305–1340	1305–1340	NUM
cjfa-63095	496	9	.	.	PUNCT
cjfa-63095	497	1	https://doi.org/10.1016/s1574-0048	https://doi.org/10.1016/s1574-0048	PROPN
cjfa-63095	497	2	(	(	PUNCT
cjfa-63095	497	3	99)10033	99)10033	NUM
cjfa-63095	497	4	-	-	SYM
cjfa-63095	497	5	8	8	NUM
cjfa-63095	497	6	.	.	PUNCT
cjfa-63095	498	1	yao	yao	PROPN
cjfa-63095	498	2	,	,	PUNCT
cjfa-63095	498	3	j.	j.	PROPN
cjfa-63095	498	4	,	,	PUNCT
cjfa-63095	498	5	ma	ma	PROPN
cjfa-63095	498	6	,	,	PUNCT
cjfa-63095	498	7	c.	c.	PROPN
cjfa-63095	498	8	,	,	PUNCT
cjfa-63095	498	9	&	&	CCONJ
cjfa-63095	498	10	he	he	PRON
cjfa-63095	498	11	,	,	PUNCT
cjfa-63095	498	12	w.p	w.p	PROPN
cjfa-63095	498	13	.	.	PROPN
cjfa-63095	498	14	(	(	PUNCT
cjfa-63095	498	15	2014	2014	NUM
cjfa-63095	498	16	)	)	PUNCT
cjfa-63095	498	17	.	.	PUNCT
cjfa-63095	499	1	investor	investor	NOUN
cjfa-63095	499	2	herding	herding	NOUN
cjfa-63095	499	3	behaviour	behaviour	NOUN
cjfa-63095	499	4	of	of	ADP
cjfa-63095	499	5	chinese	chinese	ADJ
cjfa-63095	499	6	stock	stock	NOUN
cjfa-63095	499	7	market	market	NOUN
cjfa-63095	499	8	.	.	PUNCT
cjfa-63095	500	1	international	international	ADJ
cjfa-63095	500	2	review	review	NOUN
cjfa-63095	500	3	of	of	ADP
cjfa-63095	500	4	economics	economics	PROPN
cjfa-63095	500	5	&	&	CCONJ
cjfa-63095	500	6	finance	finance	PROPN
cjfa-63095	500	7	,	,	PUNCT
cjfa-63095	500	8	29	29	NUM
cjfa-63095	500	9	,	,	PUNCT
cjfa-63095	500	10	12–29	12–29	NUM
cjfa-63095	500	11	.	.	PUNCT
cjfa-63095	501	1	http://dx.doi.org/10.1016/j	http://dx.doi.org/10.1016/j	PROPN
cjfa-63095	501	2	.	.	PUNCT
cjfa-63095	501	3	iref.2013.03.002	iref.2013.03.002	PROPN
cjfa-63095	501	4	.	.	PUNCT
cjfa-63095	502	1	https://doi.org/10.2307/2980947	https://doi.org/10.2307/2980947	PROPN
cjfa-63095	502	2	https://doi.org/10.2307/2980947	https://doi.org/10.2307/2980947	ADJ
cjfa-63095	502	3	https://doi.org/10.1108/raf-11-2016-0188	https://doi.org/10.1108/raf-11-2016-0188	ADJ
cjfa-63095	502	4	https://doi.org/10.1108/emjb-08-2023-0209	https://doi.org/10.1108/emjb-08-2023-0209	NOUN
cjfa-63095	502	5	https://doi.org/10.1108/emjb-08-2023-0209	https://doi.org/10.1108/emjb-08-2023-0209	ADV
cjfa-63095	502	6	https://doi.org/10.1016/j.ribaf.2021.101445	https://doi.org/10.1016/j.ribaf.2021.101445	ADJ
cjfa-63095	502	7	https://doi.org/10.1016/j.ribaf.2021.101445	https://doi.org/10.1016/j.ribaf.2021.101445	NOUN
cjfa-63095	503	1	https://doi.org/10.1016/0304-405x(76)90028-3	https://doi.org/10.1016/0304-405x(76)90028-3	PROPN
cjfa-63095	503	2	https://doi.org/10.1016/0304-405x(76)90028-3	https://doi.org/10.1016/0304-405x(76)90028-3	PROPN
cjfa-63095	503	3	https://doi.org/10.1142/9789814566926_0002	https://doi.org/10.1142/9789814566926_0002	NOUN
cjfa-63095	503	4	https://doi.org/10.1142/9789814566926_0002	https://doi.org/10.1142/9789814566926_0002	NOUN
cjfa-63095	503	5	https://doi.org/10.1007/978-3-319-22237-0_11	https://doi.org/10.1007/978-3-319-22237-0_11	VERB
cjfa-63095	503	6	https://doi.org/10.1016/s1574-0048(99)10033-8	https://doi.org/10.1016/s1574-0048(99)10033-8	NOUN
cjfa-63095	503	7	https://doi.org/10.1016/s1574-0048(99)10033-8	https://doi.org/10.1016/s1574-0048(99)10033-8	NOUN
cjfa-63095	503	8	http://dx.doi.org/10.1016/j.iref.2013.03.002	http://dx.doi.org/10.1016/j.iref.2013.03.002	NOUN
cjfa-63095	503	9	http://dx.doi.org/10.1016/j.iref.2013.03.002	http://dx.doi.org/10.1016/j.iref.2013.03.002	NOUN