id	sid	tid	token	lemma	pos
easat-7520	1	1	edelweiss	edelweiss	PROPN
easat-7520	1	2	applied	apply	VERB
easat-7520	1	3	science	science	NOUN
easat-7520	1	4	and	and	CCONJ
easat-7520	1	5	technology	technology	NOUN
easat-7520	1	6	issn	issn	PROPN
easat-7520	1	7	:	:	PUNCT
easat-7520	1	8	2576	2576	NUM
easat-7520	1	9	-	-	SYM
easat-7520	1	10	8484	8484	NUM
easat-7520	1	11	vol	vol	NOUN
easat-7520	1	12	.	.	PROPN
easat-7520	2	1	9	9	NUM
easat-7520	2	2	,	,	PUNCT
easat-7520	2	3	no	no	INTJ
easat-7520	2	4	.	.	NOUN
easat-7520	2	5	5	5	NUM
easat-7520	2	6	,	,	PUNCT
easat-7520	2	7	2595	2595	NUM
easat-7520	2	8	-	-	SYM
easat-7520	2	9	2603	2603	NUM
easat-7520	2	10	2025	2025	NUM
easat-7520	2	11	publisher	publisher	NOUN
easat-7520	2	12	:	:	PUNCT
easat-7520	2	13	learning	learn	VERB
easat-7520	2	14	gate	gate	NOUN
easat-7520	2	15	doi	doi	PROPN
easat-7520	2	16	:	:	PUNCT
easat-7520	2	17	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	2	18	©	©	NOUN
easat-7520	2	19	2025	2025	NUM
easat-7520	2	20	by	by	ADP
easat-7520	2	21	the	the	DET
easat-7520	2	22	author	author	NOUN
easat-7520	2	23	;	;	PUNCT
easat-7520	2	24	licensee	licensee	PROPN
easat-7520	2	25	learning	learning	NOUN
easat-7520	2	26	gate	gate	NOUN
easat-7520	3	1	©	©	PROPN
easat-7520	3	2	2025	2025	NUM
easat-7520	3	3	by	by	ADP
easat-7520	3	4	the	the	DET
easat-7520	3	5	author	author	NOUN
easat-7520	3	6	;	;	PUNCT
easat-7520	3	7	licensee	licensee	PROPN
easat-7520	3	8	learning	learning	NOUN
easat-7520	3	9	gate	gate	NOUN
easat-7520	3	10	history	history	NOUN
easat-7520	3	11	:	:	PUNCT
easat-7520	3	12	received	receive	VERB
easat-7520	3	13	:	:	PUNCT
easat-7520	3	14	28	28	NUM
easat-7520	3	15	march	march	NOUN
easat-7520	3	16	2025	2025	NUM
easat-7520	3	17	;	;	PUNCT
easat-7520	3	18	revised	revise	VERB
easat-7520	3	19	:	:	PUNCT
easat-7520	3	20	12	12	NUM
easat-7520	3	21	may	may	PROPN
easat-7520	3	22	2025	2025	NUM
easat-7520	3	23	;	;	PUNCT
easat-7520	3	24	accepted	accept	VERB
easat-7520	3	25	:	:	PUNCT
easat-7520	3	26	15	15	NUM
easat-7520	3	27	may	may	PROPN
easat-7520	3	28	2025	2025	NUM
easat-7520	3	29	;	;	PUNCT
easat-7520	3	30	published	publish	VERB
easat-7520	3	31	:	:	PUNCT
easat-7520	3	32	24	24	NUM
easat-7520	3	33	may	may	PROPN
easat-7520	3	34	2025	2025	NUM
easat-7520	3	35	*	*	PUNCT
easat-7520	3	36	correspondence	correspondence	NOUN
easat-7520	3	37	:	:	PUNCT
easat-7520	4	1	moathmohammadalaraj@gmail.com	moathmohammadalaraj@gmail.com	X
easat-7520	4	2	herd	herd	ADJ
easat-7520	4	3	effect	effect	NOUN
easat-7520	4	4	and	and	CCONJ
easat-7520	4	5	retail	retail	ADJ
easat-7520	4	6	investors	investor	NOUN
easat-7520	4	7	'	'	PART
easat-7520	4	8	behavior	behavior	NOUN
easat-7520	4	9	in	in	ADP
easat-7520	4	10	the	the	DET
easat-7520	4	11	palestine	palestine	PROPN
easat-7520	4	12	exchange	exchange	PROPN
easat-7520	4	13	muath	muath	PROPN
easat-7520	4	14	alaraj1	alaraj1	PROPN
easat-7520	4	15	*	*	PROPN
easat-7520	4	16	1arab	1arab	NUM
easat-7520	4	17	american	american	ADJ
easat-7520	4	18	university	university	PROPN
easat-7520	4	19	,	,	PUNCT
easat-7520	4	20	palestine	palestine	PROPN
easat-7520	4	21	;	;	PUNCT
easat-7520	4	22	moathmohammadalaraj@gmail.com	moathmohammadalaraj@gmail.com	X
easat-7520	4	23	(	(	PUNCT
easat-7520	4	24	m.a	m.a	PROPN
easat-7520	4	25	.	.	PROPN
easat-7520	4	26	)	)	PUNCT
easat-7520	4	27	.	.	PUNCT
easat-7520	5	1	abstract	abstract	ADV
easat-7520	5	2	:	:	PUNCT
easat-7520	5	3	this	this	DET
easat-7520	5	4	study	study	NOUN
easat-7520	5	5	aims	aim	VERB
easat-7520	5	6	to	to	PART
easat-7520	5	7	analyze	analyze	VERB
easat-7520	5	8	the	the	DET
easat-7520	5	9	presence	presence	NOUN
easat-7520	5	10	and	and	CCONJ
easat-7520	5	11	impact	impact	NOUN
easat-7520	5	12	of	of	ADP
easat-7520	5	13	the	the	DET
easat-7520	5	14	herd	herd	ADJ
easat-7520	5	15	effect	effect	NOUN
easat-7520	5	16	in	in	ADP
easat-7520	5	17	the	the	DET
easat-7520	5	18	palestine	palestine	PROPN
easat-7520	5	19	exchange	exchange	PROPN
easat-7520	5	20	(	(	PUNCT
easat-7520	5	21	pex	pex	PROPN
easat-7520	5	22	)	)	PUNCT
easat-7520	5	23	.	.	PUNCT
easat-7520	6	1	by	by	ADP
easat-7520	6	2	utilizing	utilize	VERB
easat-7520	6	3	the	the	DET
easat-7520	6	4	cross	cross	ADJ
easat-7520	6	5	-	-	ADJ
easat-7520	6	6	sectional	sectional	ADJ
easat-7520	6	7	standard	standard	ADJ
easat-7520	6	8	deviation	deviation	NOUN
easat-7520	6	9	(	(	PUNCT
easat-7520	6	10	cssd	cssd	NOUN
easat-7520	6	11	)	)	PUNCT
easat-7520	6	12	methodology	methodology	NOUN
easat-7520	6	13	on	on	ADP
easat-7520	6	14	pooled	pool	VERB
easat-7520	6	15	cross	cross	ADJ
easat-7520	6	16	-	-	ADJ
easat-7520	6	17	sectional	sectional	ADJ
easat-7520	6	18	data	datum	NOUN
easat-7520	6	19	,	,	PUNCT
easat-7520	6	20	the	the	DET
easat-7520	6	21	research	research	NOUN
easat-7520	6	22	investigates	investigate	VERB
easat-7520	6	23	whether	whether	SCONJ
easat-7520	6	24	investor	investor	NOUN
easat-7520	6	25	behavior	behavior	NOUN
easat-7520	6	26	exhibits	exhibit	VERB
easat-7520	6	27	characteristics	characteristic	NOUN
easat-7520	6	28	of	of	ADP
easat-7520	6	29	a	a	DET
easat-7520	6	30	herd	herd	NOUN
easat-7520	6	31	mentality	mentality	NOUN
easat-7520	6	32	and	and	CCONJ
easat-7520	6	33	how	how	SCONJ
easat-7520	6	34	this	this	PRON
easat-7520	6	35	affects	affect	VERB
easat-7520	6	36	market	market	NOUN
easat-7520	6	37	efficiency	efficiency	NOUN
easat-7520	6	38	.	.	PUNCT
easat-7520	7	1	the	the	DET
easat-7520	7	2	findings	finding	NOUN
easat-7520	7	3	reveal	reveal	VERB
easat-7520	7	4	that	that	SCONJ
easat-7520	7	5	herd	herd	NOUN
easat-7520	7	6	mentality	mentality	NOUN
easat-7520	7	7	alone	alone	ADV
easat-7520	7	8	is	be	AUX
easat-7520	7	9	insufficient	insufficient	ADJ
easat-7520	7	10	to	to	PART
easat-7520	7	11	produce	produce	VERB
easat-7520	7	12	a	a	DET
easat-7520	7	13	significant	significant	ADJ
easat-7520	7	14	herd	herd	NOUN
easat-7520	7	15	effect	effect	NOUN
easat-7520	7	16	in	in	ADP
easat-7520	7	17	pex	pex	PROPN
easat-7520	7	18	.	.	PUNCT
easat-7520	8	1	furthermore	furthermore	ADV
easat-7520	8	2	,	,	PUNCT
easat-7520	8	3	record	record	NOUN
easat-7520	8	4	market	market	NOUN
easat-7520	8	5	return	return	NOUN
easat-7520	8	6	fluctuations	fluctuation	NOUN
easat-7520	8	7	do	do	AUX
easat-7520	8	8	not	not	PART
easat-7520	8	9	result	result	VERB
easat-7520	8	10	in	in	ADP
easat-7520	8	11	significant	significant	ADJ
easat-7520	8	12	market	market	NOUN
easat-7520	8	13	anomalies	anomaly	NOUN
easat-7520	8	14	within	within	ADP
easat-7520	8	15	this	this	DET
easat-7520	8	16	context	context	NOUN
easat-7520	8	17	.	.	PUNCT
easat-7520	9	1	the	the	DET
easat-7520	9	2	results	result	NOUN
easat-7520	9	3	suggest	suggest	VERB
easat-7520	9	4	that	that	SCONJ
easat-7520	9	5	the	the	DET
easat-7520	9	6	presence	presence	NOUN
easat-7520	9	7	of	of	ADP
easat-7520	9	8	herd	herd	NOUN
easat-7520	9	9	behavior	behavior	NOUN
easat-7520	9	10	does	do	AUX
easat-7520	9	11	not	not	PART
easat-7520	9	12	translate	translate	VERB
easat-7520	9	13	into	into	ADP
easat-7520	9	14	impactful	impactful	ADJ
easat-7520	9	15	market	market	NOUN
easat-7520	9	16	outcomes	outcome	NOUN
easat-7520	9	17	in	in	ADP
easat-7520	9	18	pex	pex	PROPN
easat-7520	9	19	.	.	PUNCT
easat-7520	10	1	the	the	DET
easat-7520	10	2	market	market	NOUN
easat-7520	10	3	structure	structure	NOUN
easat-7520	10	4	and	and	CCONJ
easat-7520	10	5	investor	investor	NOUN
easat-7520	10	6	dynamics	dynamic	NOUN
easat-7520	10	7	may	may	AUX
easat-7520	10	8	limit	limit	VERB
easat-7520	10	9	the	the	DET
easat-7520	10	10	manifestation	manifestation	NOUN
easat-7520	10	11	of	of	ADP
easat-7520	10	12	strong	strong	ADJ
easat-7520	10	13	herding	herding	NOUN
easat-7520	10	14	patterns	pattern	NOUN
easat-7520	10	15	,	,	PUNCT
easat-7520	10	16	despite	despite	SCONJ
easat-7520	10	17	observable	observable	ADJ
easat-7520	10	18	behavioral	behavioral	ADJ
easat-7520	10	19	tendencies	tendency	NOUN
easat-7520	10	20	.	.	PUNCT
easat-7520	11	1	these	these	DET
easat-7520	11	2	findings	finding	NOUN
easat-7520	11	3	have	have	VERB
easat-7520	11	4	important	important	ADJ
easat-7520	11	5	policy	policy	NOUN
easat-7520	11	6	implications	implication	NOUN
easat-7520	11	7	,	,	PUNCT
easat-7520	11	8	offering	offer	VERB
easat-7520	11	9	policymakers	policymaker	NOUN
easat-7520	11	10	a	a	DET
easat-7520	11	11	more	more	ADV
easat-7520	11	12	skeptical	skeptical	ADJ
easat-7520	11	13	notion	notion	NOUN
easat-7520	11	14	of	of	ADP
easat-7520	11	15	the	the	DET
easat-7520	11	16	pex	pex	NOUN
easat-7520	11	17	as	as	ADP
easat-7520	11	18	an	an	DET
easat-7520	11	19	inefficient	inefficient	ADJ
easat-7520	11	20	market	market	NOUN
easat-7520	11	21	.	.	PUNCT
easat-7520	12	1	additionally	additionally	ADV
easat-7520	12	2	,	,	PUNCT
easat-7520	12	3	the	the	DET
easat-7520	12	4	study	study	NOUN
easat-7520	12	5	contributes	contribute	VERB
easat-7520	12	6	to	to	ADP
easat-7520	12	7	the	the	DET
easat-7520	12	8	literature	literature	NOUN
easat-7520	12	9	by	by	ADP
easat-7520	12	10	producing	produce	VERB
easat-7520	12	11	empirical	empirical	ADJ
easat-7520	12	12	outcomes	outcome	NOUN
easat-7520	12	13	that	that	PRON
easat-7520	12	14	are	be	AUX
easat-7520	12	15	committed	commit	VERB
easat-7520	12	16	to	to	ADP
easat-7520	12	17	the	the	DET
easat-7520	12	18	specific	specific	ADJ
easat-7520	12	19	context	context	NOUN
easat-7520	12	20	of	of	ADP
easat-7520	12	21	pex	pex	PROPN
easat-7520	12	22	.	.	PUNCT
easat-7520	13	1	keywords	keyword	NOUN
easat-7520	13	2	:	:	PUNCT
easat-7520	13	3	herd	herd	NOUN
easat-7520	13	4	behavior	behavior	NOUN
easat-7520	13	5	,	,	PUNCT
easat-7520	13	6	herd	herd	ADJ
easat-7520	13	7	effect	effect	NOUN
easat-7520	13	8	,	,	PUNCT
easat-7520	13	9	market	market	NOUN
easat-7520	13	10	anomaly	anomaly	NOUN
easat-7520	13	11	,	,	PUNCT
easat-7520	13	12	pex	pex	PROPN
easat-7520	13	13	.	.	PROPN
easat-7520	13	14	1	1	NUM
easat-7520	13	15	.	.	X
easat-7520	13	16	introduction	introduction	NOUN
easat-7520	13	17	the	the	DET
easat-7520	13	18	efficient	efficient	ADJ
easat-7520	13	19	market	market	NOUN
easat-7520	13	20	theory	theory	NOUN
easat-7520	13	21	has	have	VERB
easat-7520	13	22	several	several	ADJ
easat-7520	13	23	criticisms	criticism	NOUN
easat-7520	13	24	relying	rely	VERB
easat-7520	13	25	on	on	ADP
easat-7520	13	26	the	the	DET
easat-7520	13	27	differences	difference	NOUN
easat-7520	13	28	between	between	ADP
easat-7520	13	29	the	the	DET
easat-7520	13	30	predicted	predict	VERB
easat-7520	13	31	outcomes	outcome	NOUN
easat-7520	13	32	and	and	CCONJ
easat-7520	13	33	the	the	DET
easat-7520	13	34	actual	actual	ADJ
easat-7520	13	35	happenings	happening	NOUN
easat-7520	13	36	in	in	ADP
easat-7520	13	37	the	the	DET
easat-7520	13	38	real	real	ADJ
easat-7520	13	39	world	world	NOUN
easat-7520	13	40	(	(	PUNCT
easat-7520	13	41	e.g.	e.g.	ADV
easat-7520	13	42	,	,	PUNCT
easat-7520	13	43	[	[	X
easat-7520	13	44	1	1	NUM
easat-7520	13	45	,	,	PUNCT
easat-7520	13	46	2	2	NUM
easat-7520	13	47	]	]	NUM
easat-7520	13	48	)	)	PUNCT
easat-7520	13	49	.	.	PUNCT
easat-7520	14	1	these	these	DET
easat-7520	14	2	differences	difference	NOUN
easat-7520	14	3	refer	refer	VERB
easat-7520	14	4	to	to	ADP
easat-7520	14	5	the	the	DET
easat-7520	14	6	nuances	nuance	NOUN
easat-7520	14	7	and	and	CCONJ
easat-7520	14	8	flaws	flaw	NOUN
easat-7520	14	9	of	of	ADP
easat-7520	14	10	the	the	DET
easat-7520	14	11	efficient	efficient	ADJ
easat-7520	14	12	market	market	NOUN
easat-7520	14	13	hypothesis	hypothesis	NOUN
easat-7520	14	14	(	(	PUNCT
easat-7520	14	15	emh	emh	PROPN
easat-7520	14	16	)	)	PUNCT
easat-7520	14	17	that	that	PRON
easat-7520	14	18	raise	raise	VERB
easat-7520	14	19	controversies	controversy	NOUN
easat-7520	14	20	among	among	ADP
easat-7520	14	21	scholars	scholar	NOUN
easat-7520	14	22	and	and	CCONJ
easat-7520	14	23	practitioners	practitioner	NOUN
easat-7520	14	24	regarding	regard	VERB
easat-7520	14	25	its	its	PRON
easat-7520	14	26	application	application	NOUN
easat-7520	14	27	in	in	ADP
easat-7520	14	28	real	real	ADJ
easat-7520	14	29	life	life	NOUN
easat-7520	14	30	.	.	PUNCT
easat-7520	15	1	for	for	ADP
easat-7520	15	2	instance	instance	NOUN
easat-7520	15	3	,	,	PUNCT
easat-7520	15	4	anomalies	anomaly	NOUN
easat-7520	15	5	like	like	ADP
easat-7520	15	6	the	the	DET
easat-7520	15	7	reversal	reversal	NOUN
easat-7520	15	8	effect	effect	NOUN
easat-7520	15	9	,	,	PUNCT
easat-7520	15	10	the	the	DET
easat-7520	15	11	momentum	momentum	NOUN
easat-7520	15	12	effect	effect	NOUN
easat-7520	15	13	,	,	PUNCT
easat-7520	15	14	the	the	DET
easat-7520	15	15	calendar	calendar	NOUN
easat-7520	15	16	anomaly	anomaly	PROPN
easat-7520	15	17	,	,	PUNCT
easat-7520	15	18	the	the	DET
easat-7520	15	19	value	value	NOUN
easat-7520	15	20	anomaly	anomaly	NOUN
easat-7520	15	21	,	,	PUNCT
easat-7520	15	22	and	and	CCONJ
easat-7520	15	23	the	the	DET
easat-7520	15	24	equity	equity	NOUN
easat-7520	15	25	premium	premium	NOUN
easat-7520	15	26	puzzle	puzzle	NOUN
easat-7520	15	27	have	have	AUX
easat-7520	15	28	been	be	AUX
easat-7520	15	29	extensively	extensively	ADV
easat-7520	15	30	documented	document	VERB
easat-7520	15	31	in	in	ADP
easat-7520	15	32	all	all	DET
easat-7520	15	33	markets	market	NOUN
easat-7520	15	34	,	,	PUNCT
easat-7520	15	35	contrary	contrary	ADJ
easat-7520	15	36	to	to	ADP
easat-7520	15	37	emh	emh	PROPN
easat-7520	15	38	hypotheses	hypothesis	NOUN
easat-7520	15	39	.	.	PUNCT
easat-7520	16	1	they	they	PRON
easat-7520	16	2	are	be	AUX
easat-7520	16	3	significant	significant	ADJ
easat-7520	16	4	in	in	ADP
easat-7520	16	5	the	the	DET
easat-7520	16	6	sense	sense	NOUN
easat-7520	16	7	that	that	SCONJ
easat-7520	16	8	they	they	PRON
easat-7520	16	9	refute	refute	VERB
easat-7520	16	10	the	the	DET
easat-7520	16	11	theory	theory	NOUN
easat-7520	16	12	and	and	CCONJ
easat-7520	16	13	indicate	indicate	VERB
easat-7520	16	14	the	the	DET
easat-7520	16	15	intricate	intricate	ADJ
easat-7520	16	16	nature	nature	NOUN
easat-7520	16	17	of	of	ADP
easat-7520	16	18	market	market	NOUN
easat-7520	16	19	participants	participant	NOUN
easat-7520	16	20	'	'	PART
easat-7520	16	21	behavior	behavior	NOUN
easat-7520	16	22	,	,	PUNCT
easat-7520	16	23	which	which	PRON
easat-7520	16	24	is	be	AUX
easat-7520	16	25	not	not	PART
easat-7520	16	26	a	a	DET
easat-7520	16	27	rational	rational	ADJ
easat-7520	16	28	expectation	expectation	NOUN
easat-7520	16	29	.	.	PUNCT
easat-7520	17	1	therefore	therefore	ADV
easat-7520	17	2	,	,	PUNCT
easat-7520	17	3	this	this	DET
easat-7520	17	4	phenomenon	phenomenon	NOUN
easat-7520	17	5	encourages	encourage	VERB
easat-7520	17	6	policymakers	policymaker	NOUN
easat-7520	17	7	to	to	PART
easat-7520	17	8	examine	examine	VERB
easat-7520	17	9	these	these	DET
easat-7520	17	10	market	market	NOUN
easat-7520	17	11	anomalies	anomaly	NOUN
easat-7520	17	12	(	(	PUNCT
easat-7520	17	13	e.g.	e.g.	ADV
easat-7520	17	14	,	,	PUNCT
easat-7520	17	15	reversal	reversal	NOUN
easat-7520	17	16	effect	effect	NOUN
easat-7520	17	17	anomaly	anomaly	NOUN
easat-7520	17	18	,	,	PUNCT
easat-7520	17	19	momentum	momentum	NOUN
easat-7520	17	20	effect	effect	NOUN
easat-7520	17	21	anomaly	anomaly	NOUN
easat-7520	17	22	,	,	PUNCT
easat-7520	17	23	calendar	calendar	NOUN
easat-7520	17	24	anomaly	anomaly	NOUN
easat-7520	17	25	,	,	PUNCT
easat-7520	17	26	value	value	NOUN
easat-7520	17	27	anomaly	anomaly	NOUN
easat-7520	17	28	,	,	PUNCT
easat-7520	17	29	and	and	CCONJ
easat-7520	17	30	equity	equity	NOUN
easat-7520	17	31	premium	premium	NOUN
easat-7520	17	32	puzzle	puzzle	NOUN
easat-7520	17	33	)	)	PUNCT
easat-7520	17	34	more	more	ADV
easat-7520	17	35	closely	closely	ADV
easat-7520	17	36	in	in	ADP
easat-7520	17	37	an	an	DET
easat-7520	17	38	effort	effort	NOUN
easat-7520	17	39	to	to	PART
easat-7520	17	40	develop	develop	VERB
easat-7520	17	41	a	a	DET
easat-7520	17	42	more	more	ADV
easat-7520	17	43	integrated	integrate	VERB
easat-7520	17	44	theory	theory	NOUN
easat-7520	17	45	[	[	X
easat-7520	17	46	3	3	NUM
easat-7520	17	47	]	]	PUNCT
easat-7520	17	48	.	.	PUNCT
easat-7520	18	1	out	out	ADP
easat-7520	18	2	of	of	ADP
easat-7520	18	3	these	these	DET
easat-7520	18	4	anomalies	anomaly	NOUN
easat-7520	18	5	,	,	PUNCT
easat-7520	18	6	the	the	DET
easat-7520	18	7	behavioral	behavioral	ADJ
easat-7520	18	8	anomaly	anomaly	NOUN
easat-7520	18	9	known	know	VERB
easat-7520	18	10	as	as	ADP
easat-7520	18	11	the	the	DET
easat-7520	18	12	herd	herd	NOUN
easat-7520	18	13	effect	effect	NOUN
easat-7520	18	14	is	be	AUX
easat-7520	18	15	one	one	NUM
easat-7520	18	16	that	that	PRON
easat-7520	18	17	has	have	AUX
easat-7520	18	18	been	be	AUX
easat-7520	18	19	given	give	VERB
easat-7520	18	20	extensive	extensive	ADJ
easat-7520	18	21	attention	attention	NOUN
easat-7520	18	22	in	in	ADP
easat-7520	18	23	the	the	DET
easat-7520	18	24	literature	literature	NOUN
easat-7520	18	25	.	.	PUNCT
easat-7520	19	1	patel	patel	PROPN
easat-7520	19	2	,	,	PUNCT
easat-7520	19	3	et	et	PROPN
easat-7520	19	4	al	al	PROPN
easat-7520	19	5	.	.	PUNCT
easat-7520	20	1	[	[	X
easat-7520	20	2	4	4	X
easat-7520	20	3	]	]	PUNCT
easat-7520	20	4	espouse	espouse	VERB
easat-7520	20	5	a	a	DET
easat-7520	20	6	behavioral	behavioral	ADJ
easat-7520	20	7	anomaly	anomaly	NOUN
easat-7520	20	8	,	,	PUNCT
easat-7520	20	9	popularly	popularly	ADV
easat-7520	20	10	known	know	VERB
easat-7520	20	11	as	as	ADP
easat-7520	20	12	the	the	DET
easat-7520	20	13	herd	herd	NOUN
easat-7520	20	14	effect	effect	NOUN
easat-7520	20	15	,	,	PUNCT
easat-7520	20	16	and	and	CCONJ
easat-7520	20	17	elucidate	elucidate	VERB
easat-7520	20	18	it	it	PRON
easat-7520	20	19	as	as	ADP
easat-7520	20	20	humans	human	NOUN
easat-7520	20	21	'	'	PART
easat-7520	20	22	tendency	tendency	NOUN
easat-7520	20	23	to	to	PART
easat-7520	20	24	do	do	AUX
easat-7520	20	25	what	what	PRON
easat-7520	20	26	others	other	NOUN
easat-7520	20	27	do	do	VERB
easat-7520	20	28	rather	rather	ADV
easat-7520	20	29	than	than	ADP
easat-7520	20	30	what	what	PRON
easat-7520	20	31	is	be	AUX
easat-7520	20	32	optimal	optimal	ADJ
easat-7520	20	33	,	,	PUNCT
easat-7520	20	34	which	which	PRON
easat-7520	20	35	causes	cause	VERB
easat-7520	20	36	stock	stock	NOUN
easat-7520	20	37	market	market	NOUN
easat-7520	20	38	prices	price	NOUN
easat-7520	20	39	to	to	PART
easat-7520	20	40	drift	drift	VERB
easat-7520	20	41	and	and	CCONJ
easat-7520	20	42	results	result	NOUN
easat-7520	20	43	in	in	ADP
easat-7520	20	44	an	an	DET
easat-7520	20	45	anomaly	anomaly	NOUN
easat-7520	20	46	.	.	PUNCT
easat-7520	21	1	this	this	DET
easat-7520	21	2	behavior	behavior	NOUN
easat-7520	21	3	is	be	AUX
easat-7520	21	4	an	an	DET
easat-7520	21	5	example	example	NOUN
easat-7520	21	6	of	of	ADP
easat-7520	21	7	the	the	DET
easat-7520	21	8	psychological	psychological	ADJ
easat-7520	21	9	inclination	inclination	NOUN
easat-7520	21	10	of	of	ADP
easat-7520	21	11	individuals	individual	NOUN
easat-7520	21	12	to	to	PART
easat-7520	21	13	imitate	imitate	VERB
easat-7520	21	14	the	the	DET
easat-7520	21	15	behavior	behavior	NOUN
easat-7520	21	16	of	of	ADP
easat-7520	21	17	a	a	DET
easat-7520	21	18	larger	large	ADJ
easat-7520	21	19	group	group	NOUN
easat-7520	21	20	,	,	PUNCT
easat-7520	21	21	sometimes	sometimes	ADV
easat-7520	21	22	neglecting	neglect	VERB
easat-7520	21	23	their	their	PRON
easat-7520	21	24	own	own	ADJ
easat-7520	21	25	judgment	judgment	NOUN
easat-7520	21	26	or	or	CCONJ
easat-7520	21	27	analysis	analysis	NOUN
easat-7520	21	28	.	.	PUNCT
easat-7520	22	1	herd	herd	NOUN
easat-7520	22	2	behavior	behavior	NOUN
easat-7520	22	3	may	may	AUX
easat-7520	22	4	drive	drive	VERB
easat-7520	22	5	asset	asset	NOUN
easat-7520	22	6	prices	price	NOUN
easat-7520	22	7	higher	high	ADJ
easat-7520	22	8	or	or	CCONJ
easat-7520	22	9	lower	low	ADJ
easat-7520	22	10	and	and	CCONJ
easat-7520	22	11	cause	cause	VERB
easat-7520	22	12	a	a	DET
easat-7520	22	13	sharp	sharp	ADJ
easat-7520	22	14	market	market	NOUN
easat-7520	22	15	fall	fall	NOUN
easat-7520	22	16	,	,	PUNCT
easat-7520	22	17	as	as	SCONJ
easat-7520	22	18	it	it	PRON
easat-7520	22	19	boosts	boost	VERB
easat-7520	22	20	the	the	DET
easat-7520	22	21	collective	collective	ADJ
easat-7520	22	22	response	response	NOUN
easat-7520	22	23	to	to	ADP
easat-7520	22	24	market	market	NOUN
easat-7520	22	25	signals	signal	NOUN
easat-7520	22	26	,	,	PUNCT
easat-7520	22	27	whether	whether	SCONJ
easat-7520	22	28	justified	justified	ADJ
easat-7520	22	29	or	or	CCONJ
easat-7520	22	30	not	not	PART
easat-7520	22	31	.	.	PUNCT
easat-7520	23	1	recognizing	recognize	VERB
easat-7520	23	2	this	this	DET
easat-7520	23	3	anomaly	anomaly	NOUN
easat-7520	23	4	is	be	AUX
easat-7520	23	5	important	important	ADJ
easat-7520	23	6	since	since	SCONJ
easat-7520	23	7	it	it	PRON
easat-7520	23	8	helps	helps	AUX
easat-7520	23	9	understand	understand	VERB
easat-7520	23	10	the	the	DET
easat-7520	23	11	non	non	ADJ
easat-7520	23	12	-	-	ADJ
easat-7520	23	13	rational	rational	ADJ
easat-7520	23	14	influences	influence	NOUN
easat-7520	23	15	behind	behind	ADP
easat-7520	23	16	market	market	NOUN
easat-7520	23	17	dynamics	dynamic	NOUN
easat-7520	23	18	.	.	PUNCT
easat-7520	24	1	contrarily	contrarily	ADV
easat-7520	24	2	,	,	PUNCT
easat-7520	24	3	according	accord	VERB
easat-7520	24	4	to	to	ADP
easat-7520	24	5	awad	awad	NOUN
easat-7520	24	6	and	and	CCONJ
easat-7520	24	7	daraghma	daraghma	NOUN
easat-7520	24	8	[	[	X
easat-7520	24	9	5	5	X
easat-7520	24	10	]	]	PUNCT
easat-7520	24	11	the	the	DET
easat-7520	24	12	palestine	palestine	PROPN
easat-7520	24	13	stock	stock	PROPN
easat-7520	24	14	exchange	exchange	PROPN
easat-7520	24	15	(	(	PUNCT
easat-7520	24	16	pex	pex	PROPN
easat-7520	24	17	)	)	PUNCT
easat-7520	24	18	does	do	AUX
easat-7520	24	19	not	not	PART
easat-7520	24	20	evidence	evidence	VERB
easat-7520	24	21	the	the	DET
easat-7520	24	22	efficient	efficient	ADJ
easat-7520	24	23	market	market	NOUN
easat-7520	24	24	hypothesis	hypothesis	NOUN
easat-7520	24	25	on	on	ADP
easat-7520	24	26	a	a	DET
easat-7520	24	27	weak	weak	ADJ
easat-7520	24	28	foundation	foundation	NOUN
easat-7520	24	29	,	,	PUNCT
easat-7520	24	30	which	which	PRON
easat-7520	24	31	means	mean	VERB
easat-7520	24	32	the	the	DET
easat-7520	24	33	pex	pex	PROPN
easat-7520	24	34	might	might	AUX
easat-7520	24	35	be	be	AUX
easat-7520	24	36	susceptible	susceptible	ADJ
easat-7520	24	37	to	to	ADP
easat-7520	24	38	certain	certain	ADJ
easat-7520	24	39	market	market	NOUN
easat-7520	24	40	anomalies	anomaly	NOUN
easat-7520	24	41	.	.	PUNCT
easat-7520	25	1	this	this	PRON
easat-7520	25	2	is	be	AUX
easat-7520	25	3	a	a	DET
easat-7520	25	4	significant	significant	ADJ
easat-7520	25	5	finding	finding	NOUN
easat-7520	25	6	that	that	PRON
easat-7520	25	7	necessitates	necessitate	VERB
easat-7520	25	8	additional	additional	ADJ
easat-7520	25	9	research	research	NOUN
easat-7520	25	10	to	to	PART
easat-7520	25	11	test	test	VERB
easat-7520	25	12	whether	whether	SCONJ
easat-7520	25	13	specific	specific	ADJ
easat-7520	25	14	kinds	kind	NOUN
easat-7520	25	15	of	of	ADP
easat-7520	25	16	anomalies	anomaly	NOUN
easat-7520	25	17	occur	occur	VERB
easat-7520	25	18	in	in	ADP
easat-7520	25	19	the	the	DET
easat-7520	25	20	pex	pex	NOUN
easat-7520	25	21	.	.	PUNCT
easat-7520	26	1	it	it	PRON
easat-7520	26	2	should	should	AUX
easat-7520	26	3	be	be	AUX
easat-7520	26	4	added	add	VERB
easat-7520	26	5	that	that	SCONJ
easat-7520	26	6	published	publish	VERB
easat-7520	26	7	works	work	NOUN
easat-7520	26	8	on	on	ADP
easat-7520	26	9	pex	pex	PROPN
easat-7520	26	10	are	be	AUX
easat-7520	26	11	on	on	ADP
easat-7520	26	12	calendar	calendar	NOUN
easat-7520	26	13	effect	effect	NOUN
easat-7520	26	14	anomaly	anomaly	NOUN
easat-7520	26	15	(	(	PUNCT
easat-7520	26	16	e.g.	e.g.	ADV
easat-7520	26	17	,	,	PUNCT
easat-7520	26	18	[	[	X
easat-7520	26	19	6	6	NUM
easat-7520	26	20	-	-	SYM
easat-7520	26	21	8	8	NUM
easat-7520	26	22	]	]	NUM
easat-7520	26	23	)	)	PUNCT
easat-7520	26	24	.	.	PUNCT
easat-7520	27	1	calendar	calendar	NOUN
easat-7520	27	2	anomalies	anomaly	NOUN
easat-7520	27	3	,	,	PUNCT
easat-7520	27	4	such	such	ADJ
easat-7520	27	5	as	as	ADP
easat-7520	27	6	"	"	PUNCT
easat-7520	27	7	january	january	ADJ
easat-7520	27	8	effect	effect	NOUN
easat-7520	27	9	"	"	PUNCT
easat-7520	27	10	https://orcid.org/0000-0002-0668-0241	https://orcid.org/0000-0002-0668-0241	VERB
easat-7520	27	11	2596	2596	NUM
easat-7520	27	12	edelweiss	edelweiss	PROPN
easat-7520	27	13	applied	apply	VERB
easat-7520	27	14	science	science	NOUN
easat-7520	27	15	and	and	CCONJ
easat-7520	27	16	technology	technology	NOUN
easat-7520	27	17	issn	issn	PROPN
easat-7520	27	18	:	:	PUNCT
easat-7520	27	19	2576	2576	NUM
easat-7520	27	20	-	-	SYM
easat-7520	27	21	8484	8484	NUM
easat-7520	27	22	vol	vol	NOUN
easat-7520	27	23	.	.	PROPN
easat-7520	28	1	9	9	NUM
easat-7520	28	2	,	,	PUNCT
easat-7520	28	3	no	no	INTJ
easat-7520	28	4	.	.	NOUN
easat-7520	28	5	5	5	NUM
easat-7520	28	6	:	:	SYM
easat-7520	28	7	2595	2595	NUM
easat-7520	28	8	-	-	SYM
easat-7520	28	9	2603	2603	NUM
easat-7520	28	10	,	,	PUNCT
easat-7520	28	11	2025	2025	NUM
easat-7520	28	12	doi	doi	NOUN
easat-7520	28	13	:	:	PUNCT
easat-7520	28	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	28	15	©	©	NOUN
easat-7520	28	16	2025	2025	NUM
easat-7520	28	17	by	by	ADP
easat-7520	28	18	the	the	DET
easat-7520	28	19	author	author	NOUN
easat-7520	28	20	;	;	PUNCT
easat-7520	28	21	licensee	licensee	NOUN
easat-7520	28	22	learning	learning	NOUN
easat-7520	28	23	gate	gate	NOUN
easat-7520	28	24	or	or	CCONJ
easat-7520	28	25	"	"	PUNCT
easat-7520	28	26	weekend	weekend	NOUN
easat-7520	28	27	effect	effect	NOUN
easat-7520	28	28	,	,	PUNCT
easat-7520	28	29	"	"	PUNCT
easat-7520	28	30	have	have	AUX
easat-7520	28	31	been	be	AUX
easat-7520	28	32	a	a	DET
easat-7520	28	33	persistent	persistent	ADJ
easat-7520	28	34	focus	focus	NOUN
easat-7520	28	35	of	of	ADP
easat-7520	28	36	research	research	NOUN
easat-7520	28	37	on	on	ADP
easat-7520	28	38	pex	pex	PROPN
easat-7520	28	39	,	,	PUNCT
easat-7520	28	40	reflecting	reflect	VERB
easat-7520	28	41	systematic	systematic	ADJ
easat-7520	28	42	patterns	pattern	NOUN
easat-7520	28	43	of	of	ADP
easat-7520	28	44	stock	stock	NOUN
easat-7520	28	45	returns	return	NOUN
easat-7520	28	46	for	for	ADP
easat-7520	28	47	specific	specific	ADJ
easat-7520	28	48	times	time	NOUN
easat-7520	28	49	within	within	ADP
easat-7520	28	50	the	the	DET
easat-7520	28	51	year	year	NOUN
easat-7520	28	52	or	or	CCONJ
easat-7520	28	53	week	week	NOUN
easat-7520	28	54	.	.	PUNCT
easat-7520	29	1	nevertheless	nevertheless	ADV
easat-7520	29	2	,	,	PUNCT
easat-7520	29	3	these	these	DET
easat-7520	29	4	studies	study	NOUN
easat-7520	29	5	are	be	AUX
easat-7520	29	6	narrow	narrow	ADJ
easat-7520	29	7	-	-	PUNCT
easat-7520	29	8	based	base	VERB
easat-7520	29	9	,	,	PUNCT
easat-7520	29	10	and	and	CCONJ
easat-7520	29	11	up	up	ADP
easat-7520	29	12	to	to	ADP
easat-7520	29	13	my	my	PRON
easat-7520	29	14	knowledge	knowledge	NOUN
easat-7520	29	15	,	,	PUNCT
easat-7520	29	16	other	other	ADJ
easat-7520	29	17	types	type	NOUN
easat-7520	29	18	of	of	ADP
easat-7520	29	19	market	market	NOUN
easat-7520	29	20	anomalies	anomaly	NOUN
easat-7520	29	21	remain	remain	VERB
easat-7520	29	22	to	to	PART
easat-7520	29	23	be	be	AUX
easat-7520	29	24	explored	explore	VERB
easat-7520	29	25	in	in	ADP
easat-7520	29	26	terms	term	NOUN
easat-7520	29	27	of	of	ADP
easat-7520	29	28	pex	pex	PROPN
easat-7520	29	29	.	.	PUNCT
easat-7520	30	1	thus	thus	ADV
easat-7520	30	2	,	,	PUNCT
easat-7520	30	3	an	an	DET
easat-7520	30	4	issue	issue	NOUN
easat-7520	30	5	is	be	AUX
easat-7520	30	6	raised	raise	VERB
easat-7520	30	7	due	due	ADP
easat-7520	30	8	to	to	ADP
easat-7520	30	9	the	the	DET
easat-7520	30	10	fact	fact	NOUN
easat-7520	30	11	that	that	SCONJ
easat-7520	30	12	one	one	PRON
easat-7520	30	13	should	should	AUX
easat-7520	30	14	acquire	acquire	VERB
easat-7520	30	15	an	an	DET
easat-7520	30	16	understanding	understanding	NOUN
easat-7520	30	17	of	of	ADP
easat-7520	30	18	the	the	DET
easat-7520	30	19	decisionmaking	decisionmake	VERB
easat-7520	30	20	process	process	NOUN
easat-7520	30	21	of	of	ADP
easat-7520	30	22	market	market	NOUN
easat-7520	30	23	participants	participant	NOUN
easat-7520	30	24	in	in	ADP
easat-7520	30	25	pex	pex	PROPN
easat-7520	30	26	and	and	CCONJ
easat-7520	30	27	determine	determine	VERB
easat-7520	30	28	whether	whether	SCONJ
easat-7520	30	29	investors	investor	NOUN
easat-7520	30	30	make	make	VERB
easat-7520	30	31	rational	rational	ADJ
easat-7520	30	32	or	or	CCONJ
easat-7520	30	33	herd	herd	NOUN
easat-7520	30	34	choices	choice	NOUN
easat-7520	30	35	.	.	PUNCT
easat-7520	31	1	the	the	DET
easat-7520	31	2	aforementioned	aforementioned	ADJ
easat-7520	31	3	problem	problem	NOUN
easat-7520	31	4	-	-	PUNCT
easat-7520	31	5	created	create	VERB
easat-7520	31	6	literature	literature	NOUN
easat-7520	31	7	gap	gap	NOUN
easat-7520	31	8	presents	present	VERB
easat-7520	31	9	an	an	DET
easat-7520	31	10	opportunity	opportunity	NOUN
easat-7520	31	11	to	to	PART
easat-7520	31	12	study	study	VERB
easat-7520	31	13	the	the	DET
easat-7520	31	14	behavior	behavior	NOUN
easat-7520	31	15	of	of	ADP
easat-7520	31	16	pex	pex	PROPN
easat-7520	31	17	.	.	PUNCT
easat-7520	32	1	nevertheless	nevertheless	ADV
easat-7520	32	2	,	,	PUNCT
easat-7520	32	3	this	this	DET
easat-7520	32	4	study	study	NOUN
easat-7520	32	5	attempts	attempt	VERB
easat-7520	32	6	to	to	PART
easat-7520	32	7	build	build	VERB
easat-7520	32	8	a	a	DET
easat-7520	32	9	broader	broad	ADJ
easat-7520	32	10	picture	picture	NOUN
easat-7520	32	11	of	of	ADP
easat-7520	32	12	the	the	DET
easat-7520	32	13	inefficient	inefficient	ADJ
easat-7520	32	14	pex	pex	PROPN
easat-7520	32	15	by	by	ADP
easat-7520	32	16	exploring	explore	VERB
easat-7520	32	17	the	the	DET
easat-7520	32	18	prevalence	prevalence	NOUN
easat-7520	32	19	of	of	ADP
easat-7520	32	20	the	the	DET
easat-7520	32	21	herd	herd	ADJ
easat-7520	32	22	effect	effect	NOUN
easat-7520	32	23	anomaly	anomaly	VERB
easat-7520	32	24	among	among	ADP
easat-7520	32	25	investors	investor	NOUN
easat-7520	32	26	,	,	PUNCT
easat-7520	32	27	providing	provide	VERB
easat-7520	32	28	the	the	DET
easat-7520	32	29	literature	literature	NOUN
easat-7520	32	30	with	with	ADP
easat-7520	32	31	the	the	DET
easat-7520	32	32	first	first	ADJ
easat-7520	32	33	evidence	evidence	NOUN
easat-7520	32	34	of	of	ADP
easat-7520	32	35	the	the	DET
easat-7520	32	36	herd	herd	ADJ
easat-7520	32	37	effect	effect	NOUN
easat-7520	32	38	for	for	ADP
easat-7520	32	39	pex	pex	PROPN
easat-7520	32	40	,	,	PUNCT
easat-7520	32	41	and	and	CCONJ
easat-7520	32	42	facilitating	facilitate	VERB
easat-7520	32	43	a	a	DET
easat-7520	32	44	clearer	clear	ADJ
easat-7520	32	45	understanding	understanding	NOUN
easat-7520	32	46	of	of	ADP
easat-7520	32	47	how	how	SCONJ
easat-7520	32	48	pex	pex	PROPN
easat-7520	32	49	operates	operate	VERB
easat-7520	32	50	in	in	ADP
easat-7520	32	51	an	an	DET
easat-7520	32	52	inefficient	inefficient	ADJ
easat-7520	32	53	market	market	NOUN
easat-7520	32	54	environment	environment	NOUN
easat-7520	32	55	.	.	PUNCT
easat-7520	33	1	by	by	ADP
easat-7520	33	2	plugging	plug	VERB
easat-7520	33	3	this	this	DET
easat-7520	33	4	knowledge	knowledge	NOUN
easat-7520	33	5	gap	gap	NOUN
easat-7520	33	6	,	,	PUNCT
easat-7520	33	7	this	this	DET
easat-7520	33	8	study	study	NOUN
easat-7520	33	9	not	not	PART
easat-7520	33	10	only	only	ADV
easat-7520	33	11	contributes	contribute	VERB
easat-7520	33	12	to	to	ADP
easat-7520	33	13	overall	overall	ADJ
easat-7520	33	14	research	research	NOUN
easat-7520	33	15	on	on	ADP
easat-7520	33	16	market	market	NOUN
easat-7520	33	17	anomalies	anomaly	NOUN
easat-7520	33	18	but	but	CCONJ
easat-7520	33	19	also	also	ADV
easat-7520	33	20	offers	offer	VERB
easat-7520	33	21	policymakers	policymaker	NOUN
easat-7520	33	22	,	,	PUNCT
easat-7520	33	23	regulators	regulator	NOUN
easat-7520	33	24	,	,	PUNCT
easat-7520	33	25	and	and	CCONJ
easat-7520	33	26	investors	investor	NOUN
easat-7520	33	27	practical	practical	ADJ
easat-7520	33	28	implications	implication	NOUN
easat-7520	33	29	.	.	PUNCT
easat-7520	34	1	with	with	ADP
easat-7520	34	2	an	an	DET
easat-7520	34	3	understanding	understanding	NOUN
easat-7520	34	4	of	of	ADP
easat-7520	34	5	the	the	DET
easat-7520	34	6	existence	existence	NOUN
easat-7520	34	7	and	and	CCONJ
easat-7520	34	8	impact	impact	NOUN
easat-7520	34	9	of	of	ADP
easat-7520	34	10	herd	herd	NOUN
easat-7520	34	11	behavior	behavior	NOUN
easat-7520	34	12	in	in	ADP
easat-7520	34	13	pex	pex	PROPN
easat-7520	34	14	,	,	PUNCT
easat-7520	34	15	relevant	relevant	ADJ
easat-7520	34	16	stakeholders	stakeholder	NOUN
easat-7520	34	17	are	be	AUX
easat-7520	34	18	able	able	ADJ
easat-7520	34	19	to	to	PART
easat-7520	34	20	make	make	VERB
easat-7520	34	21	informed	informed	ADJ
easat-7520	34	22	investments	investment	NOUN
easat-7520	34	23	and	and	CCONJ
easat-7520	34	24	design	design	NOUN
easat-7520	34	25	measures	measure	NOUN
easat-7520	34	26	to	to	PART
easat-7520	34	27	mitigate	mitigate	VERB
easat-7520	34	28	the	the	DET
easat-7520	34	29	impact	impact	NOUN
easat-7520	34	30	of	of	ADP
easat-7520	34	31	such	such	ADJ
easat-7520	34	32	distortions	distortion	NOUN
easat-7520	34	33	on	on	ADP
easat-7520	34	34	the	the	DET
easat-7520	34	35	stability	stability	NOUN
easat-7520	34	36	of	of	ADP
easat-7520	34	37	their	their	PRON
easat-7520	34	38	respective	respective	ADJ
easat-7520	34	39	markets	market	NOUN
easat-7520	34	40	.	.	PUNCT
easat-7520	35	1	2	2	X
easat-7520	35	2	.	.	X
easat-7520	35	3	literature	literature	NOUN
easat-7520	35	4	review	review	VERB
easat-7520	35	5	2.1	2.1	NUM
easat-7520	35	6	.	.	PUNCT
easat-7520	36	1	theoretical	theoretical	ADJ
easat-7520	36	2	concepts	concept	NOUN
easat-7520	36	3	over	over	ADP
easat-7520	36	4	the	the	DET
easat-7520	36	5	past	past	ADJ
easat-7520	36	6	decade	decade	NOUN
easat-7520	36	7	,	,	PUNCT
easat-7520	36	8	scholars	scholar	NOUN
easat-7520	36	9	and	and	CCONJ
easat-7520	36	10	researchers	researcher	NOUN
easat-7520	36	11	have	have	AUX
easat-7520	36	12	established	establish	VERB
easat-7520	36	13	the	the	DET
easat-7520	36	14	foundation	foundation	NOUN
easat-7520	36	15	for	for	ADP
easat-7520	36	16	a	a	DET
easat-7520	36	17	comprehensive	comprehensive	ADJ
easat-7520	36	18	conceptual	conceptual	ADJ
easat-7520	36	19	framework	framework	NOUN
easat-7520	36	20	that	that	PRON
easat-7520	36	21	explains	explain	VERB
easat-7520	36	22	the	the	DET
easat-7520	36	23	phenomenon	phenomenon	NOUN
easat-7520	36	24	of	of	ADP
easat-7520	36	25	herd	herd	NOUN
easat-7520	36	26	behavior	behavior	NOUN
easat-7520	36	27	and	and	CCONJ
easat-7520	36	28	the	the	DET
easat-7520	36	29	resultant	resultant	ADJ
easat-7520	36	30	herd	herd	ADJ
easat-7520	36	31	effect	effect	NOUN
easat-7520	36	32	.	.	PUNCT
easat-7520	37	1	these	these	DET
easat-7520	37	2	behaviors	behavior	NOUN
easat-7520	37	3	have	have	AUX
easat-7520	37	4	also	also	ADV
easat-7520	37	5	been	be	AUX
easat-7520	37	6	of	of	ADP
easat-7520	37	7	concern	concern	NOUN
easat-7520	37	8	to	to	ADP
easat-7520	37	9	researchers	researcher	NOUN
easat-7520	37	10	in	in	ADP
easat-7520	37	11	many	many	ADJ
easat-7520	37	12	fields	field	NOUN
easat-7520	37	13	,	,	PUNCT
easat-7520	37	14	such	such	ADJ
easat-7520	37	15	as	as	ADP
easat-7520	37	16	economics	economic	NOUN
easat-7520	37	17	,	,	PUNCT
easat-7520	37	18	psychology	psychology	NOUN
easat-7520	37	19	,	,	PUNCT
easat-7520	37	20	sociology	sociology	NOUN
easat-7520	37	21	,	,	PUNCT
easat-7520	37	22	and	and	CCONJ
easat-7520	37	23	finance	finance	NOUN
easat-7520	37	24	,	,	PUNCT
easat-7520	37	25	because	because	SCONJ
easat-7520	37	26	they	they	PRON
easat-7520	37	27	have	have	VERB
easat-7520	37	28	direct	direct	ADJ
easat-7520	37	29	implications	implication	NOUN
easat-7520	37	30	for	for	ADP
easat-7520	37	31	decision	decision	NOUN
easat-7520	37	32	-	-	PUNCT
easat-7520	37	33	making	make	VERB
easat-7520	37	34	processes	process	NOUN
easat-7520	37	35	and	and	CCONJ
easat-7520	37	36	market	market	NOUN
easat-7520	37	37	forces	force	NOUN
easat-7520	37	38	.	.	PUNCT
easat-7520	38	1	by	by	ADP
easat-7520	38	2	definition	definition	NOUN
easat-7520	38	3	,	,	PUNCT
easat-7520	38	4	herd	herd	NOUN
easat-7520	38	5	behavior	behavior	NOUN
easat-7520	38	6	is	be	AUX
easat-7520	38	7	the	the	DET
easat-7520	38	8	tendency	tendency	NOUN
easat-7520	38	9	of	of	ADP
easat-7520	38	10	individuals	individual	NOUN
easat-7520	38	11	to	to	PART
easat-7520	38	12	follow	follow	VERB
easat-7520	38	13	others	other	NOUN
easat-7520	38	14	'	'	PART
easat-7520	38	15	behavior	behavior	NOUN
easat-7520	38	16	,	,	PUNCT
easat-7520	38	17	typically	typically	ADV
easat-7520	38	18	at	at	ADP
easat-7520	38	19	the	the	DET
easat-7520	38	20	cost	cost	NOUN
easat-7520	38	21	of	of	ADP
easat-7520	38	22	their	their	PRON
easat-7520	38	23	own	own	ADJ
easat-7520	38	24	independent	independent	ADJ
easat-7520	38	25	judgment	judgment	NOUN
easat-7520	38	26	or	or	CCONJ
easat-7520	38	27	private	private	ADJ
easat-7520	38	28	information	information	NOUN
easat-7520	38	29	.	.	PUNCT
easat-7520	39	1	theoretical	theoretical	ADJ
easat-7520	39	2	underpinnings	underpinning	NOUN
easat-7520	39	3	of	of	ADP
easat-7520	39	4	the	the	DET
easat-7520	39	5	phenomenon	phenomenon	NOUN
easat-7520	39	6	can	can	AUX
easat-7520	39	7	be	be	AUX
easat-7520	39	8	traced	trace	VERB
easat-7520	39	9	back	back	ADV
easat-7520	39	10	to	to	ADP
easat-7520	39	11	several	several	ADJ
easat-7520	39	12	seminal	seminal	ADJ
easat-7520	39	13	studies	study	NOUN
easat-7520	39	14	,	,	PUNCT
easat-7520	39	15	each	each	PRON
easat-7520	39	16	offering	offer	VERB
easat-7520	39	17	a	a	DET
easat-7520	39	18	different	different	ADJ
easat-7520	39	19	view	view	NOUN
easat-7520	39	20	of	of	ADP
easat-7520	39	21	how	how	SCONJ
easat-7520	39	22	to	to	PART
easat-7520	39	23	investigate	investigate	VERB
easat-7520	39	24	the	the	DET
easat-7520	39	25	mechanisms	mechanism	NOUN
easat-7520	39	26	and	and	CCONJ
easat-7520	39	27	consequences	consequence	NOUN
easat-7520	39	28	of	of	ADP
easat-7520	39	29	herding	herding	NOUN
easat-7520	39	30	.	.	PUNCT
easat-7520	40	1	one	one	NUM
easat-7520	40	2	of	of	ADP
easat-7520	40	3	the	the	DET
easat-7520	40	4	first	first	ADJ
easat-7520	40	5	to	to	PART
easat-7520	40	6	conduct	conduct	VERB
easat-7520	40	7	research	research	NOUN
easat-7520	40	8	in	in	ADP
easat-7520	40	9	this	this	DET
easat-7520	40	10	field	field	NOUN
easat-7520	40	11	was	be	AUX
easat-7520	40	12	bikhchandani	bikhchandani	ADJ
easat-7520	40	13	,	,	PUNCT
easat-7520	40	14	et	et	PROPN
easat-7520	40	15	al	al	PROPN
easat-7520	40	16	.	.	PUNCT
easat-7520	41	1	[	[	X
easat-7520	41	2	9	9	NUM
easat-7520	41	3	]	]	PUNCT
easat-7520	41	4	who	who	PRON
easat-7520	41	5	first	first	ADV
easat-7520	41	6	developed	develop	VERB
easat-7520	41	7	the	the	DET
easat-7520	41	8	theory	theory	NOUN
easat-7520	41	9	of	of	ADP
easat-7520	41	10	informational	informational	ADJ
easat-7520	41	11	cascades	cascade	NOUN
easat-7520	41	12	.	.	PUNCT
easat-7520	42	1	they	they	PRON
easat-7520	42	2	suggested	suggest	VERB
easat-7520	42	3	that	that	SCONJ
easat-7520	42	4	individuals	individual	NOUN
easat-7520	42	5	tend	tend	VERB
easat-7520	42	6	to	to	PART
easat-7520	42	7	behave	behave	VERB
easat-7520	42	8	on	on	ADP
easat-7520	42	9	the	the	DET
easat-7520	42	10	basis	basis	NOUN
easat-7520	42	11	of	of	ADP
easat-7520	42	12	what	what	PRON
easat-7520	42	13	other	other	ADJ
easat-7520	42	14	individuals	individual	NOUN
easat-7520	42	15	do	do	AUX
easat-7520	42	16	around	around	ADP
easat-7520	42	17	them	they	PRON
easat-7520	42	18	,	,	PUNCT
easat-7520	42	19	as	as	SCONJ
easat-7520	42	20	opposed	oppose	VERB
easat-7520	42	21	to	to	ADP
easat-7520	42	22	what	what	PRON
easat-7520	42	23	they	they	PRON
easat-7520	42	24	know	know	VERB
easat-7520	42	25	or	or	CCONJ
easat-7520	42	26	have	have	VERB
easat-7520	42	27	information	information	NOUN
easat-7520	42	28	about	about	ADP
easat-7520	42	29	.	.	PUNCT
easat-7520	43	1	this	this	PRON
easat-7520	43	2	is	be	AUX
easat-7520	43	3	because	because	SCONJ
easat-7520	43	4	individuals	individual	NOUN
easat-7520	43	5	assume	assume	VERB
easat-7520	43	6	that	that	SCONJ
easat-7520	43	7	the	the	DET
easat-7520	43	8	actions	action	NOUN
easat-7520	43	9	of	of	ADP
easat-7520	43	10	individuals	individual	NOUN
easat-7520	43	11	in	in	ADP
easat-7520	43	12	front	front	NOUN
easat-7520	43	13	of	of	ADP
easat-7520	43	14	them	they	PRON
easat-7520	43	15	imply	imply	VERB
easat-7520	43	16	superior	superior	ADJ
easat-7520	43	17	knowledge	knowledge	NOUN
easat-7520	43	18	or	or	CCONJ
easat-7520	43	19	information	information	NOUN
easat-7520	43	20	.	.	PUNCT
easat-7520	44	1	therefore	therefore	ADV
easat-7520	44	2	,	,	PUNCT
easat-7520	44	3	a	a	DET
easat-7520	44	4	cascade	cascade	NOUN
easat-7520	44	5	effect	effect	NOUN
easat-7520	44	6	is	be	AUX
easat-7520	44	7	created	create	VERB
easat-7520	44	8	whereby	whereby	SCONJ
easat-7520	44	9	the	the	DET
easat-7520	44	10	following	follow	VERB
easat-7520	44	11	decision	decision	NOUN
easat-7520	44	12	-	-	PUNCT
easat-7520	44	13	makers	maker	NOUN
easat-7520	44	14	replicate	replicate	VERB
easat-7520	44	15	the	the	DET
easat-7520	44	16	same	same	ADJ
easat-7520	44	17	action	action	NOUN
easat-7520	44	18	,	,	PUNCT
easat-7520	44	19	leading	lead	VERB
easat-7520	44	20	to	to	ADP
easat-7520	44	21	a	a	DET
easat-7520	44	22	collective	collective	ADJ
easat-7520	44	23	action	action	NOUN
easat-7520	44	24	that	that	PRON
easat-7520	44	25	may	may	AUX
easat-7520	44	26	or	or	CCONJ
easat-7520	44	27	may	may	AUX
easat-7520	44	28	not	not	PART
easat-7520	44	29	align	align	VERB
easat-7520	44	30	with	with	ADP
easat-7520	44	31	reality	reality	NOUN
easat-7520	44	32	.	.	PUNCT
easat-7520	45	1	the	the	DET
easat-7520	45	2	authors	author	NOUN
easat-7520	45	3	depicted	depict	VERB
easat-7520	45	4	how	how	SCONJ
easat-7520	45	5	a	a	DET
easat-7520	45	6	highly	highly	ADV
easat-7520	45	7	minor	minor	ADJ
easat-7520	45	8	initial	initial	ADJ
easat-7520	45	9	bias	bias	NOUN
easat-7520	45	10	,	,	PUNCT
easat-7520	45	11	which	which	PRON
easat-7520	45	12	is	be	AUX
easat-7520	45	13	amplified	amplify	VERB
easat-7520	45	14	by	by	ADP
easat-7520	45	15	iterative	iterative	ADJ
easat-7520	45	16	imitation	imitation	NOUN
easat-7520	45	17	,	,	PUNCT
easat-7520	45	18	can	can	AUX
easat-7520	45	19	generate	generate	VERB
easat-7520	45	20	the	the	DET
easat-7520	45	21	spread	spread	NOUN
easat-7520	45	22	of	of	ADP
easat-7520	45	23	behavior	behavior	NOUN
easat-7520	45	24	that	that	PRON
easat-7520	45	25	could	could	AUX
easat-7520	45	26	be	be	AUX
easat-7520	45	27	irrational	irrational	ADJ
easat-7520	45	28	or	or	CCONJ
easat-7520	45	29	suboptimal	suboptimal	ADJ
easat-7520	45	30	.	.	PUNCT
easat-7520	46	1	this	this	DET
easat-7520	46	2	idea	idea	NOUN
easat-7520	46	3	has	have	AUX
easat-7520	46	4	been	be	AUX
easat-7520	46	5	applied	apply	VERB
easat-7520	46	6	to	to	ADP
easat-7520	46	7	various	various	ADJ
easat-7520	46	8	contexts	contexts	NOUN
easat-7520	46	9	,	,	PUNCT
easat-7520	46	10	including	include	VERB
easat-7520	46	11	consumer	consumer	NOUN
easat-7520	46	12	behavior	behavior	NOUN
easat-7520	46	13	,	,	PUNCT
easat-7520	46	14	political	political	ADJ
easat-7520	46	15	voting	voting	NOUN
easat-7520	46	16	,	,	PUNCT
easat-7520	46	17	and	and	CCONJ
easat-7520	46	18	the	the	DET
easat-7520	46	19	stock	stock	NOUN
easat-7520	46	20	market	market	NOUN
easat-7520	46	21	.	.	PUNCT
easat-7520	47	1	drawing	draw	VERB
easat-7520	47	2	from	from	ADP
easat-7520	47	3	this	this	DET
easat-7520	47	4	idea	idea	NOUN
easat-7520	47	5	,	,	PUNCT
easat-7520	47	6	welch	welch	PROPN
easat-7520	47	7	[	[	X
easat-7520	47	8	10	10	NUM
easat-7520	47	9	]	]	PUNCT
easat-7520	47	10	pushed	push	VERB
easat-7520	47	11	the	the	DET
easat-7520	47	12	application	application	NOUN
easat-7520	47	13	of	of	ADP
easat-7520	47	14	informational	informational	ADJ
easat-7520	47	15	cascades	cascade	NOUN
easat-7520	47	16	to	to	ADP
easat-7520	47	17	the	the	DET
easat-7520	47	18	context	context	NOUN
easat-7520	47	19	of	of	ADP
easat-7520	47	20	initial	initial	ADJ
easat-7520	47	21	public	public	ADJ
easat-7520	47	22	offerings	offering	NOUN
easat-7520	47	23	(	(	PUNCT
easat-7520	47	24	ipos	ipos	NOUN
easat-7520	47	25	)	)	PUNCT
easat-7520	47	26	.	.	PUNCT
easat-7520	48	1	his	his	PRON
easat-7520	48	2	research	research	NOUN
easat-7520	48	3	affirmed	affirm	VERB
easat-7520	48	4	that	that	SCONJ
easat-7520	48	5	investors	investor	NOUN
easat-7520	48	6	end	end	VERB
easat-7520	48	7	up	up	ADP
easat-7520	48	8	copying	copy	VERB
easat-7520	48	9	the	the	DET
easat-7520	48	10	actions	action	NOUN
easat-7520	48	11	of	of	ADP
easat-7520	48	12	earlier	early	ADJ
easat-7520	48	13	movers	mover	NOUN
easat-7520	48	14	in	in	ADP
easat-7520	48	15	ipo	ipo	NOUN
easat-7520	48	16	markets	market	NOUN
easat-7520	48	17	without	without	ADP
easat-7520	48	18	attention	attention	NOUN
easat-7520	48	19	to	to	ADP
easat-7520	48	20	their	their	PRON
easat-7520	48	21	evaluation	evaluation	NOUN
easat-7520	48	22	of	of	ADP
easat-7520	48	23	the	the	DET
easat-7520	48	24	shares	share	NOUN
easat-7520	48	25	.	.	PUNCT
easat-7520	49	1	such	such	ADJ
easat-7520	49	2	behavior	behavior	NOUN
easat-7520	49	3	can	can	AUX
easat-7520	49	4	create	create	VERB
easat-7520	49	5	momentum	momentum	NOUN
easat-7520	49	6	,	,	PUNCT
easat-7520	49	7	where	where	SCONJ
easat-7520	49	8	a	a	DET
easat-7520	49	9	perception	perception	NOUN
easat-7520	49	10	of	of	ADP
easat-7520	49	11	a	a	DET
easat-7520	49	12	successful	successful	ADJ
easat-7520	49	13	ipo	ipo	NOUN
easat-7520	49	14	will	will	AUX
easat-7520	49	15	be	be	AUX
easat-7520	49	16	driven	drive	VERB
easat-7520	49	17	by	by	ADP
easat-7520	49	18	popular	popular	ADJ
easat-7520	49	19	frenzy	frenzy	NOUN
easat-7520	49	20	instead	instead	ADV
easat-7520	49	21	of	of	ADP
easat-7520	49	22	the	the	DET
easat-7520	49	23	intrinsic	intrinsic	ADJ
easat-7520	49	24	value	value	NOUN
easat-7520	49	25	of	of	ADP
easat-7520	49	26	the	the	DET
easat-7520	49	27	issuing	issue	VERB
easat-7520	49	28	company	company	NOUN
easat-7520	49	29	.	.	PUNCT
easat-7520	50	1	welch	welch	PROPN
easat-7520	50	2	's	's	PART
easat-7520	50	3	critique	critique	NOUN
easat-7520	50	4	points	point	VERB
easat-7520	50	5	out	out	ADP
easat-7520	50	6	the	the	DET
easat-7520	50	7	vulnerability	vulnerability	NOUN
easat-7520	50	8	of	of	ADP
easat-7520	50	9	herd	herd	NOUN
easat-7520	50	10	behavior	behavior	NOUN
easat-7520	50	11	to	to	PART
easat-7520	50	12	warp	warp	VERB
easat-7520	50	13	market	market	NOUN
easat-7520	50	14	forces	force	NOUN
easat-7520	50	15	to	to	ADP
easat-7520	50	16	an	an	DET
easat-7520	50	17	end	end	NOUN
easat-7520	50	18	that	that	PRON
easat-7520	50	19	results	result	VERB
easat-7520	50	20	in	in	ADP
easat-7520	50	21	the	the	DET
easat-7520	50	22	overvaluation	overvaluation	NOUN
easat-7520	50	23	or	or	CCONJ
easat-7520	50	24	underestimation	underestimation	NOUN
easat-7520	50	25	of	of	ADP
easat-7520	50	26	assets	asset	NOUN
easat-7520	50	27	.	.	PUNCT
easat-7520	51	1	banerjee	banerjee	PROPN
easat-7520	52	1	[	[	X
easat-7520	52	2	11	11	NUM
easat-7520	52	3	]	]	PUNCT
easat-7520	52	4	also	also	ADV
easat-7520	52	5	proposed	propose	VERB
easat-7520	52	6	a	a	DET
easat-7520	52	7	sequential	sequential	ADJ
easat-7520	52	8	decision	decision	NOUN
easat-7520	52	9	model	model	NOUN
easat-7520	52	10	to	to	PART
easat-7520	52	11	explain	explain	VERB
easat-7520	52	12	herd	herd	ADJ
easat-7520	52	13	behavior	behavior	NOUN
easat-7520	52	14	.	.	PUNCT
easat-7520	53	1	in	in	ADP
easat-7520	53	2	this	this	DET
easat-7520	53	3	model	model	NOUN
easat-7520	53	4	,	,	PUNCT
easat-7520	53	5	individuals	individual	NOUN
easat-7520	53	6	consider	consider	VERB
easat-7520	53	7	the	the	DET
easat-7520	53	8	actions	action	NOUN
easat-7520	53	9	of	of	ADP
easat-7520	53	10	their	their	PRON
easat-7520	53	11	predecessors	predecessor	NOUN
easat-7520	53	12	when	when	SCONJ
easat-7520	53	13	making	make	VERB
easat-7520	53	14	choices	choice	NOUN
easat-7520	53	15	.	.	PUNCT
easat-7520	54	1	the	the	DET
easat-7520	54	2	premise	premise	NOUN
easat-7520	54	3	here	here	ADV
easat-7520	54	4	is	be	AUX
easat-7520	54	5	that	that	SCONJ
easat-7520	54	6	prior	prior	ADJ
easat-7520	54	7	decision	decision	NOUN
easat-7520	54	8	-	-	PUNCT
easat-7520	54	9	makers	maker	NOUN
easat-7520	54	10	are	be	AUX
easat-7520	54	11	supposed	suppose	VERB
easat-7520	54	12	to	to	PART
easat-7520	54	13	possess	possess	VERB
easat-7520	54	14	superior	superior	ADJ
easat-7520	54	15	information	information	NOUN
easat-7520	54	16	,	,	PUNCT
easat-7520	54	17	and	and	CCONJ
easat-7520	54	18	their	their	PRON
easat-7520	54	19	actions	action	NOUN
easat-7520	54	20	represent	represent	VERB
easat-7520	54	21	a	a	DET
easat-7520	54	22	valuable	valuable	ADJ
easat-7520	54	23	signal	signal	NOUN
easat-7520	54	24	about	about	ADP
easat-7520	54	25	the	the	DET
easat-7520	54	26	optimal	optimal	ADJ
easat-7520	54	27	action	action	NOUN
easat-7520	54	28	.	.	PUNCT
easat-7520	55	1	banerjee	banerjee	PROPN
easat-7520	55	2	's	's	PART
easat-7520	55	3	model	model	NOUN
easat-7520	55	4	demonstrates	demonstrate	VERB
easat-7520	55	5	how	how	SCONJ
easat-7520	55	6	sequential	sequential	ADJ
easat-7520	55	7	dependence	dependence	NOUN
easat-7520	55	8	can	can	AUX
easat-7520	55	9	result	result	VERB
easat-7520	55	10	in	in	ADP
easat-7520	55	11	herding	herding	NOUN
easat-7520	55	12	,	,	PUNCT
easat-7520	55	13	even	even	ADV
easat-7520	55	14	when	when	SCONJ
easat-7520	55	15	individuals	individual	NOUN
easat-7520	55	16	are	be	AUX
easat-7520	55	17	able	able	ADJ
easat-7520	55	18	to	to	PART
easat-7520	55	19	apply	apply	VERB
easat-7520	55	20	their	their	PRON
easat-7520	55	21	own	own	ADJ
easat-7520	55	22	private	private	ADJ
easat-7520	55	23	information	information	NOUN
easat-7520	55	24	.	.	PUNCT
easat-7520	56	1	this	this	DET
easat-7520	56	2	effect	effect	NOUN
easat-7520	56	3	is	be	AUX
easat-7520	56	4	strongest	strong	ADJ
easat-7520	56	5	in	in	ADP
easat-7520	56	6	contexts	context	NOUN
easat-7520	56	7	such	such	ADJ
easat-7520	56	8	as	as	ADP
easat-7520	56	9	product	product	NOUN
easat-7520	56	10	adoption	adoption	NOUN
easat-7520	56	11	,	,	PUNCT
easat-7520	56	12	investment	investment	NOUN
easat-7520	56	13	strategy	strategy	NOUN
easat-7520	56	14	,	,	PUNCT
easat-7520	56	15	and	and	CCONJ
easat-7520	56	16	technology	technology	NOUN
easat-7520	56	17	uptake	uptake	NOUN
easat-7520	56	18	,	,	PUNCT
easat-7520	56	19	where	where	SCONJ
easat-7520	56	20	the	the	DET
easat-7520	56	21	seeming	seeming	ADJ
easat-7520	56	22	success	success	NOUN
easat-7520	56	23	of	of	ADP
easat-7520	56	24	leaders	leader	NOUN
easat-7520	56	25	influences	influence	VERB
easat-7520	56	26	choices	choice	NOUN
easat-7520	56	27	.	.	PUNCT
easat-7520	57	1	herd	herd	NOUN
easat-7520	57	2	behavior	behavior	NOUN
easat-7520	57	3	has	have	AUX
easat-7520	57	4	been	be	AUX
easat-7520	57	5	extensively	extensively	ADV
easat-7520	57	6	studied	study	VERB
easat-7520	57	7	among	among	ADP
easat-7520	57	8	financial	financial	ADJ
easat-7520	57	9	markets	market	NOUN
easat-7520	57	10	.	.	PUNCT
easat-7520	58	1	froot	froot	NOUN
easat-7520	58	2	,	,	PUNCT
easat-7520	58	3	et	et	PROPN
easat-7520	58	4	al	al	PROPN
easat-7520	58	5	.	.	PUNCT
easat-7520	59	1	[	[	X
easat-7520	59	2	12	12	NUM
easat-7520	59	3	]	]	PUNCT
easat-7520	59	4	investigated	investigate	VERB
easat-7520	59	5	how	how	SCONJ
easat-7520	59	6	herding	herding	NOUN
easat-7520	59	7	is	be	AUX
easat-7520	59	8	generated	generate	VERB
easat-7520	59	9	through	through	ADP
easat-7520	59	10	inefficiencies	inefficiency	NOUN
easat-7520	59	11	in	in	ADP
easat-7520	59	12	short	short	ADJ
easat-7520	59	13	-	-	PUNCT
easat-7520	59	14	run	run	NOUN
easat-7520	59	15	handling	handling	NOUN
easat-7520	59	16	of	of	ADP
easat-7520	59	17	trading	trading	NOUN
easat-7520	59	18	information	information	NOUN
easat-7520	59	19	.	.	PUNCT
easat-7520	60	1	they	they	PRON
easat-7520	60	2	observed	observe	VERB
easat-7520	60	3	that	that	SCONJ
easat-7520	60	4	speculators	speculator	NOUN
easat-7520	60	5	would	would	AUX
easat-7520	60	6	cluster	cluster	VERB
easat-7520	60	7	on	on	ADP
easat-7520	60	8	the	the	DET
easat-7520	60	9	same	same	ADJ
easat-7520	60	10	points	point	NOUN
easat-7520	60	11	of	of	ADP
easat-7520	60	12	data	datum	NOUN
easat-7520	60	13	and	and	CCONJ
easat-7520	60	14	attempt	attempt	VERB
easat-7520	60	15	to	to	PART
easat-7520	60	16	predict	predict	VERB
easat-7520	60	17	the	the	DET
easat-7520	60	18	moves	move	NOUN
easat-7520	60	19	of	of	ADP
easat-7520	60	20	2597	2597	NUM
easat-7520	60	21	edelweiss	edelweiss	PROPN
easat-7520	60	22	applied	apply	VERB
easat-7520	60	23	science	science	NOUN
easat-7520	60	24	and	and	CCONJ
easat-7520	60	25	technology	technology	NOUN
easat-7520	60	26	issn	issn	PROPN
easat-7520	60	27	:	:	PUNCT
easat-7520	60	28	2576	2576	NUM
easat-7520	60	29	-	-	SYM
easat-7520	60	30	8484	8484	NUM
easat-7520	60	31	vol	vol	NOUN
easat-7520	60	32	.	.	PROPN
easat-7520	61	1	9	9	NUM
easat-7520	61	2	,	,	PUNCT
easat-7520	61	3	no	no	INTJ
easat-7520	61	4	.	.	NOUN
easat-7520	61	5	5	5	NUM
easat-7520	61	6	:	:	SYM
easat-7520	61	7	2595	2595	NUM
easat-7520	61	8	-	-	SYM
easat-7520	61	9	2603	2603	NUM
easat-7520	61	10	,	,	PUNCT
easat-7520	61	11	2025	2025	NUM
easat-7520	61	12	doi	doi	NOUN
easat-7520	61	13	:	:	PUNCT
easat-7520	61	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	61	15	©	©	NOUN
easat-7520	61	16	2025	2025	NUM
easat-7520	61	17	by	by	ADP
easat-7520	61	18	the	the	DET
easat-7520	61	19	author	author	NOUN
easat-7520	61	20	;	;	PUNCT
easat-7520	61	21	licensee	licensee	PROPN
easat-7520	61	22	learning	learn	VERB
easat-7520	61	23	gate	gate	VERB
easat-7520	61	24	knowledgeable	knowledgeable	ADJ
easat-7520	61	25	traders	trader	NOUN
easat-7520	61	26	.	.	PUNCT
easat-7520	62	1	this	this	DET
easat-7520	62	2	herding	herding	NOUN
easat-7520	62	3	could	could	AUX
easat-7520	62	4	cause	cause	VERB
easat-7520	62	5	price	price	NOUN
easat-7520	62	6	action	action	NOUN
easat-7520	62	7	larger	large	ADJ
easat-7520	62	8	and	and	CCONJ
easat-7520	62	9	market	market	NOUN
easat-7520	62	10	volatility	volatility	NOUN
easat-7520	62	11	greater	great	ADJ
easat-7520	62	12	as	as	ADP
easat-7520	62	13	a	a	DET
easat-7520	62	14	cluster	cluster	NOUN
easat-7520	62	15	of	of	ADP
easat-7520	62	16	traders	trader	NOUN
easat-7520	62	17	respond	respond	VERB
easat-7520	62	18	to	to	ADP
easat-7520	62	19	what	what	PRON
easat-7520	62	20	they	they	PRON
easat-7520	62	21	believe	believe	VERB
easat-7520	62	22	.	.	PUNCT
easat-7520	63	1	the	the	DET
easat-7520	63	2	study	study	NOUN
easat-7520	63	3	urges	urge	VERB
easat-7520	63	4	the	the	DET
easat-7520	63	5	distinction	distinction	NOUN
easat-7520	63	6	between	between	ADP
easat-7520	63	7	rational	rational	ADJ
easat-7520	63	8	herding	herding	NOUN
easat-7520	63	9	,	,	PUNCT
easat-7520	63	10	driven	drive	VERB
easat-7520	63	11	by	by	ADP
easat-7520	63	12	informational	informational	ADJ
easat-7520	63	13	efficiency	efficiency	NOUN
easat-7520	63	14	,	,	PUNCT
easat-7520	63	15	and	and	CCONJ
easat-7520	63	16	irrational	irrational	ADJ
easat-7520	63	17	herding	herding	NOUN
easat-7520	63	18	driven	drive	VERB
easat-7520	63	19	by	by	ADP
easat-7520	63	20	cognitive	cognitive	ADJ
easat-7520	63	21	biases	bias	NOUN
easat-7520	63	22	or	or	CCONJ
easat-7520	63	23	social	social	ADJ
easat-7520	63	24	pressure	pressure	NOUN
easat-7520	63	25	.	.	PUNCT
easat-7520	64	1	the	the	DET
easat-7520	64	2	role	role	NOUN
easat-7520	64	3	of	of	ADP
easat-7520	64	4	herd	herd	NOUN
easat-7520	64	5	behavior	behavior	NOUN
easat-7520	64	6	in	in	ADP
easat-7520	64	7	market	market	NOUN
easat-7520	64	8	bubbles	bubble	NOUN
easat-7520	64	9	was	be	AUX
easat-7520	64	10	researched	research	VERB
easat-7520	64	11	by	by	ADP
easat-7520	64	12	lux	lux	PROPN
easat-7520	64	13	[	[	X
easat-7520	64	14	13	13	NUM
easat-7520	64	15	]	]	PUNCT
easat-7520	64	16	who	who	PRON
easat-7520	64	17	offered	offer	VERB
easat-7520	64	18	a	a	DET
easat-7520	64	19	plausible	plausible	ADJ
easat-7520	64	20	explanation	explanation	NOUN
easat-7520	64	21	of	of	ADP
easat-7520	64	22	speculative	speculative	ADJ
easat-7520	64	23	excess	excess	NOUN
easat-7520	64	24	.	.	PUNCT
easat-7520	65	1	for	for	ADP
easat-7520	65	2	lux	lux	NOUN
easat-7520	65	3	,	,	PUNCT
easat-7520	65	4	bubbles	bubble	NOUN
easat-7520	65	5	often	often	ADV
easat-7520	65	6	take	take	VERB
easat-7520	65	7	the	the	DET
easat-7520	65	8	form	form	NOUN
easat-7520	65	9	of	of	ADP
easat-7520	65	10	market	market	NOUN
easat-7520	65	11	agents	agent	NOUN
easat-7520	65	12	herding	herd	VERB
easat-7520	65	13	together	together	ADV
easat-7520	65	14	due	due	ADP
easat-7520	65	15	to	to	ADP
easat-7520	65	16	fear	fear	NOUN
easat-7520	65	17	of	of	ADP
easat-7520	65	18	being	be	AUX
easat-7520	65	19	left	leave	VERB
easat-7520	65	20	behind	behind	ADP
easat-7520	65	21	or	or	CCONJ
easat-7520	65	22	expectation	expectation	NOUN
easat-7520	65	23	that	that	SCONJ
easat-7520	65	24	prices	price	NOUN
easat-7520	65	25	simply	simply	ADV
easat-7520	65	26	will	will	AUX
easat-7520	65	27	continue	continue	VERB
easat-7520	65	28	to	to	PART
easat-7520	65	29	rise	rise	VERB
easat-7520	65	30	.	.	PUNCT
easat-7520	66	1	herd	herd	NOUN
easat-7520	66	2	optimism	optimism	NOUN
easat-7520	66	3	can	can	AUX
easat-7520	66	4	make	make	VERB
easat-7520	66	5	asset	asset	NOUN
easat-7520	66	6	prices	price	NOUN
easat-7520	66	7	unmoored	unmoored	ADJ
easat-7520	66	8	from	from	ADP
easat-7520	66	9	their	their	PRON
easat-7520	66	10	underlying	underlie	VERB
easat-7520	66	11	values	value	NOUN
easat-7520	66	12	and	and	CCONJ
easat-7520	66	13	lay	lie	VERB
easat-7520	66	14	the	the	DET
easat-7520	66	15	ground	ground	NOUN
easat-7520	66	16	for	for	ADP
easat-7520	66	17	abrupt	abrupt	ADJ
easat-7520	66	18	corrections	correction	NOUN
easat-7520	66	19	or	or	CCONJ
easat-7520	66	20	crashes	crash	NOUN
easat-7520	66	21	.	.	PUNCT
easat-7520	67	1	lux	lux	PROPN
easat-7520	67	2	's	's	PART
easat-7520	67	3	research	research	NOUN
easat-7520	67	4	identifies	identify	VERB
easat-7520	67	5	systematic	systematic	ADJ
easat-7520	67	6	risks	risk	NOUN
easat-7520	67	7	embodied	embody	VERB
easat-7520	67	8	in	in	ADP
easat-7520	67	9	herd	herd	NOUN
easat-7520	67	10	behavior	behavior	NOUN
easat-7520	67	11	,	,	PUNCT
easat-7520	67	12	particularly	particularly	ADV
easat-7520	67	13	in	in	ADP
easat-7520	67	14	speculative	speculative	ADJ
easat-7520	67	15	markets	market	NOUN
easat-7520	67	16	where	where	SCONJ
easat-7520	67	17	sentiment	sentiment	NOUN
easat-7520	67	18	is	be	AUX
easat-7520	67	19	a	a	DET
easat-7520	67	20	dominating	dominating	NOUN
easat-7520	67	21	force	force	NOUN
easat-7520	67	22	.	.	PUNCT
easat-7520	68	1	while	while	SCONJ
easat-7520	68	2	such	such	ADJ
easat-7520	68	3	studies	study	NOUN
easat-7520	68	4	have	have	AUX
easat-7520	68	5	generally	generally	ADV
easat-7520	68	6	focused	focus	VERB
easat-7520	68	7	on	on	ADP
easat-7520	68	8	specific	specific	ADJ
easat-7520	68	9	informational	informational	ADJ
easat-7520	68	10	dimensions	dimension	NOUN
easat-7520	68	11	of	of	ADP
easat-7520	68	12	herding	herding	NOUN
easat-7520	68	13	,	,	PUNCT
easat-7520	68	14	shiller	shiller	PROPN
easat-7520	69	1	[	[	X
easat-7520	69	2	14	14	NUM
easat-7520	69	3	]	]	PUNCT
easat-7520	69	4	offered	offer	VERB
easat-7520	69	5	a	a	DET
easat-7520	69	6	criticism	criticism	NOUN
easat-7520	69	7	of	of	ADP
easat-7520	69	8	prevailing	prevail	VERB
easat-7520	69	9	models	model	NOUN
easat-7520	69	10	that	that	PRON
easat-7520	69	11	depicted	depict	VERB
easat-7520	69	12	informational	informational	ADJ
easat-7520	69	13	cascades	cascade	NOUN
easat-7520	69	14	,	,	PUNCT
easat-7520	69	15	namely	namely	ADV
easat-7520	69	16	those	those	PRON
easat-7520	69	17	constructed	construct	VERB
easat-7520	69	18	by	by	ADP
easat-7520	69	19	banerjee	banerjee	PROPN
easat-7520	70	1	[	[	X
easat-7520	70	2	11	11	NUM
easat-7520	70	3	]	]	PUNCT
easat-7520	70	4	and	and	CCONJ
easat-7520	70	5	bikhchandani	bikhchandani	ADJ
easat-7520	70	6	,	,	PUNCT
easat-7520	70	7	et	et	PROPN
easat-7520	70	8	al	al	PROPN
easat-7520	70	9	.	.	PUNCT
easat-7520	71	1	[	[	X
easat-7520	71	2	9	9	NUM
easat-7520	71	3	]	]	PUNCT
easat-7520	71	4	.	.	PUNCT
easat-7520	72	1	shiller	shiller	PROPN
easat-7520	73	1	[	[	X
easat-7520	73	2	2	2	NUM
easat-7520	73	3	]	]	PUNCT
easat-7520	73	4	states	state	VERB
easat-7520	73	5	that	that	SCONJ
easat-7520	73	6	,	,	PUNCT
easat-7520	73	7	while	while	SCONJ
easat-7520	73	8	informative	informative	ADJ
easat-7520	73	9	,	,	PUNCT
easat-7520	73	10	these	these	DET
easat-7520	73	11	models	model	NOUN
easat-7520	73	12	have	have	VERB
easat-7520	73	13	limited	limit	VERB
easat-7520	73	14	relevance	relevance	NOUN
easat-7520	73	15	.	.	PUNCT
easat-7520	74	1	he	he	PRON
easat-7520	74	2	argued	argue	VERB
easat-7520	74	3	that	that	SCONJ
easat-7520	74	4	differences	difference	NOUN
easat-7520	74	5	in	in	ADP
easat-7520	74	6	behavior	behavior	NOUN
easat-7520	74	7	among	among	ADP
easat-7520	74	8	groups	group	NOUN
easat-7520	74	9	in	in	ADP
easat-7520	74	10	a	a	DET
easat-7520	74	11	herd	herd	NOUN
easat-7520	74	12	could	could	AUX
easat-7520	74	13	not	not	PART
easat-7520	74	14	be	be	AUX
easat-7520	74	15	based	base	VERB
easat-7520	74	16	on	on	ADP
easat-7520	74	17	the	the	DET
easat-7520	74	18	indiscriminate	indiscriminate	ADJ
easat-7520	74	19	decisions	decision	NOUN
easat-7520	74	20	made	make	VERB
easat-7520	74	21	by	by	ADP
easat-7520	74	22	early	early	ADJ
easat-7520	74	23	adopters	adopter	NOUN
easat-7520	74	24	alone	alone	ADV
easat-7520	74	25	.	.	PUNCT
easat-7520	75	1	instead	instead	ADV
easat-7520	75	2	,	,	PUNCT
easat-7520	75	3	he	he	PRON
easat-7520	75	4	focused	focus	VERB
easat-7520	75	5	on	on	ADP
easat-7520	75	6	how	how	SCONJ
easat-7520	75	7	human	human	ADJ
easat-7520	75	8	communication	communication	NOUN
easat-7520	75	9	and	and	CCONJ
easat-7520	75	10	social	social	ADJ
easat-7520	75	11	interaction	interaction	NOUN
easat-7520	75	12	were	be	AUX
easat-7520	75	13	responsible	responsible	ADJ
easat-7520	75	14	for	for	ADP
easat-7520	75	15	describing	describe	VERB
easat-7520	75	16	how	how	SCONJ
easat-7520	75	17	information	information	NOUN
easat-7520	75	18	distributed	distribute	VERB
easat-7520	75	19	through	through	ADP
easat-7520	75	20	discussion	discussion	NOUN
easat-7520	75	21	tends	tend	VERB
easat-7520	75	22	to	to	PART
easat-7520	75	23	have	have	VERB
easat-7520	75	24	inherent	inherent	ADJ
easat-7520	75	25	biases	bias	NOUN
easat-7520	75	26	inserted	insert	VERB
easat-7520	75	27	from	from	ADP
easat-7520	75	28	the	the	DET
easat-7520	75	29	agents	agent	NOUN
easat-7520	75	30	conducting	conduct	VERB
easat-7520	75	31	the	the	DET
easat-7520	75	32	exchange	exchange	NOUN
easat-7520	75	33	of	of	ADP
easat-7520	75	34	information	information	NOUN
easat-7520	75	35	.	.	PUNCT
easat-7520	76	1	this	this	DET
easat-7520	76	2	perspective	perspective	NOUN
easat-7520	76	3	broadened	broaden	VERB
easat-7520	76	4	the	the	DET
easat-7520	76	5	definition	definition	NOUN
easat-7520	76	6	of	of	ADP
easat-7520	76	7	herd	herd	NOUN
easat-7520	76	8	behavior	behavior	NOUN
easat-7520	76	9	by	by	ADP
easat-7520	76	10	bringing	bring	VERB
easat-7520	76	11	into	into	ADP
easat-7520	76	12	play	play	NOUN
easat-7520	76	13	psychological	psychological	ADJ
easat-7520	76	14	and	and	CCONJ
easat-7520	76	15	sociological	sociological	ADJ
easat-7520	76	16	factors	factor	NOUN
easat-7520	76	17	,	,	PUNCT
easat-7520	76	18	emphasizing	emphasize	VERB
easat-7520	76	19	the	the	DET
easat-7520	76	20	relationship	relationship	NOUN
easat-7520	76	21	between	between	ADP
easat-7520	76	22	individual	individual	ADJ
easat-7520	76	23	cognition	cognition	NOUN
easat-7520	76	24	and	and	CCONJ
easat-7520	76	25	group	group	NOUN
easat-7520	76	26	behavior	behavior	NOUN
easat-7520	76	27	.	.	PUNCT
easat-7520	77	1	the	the	DET
easat-7520	77	2	effects	effect	NOUN
easat-7520	77	3	of	of	ADP
easat-7520	77	4	herd	herd	NOUN
easat-7520	77	5	behavior	behavior	NOUN
easat-7520	77	6	in	in	ADP
easat-7520	77	7	financial	financial	ADJ
easat-7520	77	8	economics	economic	NOUN
easat-7520	77	9	were	be	AUX
easat-7520	77	10	further	far	ADV
easat-7520	77	11	elaborated	elaborate	VERB
easat-7520	77	12	by	by	ADP
easat-7520	77	13	dave	dave	PROPN
easat-7520	77	14	and	and	CCONJ
easat-7520	77	15	welch	welch	PROPN
easat-7520	77	16	[	[	X
easat-7520	77	17	15	15	NUM
easat-7520	77	18	]	]	PUNCT
easat-7520	77	19	who	who	PRON
easat-7520	77	20	identified	identify	VERB
easat-7520	77	21	three	three	NUM
easat-7520	77	22	primary	primary	ADJ
easat-7520	77	23	motivators	motivator	NOUN
easat-7520	77	24	:	:	PUNCT
easat-7520	77	25	direct	direct	ADJ
easat-7520	77	26	payoff	payoff	NOUN
easat-7520	77	27	externalities	externality	NOUN
easat-7520	77	28	,	,	PUNCT
easat-7520	77	29	agency	agency	NOUN
easat-7520	77	30	problems	problem	NOUN
easat-7520	77	31	,	,	PUNCT
easat-7520	77	32	and	and	CCONJ
easat-7520	77	33	informational	informational	ADJ
easat-7520	77	34	cascades	cascade	NOUN
easat-7520	77	35	.	.	PUNCT
easat-7520	78	1	there	there	PRON
easat-7520	78	2	is	be	VERB
easat-7520	78	3	a	a	DET
easat-7520	78	4	direct	direct	ADJ
easat-7520	78	5	payoff	payoff	NOUN
easat-7520	78	6	externality	externality	NOUN
easat-7520	78	7	when	when	SCONJ
easat-7520	78	8	the	the	DET
easat-7520	78	9	payoff	payoff	NOUN
easat-7520	78	10	to	to	ADP
easat-7520	78	11	some	some	DET
easat-7520	78	12	act	act	NOUN
easat-7520	78	13	by	by	ADP
easat-7520	78	14	one	one	NUM
easat-7520	78	15	individual	individual	ADJ
easat-7520	78	16	increases	increase	NOUN
easat-7520	78	17	with	with	ADP
easat-7520	78	18	how	how	SCONJ
easat-7520	78	19	many	many	ADJ
easat-7520	78	20	others	other	NOUN
easat-7520	78	21	take	take	VERB
easat-7520	78	22	the	the	DET
easat-7520	78	23	same	same	ADJ
easat-7520	78	24	act	act	NOUN
easat-7520	78	25	,	,	PUNCT
easat-7520	78	26	for	for	ADP
easat-7520	78	27	example	example	NOUN
easat-7520	78	28	,	,	PUNCT
easat-7520	78	29	network	network	NOUN
easat-7520	78	30	effects	effect	NOUN
easat-7520	78	31	or	or	CCONJ
easat-7520	78	32	social	social	ADJ
easat-7520	78	33	approval	approval	NOUN
easat-7520	78	34	.	.	PUNCT
easat-7520	79	1	agency	agency	NOUN
easat-7520	79	2	problems	problem	NOUN
easat-7520	79	3	occur	occur	VERB
easat-7520	79	4	when	when	SCONJ
easat-7520	79	5	the	the	DET
easat-7520	79	6	decision	decision	NOUN
easat-7520	79	7	-	-	PUNCT
easat-7520	79	8	makers	maker	NOUN
easat-7520	79	9	seek	seek	VERB
easat-7520	79	10	their	their	PRON
easat-7520	79	11	own	own	ADJ
easat-7520	79	12	interests	interest	NOUN
easat-7520	79	13	,	,	PUNCT
easat-7520	79	14	rather	rather	ADV
easat-7520	79	15	than	than	ADP
easat-7520	79	16	their	their	PRON
easat-7520	79	17	clients	client	NOUN
easat-7520	79	18	'	'	PART
easat-7520	79	19	,	,	PUNCT
easat-7520	79	20	leading	lead	VERB
easat-7520	79	21	to	to	ADP
easat-7520	79	22	herd	herd	NOUN
easat-7520	79	23	behavior	behavior	NOUN
easat-7520	79	24	to	to	PART
easat-7520	79	25	avoid	avoid	VERB
easat-7520	79	26	blame	blame	NOUN
easat-7520	79	27	or	or	CCONJ
easat-7520	79	28	criticism	criticism	NOUN
easat-7520	79	29	.	.	PUNCT
easat-7520	80	1	finally	finally	ADV
easat-7520	80	2	,	,	PUNCT
easat-7520	80	3	informational	informational	ADJ
easat-7520	80	4	cascades	cascade	NOUN
easat-7520	80	5	are	be	AUX
easat-7520	80	6	the	the	DET
easat-7520	80	7	tendency	tendency	NOUN
easat-7520	80	8	to	to	PART
easat-7520	80	9	imitate	imitate	VERB
easat-7520	80	10	others	other	NOUN
easat-7520	80	11	based	base	VERB
easat-7520	80	12	on	on	ADP
easat-7520	80	13	seeming	seem	VERB
easat-7520	80	14	better	well	ADJ
easat-7520	80	15	information	information	NOUN
easat-7520	80	16	.	.	PUNCT
easat-7520	81	1	these	these	DET
easat-7520	81	2	drivers	driver	NOUN
easat-7520	81	3	illustrate	illustrate	VERB
easat-7520	81	4	the	the	DET
easat-7520	81	5	multifaceted	multifaceted	ADJ
easat-7520	81	6	nature	nature	NOUN
easat-7520	81	7	of	of	ADP
easat-7520	81	8	herding	herding	NOUN
easat-7520	81	9	,	,	PUNCT
easat-7520	81	10	including	include	VERB
easat-7520	81	11	rational	rational	ADJ
easat-7520	81	12	and	and	CCONJ
easat-7520	81	13	irrational	irrational	ADJ
easat-7520	81	14	motives	motive	NOUN
easat-7520	81	15	.	.	PUNCT
easat-7520	82	1	furthermore	furthermore	ADV
easat-7520	82	2	,	,	PUNCT
easat-7520	82	3	avery	avery	NOUN
easat-7520	82	4	and	and	CCONJ
easat-7520	82	5	zemsky	zemsky	NOUN
easat-7520	83	1	[	[	X
easat-7520	83	2	16	16	NUM
easat-7520	83	3	]	]	PUNCT
easat-7520	83	4	contributed	contribute	VERB
easat-7520	83	5	another	another	DET
easat-7520	83	6	significant	significant	ADJ
easat-7520	83	7	aspect	aspect	NOUN
easat-7520	83	8	by	by	ADP
easat-7520	83	9	studying	study	VERB
easat-7520	83	10	the	the	DET
easat-7520	83	11	asset	asset	NOUN
easat-7520	83	12	price	price	NOUN
easat-7520	83	13	and	and	CCONJ
easat-7520	83	14	the	the	DET
easat-7520	83	15	relationship	relationship	NOUN
easat-7520	83	16	of	of	ADP
easat-7520	83	17	herding	herding	NOUN
easat-7520	83	18	.	.	PUNCT
easat-7520	84	1	in	in	ADP
easat-7520	84	2	their	their	PRON
easat-7520	84	3	paper	paper	NOUN
easat-7520	84	4	,	,	PUNCT
easat-7520	84	5	they	they	PRON
easat-7520	84	6	discover	discover	VERB
easat-7520	84	7	that	that	SCONJ
easat-7520	84	8	herding	herding	NOUN
easat-7520	84	9	occurs	occur	VERB
easat-7520	84	10	when	when	SCONJ
easat-7520	84	11	traders	trader	NOUN
easat-7520	84	12	follow	follow	VERB
easat-7520	84	13	previous	previous	ADJ
easat-7520	84	14	transactions	transaction	NOUN
easat-7520	84	15	,	,	PUNCT
easat-7520	84	16	particularly	particularly	ADV
easat-7520	84	17	in	in	ADP
easat-7520	84	18	conditions	condition	NOUN
easat-7520	84	19	of	of	ADP
easat-7520	84	20	uncertainty	uncertainty	NOUN
easat-7520	84	21	.	.	PUNCT
easat-7520	85	1	they	they	PRON
easat-7520	85	2	identified	identify	VERB
easat-7520	85	3	three	three	NUM
easat-7520	85	4	levels	level	NOUN
easat-7520	85	5	of	of	ADP
easat-7520	85	6	uncertainty	uncertainty	NOUN
easat-7520	85	7	that	that	PRON
easat-7520	85	8	influence	influence	NOUN
easat-7520	85	9	herding	herd	VERB
easat-7520	85	10	:	:	PUNCT
easat-7520	85	11	the	the	DET
easat-7520	85	12	impact	impact	NOUN
easat-7520	85	13	of	of	ADP
easat-7520	85	14	a	a	DET
easat-7520	85	15	shock	shock	NOUN
easat-7520	85	16	on	on	ADP
easat-7520	85	17	stock	stock	NOUN
easat-7520	85	18	price	price	NOUN
easat-7520	85	19	,	,	PUNCT
easat-7520	85	20	the	the	DET
easat-7520	85	21	presence	presence	NOUN
easat-7520	85	22	and	and	CCONJ
easat-7520	85	23	effect	effect	NOUN
easat-7520	85	24	of	of	ADP
easat-7520	85	25	the	the	DET
easat-7520	85	26	shock	shock	NOUN
easat-7520	85	27	,	,	PUNCT
easat-7520	85	28	and	and	CCONJ
easat-7520	85	29	the	the	DET
easat-7520	85	30	quality	quality	NOUN
easat-7520	85	31	of	of	ADP
easat-7520	85	32	investors	investor	NOUN
easat-7520	85	33	'	'	PART
easat-7520	85	34	information	information	NOUN
easat-7520	85	35	.	.	PUNCT
easat-7520	86	1	while	while	SCONJ
easat-7520	86	2	herding	herd	VERB
easat-7520	86	3	under	under	ADP
easat-7520	86	4	the	the	DET
easat-7520	86	5	first	first	ADJ
easat-7520	86	6	two	two	NUM
easat-7520	86	7	levels	level	NOUN
easat-7520	86	8	of	of	ADP
easat-7520	86	9	uncertainty	uncertainty	NOUN
easat-7520	86	10	does	do	AUX
easat-7520	86	11	not	not	PART
easat-7520	86	12	necessarily	necessarily	ADV
easat-7520	86	13	misprice	misprice	X
easat-7520	86	14	,	,	PUNCT
easat-7520	86	15	the	the	DET
easat-7520	86	16	third	third	ADJ
easat-7520	86	17	level	level	NOUN
easat-7520	86	18	—	—	PUNCT
easat-7520	86	19	where	where	SCONJ
easat-7520	86	20	the	the	DET
easat-7520	86	21	quality	quality	NOUN
easat-7520	86	22	of	of	ADP
easat-7520	86	23	information	information	NOUN
easat-7520	86	24	is	be	AUX
easat-7520	86	25	questionable	questionable	ADJ
easat-7520	86	26	—	—	PUNCT
easat-7520	86	27	can	can	AUX
easat-7520	86	28	lead	lead	VERB
easat-7520	86	29	to	to	ADP
easat-7520	86	30	extreme	extreme	ADJ
easat-7520	86	31	mispricing	mispricing	NOUN
easat-7520	86	32	.	.	PUNCT
easat-7520	87	1	this	this	DET
easat-7520	87	2	intuitive	intuitive	ADJ
easat-7520	87	3	realization	realization	NOUN
easat-7520	87	4	highlights	highlight	NOUN
easat-7520	87	5	the	the	DET
easat-7520	87	6	conditions	condition	NOUN
easat-7520	87	7	under	under	ADP
easat-7520	87	8	which	which	PRON
easat-7520	87	9	herding	herd	VERB
easat-7520	87	10	exasperates	exasperate	VERB
easat-7520	87	11	market	market	NOUN
easat-7520	87	12	inefficiencies	inefficiency	NOUN
easat-7520	87	13	.	.	PUNCT
easat-7520	88	1	a	a	DET
easat-7520	88	2	subsequent	subsequent	ADJ
easat-7520	88	3	study	study	NOUN
easat-7520	88	4	,	,	PUNCT
easat-7520	88	5	bikhchandani	bikhchandani	PROPN
easat-7520	88	6	,	,	PUNCT
easat-7520	88	7	et	et	PROPN
easat-7520	88	8	al	al	PROPN
easat-7520	88	9	.	.	PUNCT
easat-7520	89	1	[	[	X
easat-7520	89	2	17	17	NUM
easat-7520	89	3	]	]	PUNCT
easat-7520	89	4	went	go	VERB
easat-7520	89	5	back	back	ADV
easat-7520	89	6	to	to	ADP
easat-7520	89	7	theory	theory	NOUN
easat-7520	89	8	on	on	ADP
easat-7520	89	9	observational	observational	ADJ
easat-7520	89	10	learning	learning	NOUN
easat-7520	89	11	and	and	CCONJ
easat-7520	89	12	highlighted	highlight	VERB
easat-7520	89	13	its	its	PRON
easat-7520	89	14	implications	implication	NOUN
easat-7520	89	15	for	for	ADP
easat-7520	89	16	economics	economic	NOUN
easat-7520	89	17	and	and	CCONJ
easat-7520	89	18	business	business	NOUN
easat-7520	89	19	strategy	strategy	NOUN
easat-7520	89	20	.	.	PUNCT
easat-7520	90	1	they	they	PRON
easat-7520	90	2	proposed	propose	VERB
easat-7520	90	3	using	use	VERB
easat-7520	90	4	the	the	DET
easat-7520	90	5	insights	insight	NOUN
easat-7520	90	6	in	in	ADP
easat-7520	90	7	informational	informational	ADJ
easat-7520	90	8	cascades	cascade	NOUN
easat-7520	90	9	to	to	PART
easat-7520	90	10	inform	inform	VERB
easat-7520	90	11	decisions	decision	NOUN
easat-7520	90	12	on	on	ADP
easat-7520	90	13	market	market	NOUN
easat-7520	90	14	entry	entry	NOUN
easat-7520	90	15	,	,	PUNCT
easat-7520	90	16	product	product	NOUN
easat-7520	90	17	launching	launching	NOUN
easat-7520	90	18	,	,	PUNCT
easat-7520	90	19	and	and	CCONJ
easat-7520	90	20	competitor	competitor	NOUN
easat-7520	90	21	positioning	positioning	NOUN
easat-7520	90	22	.	.	PUNCT
easat-7520	91	1	since	since	SCONJ
easat-7520	91	2	firms	firm	NOUN
easat-7520	91	3	understand	understand	VERB
easat-7520	91	4	how	how	SCONJ
easat-7520	91	5	individuals	individual	NOUN
easat-7520	91	6	view	view	VERB
easat-7520	91	7	and	and	CCONJ
easat-7520	91	8	respond	respond	VERB
easat-7520	91	9	to	to	ADP
easat-7520	91	10	things	thing	NOUN
easat-7520	91	11	seen	see	VERB
easat-7520	91	12	to	to	PART
easat-7520	91	13	happen	happen	VERB
easat-7520	91	14	,	,	PUNCT
easat-7520	91	15	they	they	PRON
easat-7520	91	16	may	may	AUX
easat-7520	91	17	design	design	VERB
easat-7520	91	18	interventions	intervention	NOUN
easat-7520	91	19	for	for	ADP
easat-7520	91	20	influencing	influence	VERB
easat-7520	91	21	choice	choice	NOUN
easat-7520	91	22	,	,	PUNCT
easat-7520	91	23	mitigating	mitigate	VERB
easat-7520	91	24	danger	danger	NOUN
easat-7520	91	25	from	from	ADP
easat-7520	91	26	herding	herd	VERB
easat-7520	91	27	,	,	PUNCT
easat-7520	91	28	and	and	CCONJ
easat-7520	91	29	seizing	seize	VERB
easat-7520	91	30	new	new	ADJ
easat-7520	91	31	trends	trend	NOUN
easat-7520	91	32	.	.	PUNCT
easat-7520	92	1	however	however	ADV
easat-7520	92	2	,	,	PUNCT
easat-7520	92	3	empirical	empirical	ADJ
easat-7520	92	4	work	work	NOUN
easat-7520	92	5	on	on	ADP
easat-7520	92	6	herd	herd	NOUN
easat-7520	92	7	behavior	behavior	NOUN
easat-7520	92	8	and	and	CCONJ
easat-7520	92	9	its	its	PRON
easat-7520	92	10	consequences	consequence	NOUN
easat-7520	92	11	became	become	VERB
easat-7520	92	12	an	an	DET
easat-7520	92	13	established	establish	VERB
easat-7520	92	14	field	field	NOUN
easat-7520	92	15	of	of	ADP
easat-7520	92	16	research	research	NOUN
easat-7520	92	17	that	that	PRON
easat-7520	92	18	describes	describe	VERB
easat-7520	92	19	the	the	DET
easat-7520	92	20	machinery	machinery	NOUN
easat-7520	92	21	of	of	ADP
easat-7520	92	22	collective	collective	ADJ
easat-7520	92	23	choice	choice	NOUN
easat-7520	92	24	.	.	PUNCT
easat-7520	93	1	from	from	ADP
easat-7520	93	2	information	information	NOUN
easat-7520	93	3	cascade	cascade	NOUN
easat-7520	93	4	theories	theory	NOUN
easat-7520	93	5	to	to	ADP
easat-7520	93	6	models	model	NOUN
easat-7520	93	7	of	of	ADP
easat-7520	93	8	sequential	sequential	ADJ
easat-7520	93	9	decision	decision	NOUN
easat-7520	93	10	-	-	PUNCT
easat-7520	93	11	making	making	NOUN
easat-7520	93	12	,	,	PUNCT
easat-7520	93	13	all	all	DET
easat-7520	93	14	these	these	DET
easat-7520	93	15	theories	theory	NOUN
easat-7520	93	16	have	have	VERB
easat-7520	93	17	something	something	PRON
easat-7520	93	18	to	to	PART
easat-7520	93	19	provide	provide	VERB
easat-7520	93	20	in	in	ADP
easat-7520	93	21	terms	term	NOUN
easat-7520	93	22	of	of	ADP
easat-7520	93	23	useful	useful	ADJ
easat-7520	93	24	insight	insight	NOUN
easat-7520	93	25	into	into	ADP
easat-7520	93	26	the	the	DET
easat-7520	93	27	correspondence	correspondence	NOUN
easat-7520	93	28	between	between	ADP
easat-7520	93	29	individual	individual	ADJ
easat-7520	93	30	action	action	NOUN
easat-7520	93	31	and	and	CCONJ
easat-7520	93	32	group	group	NOUN
easat-7520	93	33	behavior	behavior	NOUN
easat-7520	93	34	.	.	PUNCT
easat-7520	94	1	although	although	SCONJ
easat-7520	94	2	in	in	ADP
easat-7520	94	3	some	some	DET
easat-7520	94	4	instances	instance	NOUN
easat-7520	94	5	herding	herding	NOUN
easat-7520	94	6	creates	create	VERB
easat-7520	94	7	noisy	noisy	ADJ
easat-7520	94	8	outcomes	outcome	NOUN
easat-7520	94	9	,	,	PUNCT
easat-7520	94	10	such	such	ADJ
easat-7520	94	11	as	as	ADP
easat-7520	94	12	diffusion	diffusion	NOUN
easat-7520	94	13	of	of	ADP
easat-7520	94	14	innovation	innovation	NOUN
easat-7520	94	15	with	with	ADP
easat-7520	94	16	haste	haste	NOUN
easat-7520	94	17	,	,	PUNCT
easat-7520	94	18	in	in	ADP
easat-7520	94	19	most	most	ADJ
easat-7520	94	20	instances	instance	NOUN
easat-7520	94	21	herding	herding	NOUN
easat-7520	94	22	creates	create	VERB
easat-7520	94	23	inefficiencies	inefficiency	NOUN
easat-7520	94	24	,	,	PUNCT
easat-7520	94	25	that	that	ADV
easat-7520	94	26	is	is	ADV
easat-7520	94	27	,	,	PUNCT
easat-7520	94	28	market	market	NOUN
easat-7520	94	29	bubbles	bubble	NOUN
easat-7520	94	30	or	or	CCONJ
easat-7520	94	31	mis	mi	NOUN
easat-7520	94	32	-	-	NOUN
easat-7520	94	33	pricing	pricing	NOUN
easat-7520	94	34	.	.	PUNCT
easat-7520	95	1	detecting	detect	VERB
easat-7520	95	2	drivers	driver	NOUN
easat-7520	95	3	and	and	CCONJ
easat-7520	95	4	outcomes	outcome	NOUN
easat-7520	95	5	of	of	ADP
easat-7520	95	6	herding	herd	VERB
easat-7520	95	7	behavior	behavior	NOUN
easat-7520	95	8	poses	pose	VERB
easat-7520	95	9	an	an	DET
easat-7520	95	10	essential	essential	ADJ
easat-7520	95	11	dilemma	dilemma	NOUN
easat-7520	95	12	to	to	ADP
easat-7520	95	13	scholars	scholar	NOUN
easat-7520	95	14	and	and	CCONJ
easat-7520	95	15	professionals	professional	NOUN
easat-7520	95	16	,	,	PUNCT
easat-7520	95	17	a	a	DET
easat-7520	95	18	task	task	NOUN
easat-7520	95	19	that	that	PRON
easat-7520	95	20	promises	promise	VERB
easat-7520	95	21	better	well	ADV
easat-7520	95	22	decisionmaking	decisionmake	VERB
easat-7520	95	23	,	,	PUNCT
easat-7520	95	24	market	market	NOUN
easat-7520	95	25	stabilizing	stabilizing	NOUN
easat-7520	95	26	,	,	PUNCT
easat-7520	95	27	and	and	CCONJ
easat-7520	95	28	robustness	robustness	NOUN
easat-7520	95	29	toward	toward	ADP
easat-7520	95	30	collective	collective	ADJ
easat-7520	95	31	behavior	behavior	NOUN
easat-7520	95	32	.	.	PUNCT
easat-7520	96	1	with	with	ADP
easat-7520	96	2	the	the	DET
easat-7520	96	3	research	research	NOUN
easat-7520	96	4	arena	arena	NOUN
easat-7520	96	5	still	still	ADV
easat-7520	96	6	2598	2598	NUM
easat-7520	96	7	edelweiss	edelweiss	PROPN
easat-7520	96	8	applied	apply	VERB
easat-7520	96	9	science	science	NOUN
easat-7520	96	10	and	and	CCONJ
easat-7520	96	11	technology	technology	NOUN
easat-7520	96	12	issn	issn	PROPN
easat-7520	96	13	:	:	PUNCT
easat-7520	96	14	2576	2576	NUM
easat-7520	96	15	-	-	SYM
easat-7520	96	16	8484	8484	NUM
easat-7520	96	17	vol	vol	NOUN
easat-7520	96	18	.	.	PROPN
easat-7520	97	1	9	9	NUM
easat-7520	97	2	,	,	PUNCT
easat-7520	97	3	no	no	INTJ
easat-7520	97	4	.	.	NOUN
easat-7520	97	5	5	5	NUM
easat-7520	97	6	:	:	SYM
easat-7520	97	7	2595	2595	NUM
easat-7520	97	8	-	-	SYM
easat-7520	97	9	2603	2603	NUM
easat-7520	97	10	,	,	PUNCT
easat-7520	97	11	2025	2025	NUM
easat-7520	97	12	doi	doi	NOUN
easat-7520	97	13	:	:	PUNCT
easat-7520	97	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	97	15	©	©	NOUN
easat-7520	97	16	2025	2025	NUM
easat-7520	97	17	by	by	ADP
easat-7520	97	18	the	the	DET
easat-7520	97	19	author	author	NOUN
easat-7520	97	20	;	;	PUNCT
easat-7520	97	21	licensee	licensee	PROPN
easat-7520	97	22	learning	learning	NOUN
easat-7520	97	23	gate	gate	NOUN
easat-7520	97	24	under	under	ADP
easat-7520	97	25	development	development	NOUN
easat-7520	97	26	,	,	PUNCT
easat-7520	97	27	its	its	PRON
easat-7520	97	28	augmenting	augment	VERB
easat-7520	97	29	importation	importation	NOUN
easat-7520	97	30	from	from	ADP
easat-7520	97	31	psychology	psychology	NOUN
easat-7520	97	32	,	,	PUNCT
easat-7520	97	33	sociology	sociology	NOUN
easat-7520	97	34	,	,	PUNCT
easat-7520	97	35	and	and	CCONJ
easat-7520	97	36	behavioral	behavioral	ADJ
easat-7520	97	37	economics	economic	NOUN
easat-7520	97	38	will	will	AUX
easat-7520	97	39	guarantee	guarantee	VERB
easat-7520	97	40	building	build	VERB
easat-7520	97	41	a	a	DET
easat-7520	97	42	more	more	ADV
easat-7520	97	43	consistent	consistent	ADJ
easat-7520	97	44	theory	theory	NOUN
easat-7520	97	45	for	for	ADP
easat-7520	97	46	translating	translate	VERB
easat-7520	97	47	this	this	DET
easat-7520	97	48	ubiquitous	ubiquitous	ADJ
easat-7520	97	49	behavior	behavior	NOUN
easat-7520	97	50	.	.	PUNCT
easat-7520	98	1	2.2	2.2	NUM
easat-7520	98	2	.	.	PUNCT
easat-7520	99	1	previous	previous	ADJ
easat-7520	99	2	empirical	empirical	ADJ
easat-7520	99	3	findings	finding	NOUN
easat-7520	99	4	several	several	ADJ
easat-7520	99	5	scholars	scholar	NOUN
easat-7520	99	6	have	have	AUX
easat-7520	99	7	conducted	conduct	VERB
easat-7520	99	8	empirical	empirical	ADJ
easat-7520	99	9	studies	study	NOUN
easat-7520	99	10	across	across	ADP
easat-7520	99	11	different	different	ADJ
easat-7520	99	12	zones	zone	NOUN
easat-7520	99	13	,	,	PUNCT
easat-7520	99	14	producing	produce	VERB
easat-7520	99	15	varying	vary	VERB
easat-7520	99	16	outcomes	outcome	NOUN
easat-7520	99	17	.	.	PUNCT
easat-7520	100	1	such	such	ADJ
easat-7520	100	2	studies	study	NOUN
easat-7520	100	3	have	have	AUX
easat-7520	100	4	provided	provide	VERB
easat-7520	100	5	a	a	DET
easat-7520	100	6	rich	rich	ADJ
easat-7520	100	7	and	and	CCONJ
easat-7520	100	8	varied	varied	ADJ
easat-7520	100	9	insight	insight	NOUN
easat-7520	100	10	into	into	ADP
easat-7520	100	11	the	the	DET
easat-7520	100	12	behavior	behavior	NOUN
easat-7520	100	13	of	of	ADP
easat-7520	100	14	herds	herd	NOUN
easat-7520	100	15	across	across	ADP
easat-7520	100	16	different	different	ADJ
easat-7520	100	17	markets	market	NOUN
easat-7520	100	18	,	,	PUNCT
easat-7520	100	19	at	at	ADP
easat-7520	100	20	different	different	ADJ
easat-7520	100	21	periods	period	NOUN
easat-7520	100	22	in	in	ADP
easat-7520	100	23	time	time	NOUN
easat-7520	100	24	,	,	PUNCT
easat-7520	100	25	and	and	CCONJ
easat-7520	100	26	under	under	ADP
easat-7520	100	27	changing	change	VERB
easat-7520	100	28	economic	economic	ADJ
easat-7520	100	29	conditions	condition	NOUN
easat-7520	100	30	[	[	X
easat-7520	100	31	18	18	NUM
easat-7520	100	32	]	]	PUNCT
easat-7520	100	33	.	.	PUNCT
easat-7520	101	1	for	for	ADP
easat-7520	101	2	instance	instance	NOUN
easat-7520	101	3	,	,	PUNCT
easat-7520	101	4	they	they	PRON
easat-7520	101	5	made	make	VERB
easat-7520	101	6	use	use	NOUN
easat-7520	101	7	of	of	ADP
easat-7520	101	8	a	a	DET
easat-7520	101	9	new	new	ADJ
easat-7520	101	10	database	database	NOUN
easat-7520	101	11	consisting	consist	VERB
easat-7520	101	12	of	of	ADP
easat-7520	101	13	assets	asset	NOUN
easat-7520	101	14	of	of	ADP
easat-7520	101	15	individual	individual	ADJ
easat-7520	101	16	accounts	account	NOUN
easat-7520	101	17	from	from	ADP
easat-7520	101	18	1996	1996	NUM
easat-7520	101	19	to	to	ADP
easat-7520	101	20	2000	2000	NUM
easat-7520	101	21	and	and	CCONJ
easat-7520	101	22	studied	study	VERB
easat-7520	101	23	the	the	DET
easat-7520	101	24	mutual	mutual	ADJ
easat-7520	101	25	fund	fund	NOUN
easat-7520	101	26	behavior	behavior	NOUN
easat-7520	101	27	of	of	ADP
easat-7520	101	28	emerging	emerge	VERB
easat-7520	101	29	economies	economy	NOUN
easat-7520	101	30	.	.	PUNCT
easat-7520	102	1	their	their	PRON
easat-7520	102	2	research	research	NOUN
easat-7520	102	3	established	establish	VERB
easat-7520	102	4	that	that	SCONJ
easat-7520	102	5	the	the	DET
easat-7520	102	6	herd	herd	ADJ
easat-7520	102	7	behavior	behavior	NOUN
easat-7520	102	8	of	of	ADP
easat-7520	102	9	funds	fund	NOUN
easat-7520	102	10	is	be	AUX
easat-7520	102	11	statistically	statistically	ADV
easat-7520	102	12	significant	significant	ADJ
easat-7520	102	13	,	,	PUNCT
easat-7520	102	14	but	but	CCONJ
easat-7520	102	15	only	only	ADV
easat-7520	102	16	to	to	ADP
easat-7520	102	17	a	a	DET
easat-7520	102	18	moderate	moderate	ADJ
easat-7520	102	19	extent	extent	NOUN
easat-7520	102	20	.	.	PUNCT
easat-7520	103	1	moreover	moreover	ADV
easat-7520	103	2	,	,	PUNCT
easat-7520	103	3	the	the	DET
easat-7520	103	4	research	research	NOUN
easat-7520	103	5	identified	identify	VERB
easat-7520	103	6	an	an	DET
easat-7520	103	7	interesting	interesting	ADJ
easat-7520	103	8	discrepancy	discrepancy	NOUN
easat-7520	103	9	between	between	ADP
easat-7520	103	10	closed	close	VERB
easat-7520	103	11	-	-	PUNCT
easat-7520	103	12	end	end	NOUN
easat-7520	103	13	and	and	CCONJ
easat-7520	103	14	open	open	ADV
easat-7520	103	15	-	-	PUNCT
easat-7520	103	16	ended	end	VERB
easat-7520	103	17	funds	fund	NOUN
easat-7520	103	18	,	,	PUNCT
easat-7520	103	19	arguing	argue	VERB
easat-7520	103	20	that	that	SCONJ
easat-7520	103	21	more	more	ADJ
easat-7520	103	22	of	of	ADP
easat-7520	103	23	the	the	DET
easat-7520	103	24	former	former	ADJ
easat-7520	103	25	engage	engage	NOUN
easat-7520	103	26	in	in	ADP
easat-7520	103	27	herding	herding	NOUN
easat-7520	103	28	.	.	PUNCT
easat-7520	104	1	contrary	contrary	ADJ
easat-7520	104	2	to	to	ADP
easat-7520	104	3	conventional	conventional	ADJ
easat-7520	104	4	wisdom	wisdom	NOUN
easat-7520	104	5	,	,	PUNCT
easat-7520	104	6	the	the	DET
easat-7520	104	7	study	study	NOUN
easat-7520	104	8	illustrated	illustrate	VERB
easat-7520	104	9	that	that	SCONJ
easat-7520	104	10	herding	herding	NOUN
easat-7520	104	11	is	be	AUX
easat-7520	104	12	not	not	PART
easat-7520	104	13	necessarily	necessarily	ADV
easat-7520	104	14	more	more	ADV
easat-7520	104	15	frequent	frequent	ADJ
easat-7520	104	16	in	in	ADP
easat-7520	104	17	the	the	DET
easat-7520	104	18	midst	midst	NOUN
easat-7520	104	19	of	of	ADP
easat-7520	104	20	crises	crisis	NOUN
easat-7520	104	21	compared	compare	VERB
easat-7520	104	22	to	to	ADP
easat-7520	104	23	non	non	ADJ
easat-7520	104	24	-	-	ADJ
easat-7520	104	25	crisis	crisis	ADJ
easat-7520	104	26	periods	period	NOUN
easat-7520	104	27	,	,	PUNCT
easat-7520	104	28	suggesting	suggest	VERB
easat-7520	104	29	that	that	SCONJ
easat-7520	104	30	herding	herding	NOUN
easat-7520	104	31	dynamics	dynamic	NOUN
easat-7520	104	32	need	need	AUX
easat-7520	104	33	not	not	PART
easat-7520	104	34	always	always	ADV
easat-7520	104	35	rest	rest	VERB
easat-7520	104	36	on	on	ADP
easat-7520	104	37	external	external	ADJ
easat-7520	104	38	market	market	NOUN
easat-7520	104	39	volatility	volatility	NOUN
easat-7520	104	40	.	.	PUNCT
easat-7520	105	1	in	in	ADP
easat-7520	105	2	addition	addition	NOUN
easat-7520	105	3	,	,	PUNCT
easat-7520	105	4	hwang	hwang	PROPN
easat-7520	105	5	and	and	CCONJ
easat-7520	105	6	salmon	salmon	NOUN
easat-7520	105	7	[	[	X
easat-7520	105	8	19	19	NUM
easat-7520	105	9	]	]	PUNCT
easat-7520	105	10	established	establish	VERB
easat-7520	105	11	evidence	evidence	NOUN
easat-7520	105	12	of	of	ADP
easat-7520	105	13	herd	herd	NOUN
easat-7520	105	14	behavior	behavior	NOUN
easat-7520	105	15	by	by	ADP
easat-7520	105	16	using	use	VERB
easat-7520	105	17	a	a	DET
easat-7520	105	18	generalized	generalized	ADJ
easat-7520	105	19	least	least	ADJ
easat-7520	105	20	squares	square	NOUN
easat-7520	105	21	(	(	PUNCT
easat-7520	105	22	gls	gls	PROPN
easat-7520	105	23	)	)	PUNCT
easat-7520	105	24	regression	regression	NOUN
easat-7520	105	25	model	model	NOUN
easat-7520	105	26	.	.	PUNCT
easat-7520	106	1	their	their	PRON
easat-7520	106	2	research	research	NOUN
easat-7520	106	3	,	,	PUNCT
easat-7520	106	4	which	which	PRON
easat-7520	106	5	was	be	AUX
easat-7520	106	6	carried	carry	VERB
easat-7520	106	7	out	out	ADP
easat-7520	106	8	in	in	ADP
easat-7520	106	9	the	the	DET
easat-7520	106	10	national	national	PROPN
easat-7520	106	11	stock	stock	PROPN
easat-7520	106	12	exchange	exchange	PROPN
easat-7520	106	13	(	(	PUNCT
easat-7520	106	14	nse	nse	NOUN
easat-7520	106	15	)	)	PUNCT
easat-7520	106	16	in	in	ADP
easat-7520	106	17	india	india	PROPN
easat-7520	106	18	from	from	ADP
easat-7520	106	19	2011	2011	NUM
easat-7520	106	20	to	to	ADP
easat-7520	106	21	2016	2016	NUM
easat-7520	106	22	,	,	PUNCT
easat-7520	106	23	presented	present	VERB
easat-7520	106	24	robust	robust	ADJ
easat-7520	106	25	statistical	statistical	ADJ
easat-7520	106	26	evidence	evidence	NOUN
easat-7520	106	27	for	for	ADP
easat-7520	106	28	the	the	DET
easat-7520	106	29	existence	existence	NOUN
easat-7520	106	30	of	of	ADP
easat-7520	106	31	herding	herd	VERB
easat-7520	106	32	among	among	ADP
easat-7520	106	33	investors	investor	NOUN
easat-7520	106	34	in	in	ADP
easat-7520	106	35	the	the	DET
easat-7520	106	36	market	market	NOUN
easat-7520	106	37	.	.	PUNCT
easat-7520	107	1	the	the	DET
easat-7520	107	2	evidence	evidence	NOUN
easat-7520	107	3	indicates	indicate	VERB
easat-7520	107	4	herding	herd	VERB
easat-7520	107	5	behavior	behavior	NOUN
easat-7520	107	6	as	as	ADP
easat-7520	107	7	an	an	DET
easat-7520	107	8	important	important	ADJ
easat-7520	107	9	determinant	determinant	NOUN
easat-7520	107	10	of	of	ADP
easat-7520	107	11	market	market	NOUN
easat-7520	107	12	dynamics	dynamic	NOUN
easat-7520	107	13	with	with	ADP
easat-7520	107	14	implications	implication	NOUN
easat-7520	107	15	for	for	ADP
easat-7520	107	16	investor	investor	NOUN
easat-7520	107	17	decision	decision	NOUN
easat-7520	107	18	-	-	PUNCT
easat-7520	107	19	making	make	VERB
easat-7520	107	20	and	and	CCONJ
easat-7520	107	21	market	market	NOUN
easat-7520	107	22	efficiency	efficiency	NOUN
easat-7520	107	23	.	.	PUNCT
easat-7520	108	1	in	in	ADP
easat-7520	108	2	contrast	contrast	NOUN
easat-7520	108	3	to	to	ADP
easat-7520	108	4	these	these	DET
easat-7520	108	5	findings	finding	NOUN
easat-7520	108	6	,	,	PUNCT
easat-7520	108	7	drehmann	drehmann	PROPN
easat-7520	108	8	,	,	PUNCT
easat-7520	108	9	et	et	PROPN
easat-7520	108	10	al	al	PROPN
easat-7520	108	11	.	.	PUNCT
easat-7520	109	1	[	[	X
easat-7520	109	2	20	20	NUM
easat-7520	109	3	]	]	PUNCT
easat-7520	109	4	demonstrated	demonstrate	VERB
easat-7520	109	5	the	the	DET
easat-7520	109	6	lack	lack	NOUN
easat-7520	109	7	of	of	ADP
easat-7520	109	8	herd	herd	NOUN
easat-7520	109	9	behavior	behavior	NOUN
easat-7520	109	10	among	among	ADP
easat-7520	109	11	professional	professional	ADJ
easat-7520	109	12	investors	investor	NOUN
easat-7520	109	13	worldwide	worldwide	ADV
easat-7520	109	14	.	.	PUNCT
easat-7520	110	1	their	their	PRON
easat-7520	110	2	research	research	NOUN
easat-7520	110	3	debunks	debunk	VERB
easat-7520	110	4	the	the	DET
easat-7520	110	5	common	common	ADJ
easat-7520	110	6	view	view	NOUN
easat-7520	110	7	that	that	SCONJ
easat-7520	110	8	herding	herding	NOUN
easat-7520	110	9	is	be	AUX
easat-7520	110	10	an	an	DET
easat-7520	110	11	overall	overall	ADJ
easat-7520	110	12	phenomenon	phenomenon	NOUN
easat-7520	110	13	within	within	ADP
easat-7520	110	14	any	any	DET
easat-7520	110	15	investor	investor	NOUN
easat-7520	110	16	group	group	NOUN
easat-7520	110	17	and	and	CCONJ
easat-7520	110	18	posits	posit	NOUN
easat-7520	110	19	the	the	DET
easat-7520	110	20	idea	idea	NOUN
easat-7520	110	21	that	that	SCONJ
easat-7520	110	22	professional	professional	ADJ
easat-7520	110	23	investors	investor	NOUN
easat-7520	110	24	are	be	AUX
easat-7520	110	25	likely	likely	ADJ
easat-7520	110	26	to	to	PART
easat-7520	110	27	utilize	utilize	VERB
easat-7520	110	28	less	less	ADJ
easat-7520	110	29	reliance	reliance	NOUN
easat-7520	110	30	on	on	ADP
easat-7520	110	31	mimicry	mimicry	NOUN
easat-7520	110	32	based	base	VERB
easat-7520	110	33	on	on	ADP
easat-7520	110	34	others	other	NOUN
easat-7520	110	35	'	'	PART
easat-7520	110	36	behaviors	behavior	NOUN
easat-7520	110	37	and	and	CCONJ
easat-7520	110	38	greater	great	ADJ
easat-7520	110	39	dependency	dependency	NOUN
easat-7520	110	40	on	on	ADP
easat-7520	110	41	individualistic	individualistic	ADJ
easat-7520	110	42	analysis	analysis	NOUN
easat-7520	110	43	.	.	PUNCT
easat-7520	111	1	this	this	DET
easat-7520	111	2	distinction	distinction	NOUN
easat-7520	111	3	between	between	ADP
easat-7520	111	4	retail	retail	ADJ
easat-7520	111	5	and	and	CCONJ
easat-7520	111	6	professional	professional	ADJ
easat-7520	111	7	investors	investor	NOUN
easat-7520	111	8	highlights	highlight	VERB
easat-7520	111	9	the	the	DET
easat-7520	111	10	importance	importance	NOUN
easat-7520	111	11	of	of	ADP
easat-7520	111	12	considering	consider	VERB
easat-7520	111	13	the	the	DET
easat-7520	111	14	composition	composition	NOUN
easat-7520	111	15	of	of	ADP
easat-7520	111	16	market	market	NOUN
easat-7520	111	17	participants	participant	NOUN
easat-7520	111	18	in	in	ADP
easat-7520	111	19	identifying	identify	VERB
easat-7520	111	20	herding	herding	NOUN
easat-7520	111	21	behavior	behavior	NOUN
easat-7520	111	22	.	.	PUNCT
easat-7520	112	1	henker	henker	PROPN
easat-7520	112	2	,	,	PUNCT
easat-7520	112	3	et	et	PROPN
easat-7520	112	4	al	al	PROPN
easat-7520	112	5	.	.	PUNCT
easat-7520	113	1	[	[	X
easat-7520	113	2	21	21	NUM
easat-7520	113	3	]	]	PUNCT
easat-7520	113	4	used	use	VERB
easat-7520	113	5	the	the	DET
easat-7520	113	6	case	case	NOUN
easat-7520	113	7	of	of	ADP
easat-7520	113	8	australia	australia	PROPN
easat-7520	113	9	and	and	CCONJ
easat-7520	113	10	determined	determine	VERB
easat-7520	113	11	that	that	SCONJ
easat-7520	113	12	intraday	intraday	NOUN
easat-7520	113	13	on	on	ADP
easat-7520	113	14	the	the	DET
easat-7520	113	15	market	market	NOUN
easat-7520	113	16	or	or	CCONJ
easat-7520	113	17	in	in	ADP
easat-7520	113	18	factory	factory	NOUN
easat-7520	113	19	areas	area	NOUN
easat-7520	113	20	,	,	PUNCT
easat-7520	113	21	herding	herd	VERB
easat-7520	113	22	never	never	ADV
easat-7520	113	23	takes	take	VERB
easat-7520	113	24	place	place	NOUN
easat-7520	113	25	.	.	PUNCT
easat-7520	114	1	their	their	PRON
easat-7520	114	2	study	study	NOUN
easat-7520	114	3	adds	add	VERB
easat-7520	114	4	an	an	DET
easat-7520	114	5	additional	additional	ADJ
easat-7520	114	6	layer	layer	NOUN
easat-7520	114	7	of	of	ADP
easat-7520	114	8	complexity	complexity	NOUN
easat-7520	114	9	to	to	ADP
easat-7520	114	10	herding	herd	VERB
easat-7520	114	11	knowledge	knowledge	NOUN
easat-7520	114	12	,	,	PUNCT
easat-7520	114	13	as	as	SCONJ
easat-7520	114	14	its	its	PRON
easat-7520	114	15	presence	presence	NOUN
easat-7520	114	16	or	or	CCONJ
easat-7520	114	17	absence	absence	NOUN
easat-7520	114	18	relies	rely	VERB
easat-7520	114	19	heavily	heavily	ADV
easat-7520	114	20	on	on	ADP
easat-7520	114	21	industries	industry	NOUN
easat-7520	114	22	and	and	CCONJ
easat-7520	114	23	trading	trading	NOUN
easat-7520	114	24	horizons	horizon	NOUN
easat-7520	114	25	.	.	PUNCT
easat-7520	115	1	intraday	intraday	NOUN
easat-7520	115	2	trading	trading	NOUN
easat-7520	115	3	without	without	ADP
easat-7520	115	4	herding	herd	VERB
easat-7520	115	5	could	could	AUX
easat-7520	115	6	be	be	AUX
easat-7520	115	7	a	a	DET
easat-7520	115	8	consequence	consequence	NOUN
easat-7520	115	9	of	of	ADP
easat-7520	115	10	the	the	DET
easat-7520	115	11	application	application	NOUN
easat-7520	115	12	of	of	ADP
easat-7520	115	13	real	real	ADJ
easat-7520	115	14	-	-	PUNCT
easat-7520	115	15	time	time	NOUN
easat-7520	115	16	information	information	NOUN
easat-7520	115	17	and	and	CCONJ
easat-7520	115	18	quick	quick	ADJ
easat-7520	115	19	decision	decision	NOUN
easat-7520	115	20	-	-	PUNCT
easat-7520	115	21	making	make	VERB
easat-7520	115	22	mechanisms	mechanism	NOUN
easat-7520	115	23	that	that	PRON
easat-7520	115	24	reduce	reduce	VERB
easat-7520	115	25	the	the	DET
easat-7520	115	26	application	application	NOUN
easat-7520	115	27	of	of	ADP
easat-7520	115	28	imitation	imitation	NOUN
easat-7520	115	29	.	.	PUNCT
easat-7520	116	1	economou	economou	ADV
easat-7520	116	2	,	,	PUNCT
easat-7520	116	3	et	et	PROPN
easat-7520	116	4	al	al	PROPN
easat-7520	116	5	.	.	PUNCT
easat-7520	117	1	[	[	X
easat-7520	117	2	22	22	NUM
easat-7520	117	3	]	]	PUNCT
easat-7520	117	4	examined	examine	VERB
easat-7520	117	5	the	the	DET
easat-7520	117	6	frequency	frequency	NOUN
easat-7520	117	7	of	of	ADP
easat-7520	117	8	herding	herd	VERB
easat-7520	117	9	in	in	ADP
easat-7520	117	10	european	european	ADJ
easat-7520	117	11	markets	market	NOUN
easat-7520	117	12	,	,	PUNCT
easat-7520	117	13	with	with	ADP
easat-7520	117	14	substantial	substantial	ADJ
easat-7520	117	15	regional	regional	ADJ
easat-7520	117	16	variations	variation	NOUN
easat-7520	117	17	.	.	PUNCT
easat-7520	118	1	they	they	PRON
easat-7520	118	2	detected	detect	VERB
easat-7520	118	3	herding	herding	NOUN
easat-7520	118	4	activity	activity	NOUN
easat-7520	118	5	in	in	ADP
easat-7520	118	6	the	the	DET
easat-7520	118	7	greek	greek	ADJ
easat-7520	118	8	and	and	CCONJ
easat-7520	118	9	italian	italian	ADJ
easat-7520	118	10	markets	market	NOUN
easat-7520	118	11	but	but	CCONJ
easat-7520	118	12	not	not	PART
easat-7520	118	13	the	the	DET
easat-7520	118	14	spanish	spanish	ADJ
easat-7520	118	15	market	market	NOUN
easat-7520	118	16	.	.	PUNCT
easat-7520	119	1	these	these	DET
easat-7520	119	2	findings	finding	NOUN
easat-7520	119	3	illustrate	illustrate	VERB
easat-7520	119	4	the	the	DET
easat-7520	119	5	importance	importance	NOUN
easat-7520	119	6	of	of	ADP
easat-7520	119	7	cultural	cultural	ADJ
easat-7520	119	8	,	,	PUNCT
easat-7520	119	9	regulatory	regulatory	ADJ
easat-7520	119	10	,	,	PUNCT
easat-7520	119	11	and	and	CCONJ
easat-7520	119	12	country	country	NOUN
easat-7520	119	13	-	-	PUNCT
easat-7520	119	14	specific	specific	ADJ
easat-7520	119	15	factors	factor	NOUN
easat-7520	119	16	to	to	ADP
easat-7520	119	17	the	the	DET
easat-7520	119	18	determination	determination	NOUN
easat-7520	119	19	of	of	ADP
easat-7520	119	20	herding	herding	NOUN
easat-7520	119	21	forces	force	NOUN
easat-7520	119	22	.	.	PUNCT
easat-7520	120	1	the	the	DET
easat-7520	120	2	occurrence	occurrence	NOUN
easat-7520	120	3	of	of	ADP
easat-7520	120	4	herding	herd	VERB
easat-7520	120	5	in	in	ADP
easat-7520	120	6	some	some	DET
easat-7520	120	7	markets	market	NOUN
easat-7520	120	8	but	but	CCONJ
easat-7520	120	9	not	not	PART
easat-7520	120	10	in	in	ADP
easat-7520	120	11	others	other	NOUN
easat-7520	120	12	illustrates	illustrate	VERB
easat-7520	120	13	how	how	SCONJ
easat-7520	120	14	the	the	DET
easat-7520	120	15	local	local	ADJ
easat-7520	120	16	environment	environment	NOUN
easat-7520	120	17	propels	propel	VERB
easat-7520	120	18	group	group	NOUN
easat-7520	120	19	investor	investor	NOUN
easat-7520	120	20	sentiment	sentiment	NOUN
easat-7520	120	21	.	.	PUNCT
easat-7520	121	1	herding	herding	NOUN
easat-7520	121	2	activity	activity	NOUN
easat-7520	121	3	was	be	AUX
easat-7520	121	4	observed	observe	VERB
easat-7520	121	5	in	in	ADP
easat-7520	121	6	most	most	ADJ
easat-7520	121	7	of	of	ADP
easat-7520	121	8	the	the	DET
easat-7520	121	9	markets	market	NOUN
easat-7520	121	10	considered	consider	VERB
easat-7520	121	11	by	by	ADP
easat-7520	121	12	chen	chen	PROPN
easat-7520	122	1	[	[	X
easat-7520	122	2	23	23	NUM
easat-7520	122	3	]	]	PUNCT
easat-7520	122	4	.	.	PUNCT
easat-7520	123	1	this	this	DET
easat-7520	123	2	largescale	largescale	NOUN
easat-7520	123	3	research	research	NOUN
easat-7520	123	4	encompassed	encompass	VERB
easat-7520	123	5	23	23	NUM
easat-7520	123	6	developed	develop	VERB
easat-7520	123	7	markets	market	NOUN
easat-7520	123	8	,	,	PUNCT
easat-7520	123	9	20	20	NUM
easat-7520	123	10	emerging	emerge	VERB
easat-7520	123	11	markets	market	NOUN
easat-7520	123	12	,	,	PUNCT
easat-7520	123	13	and	and	CCONJ
easat-7520	123	14	26	26	NUM
easat-7520	123	15	frontier	frontier	NOUN
easat-7520	123	16	markets	market	NOUN
easat-7520	123	17	,	,	PUNCT
easat-7520	123	18	providing	provide	VERB
easat-7520	123	19	a	a	DET
easat-7520	123	20	global	global	ADJ
easat-7520	123	21	perspective	perspective	NOUN
easat-7520	123	22	to	to	ADP
easat-7520	123	23	the	the	DET
easat-7520	123	24	phenomenon	phenomenon	NOUN
easat-7520	123	25	.	.	PUNCT
easat-7520	124	1	the	the	DET
easat-7520	124	2	most	most	ADV
easat-7520	124	3	unexpected	unexpected	ADJ
easat-7520	124	4	finding	finding	NOUN
easat-7520	124	5	was	be	AUX
easat-7520	124	6	that	that	SCONJ
easat-7520	124	7	the	the	DET
easat-7520	124	8	developed	develop	VERB
easat-7520	124	9	markets	market	NOUN
easat-7520	124	10	displayed	display	VERB
easat-7520	124	11	the	the	DET
easat-7520	124	12	strongest	strong	ADJ
easat-7520	124	13	herding	herding	NOUN
easat-7520	124	14	behavior	behavior	NOUN
easat-7520	124	15	,	,	PUNCT
easat-7520	124	16	followed	follow	VERB
easat-7520	124	17	by	by	ADP
easat-7520	124	18	frontier	frontier	NOUN
easat-7520	124	19	markets	market	NOUN
easat-7520	124	20	and	and	CCONJ
easat-7520	124	21	then	then	ADV
easat-7520	124	22	emerging	emerge	VERB
easat-7520	124	23	economies	economy	NOUN
easat-7520	124	24	.	.	PUNCT
easat-7520	125	1	such	such	DET
easat-7520	125	2	a	a	DET
easat-7520	125	3	counterintuitive	counterintuitive	ADJ
easat-7520	125	4	finding	finding	NOUN
easat-7520	125	5	suggests	suggest	VERB
easat-7520	125	6	that	that	SCONJ
easat-7520	125	7	herding	herding	NOUN
easat-7520	125	8	can	can	AUX
easat-7520	125	9	be	be	AUX
easat-7520	125	10	triggered	trigger	VERB
easat-7520	125	11	not	not	PART
easat-7520	125	12	just	just	ADV
easat-7520	125	13	by	by	ADP
easat-7520	125	14	an	an	DET
easat-7520	125	15	information	information	NOUN
easat-7520	125	16	deficit	deficit	NOUN
easat-7520	125	17	but	but	CCONJ
easat-7520	125	18	by	by	ADP
easat-7520	125	19	other	other	ADJ
easat-7520	125	20	factors	factor	NOUN
easat-7520	125	21	such	such	ADJ
easat-7520	125	22	as	as	ADP
easat-7520	125	23	market	market	NOUN
easat-7520	125	24	sophistication	sophistication	NOUN
easat-7520	125	25	,	,	PUNCT
easat-7520	125	26	the	the	DET
easat-7520	125	27	level	level	NOUN
easat-7520	125	28	of	of	ADP
easat-7520	125	29	information	information	NOUN
easat-7520	125	30	availability	availability	NOUN
easat-7520	125	31	,	,	PUNCT
easat-7520	125	32	and	and	CCONJ
easat-7520	125	33	institutional	institutional	ADJ
easat-7520	125	34	investor	investor	NOUN
easat-7520	125	35	influence	influence	NOUN
easat-7520	125	36	.	.	PUNCT
easat-7520	126	1	miceli	miceli	PROPN
easat-7520	127	1	[	[	X
easat-7520	127	2	24	24	NUM
easat-7520	127	3	]	]	PUNCT
easat-7520	127	4	examined	examine	VERB
easat-7520	127	5	52	52	NUM
easat-7520	127	6	sovereign	sovereign	ADJ
easat-7520	127	7	wealth	wealth	NOUN
easat-7520	127	8	funds	fund	NOUN
easat-7520	127	9	(	(	PUNCT
easat-7520	127	10	swfs	swfs	PROPN
easat-7520	127	11	)	)	PUNCT
easat-7520	127	12	from	from	ADP
easat-7520	127	13	different	different	ADJ
easat-7520	127	14	countries	country	NOUN
easat-7520	127	15	and	and	CCONJ
easat-7520	127	16	did	do	AUX
easat-7520	127	17	not	not	PART
easat-7520	127	18	find	find	VERB
easat-7520	127	19	any	any	DET
easat-7520	127	20	indication	indication	NOUN
easat-7520	127	21	of	of	ADP
easat-7520	127	22	swf	swf	NOUN
easat-7520	127	23	managers	manager	NOUN
easat-7520	127	24	'	'	PART
easat-7520	127	25	herding	herding	NOUN
easat-7520	127	26	in	in	ADP
easat-7520	127	27	the	the	DET
easat-7520	127	28	stock	stock	NOUN
easat-7520	127	29	market	market	NOUN
easat-7520	127	30	.	.	PUNCT
easat-7520	128	1	this	this	DET
easat-7520	128	2	study	study	NOUN
easat-7520	128	3	provides	provide	VERB
easat-7520	128	4	a	a	DET
easat-7520	128	5	useful	useful	ADJ
easat-7520	128	6	exception	exception	NOUN
easat-7520	128	7	to	to	ADP
easat-7520	128	8	the	the	DET
easat-7520	128	9	general	general	ADJ
easat-7520	128	10	trends	trend	NOUN
easat-7520	128	11	of	of	ADP
easat-7520	128	12	herding	herd	VERB
easat-7520	128	13	in	in	ADP
easat-7520	128	14	other	other	ADJ
easat-7520	128	15	contexts	contexts	NOUN
easat-7520	128	16	.	.	PUNCT
easat-7520	129	1	sovereign	sovereign	ADJ
easat-7520	129	2	wealth	wealth	NOUN
easat-7520	129	3	funds	fund	NOUN
easat-7520	129	4	,	,	PUNCT
easat-7520	129	5	often	often	ADV
easat-7520	129	6	managed	manage	VERB
easat-7520	129	7	by	by	ADP
easat-7520	129	8	extremely	extremely	ADV
easat-7520	129	9	professional	professional	ADJ
easat-7520	129	10	personnel	personnel	NOUN
easat-7520	129	11	with	with	ADP
easat-7520	129	12	access	access	NOUN
easat-7520	129	13	to	to	ADP
easat-7520	129	14	a	a	DET
easat-7520	129	15	great	great	ADJ
easat-7520	129	16	amount	amount	NOUN
easat-7520	129	17	of	of	ADP
easat-7520	129	18	information	information	NOUN
easat-7520	129	19	,	,	PUNCT
easat-7520	129	20	can	can	AUX
easat-7520	129	21	be	be	AUX
easat-7520	129	22	more	more	ADV
easat-7520	129	23	driven	drive	VERB
easat-7520	129	24	by	by	ADP
easat-7520	129	25	strategic	strategic	ADJ
easat-7520	129	26	decision	decision	NOUN
easat-7520	129	27	-	-	PUNCT
easat-7520	129	28	making	making	NOUN
easat-7520	129	29	rather	rather	ADV
easat-7520	129	30	than	than	ADP
easat-7520	129	31	imitating	imitate	VERB
easat-7520	129	32	others	other	NOUN
easat-7520	129	33	.	.	PUNCT
easat-7520	130	1	on	on	ADP
easat-7520	130	2	the	the	DET
easat-7520	130	3	other	other	ADJ
easat-7520	130	4	hand	hand	NOUN
easat-7520	130	5	,	,	PUNCT
easat-7520	130	6	stavroyiannis	stavroyiannis	NOUN
easat-7520	130	7	and	and	CCONJ
easat-7520	130	8	babalos	babalo	NOUN
easat-7520	130	9	[	[	X
easat-7520	130	10	25	25	NUM
easat-7520	130	11	]	]	PUNCT
easat-7520	130	12	tested	test	VERB
easat-7520	130	13	the	the	DET
easat-7520	130	14	herd	herd	ADJ
easat-7520	130	15	effect	effect	NOUN
easat-7520	130	16	on	on	ADP
easat-7520	130	17	the	the	DET
easat-7520	130	18	american	american	ADJ
easat-7520	130	19	citizens	citizen	NOUN
easat-7520	130	20	'	'	PART
easat-7520	130	21	stock	stock	NOUN
easat-7520	130	22	market	market	NOUN
easat-7520	130	23	and	and	CCONJ
easat-7520	130	24	supported	support	VERB
easat-7520	130	25	the	the	DET
easat-7520	130	26	existence	existence	NOUN
easat-7520	130	27	of	of	ADP
easat-7520	130	28	herd	herd	NOUN
easat-7520	130	29	behavior	behavior	NOUN
easat-7520	130	30	in	in	ADP
easat-7520	130	31	financial	financial	ADJ
easat-7520	130	32	markets	market	NOUN
easat-7520	130	33	.	.	PUNCT
easat-7520	131	1	their	their	PRON
easat-7520	131	2	findings	finding	NOUN
easat-7520	131	3	validate	validate	VERB
easat-7520	131	4	patterns	pattern	NOUN
easat-7520	131	5	of	of	ADP
easat-7520	131	6	herding	herd	VERB
easat-7520	131	7	in	in	ADP
easat-7520	131	8	retail	retail	ADJ
easat-7520	131	9	investor	investor	NOUN
easat-7520	131	10	behavior	behavior	NOUN
easat-7520	131	11	overall	overall	ADV
easat-7520	131	12	,	,	PUNCT
easat-7520	131	13	where	where	SCONJ
easat-7520	131	14	social	social	ADJ
easat-7520	131	15	and	and	CCONJ
easat-7520	131	16	psychological	psychological	ADJ
easat-7520	131	17	factors	factor	NOUN
easat-7520	131	18	can	can	AUX
easat-7520	131	19	overwhelm	overwhelm	VERB
easat-7520	131	20	decision	decision	NOUN
easat-7520	131	21	-	-	PUNCT
easat-7520	131	22	making	making	NOUN
easat-7520	131	23	.	.	PUNCT
easat-7520	132	1	validation	validation	NOUN
easat-7520	132	2	of	of	ADP
easat-7520	132	3	herding	herd	VERB
easat-7520	132	4	in	in	ADP
easat-7520	132	5	the	the	DET
easat-7520	132	6	american	american	ADJ
easat-7520	132	7	market	market	NOUN
easat-7520	132	8	also	also	ADV
easat-7520	132	9	validates	validate	VERB
easat-7520	132	10	that	that	SCONJ
easat-7520	132	11	even	even	ADV
easat-7520	132	12	in	in	ADP
easat-7520	132	13	mature	mature	ADJ
easat-7520	132	14	and	and	CCONJ
easat-7520	132	15	transparent	transparent	ADJ
easat-7520	132	16	markets	market	NOUN
easat-7520	132	17	,	,	PUNCT
easat-7520	132	18	herding	herding	NOUN
easat-7520	132	19	can	can	AUX
easat-7520	132	20	drive	drive	VERB
easat-7520	132	21	price	price	NOUN
easat-7520	132	22	movements	movement	NOUN
easat-7520	132	23	.	.	PUNCT
easat-7520	133	1	yang	yang	PROPN
easat-7520	133	2	,	,	PUNCT
easat-7520	133	3	et	et	PROPN
easat-7520	133	4	al	al	PROPN
easat-7520	133	5	.	.	PUNCT
easat-7520	134	1	[	[	X
easat-7520	134	2	26	26	NUM
easat-7520	134	3	]	]	PUNCT
easat-7520	134	4	investigated	investigate	VERB
easat-7520	134	5	the	the	DET
easat-7520	134	6	2599	2599	NUM
easat-7520	134	7	edelweiss	edelweiss	PROPN
easat-7520	134	8	applied	apply	VERB
easat-7520	134	9	science	science	NOUN
easat-7520	134	10	and	and	CCONJ
easat-7520	134	11	technology	technology	NOUN
easat-7520	134	12	issn	issn	PROPN
easat-7520	134	13	:	:	PUNCT
easat-7520	134	14	2576	2576	NUM
easat-7520	134	15	-	-	SYM
easat-7520	134	16	8484	8484	NUM
easat-7520	134	17	vol	vol	NOUN
easat-7520	134	18	.	.	PROPN
easat-7520	135	1	9	9	NUM
easat-7520	135	2	,	,	PUNCT
easat-7520	135	3	no	no	INTJ
easat-7520	135	4	.	.	NOUN
easat-7520	135	5	5	5	NUM
easat-7520	135	6	:	:	SYM
easat-7520	135	7	2595	2595	NUM
easat-7520	135	8	-	-	SYM
easat-7520	135	9	2603	2603	NUM
easat-7520	135	10	,	,	PUNCT
easat-7520	135	11	2025	2025	NUM
easat-7520	135	12	doi	doi	NOUN
easat-7520	135	13	:	:	PUNCT
easat-7520	135	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	135	15	©	©	NOUN
easat-7520	135	16	2025	2025	NUM
easat-7520	135	17	by	by	ADP
easat-7520	135	18	the	the	DET
easat-7520	135	19	author	author	NOUN
easat-7520	135	20	;	;	PUNCT
easat-7520	135	21	licensee	licensee	PROPN
easat-7520	135	22	learning	learning	NOUN
easat-7520	135	23	gate	gate	NOUN
easat-7520	135	24	performance	performance	NOUN
easat-7520	135	25	evaluation	evaluation	NOUN
easat-7520	135	26	influence	influence	NOUN
easat-7520	135	27	on	on	ADP
easat-7520	135	28	herd	herd	NOUN
easat-7520	135	29	behavior	behavior	NOUN
easat-7520	135	30	by	by	ADP
easat-7520	135	31	fund	fund	NOUN
easat-7520	135	32	managers	manager	NOUN
easat-7520	135	33	.	.	PUNCT
easat-7520	136	1	their	their	PRON
easat-7520	136	2	observations	observation	NOUN
easat-7520	136	3	revealed	reveal	VERB
easat-7520	136	4	that	that	SCONJ
easat-7520	136	5	herding	herding	NOUN
easat-7520	136	6	is	be	AUX
easat-7520	136	7	relatively	relatively	ADV
easat-7520	136	8	less	less	ADV
easat-7520	136	9	prevalent	prevalent	ADJ
easat-7520	136	10	under	under	ADP
easat-7520	136	11	variable	variable	ADJ
easat-7520	136	12	prices	price	NOUN
easat-7520	136	13	as	as	SCONJ
easat-7520	136	14	opposed	oppose	VERB
easat-7520	136	15	to	to	ADP
easat-7520	136	16	fixed	fix	VERB
easat-7520	136	17	.	.	PUNCT
easat-7520	137	1	further	far	ADV
easat-7520	137	2	,	,	PUNCT
easat-7520	137	3	they	they	PRON
easat-7520	137	4	found	find	VERB
easat-7520	137	5	that	that	SCONJ
easat-7520	137	6	herding	herding	NOUN
easat-7520	137	7	is	be	AUX
easat-7520	137	8	largely	largely	ADV
easat-7520	137	9	eliminated	eliminate	VERB
easat-7520	137	10	when	when	SCONJ
easat-7520	137	11	relative	relative	ADJ
easat-7520	137	12	performance	performance	NOUN
easat-7520	137	13	assessment	assessment	NOUN
easat-7520	137	14	goes	go	VERB
easat-7520	137	15	hand	hand	NOUN
easat-7520	137	16	-	-	PUNCT
easat-7520	137	17	in	in	ADP
easat-7520	137	18	-	-	PUNCT
easat-7520	137	19	hand	hand	NOUN
easat-7520	137	20	with	with	ADP
easat-7520	137	21	flexible	flexible	ADJ
easat-7520	137	22	pricing	pricing	NOUN
easat-7520	137	23	.	.	PUNCT
easat-7520	138	1	such	such	ADJ
easat-7520	138	2	observations	observation	NOUN
easat-7520	138	3	reflect	reflect	VERB
easat-7520	138	4	the	the	DET
easat-7520	138	5	role	role	NOUN
easat-7520	138	6	of	of	ADP
easat-7520	138	7	incentive	incentive	NOUN
easat-7520	138	8	systems	system	NOUN
easat-7520	138	9	and	and	CCONJ
easat-7520	138	10	regimes	regime	NOUN
easat-7520	138	11	in	in	ADP
easat-7520	138	12	the	the	DET
easat-7520	138	13	market	market	NOUN
easat-7520	138	14	influencing	influence	VERB
easat-7520	138	15	the	the	DET
easat-7520	138	16	inclination	inclination	NOUN
easat-7520	138	17	of	of	ADP
easat-7520	138	18	herding	herding	NOUN
easat-7520	138	19	,	,	PUNCT
easat-7520	138	20	and	and	CCONJ
easat-7520	138	21	consequently	consequently	ADV
easat-7520	138	22	,	,	PUNCT
easat-7520	138	23	the	the	DET
easat-7520	138	24	scope	scope	NOUN
easat-7520	138	25	of	of	ADP
easat-7520	138	26	curtailing	curtail	VERB
easat-7520	138	27	the	the	DET
easat-7520	138	28	same	same	ADJ
easat-7520	138	29	through	through	ADP
easat-7520	138	30	reforms	reform	NOUN
easat-7520	138	31	at	at	ADP
easat-7520	138	32	the	the	DET
easat-7520	138	33	organization	organization	NOUN
easat-7520	138	34	and	and	CCONJ
easat-7520	138	35	policy	policy	NOUN
easat-7520	138	36	levels	level	NOUN
easat-7520	138	37	.	.	PUNCT
easat-7520	139	1	empirical	empirical	ADJ
easat-7520	139	2	evidence	evidence	NOUN
easat-7520	139	3	by	by	ADP
easat-7520	139	4	youssef	youssef	PROPN
easat-7520	139	5	and	and	CCONJ
easat-7520	139	6	mokni	mokni	PROPN
easat-7520	139	7	[	[	X
easat-7520	139	8	27	27	NUM
easat-7520	139	9	]	]	PUNCT
easat-7520	139	10	confirms	confirm	VERB
easat-7520	139	11	the	the	DET
easat-7520	139	12	existence	existence	NOUN
easat-7520	139	13	of	of	ADP
easat-7520	139	14	herding	herd	VERB
easat-7520	139	15	behavior	behavior	NOUN
easat-7520	139	16	across	across	ADP
easat-7520	139	17	all	all	DET
easat-7520	139	18	gcc	gcc	NOUN
easat-7520	139	19	markets	market	NOUN
easat-7520	139	20	,	,	PUNCT
easat-7520	139	21	excluding	exclude	VERB
easat-7520	139	22	bahraini	bahraini	NOUN
easat-7520	139	23	and	and	CCONJ
easat-7520	139	24	kuwaiti	kuwaiti	PROPN
easat-7520	139	25	markets	market	NOUN
easat-7520	139	26	.	.	PUNCT
easat-7520	140	1	the	the	DET
easat-7520	140	2	exceptions	exception	NOUN
easat-7520	140	3	illustrate	illustrate	VERB
easat-7520	140	4	that	that	SCONJ
easat-7520	140	5	herding	herding	NOUN
easat-7520	140	6	behavior	behavior	NOUN
easat-7520	140	7	is	be	AUX
easat-7520	140	8	different	different	ADJ
easat-7520	140	9	in	in	ADP
easat-7520	140	10	all	all	DET
easat-7520	140	11	locations	location	NOUN
easat-7520	140	12	,	,	PUNCT
easat-7520	140	13	even	even	ADV
easat-7520	140	14	between	between	ADP
easat-7520	140	15	closely	closely	ADV
easat-7520	140	16	linked	link	VERB
easat-7520	140	17	markets	market	NOUN
easat-7520	140	18	.	.	PUNCT
easat-7520	141	1	market	market	NOUN
easat-7520	141	2	maturity	maturity	NOUN
easat-7520	141	3	,	,	PUNCT
easat-7520	141	4	liquidity	liquidity	NOUN
easat-7520	141	5	,	,	PUNCT
easat-7520	141	6	and	and	CCONJ
easat-7520	141	7	regulation	regulation	NOUN
easat-7520	141	8	are	be	AUX
easat-7520	141	9	explanatory	explanatory	ADJ
easat-7520	141	10	variables	variable	NOUN
easat-7520	141	11	used	use	VERB
easat-7520	141	12	to	to	PART
easat-7520	141	13	explain	explain	VERB
easat-7520	141	14	differences	difference	NOUN
easat-7520	141	15	and	and	CCONJ
easat-7520	141	16	provide	provide	VERB
easat-7520	141	17	insightful	insightful	ADJ
easat-7520	141	18	information	information	NOUN
easat-7520	141	19	to	to	ADP
easat-7520	141	20	regional	regional	ADJ
easat-7520	141	21	market	market	NOUN
easat-7520	141	22	participants	participant	NOUN
easat-7520	141	23	and	and	CCONJ
easat-7520	141	24	policymakers	policymaker	NOUN
easat-7520	142	1	[	[	X
easat-7520	142	2	28	28	NUM
easat-7520	142	3	]	]	PUNCT
easat-7520	142	4	.	.	PUNCT
easat-7520	143	1	herding	herd	VERB
easat-7520	143	2	asymmetry	asymmetry	NOUN
easat-7520	143	3	in	in	ADP
easat-7520	143	4	up	up	ADP
easat-7520	143	5	and	and	CCONJ
easat-7520	143	6	down	down	ADJ
easat-7520	143	7	markets	market	NOUN
easat-7520	143	8	was	be	AUX
easat-7520	143	9	examined	examine	VERB
easat-7520	143	10	by	by	ADP
easat-7520	143	11	kumar	kumar	PROPN
easat-7520	143	12	,	,	PUNCT
easat-7520	143	13	et	et	PROPN
easat-7520	143	14	al	al	PROPN
easat-7520	143	15	.	.	PUNCT
easat-7520	144	1	[	[	X
easat-7520	144	2	28	28	NUM
easat-7520	144	3	]	]	PUNCT
easat-7520	144	4	in	in	ADP
easat-7520	144	5	asian	asian	ADJ
easat-7520	144	6	economies	economy	NOUN
easat-7520	144	7	.	.	PUNCT
easat-7520	145	1	they	they	PRON
easat-7520	145	2	concluded	conclude	VERB
easat-7520	145	3	herding	herd	VERB
easat-7520	145	4	asymmetry	asymmetry	NOUN
easat-7520	145	5	in	in	ADP
easat-7520	145	6	up	up	ADP
easat-7520	145	7	and	and	CCONJ
easat-7520	145	8	down	down	ADV
easat-7520	145	9	markets	market	NOUN
easat-7520	145	10	and	and	CCONJ
easat-7520	145	11	indicated	indicate	VERB
easat-7520	145	12	that	that	SCONJ
easat-7520	145	13	during	during	ADP
easat-7520	145	14	periods	period	NOUN
easat-7520	145	15	of	of	ADP
easat-7520	145	16	high	high	ADJ
easat-7520	145	17	volatility	volatility	NOUN
easat-7520	145	18	,	,	PUNCT
easat-7520	145	19	herding	herding	NOUN
easat-7520	145	20	is	be	AUX
easat-7520	145	21	more	more	ADV
easat-7520	145	22	pronounced	pronounced	ADJ
easat-7520	145	23	.	.	PUNCT
easat-7520	146	1	their	their	PRON
easat-7520	146	2	research	research	NOUN
easat-7520	146	3	also	also	ADV
easat-7520	146	4	highlights	highlight	VERB
easat-7520	146	5	the	the	DET
easat-7520	146	6	time	time	NOUN
easat-7520	146	7	-	-	PUNCT
easat-7520	146	8	varying	vary	VERB
easat-7520	146	9	nature	nature	NOUN
easat-7520	146	10	of	of	ADP
easat-7520	146	11	herding	herding	NOUN
easat-7520	146	12	,	,	PUNCT
easat-7520	146	13	indicating	indicate	VERB
easat-7520	146	14	that	that	SCONJ
easat-7520	146	15	herding	herding	NOUN
easat-7520	146	16	varies	vary	VERB
easat-7520	146	17	over	over	ADP
easat-7520	146	18	time	time	NOUN
easat-7520	146	19	and	and	CCONJ
easat-7520	146	20	is	be	AUX
easat-7520	146	21	greatly	greatly	ADV
easat-7520	146	22	influenced	influence	VERB
easat-7520	146	23	by	by	ADP
easat-7520	146	24	volatility	volatility	NOUN
easat-7520	146	25	.	.	PUNCT
easat-7520	147	1	this	this	DET
easat-7520	147	2	research	research	NOUN
easat-7520	147	3	points	point	VERB
easat-7520	147	4	to	to	ADP
easat-7520	147	5	the	the	DET
easat-7520	147	6	volatility	volatility	NOUN
easat-7520	147	7	of	of	ADP
easat-7520	147	8	herding	herding	NOUN
easat-7520	147	9	,	,	PUNCT
easat-7520	147	10	which	which	PRON
easat-7520	147	11	can	can	AUX
easat-7520	147	12	not	not	PART
easat-7520	147	13	be	be	AUX
easat-7520	147	14	understood	understand	VERB
easat-7520	147	15	without	without	ADP
easat-7520	147	16	considering	consider	VERB
easat-7520	147	17	changing	change	VERB
easat-7520	147	18	market	market	NOUN
easat-7520	147	19	conditions	condition	NOUN
easat-7520	147	20	and	and	CCONJ
easat-7520	147	21	investor	investor	NOUN
easat-7520	147	22	sentiment	sentiment	NOUN
easat-7520	147	23	.	.	PUNCT
easat-7520	148	1	in	in	ADP
easat-7520	148	2	general	general	ADJ
easat-7520	148	3	,	,	PUNCT
easat-7520	148	4	the	the	DET
easat-7520	148	5	empirical	empirical	ADJ
easat-7520	148	6	work	work	NOUN
easat-7520	148	7	on	on	ADP
easat-7520	148	8	herd	herd	NOUN
easat-7520	148	9	behavior	behavior	NOUN
easat-7520	148	10	is	be	AUX
easat-7520	148	11	very	very	ADV
easat-7520	148	12	different	different	ADJ
easat-7520	148	13	geographically	geographically	ADV
easat-7520	148	14	,	,	PUNCT
easat-7520	148	15	by	by	ADP
easat-7520	148	16	market	market	NOUN
easat-7520	148	17	type	type	NOUN
easat-7520	148	18	,	,	PUNCT
easat-7520	148	19	investor	investor	NOUN
easat-7520	148	20	class	class	NOUN
easat-7520	148	21	,	,	PUNCT
easat-7520	148	22	and	and	CCONJ
easat-7520	148	23	by	by	ADP
easat-7520	148	24	economic	economic	ADJ
easat-7520	148	25	conditions	condition	NOUN
easat-7520	148	26	.	.	PUNCT
easat-7520	149	1	there	there	PRON
easat-7520	149	2	is	be	VERB
easat-7520	149	3	very	very	ADV
easat-7520	149	4	wide	wide	ADJ
easat-7520	149	5	variation	variation	NOUN
easat-7520	149	6	of	of	ADP
easat-7520	149	7	herding	herding	NOUN
easat-7520	149	8	behavior	behavior	NOUN
easat-7520	149	9	,	,	PUNCT
easat-7520	149	10	from	from	ADP
easat-7520	149	11	considerable	considerable	ADJ
easat-7520	149	12	herding	herding	NOUN
easat-7520	149	13	among	among	ADP
easat-7520	149	14	emerging	emerge	VERB
easat-7520	149	15	market	market	NOUN
easat-7520	149	16	mutual	mutual	ADJ
easat-7520	149	17	funds	fund	NOUN
easat-7520	149	18	[	[	X
easat-7520	149	19	18	18	NUM
easat-7520	149	20	]	]	PUNCT
easat-7520	149	21	to	to	ADP
easat-7520	149	22	no	no	DET
easat-7520	149	23	herding	herding	NOUN
easat-7520	149	24	among	among	ADP
easat-7520	149	25	sovereign	sovereign	ADJ
easat-7520	149	26	wealth	wealth	NOUN
easat-7520	149	27	fund	fund	NOUN
easat-7520	149	28	managers	manager	NOUN
easat-7520	149	29	[	[	X
easat-7520	149	30	24	24	NUM
easat-7520	149	31	]	]	PUNCT
easat-7520	149	32	and	and	CCONJ
easat-7520	149	33	professional	professional	ADJ
easat-7520	149	34	investors	investor	NOUN
easat-7520	149	35	[	[	X
easat-7520	149	36	20	20	NUM
easat-7520	149	37	]	]	PUNCT
easat-7520	149	38	.	.	PUNCT
easat-7520	150	1	regional	regional	ADJ
easat-7520	150	2	research	research	NOUN
easat-7520	150	3	by	by	ADP
easat-7520	150	4	economou	economou	PROPN
easat-7520	150	5	,	,	PUNCT
easat-7520	150	6	et	et	PROPN
easat-7520	150	7	al	al	PROPN
easat-7520	150	8	.	.	PUNCT
easat-7520	151	1	[	[	X
easat-7520	151	2	22	22	NUM
easat-7520	151	3	]	]	PUNCT
easat-7520	151	4	and	and	CCONJ
easat-7520	151	5	youssef	youssef	PROPN
easat-7520	151	6	and	and	CCONJ
easat-7520	151	7	mokni	mokni	PROPN
easat-7520	151	8	[	[	X
easat-7520	151	9	27	27	NUM
easat-7520	151	10	]	]	PUNCT
easat-7520	151	11	supports	support	VERB
easat-7520	151	12	the	the	DET
easat-7520	151	13	influence	influence	NOUN
easat-7520	151	14	of	of	ADP
easat-7520	151	15	local	local	ADJ
easat-7520	151	16	conditions	condition	NOUN
easat-7520	151	17	on	on	ADP
easat-7520	151	18	herd	herd	NOUN
easat-7520	151	19	behavior	behavior	NOUN
easat-7520	151	20	,	,	PUNCT
easat-7520	151	21	while	while	SCONJ
easat-7520	151	22	global	global	ADJ
easat-7520	151	23	research	research	NOUN
easat-7520	151	24	by	by	ADP
easat-7520	151	25	chen	chen	PROPN
easat-7520	151	26	[	[	X
easat-7520	151	27	23	23	NUM
easat-7520	151	28	]	]	PUNCT
easat-7520	151	29	finds	find	VERB
easat-7520	151	30	universal	universal	ADJ
easat-7520	151	31	trends	trend	NOUN
easat-7520	151	32	in	in	ADP
easat-7520	151	33	developed	develop	VERB
easat-7520	151	34	,	,	PUNCT
easat-7520	151	35	emerging	emerge	VERB
easat-7520	151	36	,	,	PUNCT
easat-7520	151	37	and	and	CCONJ
easat-7520	151	38	frontier	frontier	NOUN
easat-7520	151	39	markets	market	NOUN
easat-7520	151	40	.	.	PUNCT
easat-7520	152	1	the	the	DET
easat-7520	152	2	dynamic	dynamic	ADJ
easat-7520	152	3	nature	nature	NOUN
easat-7520	152	4	of	of	ADP
easat-7520	152	5	herding	herding	NOUN
easat-7520	152	6	,	,	PUNCT
easat-7520	152	7	as	as	SCONJ
easat-7520	152	8	evidenced	evidence	VERB
easat-7520	152	9	by	by	ADP
easat-7520	152	10	kumar	kumar	PROPN
easat-7520	152	11	,	,	PUNCT
easat-7520	152	12	et	et	PROPN
easat-7520	152	13	al	al	PROPN
easat-7520	152	14	.	.	PUNCT
easat-7520	153	1	[	[	X
easat-7520	153	2	28	28	NUM
easat-7520	153	3	]	]	PUNCT
easat-7520	153	4	and	and	CCONJ
easat-7520	153	5	yang	yang	PROPN
easat-7520	153	6	,	,	PUNCT
easat-7520	153	7	et	et	PROPN
easat-7520	153	8	al	al	PROPN
easat-7520	153	9	.	.	PUNCT
easat-7520	154	1	[	[	X
easat-7520	154	2	26	26	NUM
easat-7520	154	3	]	]	X
easat-7520	154	4	further	far	ADV
easat-7520	154	5	supports	support	VERB
easat-7520	154	6	the	the	DET
easat-7520	154	7	influence	influence	NOUN
easat-7520	154	8	of	of	ADP
easat-7520	154	9	market	market	NOUN
easat-7520	154	10	conditions	condition	NOUN
easat-7520	154	11	and	and	CCONJ
easat-7520	154	12	performance	performance	NOUN
easat-7520	154	13	incentives	incentive	NOUN
easat-7520	154	14	.	.	PUNCT
easat-7520	155	1	these	these	DET
easat-7520	155	2	findings	finding	NOUN
easat-7520	155	3	combined	combine	VERB
easat-7520	155	4	augment	augment	VERB
easat-7520	155	5	the	the	DET
easat-7520	155	6	understanding	understanding	NOUN
easat-7520	155	7	of	of	ADP
easat-7520	155	8	herding	herding	NOUN
easat-7520	155	9	behavior	behavior	NOUN
easat-7520	155	10	,	,	PUNCT
easat-7520	155	11	contributing	contribute	VERB
easat-7520	155	12	useful	useful	ADJ
easat-7520	155	13	implications	implication	NOUN
easat-7520	155	14	to	to	ADP
easat-7520	155	15	policymakers	policymaker	NOUN
easat-7520	155	16	,	,	PUNCT
easat-7520	155	17	regulators	regulator	NOUN
easat-7520	155	18	,	,	PUNCT
easat-7520	155	19	and	and	CCONJ
easat-7520	155	20	investors	investor	NOUN
easat-7520	155	21	in	in	ADP
easat-7520	155	22	addressing	address	VERB
easat-7520	155	23	and	and	CCONJ
easat-7520	155	24	managing	manage	VERB
easat-7520	155	25	its	its	PRON
easat-7520	155	26	impact	impact	NOUN
easat-7520	155	27	.	.	PUNCT
easat-7520	156	1	after	after	ADP
easat-7520	156	2	perusing	peruse	VERB
easat-7520	156	3	the	the	DET
easat-7520	156	4	existing	exist	VERB
easat-7520	156	5	empirical	empirical	ADJ
easat-7520	156	6	literature	literature	NOUN
easat-7520	156	7	,	,	PUNCT
easat-7520	156	8	it	it	PRON
easat-7520	156	9	can	can	AUX
easat-7520	156	10	be	be	AUX
easat-7520	156	11	seen	see	VERB
easat-7520	156	12	that	that	SCONJ
easat-7520	156	13	the	the	DET
easat-7520	156	14	issue	issue	NOUN
easat-7520	156	15	of	of	ADP
easat-7520	156	16	herding	herding	NOUN
easat-7520	156	17	behavior	behavior	NOUN
easat-7520	156	18	has	have	VERB
easat-7520	156	19	yet	yet	ADV
easat-7520	156	20	to	to	PART
easat-7520	156	21	be	be	AUX
easat-7520	156	22	addressed	address	VERB
easat-7520	156	23	,	,	PUNCT
easat-7520	156	24	as	as	SCONJ
easat-7520	156	25	evidenced	evidence	VERB
easat-7520	156	26	by	by	ADP
easat-7520	156	27	the	the	DET
easat-7520	156	28	reflective	reflective	ADJ
easat-7520	156	29	findings	finding	NOUN
easat-7520	156	30	around	around	ADP
easat-7520	156	31	the	the	DET
easat-7520	156	32	world	world	NOUN
easat-7520	156	33	.	.	PUNCT
easat-7520	157	1	in	in	ADP
easat-7520	157	2	this	this	DET
easat-7520	157	3	research	research	NOUN
easat-7520	157	4	,	,	PUNCT
easat-7520	157	5	however	however	ADV
easat-7520	157	6	,	,	PUNCT
easat-7520	157	7	the	the	DET
easat-7520	157	8	following	follow	VERB
easat-7520	157	9	hypothesis	hypothesis	NOUN
easat-7520	157	10	is	be	AUX
easat-7520	157	11	created	create	VERB
easat-7520	157	12	in	in	ADP
easat-7520	157	13	order	order	NOUN
easat-7520	157	14	to	to	PART
easat-7520	157	15	examine	examine	VERB
easat-7520	157	16	the	the	DET
easat-7520	157	17	herding	herding	NOUN
easat-7520	157	18	effect	effect	NOUN
easat-7520	157	19	under	under	ADP
easat-7520	157	20	the	the	DET
easat-7520	157	21	pex	pex	NOUN
easat-7520	157	22	.	.	PUNCT
easat-7520	158	1	ha	ha	INTJ
easat-7520	158	2	:	:	PUNCT
easat-7520	158	3	the	the	DET
easat-7520	158	4	herd	herd	ADJ
easat-7520	158	5	effect	effect	NOUN
easat-7520	158	6	is	be	AUX
easat-7520	158	7	present	present	ADJ
easat-7520	158	8	in	in	ADP
easat-7520	158	9	pex	pex	PROPN
easat-7520	158	10	.	.	PROPN
easat-7520	159	1	3	3	X
easat-7520	159	2	.	.	X
easat-7520	159	3	methodology	methodology	NOUN
easat-7520	159	4	3.1	3.1	NUM
easat-7520	159	5	.	.	PUNCT
easat-7520	159	6	data	datum	NOUN
easat-7520	159	7	collection	collection	NOUN
easat-7520	159	8	and	and	CCONJ
easat-7520	159	9	modeling	modeling	NOUN
easat-7520	159	10	to	to	PART
easat-7520	159	11	achieve	achieve	VERB
easat-7520	159	12	the	the	DET
easat-7520	159	13	objective	objective	NOUN
easat-7520	160	1	,	,	PUNCT
easat-7520	160	2	the	the	DET
easat-7520	160	3	study	study	NOUN
easat-7520	160	4	conducts	conduct	NOUN
easat-7520	160	5	pooled	pool	VERB
easat-7520	160	6	cross	cross	ADJ
easat-7520	160	7	-	-	ADJ
easat-7520	160	8	sectional	sectional	ADJ
easat-7520	160	9	data	datum	NOUN
easat-7520	160	10	from	from	ADP
easat-7520	160	11	all	all	DET
easat-7520	160	12	listed	list	VERB
easat-7520	160	13	firms	firm	NOUN
easat-7520	160	14	(	(	PUNCT
easat-7520	160	15	49	49	NUM
easat-7520	160	16	firms	firm	NOUN
easat-7520	160	17	)	)	PUNCT
easat-7520	160	18	in	in	ADP
easat-7520	160	19	pex	pex	PROPN
easat-7520	160	20	from	from	ADP
easat-7520	160	21	2018	2018	NUM
easat-7520	160	22	to	to	ADP
easat-7520	160	23	2022	2022	NUM
easat-7520	160	24	(	(	PUNCT
easat-7520	160	25	all	all	DET
easat-7520	160	26	data	datum	NOUN
easat-7520	160	27	are	be	AUX
easat-7520	160	28	available	available	ADJ
easat-7520	160	29	at	at	ADP
easat-7520	160	30	https://web.pex.ps	https://web.pex.ps	NUM
easat-7520	160	31	)	)	PUNCT
easat-7520	160	32	.	.	PUNCT
easat-7520	161	1	according	accord	VERB
easat-7520	161	2	to	to	ADP
easat-7520	161	3	christie	christie	PROPN
easat-7520	161	4	and	and	CCONJ
easat-7520	161	5	huang	huang	PROPN
easat-7520	161	6	[	[	X
easat-7520	161	7	29	29	NUM
easat-7520	161	8	]	]	PUNCT
easat-7520	161	9	;	;	PUNCT
easat-7520	161	10	chang	chang	PROPN
easat-7520	161	11	,	,	PUNCT
easat-7520	161	12	et	et	PROPN
easat-7520	161	13	al	al	PROPN
easat-7520	161	14	.	.	PUNCT
easat-7520	162	1	[	[	X
easat-7520	162	2	30	30	NUM
easat-7520	162	3	]	]	PUNCT
easat-7520	162	4	;	;	PUNCT
easat-7520	162	5	gleason	gleason	PROPN
easat-7520	162	6	,	,	PUNCT
easat-7520	162	7	et	et	PROPN
easat-7520	162	8	al	al	PROPN
easat-7520	162	9	.	.	PUNCT
easat-7520	163	1	[	[	X
easat-7520	163	2	31	31	NUM
easat-7520	163	3	]	]	PUNCT
easat-7520	163	4	and	and	CCONJ
easat-7520	163	5	gleason	gleason	PROPN
easat-7520	163	6	,	,	PUNCT
easat-7520	163	7	et	et	PROPN
easat-7520	163	8	al	al	PROPN
easat-7520	163	9	.	.	PUNCT
easat-7520	164	1	[	[	X
easat-7520	164	2	32	32	NUM
easat-7520	164	3	]	]	PUNCT
easat-7520	164	4	the	the	DET
easat-7520	164	5	methodology	methodology	NOUN
easat-7520	164	6	's	's	PART
easat-7520	164	7	key	key	ADJ
easat-7520	164	8	concept	concept	NOUN
easat-7520	164	9	is	be	AUX
easat-7520	164	10	the	the	DET
easat-7520	164	11	claim	claim	NOUN
easat-7520	164	12	that	that	SCONJ
easat-7520	164	13	the	the	DET
easat-7520	164	14	existence	existence	NOUN
easat-7520	164	15	of	of	ADP
easat-7520	164	16	herd	herd	NOUN
easat-7520	164	17	behavior	behavior	NOUN
easat-7520	164	18	would	would	AUX
easat-7520	164	19	cause	cause	VERB
easat-7520	164	20	stock	stock	NOUN
easat-7520	164	21	returns	return	NOUN
easat-7520	164	22	to	to	PART
easat-7520	164	23	follow	follow	VERB
easat-7520	164	24	overall	overall	ADJ
easat-7520	164	25	market	market	NOUN
easat-7520	164	26	returns	return	NOUN
easat-7520	164	27	closely	closely	ADV
easat-7520	164	28	;	;	PUNCT
easat-7520	164	29	this	this	DET
easat-7520	164	30	argument	argument	NOUN
easat-7520	164	31	is	be	AUX
easat-7520	164	32	founded	found	VERB
easat-7520	164	33	on	on	ADP
easat-7520	164	34	the	the	DET
easat-7520	164	35	presumption	presumption	NOUN
easat-7520	164	36	that	that	SCONJ
easat-7520	164	37	people	people	NOUN
easat-7520	164	38	ignore	ignore	VERB
easat-7520	164	39	their	their	PRON
easat-7520	164	40	own	own	ADJ
easat-7520	164	41	beliefs	belief	NOUN
easat-7520	164	42	and	and	CCONJ
easat-7520	164	43	base	base	VERB
easat-7520	164	44	their	their	PRON
easat-7520	164	45	investment	investment	NOUN
easat-7520	164	46	decisions	decision	NOUN
easat-7520	164	47	completely	completely	ADV
easat-7520	164	48	on	on	ADP
easat-7520	164	49	the	the	DET
easat-7520	164	50	market	market	NOUN
easat-7520	164	51	's	's	PART
easat-7520	164	52	collective	collective	ADJ
easat-7520	164	53	behavior	behavior	NOUN
easat-7520	164	54	.	.	PUNCT
easat-7520	165	1	the	the	DET
easat-7520	165	2	first	first	ADJ
easat-7520	165	3	step	step	NOUN
easat-7520	165	4	of	of	ADP
easat-7520	165	5	the	the	DET
easat-7520	165	6	method	method	NOUN
easat-7520	165	7	is	be	AUX
easat-7520	165	8	determining	determine	VERB
easat-7520	165	9	the	the	DET
easat-7520	165	10	deviation	deviation	NOUN
easat-7520	165	11	between	between	ADP
easat-7520	165	12	stock	stock	NOUN
easat-7520	165	13	returns	return	NOUN
easat-7520	165	14	and	and	CCONJ
easat-7520	165	15	market	market	NOUN
easat-7520	165	16	returns	return	NOUN
easat-7520	165	17	during	during	ADP
easat-7520	165	18	the	the	DET
easat-7520	165	19	study	study	NOUN
easat-7520	165	20	period	period	NOUN
easat-7520	165	21	using	use	VERB
easat-7520	165	22	the	the	DET
easat-7520	165	23	following	follow	VERB
easat-7520	165	24	cross	cross	ADJ
easat-7520	165	25	-	-	ADJ
easat-7520	165	26	sectional	sectional	ADJ
easat-7520	165	27	standard	standard	ADJ
easat-7520	165	28	deviation	deviation	NOUN
easat-7520	165	29	:	:	PUNCT
easat-7520	165	30	𝑆.	𝑆.	PROPN
easat-7520	165	31	𝐷.	𝐷.	NOUN
easat-7520	165	32	𝑡.	𝑡.	NOUN
easat-7520	165	33	=	=	PUNCT
easat-7520	165	34	√	√	PROPN
easat-7520	165	35	∑	∑	INTJ
easat-7520	165	36	(	(	PUNCT
easat-7520	165	37	𝑓.𝑟.𝑡	𝑓.𝑟.𝑡	NOUN
easat-7520	165	38	−𝑚.𝑟.𝑡)2𝑛	−𝑚.𝑟.𝑡)2𝑛	NOUN
easat-7520	165	39	𝑓=1	𝑓=1	X
easat-7520	165	40	𝑛−1	𝑛−1	PROPN
easat-7520	165	41	2	2	NUM
easat-7520	165	42	(	(	PUNCT
easat-7520	165	43	1	1	NUM
easat-7520	165	44	)	)	PUNCT
easat-7520	165	45	where	where	SCONJ
easat-7520	165	46	:	:	PUNCT
easat-7520	165	47	s.d.t	s.d.t	NOUN
easat-7520	165	48	=	=	X
easat-7520	165	49	the	the	DET
easat-7520	165	50	cross	cross	ADJ
easat-7520	165	51	-	-	ADJ
easat-7520	165	52	sectional	sectional	ADJ
easat-7520	165	53	standard	standard	ADJ
easat-7520	165	54	deviation	deviation	NOUN
easat-7520	165	55	of	of	ADP
easat-7520	165	56	stock	stock	NOUN
easat-7520	165	57	returns	return	NOUN
easat-7520	165	58	from	from	ADP
easat-7520	165	59	the	the	DET
easat-7520	165	60	market	market	NOUN
easat-7520	165	61	returns	return	NOUN
easat-7520	165	62	at	at	ADP
easat-7520	165	63	the	the	DET
easat-7520	165	64	time	time	NOUN
easat-7520	165	65	(	(	PUNCT
easat-7520	165	66	t	t	NOUN
easat-7520	165	67	)	)	PUNCT
easat-7520	165	68	.	.	PUNCT
easat-7520	166	1	s.r.t	s.r.t	PROPN
easat-7520	166	2	=	=	PUNCT
easat-7520	166	3	the	the	DET
easat-7520	166	4	firm	firm	NOUN
easat-7520	166	5	's	's	PART
easat-7520	166	6	stock	stock	NOUN
easat-7520	166	7	return	return	NOUN
easat-7520	166	8	(	(	PUNCT
easat-7520	166	9	f	f	X
easat-7520	166	10	)	)	PUNCT
easat-7520	166	11	for	for	ADP
easat-7520	166	12	the	the	DET
easat-7520	166	13	day	day	NOUN
easat-7520	166	14	(	(	PUNCT
easat-7520	166	15	t	t	PROPN
easat-7520	166	16	)	)	PUNCT
easat-7520	166	17	.	.	PUNCT
easat-7520	167	1	m.r.t	m.r.t	PROPN
easat-7520	167	2	=	=	SYM
easat-7520	167	3	al	al	PROPN
easat-7520	167	4	-	-	PUNCT
easat-7520	167	5	quds	quds	PROPN
easat-7520	167	6	index	index	NOUN
easat-7520	167	7	return	return	NOUN
easat-7520	167	8	for	for	ADP
easat-7520	167	9	the	the	DET
easat-7520	167	10	day	day	NOUN
easat-7520	167	11	(	(	PUNCT
easat-7520	167	12	t	t	PROPN
easat-7520	167	13	)	)	PUNCT
easat-7520	167	14	.	.	PUNCT
easat-7520	168	1	n	n	PRON
easat-7520	169	1	=	=	NOUN
easat-7520	169	2	the	the	DET
easat-7520	169	3	number	number	NOUN
easat-7520	169	4	of	of	ADP
easat-7520	169	5	firms	firm	NOUN
easat-7520	169	6	listed	list	VERB
easat-7520	169	7	in	in	ADP
easat-7520	169	8	pex	pex	PROPN
easat-7520	169	9	.	.	PUNCT
easat-7520	169	10	https://web.pex.ps/	https://web.pex.ps/	PROPN
easat-7520	169	11	2600	2600	NUM
easat-7520	169	12	edelweiss	edelweiss	PROPN
easat-7520	169	13	applied	apply	VERB
easat-7520	169	14	science	science	NOUN
easat-7520	169	15	and	and	CCONJ
easat-7520	169	16	technology	technology	NOUN
easat-7520	169	17	issn	issn	PROPN
easat-7520	169	18	:	:	PUNCT
easat-7520	169	19	2576	2576	NUM
easat-7520	169	20	-	-	SYM
easat-7520	169	21	8484	8484	NUM
easat-7520	169	22	vol	vol	NOUN
easat-7520	169	23	.	.	PROPN
easat-7520	170	1	9	9	NUM
easat-7520	170	2	,	,	PUNCT
easat-7520	170	3	no	no	INTJ
easat-7520	170	4	.	.	NOUN
easat-7520	170	5	5	5	NUM
easat-7520	170	6	:	:	SYM
easat-7520	170	7	2595	2595	NUM
easat-7520	170	8	-	-	SYM
easat-7520	170	9	2603	2603	NUM
easat-7520	170	10	,	,	PUNCT
easat-7520	170	11	2025	2025	NUM
easat-7520	170	12	doi	doi	NOUN
easat-7520	170	13	:	:	PUNCT
easat-7520	170	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	170	15	©	©	NOUN
easat-7520	170	16	2025	2025	NUM
easat-7520	170	17	by	by	ADP
easat-7520	170	18	the	the	DET
easat-7520	170	19	author	author	NOUN
easat-7520	170	20	;	;	PUNCT
easat-7520	170	21	licensee	licensee	PROPN
easat-7520	170	22	learning	learning	NOUN
easat-7520	170	23	gate	gate	VERB
easat-7520	170	24	the	the	DET
easat-7520	170	25	next	next	ADJ
easat-7520	170	26	step	step	NOUN
easat-7520	170	27	of	of	ADP
easat-7520	170	28	the	the	DET
easat-7520	170	29	method	method	NOUN
easat-7520	170	30	is	be	AUX
easat-7520	170	31	testing	test	VERB
easat-7520	170	32	the	the	DET
easat-7520	170	33	significance	significance	NOUN
easat-7520	170	34	of	of	ADP
easat-7520	170	35	the	the	DET
easat-7520	170	36	measured	measure	VERB
easat-7520	170	37	s.d.t	s.d.t	NOUN
easat-7520	170	38	using	use	VERB
easat-7520	170	39	the	the	DET
easat-7520	170	40	following	follow	VERB
easat-7520	170	41	linear	linear	PROPN
easat-7520	170	42	regression	regression	NOUN
easat-7520	170	43	model	model	NOUN
easat-7520	170	44	:	:	PUNCT
easat-7520	171	1	s.	s.	PROPN
easat-7520	171	2	d.	d.	PROPN
easat-7520	171	3	t.	t.	PROPN
easat-7520	171	4	=	=	PROPN
easat-7520	171	5	α	α	PROPN
easat-7520	171	6	+	+	X
easat-7520	171	7	β1	β1	PROPN
easat-7520	171	8	*	*	PUNCT
easat-7520	171	9	ql.t+	ql.t+	NOUN
easat-7520	171	10	β2	β2	NOUN
easat-7520	171	11	*	*	NOUN
easat-7520	171	12	qu.t+	qu.t+	NOUN
easat-7520	171	13	ε	ε	PROPN
easat-7520	171	14	(	(	PUNCT
easat-7520	171	15	2	2	NUM
easat-7520	171	16	)	)	PUNCT
easat-7520	171	17	𝑄𝑙.𝑡	𝑄𝑙.𝑡	PUNCT
easat-7520	172	1	=	=	PUNCT
easat-7520	172	2	1	1	NUM
easat-7520	172	3	if	if	SCONJ
easat-7520	172	4	the	the	DET
easat-7520	172	5	return	return	NOUN
easat-7520	172	6	of	of	ADP
easat-7520	172	7	alquds	alquds	ADJ
easat-7520	172	8	index	index	NOUN
easat-7520	172	9	on	on	ADP
easat-7520	172	10	day	day	NOUN
easat-7520	172	11	t	t	PROPN
easat-7520	172	12	lies	lie	VERB
easat-7520	172	13	in	in	ADP
easat-7520	172	14	the	the	DET
easat-7520	172	15	lower	low	ADJ
easat-7520	172	16	tail	tail	NOUN
easat-7520	172	17	of	of	ADP
easat-7520	172	18	the	the	DET
easat-7520	172	19	return	return	NOUN
easat-7520	172	20	distribution	distribution	NOUN
easat-7520	172	21	,	,	PUNCT
easat-7520	172	22	zero	zero	NUM
easat-7520	172	23	otherwise	otherwise	ADV
easat-7520	172	24	.	.	PUNCT
easat-7520	172	25	𝑄𝑢.𝑡	𝑄𝑢.𝑡	X
easat-7520	173	1	=	=	SYM
easat-7520	173	2	1	1	NUM
easat-7520	173	3	,	,	PUNCT
easat-7520	173	4	if	if	SCONJ
easat-7520	173	5	the	the	DET
easat-7520	173	6	return	return	NOUN
easat-7520	173	7	of	of	ADP
easat-7520	173	8	alquds	alquds	ADJ
easat-7520	173	9	index	index	NOUN
easat-7520	173	10	on	on	ADP
easat-7520	173	11	day	day	NOUN
easat-7520	173	12	t	t	PROPN
easat-7520	173	13	lies	lie	VERB
easat-7520	173	14	in	in	ADP
easat-7520	173	15	the	the	DET
easat-7520	173	16	upper	upper	ADJ
easat-7520	173	17	tail	tail	NOUN
easat-7520	173	18	of	of	ADP
easat-7520	173	19	the	the	DET
easat-7520	173	20	return	return	NOUN
easat-7520	173	21	distribution	distribution	NOUN
easat-7520	173	22	,	,	PUNCT
easat-7520	173	23	zero	zero	NUM
easat-7520	173	24	otherwise	otherwise	ADV
easat-7520	173	25	.	.	PUNCT
easat-7520	174	1	according	accord	VERB
easat-7520	174	2	to	to	ADP
easat-7520	174	3	the	the	DET
easat-7520	174	4	literature	literature	NOUN
easat-7520	174	5	,	,	PUNCT
easat-7520	174	6	an	an	DET
easat-7520	174	7	extreme	extreme	ADJ
easat-7520	174	8	market	market	NOUN
easat-7520	174	9	return	return	NOUN
easat-7520	174	10	is	be	AUX
easat-7520	174	11	one	one	NUM
easat-7520	174	12	that	that	PRON
easat-7520	174	13	falls	fall	VERB
easat-7520	174	14	in	in	ADP
easat-7520	174	15	the	the	DET
easat-7520	174	16	bottom	bottom	NOUN
easat-7520	174	17	or	or	CCONJ
easat-7520	174	18	upper	upper	ADJ
easat-7520	174	19	1	1	NUM
easat-7520	174	20	%	%	NOUN
easat-7520	174	21	or	or	CCONJ
easat-7520	174	22	5	5	NUM
easat-7520	174	23	%	%	NOUN
easat-7520	174	24	of	of	ADP
easat-7520	174	25	the	the	DET
easat-7520	174	26	return	return	NOUN
easat-7520	174	27	distribution	distribution	NOUN
easat-7520	174	28	[	[	X
easat-7520	174	29	33	33	NUM
easat-7520	174	30	]	]	PUNCT
easat-7520	174	31	.	.	PUNCT
easat-7520	175	1	market	market	NOUN
easat-7520	175	2	participants	participant	NOUN
easat-7520	175	3	'	'	PART
easat-7520	175	4	herd	herd	NOUN
easat-7520	175	5	formation	formation	NOUN
easat-7520	175	6	would	would	AUX
easat-7520	175	7	be	be	AUX
easat-7520	175	8	indicated	indicate	VERB
easat-7520	175	9	by	by	ADP
easat-7520	175	10	the	the	DET
easat-7520	175	11	presence	presence	NOUN
easat-7520	175	12	of	of	ADP
easat-7520	175	13	negative	negative	ADJ
easat-7520	175	14	and	and	CCONJ
easat-7520	175	15	statistically	statistically	ADV
easat-7520	175	16	significant	significant	ADJ
easat-7520	175	17	βl	βl	NOUN
easat-7520	175	18	(	(	PUNCT
easat-7520	175	19	for	for	ADP
easat-7520	175	20	down	down	ADP
easat-7520	175	21	markets	market	NOUN
easat-7520	175	22	)	)	PUNCT
easat-7520	175	23	and	and	CCONJ
easat-7520	175	24	βu	βu	INTJ
easat-7520	175	25	(	(	PUNCT
easat-7520	175	26	for	for	ADP
easat-7520	175	27	up	up	ADP
easat-7520	175	28	markets	market	NOUN
easat-7520	175	29	)	)	PUNCT
easat-7520	175	30	coefficients	coefficient	NOUN
easat-7520	175	31	,	,	PUNCT
easat-7520	175	32	as	as	SCONJ
easat-7520	175	33	herd	herd	NOUN
easat-7520	175	34	formation	formation	NOUN
easat-7520	175	35	denotes	denote	VERB
easat-7520	175	36	conformity	conformity	NOUN
easat-7520	175	37	with	with	ADP
easat-7520	175	38	market	market	NOUN
easat-7520	175	39	consensus	consensus	NOUN
easat-7520	175	40	.	.	PUNCT
easat-7520	176	1	4	4	X
easat-7520	176	2	.	.	NOUN
easat-7520	176	3	results	result	NOUN
easat-7520	176	4	and	and	CCONJ
easat-7520	176	5	discussion	discussion	NOUN
easat-7520	176	6	starting	start	VERB
easat-7520	176	7	with	with	ADP
easat-7520	176	8	the	the	DET
easat-7520	176	9	descriptive	descriptive	ADJ
easat-7520	176	10	statistics	statistic	NOUN
easat-7520	176	11	of	of	ADP
easat-7520	176	12	the	the	DET
easat-7520	176	13	conducted	conduct	VERB
easat-7520	176	14	data	datum	NOUN
easat-7520	176	15	,	,	PUNCT
easat-7520	176	16	the	the	DET
easat-7520	176	17	final	final	ADJ
easat-7520	176	18	count	count	NOUN
easat-7520	176	19	of	of	ADP
easat-7520	176	20	observations	observation	NOUN
easat-7520	176	21	after	after	ADP
easat-7520	176	22	excluding	exclude	VERB
easat-7520	176	23	the	the	DET
easat-7520	176	24	days	day	NOUN
easat-7520	176	25	of	of	ADP
easat-7520	176	26	no	no	DET
easat-7520	176	27	trading	trading	NOUN
easat-7520	176	28	transactions	transaction	NOUN
easat-7520	176	29	is	be	AUX
easat-7520	176	30	(	(	PUNCT
easat-7520	176	31	858	858	NUM
easat-7520	176	32	)	)	PUNCT
easat-7520	176	33	records	record	NOUN
easat-7520	176	34	,	,	PUNCT
easat-7520	176	35	as	as	SCONJ
easat-7520	176	36	shown	show	VERB
easat-7520	176	37	in	in	ADP
easat-7520	176	38	table	table	NOUN
easat-7520	176	39	1	1	NUM
easat-7520	176	40	.	.	PUNCT
easat-7520	177	1	the	the	DET
easat-7520	177	2	mean	mean	NOUN
easat-7520	177	3	of	of	ADP
easat-7520	177	4	the	the	DET
easat-7520	177	5	cross	cross	ADJ
easat-7520	177	6	-	-	ADJ
easat-7520	177	7	sectional	sectional	ADJ
easat-7520	177	8	standard	standard	ADJ
easat-7520	177	9	deviations	deviation	NOUN
easat-7520	177	10	is	be	AUX
easat-7520	177	11	equal	equal	ADJ
easat-7520	177	12	to	to	ADP
easat-7520	177	13	(	(	PUNCT
easat-7520	177	14	0.22	0.22	NUM
easat-7520	177	15	)	)	PUNCT
easat-7520	177	16	.	.	PUNCT
easat-7520	178	1	table	table	NOUN
easat-7520	178	2	1	1	NUM
easat-7520	178	3	.	.	PUNCT
easat-7520	178	4	descriptive	descriptive	ADJ
easat-7520	178	5	statistics	statistic	NOUN
easat-7520	178	6	.	.	PUNCT
easat-7520	179	1	mean	mean	VERB
easat-7520	179	2	std	std	X
easat-7520	179	3	.	.	PUNCT
easat-7520	180	1	deviation	deviation	NOUN
easat-7520	181	1	n	n	NUM
easat-7520	181	2	sdt	sdt	NOUN
easat-7520	181	3	0.022575	0.022575	NUM
easat-7520	181	4	0.0235340	0.0235340	NUM
easat-7520	181	5	858	858	NUM
easat-7520	181	6	dlt	dlt	PROPN
easat-7520	181	7	0.05	0.05	NUM
easat-7520	181	8	0.221	0.221	NUM
easat-7520	181	9	858	858	NUM
easat-7520	181	10	dut	dut	NOUN
easat-7520	181	11	0.05	0.05	NUM
easat-7520	181	12	0.223	0.223	NUM
easat-7520	181	13	858	858	NUM
easat-7520	181	14	theoretically	theoretically	ADV
easat-7520	181	15	,	,	PUNCT
easat-7520	181	16	(	(	PUNCT
easat-7520	181	17	0.22	0.22	NUM
easat-7520	181	18	)	)	PUNCT
easat-7520	181	19	is	be	AUX
easat-7520	181	20	a	a	DET
easat-7520	181	21	low	low	ADJ
easat-7520	181	22	percentage	percentage	NOUN
easat-7520	181	23	of	of	ADP
easat-7520	181	24	standard	standard	ADJ
easat-7520	181	25	deviation	deviation	NOUN
easat-7520	181	26	,	,	PUNCT
easat-7520	181	27	which	which	PRON
easat-7520	181	28	is	be	AUX
easat-7520	181	29	a	a	DET
easat-7520	181	30	good	good	ADJ
easat-7520	181	31	indicator	indicator	NOUN
easat-7520	181	32	considering	consider	VERB
easat-7520	181	33	that	that	SCONJ
easat-7520	181	34	the	the	DET
easat-7520	181	35	individual	individual	ADJ
easat-7520	181	36	stock	stock	NOUN
easat-7520	181	37	returns	return	NOUN
easat-7520	181	38	are	be	AUX
easat-7520	181	39	consistent	consistent	ADJ
easat-7520	181	40	with	with	ADP
easat-7520	181	41	the	the	DET
easat-7520	181	42	market	market	NOUN
easat-7520	181	43	return	return	NOUN
easat-7520	181	44	.	.	PUNCT
easat-7520	182	1	thus	thus	ADV
easat-7520	182	2	,	,	PUNCT
easat-7520	182	3	according	accord	VERB
easat-7520	182	4	to	to	ADP
easat-7520	182	5	the	the	DET
easat-7520	182	6	methodology	methodology	NOUN
easat-7520	182	7	,	,	PUNCT
easat-7520	182	8	the	the	DET
easat-7520	182	9	investors	investor	NOUN
easat-7520	182	10	act	act	VERB
easat-7520	182	11	like	like	ADP
easat-7520	182	12	a	a	DET
easat-7520	182	13	herd	herd	NOUN
easat-7520	182	14	and	and	CCONJ
easat-7520	182	15	make	make	VERB
easat-7520	182	16	their	their	PRON
easat-7520	182	17	decisions	decision	NOUN
easat-7520	182	18	based	base	VERB
easat-7520	182	19	on	on	ADP
easat-7520	182	20	the	the	DET
easat-7520	182	21	market	market	NOUN
easat-7520	182	22	movements	movement	NOUN
easat-7520	182	23	.	.	PUNCT
easat-7520	183	1	on	on	ADP
easat-7520	183	2	the	the	DET
easat-7520	183	3	other	other	ADJ
easat-7520	183	4	hand	hand	NOUN
easat-7520	183	5	,	,	PUNCT
easat-7520	183	6	the	the	DET
easat-7520	183	7	mean	mean	NOUN
easat-7520	183	8	of	of	ADP
easat-7520	183	9	(	(	PUNCT
easat-7520	183	10	q.l.t	q.l.t	NOUN
easat-7520	183	11	)	)	PUNCT
easat-7520	183	12	and	and	CCONJ
easat-7520	183	13	(	(	PUNCT
easat-7520	183	14	q.u.t	q.u.t	ADJ
easat-7520	183	15	)	)	PUNCT
easat-7520	183	16	are	be	AUX
easat-7520	183	17	(	(	PUNCT
easat-7520	183	18	0.05	0.05	NUM
easat-7520	183	19	)	)	PUNCT
easat-7520	183	20	,	,	PUNCT
easat-7520	183	21	while	while	SCONJ
easat-7520	183	22	(	(	PUNCT
easat-7520	183	23	44	44	NUM
easat-7520	183	24	)	)	PUNCT
easat-7520	183	25	records	record	NOUN
easat-7520	183	26	of	of	ADP
easat-7520	183	27	(	(	PUNCT
easat-7520	183	28	858	858	NUM
easat-7520	183	29	)	)	PUNCT
easat-7520	183	30	have	have	VERB
easat-7520	183	31	a	a	DET
easat-7520	183	32	value	value	NOUN
easat-7520	183	33	of	of	ADP
easat-7520	183	34	(	(	PUNCT
easat-7520	183	35	1	1	NUM
easat-7520	183	36	)	)	PUNCT
easat-7520	183	37	,	,	PUNCT
easat-7520	183	38	and	and	CCONJ
easat-7520	183	39	the	the	DET
easat-7520	183	40	residual	residual	ADJ
easat-7520	183	41	observations	observation	NOUN
easat-7520	183	42	have	have	VERB
easat-7520	183	43	a	a	DET
easat-7520	183	44	zero	zero	NUM
easat-7520	183	45	value	value	NOUN
easat-7520	183	46	.	.	PUNCT
easat-7520	184	1	hence	hence	ADV
easat-7520	184	2	,	,	PUNCT
easat-7520	184	3	it	it	PRON
easat-7520	184	4	is	be	AUX
easat-7520	184	5	possible	possible	ADJ
easat-7520	184	6	to	to	PART
easat-7520	184	7	consider	consider	VERB
easat-7520	184	8	that	that	SCONJ
easat-7520	184	9	the	the	DET
easat-7520	184	10	extreme	extreme	ADJ
easat-7520	184	11	movements	movement	NOUN
easat-7520	184	12	in	in	ADP
easat-7520	184	13	pex	pex	PROPN
easat-7520	184	14	are	be	AUX
easat-7520	184	15	insufficient	insufficient	ADJ
easat-7520	184	16	to	to	PART
easat-7520	184	17	create	create	VERB
easat-7520	184	18	an	an	DET
easat-7520	184	19	anomaly	anomaly	NOUN
easat-7520	184	20	;	;	PUNCT
easat-7520	184	21	this	this	DET
easat-7520	184	22	idea	idea	NOUN
easat-7520	184	23	can	can	AUX
easat-7520	184	24	be	be	AUX
easat-7520	184	25	confirmed	confirm	VERB
easat-7520	184	26	by	by	ADP
easat-7520	184	27	the	the	DET
easat-7520	184	28	insignificant	insignificant	ADJ
easat-7520	184	29	pearson	pearson	NOUN
easat-7520	184	30	correlations	correlation	NOUN
easat-7520	184	31	between	between	ADP
easat-7520	184	32	the	the	DET
easat-7520	184	33	dependent	dependent	ADJ
easat-7520	184	34	variable	variable	NOUN
easat-7520	184	35	and	and	CCONJ
easat-7520	184	36	other	other	ADJ
easat-7520	184	37	factors	factor	NOUN
easat-7520	184	38	-as	-as	CCONJ
easat-7520	184	39	shown	show	VERB
easat-7520	184	40	in	in	ADP
easat-7520	184	41	the	the	DET
easat-7520	184	42	pearson	pearson	NOUN
easat-7520	184	43	correlation	correlation	NOUN
easat-7520	184	44	table	table	NOUN
easat-7520	184	45	2	2	NUM
easat-7520	184	46	which	which	PRON
easat-7520	184	47	is	be	AUX
easat-7520	184	48	a	a	DET
easat-7520	184	49	conflict	conflict	NOUN
easat-7520	184	50	with	with	ADP
easat-7520	184	51	the	the	DET
easat-7520	184	52	rational	rational	ADJ
easat-7520	184	53	logic	logic	NOUN
easat-7520	184	54	behind	behind	ADP
easat-7520	184	55	the	the	DET
easat-7520	184	56	theory	theory	NOUN
easat-7520	184	57	which	which	PRON
easat-7520	184	58	claims	claim	VERB
easat-7520	184	59	that	that	SCONJ
easat-7520	184	60	the	the	DET
easat-7520	184	61	extreme	extreme	ADJ
easat-7520	184	62	movements	movement	NOUN
easat-7520	184	63	of	of	ADP
easat-7520	184	64	market	market	NOUN
easat-7520	184	65	returns	return	NOUN
easat-7520	184	66	are	be	AUX
easat-7520	184	67	linked	link	VERB
easat-7520	184	68	to	to	ADP
easat-7520	184	69	the	the	DET
easat-7520	184	70	high	high	ADJ
easat-7520	184	71	deviation	deviation	NOUN
easat-7520	184	72	of	of	ADP
easat-7520	184	73	the	the	DET
easat-7520	184	74	stock	stock	NOUN
easat-7520	184	75	returns	return	NOUN
easat-7520	184	76	.	.	PUNCT
easat-7520	185	1	table	table	NOUN
easat-7520	185	2	2	2	NUM
easat-7520	185	3	.	.	PUNCT
easat-7520	185	4	correlations	correlation	NOUN
easat-7520	185	5	.	.	PUNCT
easat-7520	186	1	sdt	sdt	PROPN
easat-7520	186	2	dlt	dlt	PROPN
easat-7520	186	3	dut	dut	PROPN
easat-7520	186	4	pearson	pearson	PROPN
easat-7520	186	5	correlation	correlation	NOUN
easat-7520	186	6	1.000	1.000	NUM
easat-7520	186	7	0.052	0.052	NUM
easat-7520	186	8	0.026	0.026	NUM
easat-7520	186	9	0.052	0.052	NUM
easat-7520	186	10	1.000	1.000	NUM
easat-7520	186	11	-0.055	-0.055	NUM
easat-7520	186	12	0.026	0.026	NUM
easat-7520	186	13	-0.055	-0.055	NUM
easat-7520	186	14	1.000	1.000	NUM
easat-7520	186	15	sig	sig	NOUN
easat-7520	186	16	.	.	PUNCT
easat-7520	187	1	(	(	PUNCT
easat-7520	187	2	1	1	NUM
easat-7520	187	3	-	-	PUNCT
easat-7520	187	4	tailed	tailed	ADJ
easat-7520	187	5	)	)	PUNCT
easat-7520	187	6	.	.	PUNCT
easat-7520	188	1	0.064	0.064	NUM
easat-7520	188	2	0.221	0.221	NUM
easat-7520	188	3	0.064	0.064	NUM
easat-7520	188	4	.	.	PUNCT
easat-7520	189	1	0.055	0.055	NUM
easat-7520	189	2	on	on	ADP
easat-7520	189	3	the	the	DET
easat-7520	189	4	other	other	ADJ
easat-7520	189	5	side	side	NOUN
easat-7520	189	6	of	of	ADP
easat-7520	189	7	the	the	DET
easat-7520	189	8	analysis	analysis	NOUN
easat-7520	189	9	,	,	PUNCT
easat-7520	189	10	as	as	SCONJ
easat-7520	189	11	shown	show	VERB
easat-7520	189	12	in	in	ADP
easat-7520	189	13	table	table	NOUN
easat-7520	189	14	3	3	NUM
easat-7520	189	15	,	,	PUNCT
easat-7520	189	16	the	the	DET
easat-7520	189	17	r	r	NOUN
easat-7520	189	18	square	square	NOUN
easat-7520	189	19	of	of	ADP
easat-7520	189	20	the	the	DET
easat-7520	189	21	regression	regression	NOUN
easat-7520	189	22	model	model	NOUN
easat-7520	189	23	is	be	AUX
easat-7520	189	24	equal	equal	ADJ
easat-7520	189	25	to	to	ADP
easat-7520	189	26	(	(	PUNCT
easat-7520	189	27	0.004	0.004	NUM
easat-7520	189	28	)	)	PUNCT
easat-7520	189	29	,	,	PUNCT
easat-7520	189	30	and	and	CCONJ
easat-7520	189	31	the	the	DET
easat-7520	189	32	sig	sig	NOUN
easat-7520	189	33	.	.	PUNCT
easat-7520	190	1	the	the	DET
easat-7520	190	2	model	model	NOUN
easat-7520	190	3	's	's	PART
easat-7520	190	4	value	value	NOUN
easat-7520	190	5	in	in	ADP
easat-7520	190	6	table	table	NOUN
easat-7520	190	7	4	4	NUM
easat-7520	190	8	is	be	AUX
easat-7520	190	9	(	(	PUNCT
easat-7520	190	10	0.217	0.217	NUM
easat-7520	190	11	)	)	PUNCT
easat-7520	190	12	,	,	PUNCT
easat-7520	190	13	which	which	PRON
easat-7520	190	14	means	mean	VERB
easat-7520	190	15	that	that	SCONJ
easat-7520	190	16	extreme	extreme	ADJ
easat-7520	190	17	market	market	NOUN
easat-7520	190	18	movements	movement	NOUN
easat-7520	190	19	can	can	AUX
easat-7520	190	20	not	not	PART
easat-7520	190	21	explain	explain	VERB
easat-7520	190	22	the	the	DET
easat-7520	190	23	stock	stock	NOUN
easat-7520	190	24	return	return	NOUN
easat-7520	190	25	deviations	deviation	NOUN
easat-7520	190	26	.	.	PUNCT
easat-7520	191	1	table	table	NOUN
easat-7520	191	2	3	3	NUM
easat-7520	191	3	.	.	PUNCT
easat-7520	191	4	model	model	PROPN
easat-7520	191	5	summary	summary	PROPN
easat-7520	191	6	.	.	PUNCT
easat-7520	192	1	model	model	NOUN
easat-7520	192	2	r	r	NOUN
easat-7520	192	3	r	r	NOUN
easat-7520	192	4	square	square	ADJ
easat-7520	192	5	adjusted	adjust	VERB
easat-7520	192	6	r	r	NOUN
easat-7520	192	7	square	square	ADJ
easat-7520	192	8	std	std	NOUN
easat-7520	192	9	.	.	PUNCT
easat-7520	192	10	error	error	NOUN
easat-7520	192	11	of	of	ADP
easat-7520	192	12	the	the	DET
easat-7520	192	13	estimate	estimate	NOUN
easat-7520	192	14	1	1	NUM
easat-7520	192	15	0.060a	0.060a	NUM
easat-7520	192	16	0.004	0.004	NUM
easat-7520	192	17	0.001	0.001	NUM
easat-7520	192	18	0.0235195	0.0235195	NUM
easat-7520	192	19	2601	2601	NUM
easat-7520	192	20	edelweiss	edelweiss	PROPN
easat-7520	192	21	applied	apply	VERB
easat-7520	192	22	science	science	NOUN
easat-7520	192	23	and	and	CCONJ
easat-7520	192	24	technology	technology	NOUN
easat-7520	192	25	issn	issn	PROPN
easat-7520	192	26	:	:	PUNCT
easat-7520	192	27	2576	2576	NUM
easat-7520	192	28	-	-	SYM
easat-7520	192	29	8484	8484	NUM
easat-7520	192	30	vol	vol	NOUN
easat-7520	192	31	.	.	PROPN
easat-7520	193	1	9	9	NUM
easat-7520	193	2	,	,	PUNCT
easat-7520	193	3	no	no	INTJ
easat-7520	193	4	.	.	NOUN
easat-7520	193	5	5	5	NUM
easat-7520	193	6	:	:	SYM
easat-7520	193	7	2595	2595	NUM
easat-7520	193	8	-	-	SYM
easat-7520	193	9	2603	2603	NUM
easat-7520	193	10	,	,	PUNCT
easat-7520	193	11	2025	2025	NUM
easat-7520	193	12	doi	doi	NOUN
easat-7520	193	13	:	:	PUNCT
easat-7520	193	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	193	15	©	©	NOUN
easat-7520	193	16	2025	2025	NUM
easat-7520	193	17	by	by	ADP
easat-7520	193	18	the	the	DET
easat-7520	193	19	author	author	NOUN
easat-7520	193	20	;	;	PUNCT
easat-7520	193	21	licensee	licensee	PROPN
easat-7520	193	22	learning	learn	VERB
easat-7520	193	23	gate	gate	NOUN
easat-7520	193	24	table	table	NOUN
easat-7520	193	25	4	4	NUM
easat-7520	193	26	.	.	PUNCT
easat-7520	194	1	anova	anova	PROPN
easat-7520	194	2	.	.	PUNCT
easat-7520	194	3	model	model	PROPN
easat-7520	194	4	sum	sum	NOUN
easat-7520	194	5	of	of	ADP
easat-7520	194	6	squares	square	NOUN
easat-7520	194	7	df	df	PROPN
easat-7520	194	8	mean	mean	PROPN
easat-7520	194	9	square	square	PROPN
easat-7520	194	10	f	f	PROPN
easat-7520	194	11	sig	sig	PROPN
easat-7520	194	12	.	.	PUNCT
easat-7520	195	1	regression	regression	VERB
easat-7520	195	2	0.002	0.002	NUM
easat-7520	195	3	2	2	NUM
easat-7520	195	4	0.001	0.001	NUM
easat-7520	195	5	1.530	1.530	NUM
easat-7520	195	6	0.217b	0.217b	PROPN
easat-7520	195	7	residual	residual	ADJ
easat-7520	195	8	0.473	0.473	NUM
easat-7520	195	9	855	855	NUM
easat-7520	195	10	0.001	0.001	NUM
easat-7520	195	11	total	total	NOUN
easat-7520	195	12	0.475	0.475	NUM
easat-7520	195	13	857	857	NUM
easat-7520	195	14	finally	finally	ADV
easat-7520	195	15	,	,	PUNCT
easat-7520	195	16	the	the	DET
easat-7520	195	17	beta	beta	ADJ
easat-7520	195	18	coefficients	coefficient	NOUN
easat-7520	195	19	of	of	ADP
easat-7520	195	20	the	the	DET
easat-7520	195	21	upper	upper	ADJ
easat-7520	195	22	tail	tail	NOUN
easat-7520	195	23	and	and	CCONJ
easat-7520	195	24	down	down	ADP
easat-7520	195	25	tail	tail	NOUN
easat-7520	195	26	of	of	ADP
easat-7520	195	27	market	market	NOUN
easat-7520	195	28	returns	return	NOUN
easat-7520	195	29	are	be	AUX
easat-7520	195	30	both	both	ADV
easat-7520	195	31	insignificant	insignificant	ADJ
easat-7520	195	32	,	,	PUNCT
easat-7520	195	33	as	as	SCONJ
easat-7520	195	34	shown	show	VERB
easat-7520	195	35	in	in	ADP
easat-7520	195	36	the	the	DET
easat-7520	195	37	table	table	NOUN
easat-7520	195	38	5	5	NUM
easat-7520	195	39	.	.	PUNCT
easat-7520	196	1	thus	thus	ADV
easat-7520	196	2	,	,	PUNCT
easat-7520	196	3	the	the	DET
easat-7520	196	4	study	study	NOUN
easat-7520	196	5	hypothesis	hypothesis	NOUN
easat-7520	196	6	claims	claim	VERB
easat-7520	196	7	that	that	SCONJ
easat-7520	196	8	the	the	DET
easat-7520	196	9	herd	herd	NOUN
easat-7520	196	10	effect	effect	NOUN
easat-7520	196	11	is	be	AUX
easat-7520	196	12	present	present	ADJ
easat-7520	196	13	in	in	ADP
easat-7520	196	14	pex	pex	PROPN
easat-7520	196	15	is	be	AUX
easat-7520	196	16	rejected	reject	VERB
easat-7520	196	17	.	.	PUNCT
easat-7520	197	1	table	table	NOUN
easat-7520	197	2	5	5	NUM
easat-7520	197	3	.	.	PUNCT
easat-7520	197	4	coefficients	coefficient	NOUN
easat-7520	197	5	.	.	PUNCT
easat-7520	198	1	model	model	PROPN
easat-7520	198	2	b	b	PROPN
easat-7520	198	3	std	std	PROPN
easat-7520	198	4	.	.	NOUN
easat-7520	198	5	error	error	NOUN
easat-7520	198	6	beta	beta	PROPN
easat-7520	198	7	t	t	PROPN
easat-7520	198	8	sig	sig	PROPN
easat-7520	198	9	.	.	PUNCT
easat-7520	199	1	(	(	PUNCT
easat-7520	199	2	constant	constant	ADJ
easat-7520	199	3	)	)	PUNCT
easat-7520	199	4	0.022	0.022	NUM
easat-7520	199	5	0.001	0.001	NUM
easat-7520	199	6	26.080	26.080	NUM
easat-7520	199	7	0.000	0.000	NUM
easat-7520	199	8	dlt	dlt	PROPN
easat-7520	199	9	0.006	0.006	NUM
easat-7520	199	10	0.004	0.004	NUM
easat-7520	199	11	0.054	0.054	NUM
easat-7520	199	12	1.571	1.571	NUM
easat-7520	199	13	0.117	0.117	NUM
easat-7520	199	14	dut	dut	PROPN
easat-7520	199	15	0.003	0.003	NUM
easat-7520	199	16	0.004	0.004	NUM
easat-7520	199	17	0.029	0.029	NUM
easat-7520	199	18	0.854	0.854	NUM
easat-7520	199	19	0.393	0.393	NUM
easat-7520	200	1	however	however	ADV
easat-7520	200	2	,	,	PUNCT
easat-7520	200	3	the	the	DET
easat-7520	200	4	previous	previous	ADJ
easat-7520	200	5	analysis	analysis	NOUN
easat-7520	200	6	can	can	AUX
easat-7520	200	7	prove	prove	VERB
easat-7520	200	8	the	the	DET
easat-7520	200	9	absence	absence	NOUN
easat-7520	200	10	of	of	ADP
easat-7520	200	11	the	the	DET
easat-7520	200	12	herd	herd	ADJ
easat-7520	200	13	effect	effect	NOUN
easat-7520	200	14	in	in	ADP
easat-7520	200	15	pex	pex	PROPN
easat-7520	200	16	but	but	CCONJ
easat-7520	200	17	ca	can	AUX
easat-7520	200	18	n’t	not	PART
easat-7520	200	19	prove	prove	VERB
easat-7520	200	20	the	the	DET
easat-7520	200	21	absence	absence	NOUN
easat-7520	200	22	of	of	ADP
easat-7520	200	23	herd	herd	NOUN
easat-7520	200	24	behavior	behavior	NOUN
easat-7520	200	25	between	between	ADP
easat-7520	200	26	market	market	NOUN
easat-7520	200	27	participants	participant	NOUN
easat-7520	200	28	.	.	PUNCT
easat-7520	201	1	it	it	PRON
easat-7520	201	2	is	be	AUX
easat-7520	201	3	worth	worth	ADJ
easat-7520	201	4	noting	note	VERB
easat-7520	201	5	that	that	SCONJ
easat-7520	201	6	we	we	PRON
easat-7520	201	7	used	use	VERB
easat-7520	201	8	the	the	DET
easat-7520	201	9	same	same	ADJ
easat-7520	201	10	methodology	methodology	NOUN
easat-7520	201	11	during	during	ADP
easat-7520	201	12	the	the	DET
easat-7520	201	13	prior	prior	ADJ
easat-7520	201	14	periods	period	NOUN
easat-7520	201	15	of	of	ADP
easat-7520	201	16	covid-19	covid-19	PROPN
easat-7520	201	17	(	(	PUNCT
easat-7520	201	18	2018	2018	NUM
easat-7520	201	19	-	-	SYM
easat-7520	201	20	2019	2019	NUM
easat-7520	201	21	)	)	PUNCT
easat-7520	201	22	and	and	CCONJ
easat-7520	201	23	concluded	conclude	VERB
easat-7520	201	24	the	the	DET
easat-7520	201	25	same	same	ADJ
easat-7520	201	26	results	result	NOUN
easat-7520	201	27	to	to	PART
easat-7520	201	28	ensure	ensure	VERB
easat-7520	201	29	that	that	SCONJ
easat-7520	201	30	the	the	DET
easat-7520	201	31	covid-19	covid-19	PROPN
easat-7520	201	32	effect	effect	NOUN
easat-7520	201	33	was	be	AUX
easat-7520	201	34	avoided	avoid	VERB
easat-7520	201	35	.	.	PUNCT
easat-7520	202	1	the	the	DET
easat-7520	202	2	findings	finding	NOUN
easat-7520	202	3	of	of	ADP
easat-7520	202	4	this	this	DET
easat-7520	202	5	study	study	NOUN
easat-7520	202	6	indicate	indicate	VERB
easat-7520	202	7	the	the	DET
easat-7520	202	8	absence	absence	NOUN
easat-7520	202	9	of	of	ADP
easat-7520	202	10	a	a	DET
easat-7520	202	11	significant	significant	ADJ
easat-7520	202	12	herd	herd	NOUN
easat-7520	202	13	effect	effect	NOUN
easat-7520	202	14	in	in	ADP
easat-7520	202	15	the	the	DET
easat-7520	202	16	palestine	palestine	PROPN
easat-7520	202	17	exchange	exchange	PROPN
easat-7520	202	18	(	(	PUNCT
easat-7520	202	19	pex	pex	PROPN
easat-7520	202	20	)	)	PUNCT
easat-7520	202	21	,	,	PUNCT
easat-7520	202	22	which	which	PRON
easat-7520	202	23	stands	stand	VERB
easat-7520	202	24	in	in	ADP
easat-7520	202	25	contrast	contrast	NOUN
easat-7520	202	26	to	to	ADP
easat-7520	202	27	several	several	ADJ
easat-7520	202	28	prior	prior	ADJ
easat-7520	202	29	empirical	empirical	ADJ
easat-7520	202	30	studies	study	NOUN
easat-7520	202	31	that	that	PRON
easat-7520	202	32	confirmed	confirm	VERB
easat-7520	202	33	the	the	DET
easat-7520	202	34	existence	existence	NOUN
easat-7520	202	35	of	of	ADP
easat-7520	202	36	herding	herd	VERB
easat-7520	202	37	in	in	ADP
easat-7520	202	38	various	various	ADJ
easat-7520	202	39	financial	financial	ADJ
easat-7520	202	40	markets	market	NOUN
easat-7520	202	41	.	.	PUNCT
easat-7520	203	1	for	for	ADP
easat-7520	203	2	instance	instance	NOUN
easat-7520	203	3	,	,	PUNCT
easat-7520	203	4	hwang	hwang	PROPN
easat-7520	203	5	and	and	CCONJ
easat-7520	203	6	salmon	salmon	NOUN
easat-7520	204	1	[	[	X
easat-7520	204	2	19	19	NUM
easat-7520	204	3	]	]	PUNCT
easat-7520	204	4	provided	provide	VERB
easat-7520	204	5	robust	robust	ADJ
easat-7520	204	6	evidence	evidence	NOUN
easat-7520	204	7	of	of	ADP
easat-7520	204	8	herding	herd	VERB
easat-7520	204	9	in	in	ADP
easat-7520	204	10	the	the	DET
easat-7520	204	11	indian	indian	ADJ
easat-7520	204	12	national	national	PROPN
easat-7520	204	13	stock	stock	PROPN
easat-7520	204	14	exchange	exchange	PROPN
easat-7520	204	15	,	,	PUNCT
easat-7520	204	16	while	while	SCONJ
easat-7520	204	17	economou	economou	ADV
easat-7520	204	18	,	,	PUNCT
easat-7520	204	19	et	et	PROPN
easat-7520	204	20	al	al	PROPN
easat-7520	204	21	.	.	PUNCT
easat-7520	205	1	[	[	X
easat-7520	205	2	22	22	NUM
easat-7520	205	3	]	]	PUNCT
easat-7520	205	4	confirmed	confirm	VERB
easat-7520	205	5	its	its	PRON
easat-7520	205	6	presence	presence	NOUN
easat-7520	205	7	in	in	ADP
easat-7520	205	8	the	the	DET
easat-7520	205	9	greek	greek	ADJ
easat-7520	205	10	and	and	CCONJ
easat-7520	205	11	italian	italian	ADJ
easat-7520	205	12	markets	market	NOUN
easat-7520	205	13	.	.	PUNCT
easat-7520	206	1	similarly	similarly	ADV
easat-7520	206	2	,	,	PUNCT
easat-7520	206	3	chen	chen	PROPN
easat-7520	207	1	[	[	X
easat-7520	207	2	23	23	NUM
easat-7520	207	3	]	]	PUNCT
easat-7520	207	4	found	find	VERB
easat-7520	207	5	herding	herd	VERB
easat-7520	207	6	behavior	behavior	NOUN
easat-7520	207	7	to	to	PART
easat-7520	207	8	be	be	AUX
easat-7520	207	9	particularly	particularly	ADV
easat-7520	207	10	prevalent	prevalent	ADJ
easat-7520	207	11	in	in	ADP
easat-7520	207	12	developed	develop	VERB
easat-7520	207	13	markets	market	NOUN
easat-7520	207	14	,	,	PUNCT
easat-7520	207	15	and	and	CCONJ
easat-7520	207	16	youssef	youssef	PROPN
easat-7520	207	17	and	and	CCONJ
easat-7520	207	18	mokni	mokni	PROPN
easat-7520	208	1	[	[	X
easat-7520	208	2	27	27	NUM
easat-7520	208	3	]	]	PUNCT
easat-7520	208	4	reported	report	VERB
easat-7520	208	5	its	its	PRON
easat-7520	208	6	existence	existence	NOUN
easat-7520	208	7	across	across	ADP
easat-7520	208	8	most	most	ADJ
easat-7520	208	9	gulf	gulf	PROPN
easat-7520	208	10	cooperation	cooperation	NOUN
easat-7520	208	11	council	council	PROPN
easat-7520	208	12	(	(	PUNCT
easat-7520	208	13	gcc	gcc	NOUN
easat-7520	208	14	)	)	PUNCT
easat-7520	208	15	markets	market	NOUN
easat-7520	208	16	,	,	PUNCT
easat-7520	208	17	excluding	exclude	VERB
easat-7520	208	18	bahrain	bahrain	NOUN
easat-7520	208	19	and	and	CCONJ
easat-7520	208	20	kuwait	kuwait	PROPN
easat-7520	208	21	.	.	PUNCT
easat-7520	209	1	however	however	ADV
easat-7520	209	2	,	,	PUNCT
easat-7520	209	3	the	the	DET
easat-7520	209	4	absence	absence	NOUN
easat-7520	209	5	of	of	ADP
easat-7520	209	6	a	a	DET
easat-7520	209	7	significant	significant	ADJ
easat-7520	209	8	herd	herd	NOUN
easat-7520	209	9	effect	effect	NOUN
easat-7520	209	10	in	in	ADP
easat-7520	209	11	pex	pex	PROPN
easat-7520	209	12	aligns	align	VERB
easat-7520	209	13	with	with	ADP
easat-7520	209	14	the	the	DET
easat-7520	209	15	conclusions	conclusion	NOUN
easat-7520	209	16	of	of	ADP
easat-7520	209	17	drehmann	drehmann	PROPN
easat-7520	209	18	,	,	PUNCT
easat-7520	209	19	et	et	PROPN
easat-7520	209	20	al	al	PROPN
easat-7520	209	21	.	.	PUNCT
easat-7520	210	1	[	[	X
easat-7520	210	2	20	20	NUM
easat-7520	210	3	]	]	PUNCT
easat-7520	210	4	who	who	PRON
easat-7520	210	5	observed	observe	VERB
easat-7520	210	6	no	no	DET
easat-7520	210	7	herding	herding	NOUN
easat-7520	210	8	among	among	ADP
easat-7520	210	9	professional	professional	ADJ
easat-7520	210	10	investors	investor	NOUN
easat-7520	210	11	,	,	PUNCT
easat-7520	210	12	and	and	CCONJ
easat-7520	210	13	miceli	miceli	PROPN
easat-7520	211	1	[	[	X
easat-7520	211	2	24	24	NUM
easat-7520	211	3	]	]	PUNCT
easat-7520	211	4	who	who	PRON
easat-7520	211	5	found	find	VERB
easat-7520	211	6	no	no	DET
easat-7520	211	7	evidence	evidence	NOUN
easat-7520	211	8	of	of	ADP
easat-7520	211	9	herding	herd	VERB
easat-7520	211	10	among	among	ADP
easat-7520	211	11	sovereign	sovereign	ADJ
easat-7520	211	12	wealth	wealth	NOUN
easat-7520	211	13	fund	fund	NOUN
easat-7520	211	14	managers	manager	NOUN
easat-7520	211	15	.	.	PUNCT
easat-7520	212	1	this	this	DET
easat-7520	212	2	study	study	NOUN
easat-7520	212	3	’s	’s	PART
easat-7520	212	4	results	result	NOUN
easat-7520	212	5	also	also	ADV
easat-7520	212	6	support	support	VERB
easat-7520	212	7	henker	henker	NOUN
easat-7520	212	8	,	,	PUNCT
easat-7520	212	9	et	et	PROPN
easat-7520	212	10	al	al	PROPN
easat-7520	212	11	.	.	PUNCT
easat-7520	213	1	[	[	X
easat-7520	213	2	21	21	NUM
easat-7520	213	3	]	]	PUNCT
easat-7520	213	4	who	who	PRON
easat-7520	213	5	found	find	VERB
easat-7520	213	6	that	that	SCONJ
easat-7520	213	7	herding	herding	NOUN
easat-7520	213	8	did	do	AUX
easat-7520	213	9	not	not	PART
easat-7520	213	10	occur	occur	VERB
easat-7520	213	11	during	during	ADP
easat-7520	213	12	intraday	intraday	NOUN
easat-7520	213	13	trading	trading	NOUN
easat-7520	213	14	sessions	session	NOUN
easat-7520	213	15	in	in	ADP
easat-7520	213	16	australia	australia	PROPN
easat-7520	213	17	.	.	PUNCT
easat-7520	214	1	the	the	DET
easat-7520	214	2	observed	observed	ADJ
easat-7520	214	3	absence	absence	NOUN
easat-7520	214	4	of	of	ADP
easat-7520	214	5	a	a	DET
easat-7520	214	6	herd	herd	ADJ
easat-7520	214	7	effect	effect	NOUN
easat-7520	214	8	in	in	ADP
easat-7520	214	9	pex	pex	PROPN
easat-7520	214	10	,	,	PUNCT
easat-7520	214	11	despite	despite	SCONJ
easat-7520	214	12	the	the	DET
easat-7520	214	13	presence	presence	NOUN
easat-7520	214	14	of	of	ADP
easat-7520	214	15	herd	herd	NOUN
easat-7520	214	16	mentality	mentality	NOUN
easat-7520	214	17	,	,	PUNCT
easat-7520	214	18	can	can	AUX
easat-7520	214	19	be	be	AUX
easat-7520	214	20	attributed	attribute	VERB
easat-7520	214	21	to	to	ADP
easat-7520	214	22	the	the	DET
easat-7520	214	23	market	market	NOUN
easat-7520	214	24	’s	’s	PART
easat-7520	214	25	limited	limited	ADJ
easat-7520	214	26	trading	trading	NOUN
easat-7520	214	27	momentum	momentum	NOUN
easat-7520	214	28	and	and	CCONJ
easat-7520	214	29	low	low	ADJ
easat-7520	214	30	speculative	speculative	ADJ
easat-7520	214	31	activity	activity	NOUN
easat-7520	214	32	,	,	PUNCT
easat-7520	214	33	as	as	SCONJ
easat-7520	214	34	highlighted	highlight	VERB
easat-7520	214	35	by	by	ADP
easat-7520	214	36	the	the	DET
easat-7520	214	37	chairman	chairman	NOUN
easat-7520	214	38	of	of	ADP
easat-7520	214	39	pex	pex	PROPN
easat-7520	214	40	.	.	PUNCT
easat-7520	215	1	these	these	DET
easat-7520	215	2	structural	structural	ADJ
easat-7520	215	3	limitations	limitation	NOUN
easat-7520	215	4	appear	appear	VERB
easat-7520	215	5	to	to	PART
easat-7520	215	6	mitigate	mitigate	VERB
easat-7520	215	7	the	the	DET
easat-7520	215	8	conditions	condition	NOUN
easat-7520	215	9	under	under	ADP
easat-7520	215	10	which	which	PRON
easat-7520	215	11	herding	herding	NOUN
easat-7520	215	12	leads	lead	VERB
easat-7520	215	13	to	to	ADP
easat-7520	215	14	significant	significant	ADJ
easat-7520	215	15	market	market	NOUN
easat-7520	215	16	anomalies	anomaly	NOUN
easat-7520	215	17	,	,	PUNCT
easat-7520	215	18	emphasizing	emphasize	VERB
easat-7520	215	19	the	the	DET
easat-7520	215	20	importance	importance	NOUN
easat-7520	215	21	of	of	ADP
easat-7520	215	22	market	market	NOUN
easat-7520	215	23	liquidity	liquidity	NOUN
easat-7520	215	24	and	and	CCONJ
easat-7520	215	25	investor	investor	NOUN
easat-7520	215	26	diversity	diversity	NOUN
easat-7520	215	27	in	in	ADP
easat-7520	215	28	influencing	influence	VERB
easat-7520	215	29	the	the	DET
easat-7520	215	30	manifestation	manifestation	NOUN
easat-7520	215	31	of	of	ADP
easat-7520	215	32	the	the	DET
easat-7520	215	33	herd	herd	NOUN
easat-7520	215	34	effect	effect	NOUN
easat-7520	215	35	.	.	PUNCT
easat-7520	216	1	5	5	X
easat-7520	216	2	.	.	X
easat-7520	216	3	conclusion	conclusion	NOUN
easat-7520	216	4	and	and	CCONJ
easat-7520	216	5	policy	policy	NOUN
easat-7520	216	6	implications	implication	NOUN
easat-7520	216	7	the	the	DET
easat-7520	216	8	results	result	NOUN
easat-7520	216	9	of	of	ADP
easat-7520	216	10	the	the	DET
easat-7520	216	11	research	research	NOUN
easat-7520	216	12	strongly	strongly	ADV
easat-7520	216	13	support	support	VERB
easat-7520	216	14	the	the	DET
easat-7520	216	15	validity	validity	NOUN
easat-7520	216	16	of	of	ADP
easat-7520	216	17	modeling	model	VERB
easat-7520	216	18	the	the	DET
easat-7520	216	19	behavior	behavior	NOUN
easat-7520	216	20	of	of	ADP
easat-7520	216	21	stocks	stock	NOUN
easat-7520	216	22	in	in	ADP
easat-7520	216	23	an	an	DET
easat-7520	216	24	efficient	efficient	ADJ
easat-7520	216	25	market	market	NOUN
easat-7520	216	26	.	.	PUNCT
easat-7520	217	1	the	the	DET
easat-7520	217	2	outcome	outcome	NOUN
easat-7520	217	3	highlights	highlight	VERB
easat-7520	217	4	the	the	DET
easat-7520	217	5	validity	validity	NOUN
easat-7520	217	6	of	of	ADP
easat-7520	217	7	examining	examine	VERB
easat-7520	217	8	the	the	DET
easat-7520	217	9	operations	operation	NOUN
easat-7520	217	10	of	of	ADP
easat-7520	217	11	the	the	DET
easat-7520	217	12	market	market	NOUN
easat-7520	217	13	under	under	ADP
easat-7520	217	14	the	the	DET
easat-7520	217	15	assumption	assumption	NOUN
easat-7520	217	16	of	of	ADP
easat-7520	217	17	efficiency	efficiency	NOUN
easat-7520	217	18	,	,	PUNCT
easat-7520	217	19	which	which	PRON
easat-7520	217	20	provides	provide	VERB
easat-7520	217	21	highly	highly	ADV
easat-7520	217	22	valuable	valuable	ADJ
easat-7520	217	23	information	information	NOUN
easat-7520	217	24	to	to	ADP
easat-7520	217	25	investors	investor	NOUN
easat-7520	217	26	and	and	CCONJ
easat-7520	217	27	policymakers	policymaker	NOUN
easat-7520	217	28	.	.	PUNCT
easat-7520	218	1	for	for	ADP
easat-7520	218	2	the	the	DET
easat-7520	218	3	palestine	palestine	PROPN
easat-7520	218	4	exchange	exchange	PROPN
easat-7520	218	5	(	(	PUNCT
easat-7520	218	6	pex	pex	PROPN
easat-7520	218	7	)	)	PUNCT
easat-7520	218	8	,	,	PUNCT
easat-7520	218	9	however	however	ADV
easat-7520	218	10	,	,	PUNCT
easat-7520	218	11	the	the	DET
easat-7520	218	12	lack	lack	NOUN
easat-7520	218	13	of	of	ADP
easat-7520	218	14	market	market	NOUN
easat-7520	218	15	efficiency	efficiency	NOUN
easat-7520	218	16	and	and	CCONJ
easat-7520	218	17	the	the	DET
easat-7520	218	18	poor	poor	ADJ
easat-7520	218	19	applicability	applicability	NOUN
easat-7520	218	20	of	of	ADP
easat-7520	218	21	asset	asset	NOUN
easat-7520	218	22	pricing	pricing	NOUN
easat-7520	218	23	models	model	NOUN
easat-7520	218	24	highlight	highlight	VERB
easat-7520	218	25	the	the	DET
easat-7520	218	26	need	need	NOUN
easat-7520	218	27	to	to	PART
easat-7520	218	28	examine	examine	VERB
easat-7520	218	29	other	other	ADJ
easat-7520	218	30	market	market	NOUN
easat-7520	218	31	anomalies	anomaly	NOUN
easat-7520	218	32	.	.	PUNCT
easat-7520	219	1	this	this	DET
easat-7520	219	2	kind	kind	NOUN
easat-7520	219	3	of	of	ADP
easat-7520	219	4	investigation	investigation	NOUN
easat-7520	219	5	is	be	AUX
easat-7520	219	6	imperative	imperative	ADJ
easat-7520	219	7	in	in	ADP
easat-7520	219	8	ascertaining	ascertain	VERB
easat-7520	219	9	and	and	CCONJ
easat-7520	219	10	explaining	explain	VERB
easat-7520	219	11	how	how	SCONJ
easat-7520	219	12	pex	pex	PROPN
easat-7520	219	13	works	work	VERB
easat-7520	219	14	precisely	precisely	ADV
easat-7520	219	15	and	and	CCONJ
easat-7520	219	16	in	in	ADP
easat-7520	219	17	determining	determine	VERB
easat-7520	219	18	the	the	DET
easat-7520	219	19	factors	factor	NOUN
easat-7520	219	20	that	that	PRON
easat-7520	219	21	affect	affect	VERB
easat-7520	219	22	its	its	PRON
easat-7520	219	23	performance	performance	NOUN
easat-7520	219	24	.	.	PUNCT
easat-7520	220	1	although	although	SCONJ
easat-7520	220	2	the	the	DET
easat-7520	220	3	results	result	NOUN
easat-7520	220	4	of	of	ADP
easat-7520	220	5	the	the	DET
easat-7520	220	6	study	study	NOUN
easat-7520	220	7	acknowledge	acknowledge	VERB
easat-7520	220	8	the	the	DET
easat-7520	220	9	presence	presence	NOUN
easat-7520	220	10	of	of	ADP
easat-7520	220	11	herd	herd	ADJ
easat-7520	220	12	mentality	mentality	NOUN
easat-7520	220	13	among	among	ADP
easat-7520	220	14	the	the	DET
easat-7520	220	15	investors	investor	NOUN
easat-7520	220	16	in	in	ADP
easat-7520	220	17	pex	pex	PROPN
easat-7520	220	18	,	,	PUNCT
easat-7520	220	19	they	they	PRON
easat-7520	220	20	also	also	ADV
easat-7520	220	21	confirm	confirm	VERB
easat-7520	220	22	the	the	DET
easat-7520	220	23	absence	absence	NOUN
easat-7520	220	24	of	of	ADP
easat-7520	220	25	a	a	DET
easat-7520	220	26	significant	significant	ADJ
easat-7520	220	27	herd	herd	NOUN
easat-7520	220	28	effect	effect	NOUN
easat-7520	220	29	.	.	PUNCT
easat-7520	221	1	the	the	DET
easat-7520	221	2	distinction	distinction	NOUN
easat-7520	221	3	is	be	AUX
easat-7520	221	4	significant	significant	ADJ
easat-7520	221	5	in	in	ADP
easat-7520	221	6	the	the	DET
easat-7520	221	7	sense	sense	NOUN
easat-7520	221	8	that	that	SCONJ
easat-7520	221	9	it	it	PRON
easat-7520	221	10	suggests	suggest	VERB
easat-7520	221	11	that	that	SCONJ
easat-7520	221	12	while	while	SCONJ
easat-7520	221	13	investors	investor	NOUN
easat-7520	221	14	are	be	AUX
easat-7520	221	15	capable	capable	ADJ
easat-7520	221	16	of	of	ADP
easat-7520	221	17	displaying	display	VERB
easat-7520	221	18	similar	similar	ADJ
easat-7520	221	19	trends	trend	NOUN
easat-7520	221	20	in	in	ADP
easat-7520	221	21	behavior	behavior	NOUN
easat-7520	221	22	,	,	PUNCT
easat-7520	221	23	they	they	PRON
easat-7520	221	24	are	be	AUX
easat-7520	221	25	not	not	PART
easat-7520	221	26	intense	intense	ADJ
easat-7520	221	27	enough	enough	ADV
easat-7520	221	28	to	to	PART
easat-7520	221	29	culminate	culminate	VERB
easat-7520	221	30	in	in	ADP
easat-7520	221	31	excessive	excessive	ADJ
easat-7520	221	32	market	market	NOUN
easat-7520	221	33	aberrations	aberration	NOUN
easat-7520	221	34	.	.	PUNCT
easat-7520	222	1	the	the	DET
easat-7520	222	2	subdued	subdue	VERB
easat-7520	222	3	trading	trading	NOUN
easat-7520	222	4	momentum	momentum	NOUN
easat-7520	222	5	in	in	ADP
easat-7520	222	6	pex	pex	PROPN
easat-7520	222	7	provides	provide	VERB
easat-7520	222	8	a	a	DET
easat-7520	222	9	plausible	plausible	ADJ
easat-7520	222	10	account	account	NOUN
easat-7520	222	11	of	of	ADP
easat-7520	222	12	this	this	DET
easat-7520	222	13	phenomenon	phenomenon	NOUN
easat-7520	222	14	.	.	PUNCT
easat-7520	223	1	due	due	ADP
easat-7520	223	2	to	to	ADP
easat-7520	223	3	this	this	DET
easat-7520	223	4	lack	lack	NOUN
easat-7520	223	5	of	of	ADP
easat-7520	223	6	momentum	momentum	NOUN
easat-7520	223	7	,	,	PUNCT
easat-7520	223	8	collective	collective	ADJ
easat-7520	223	9	action	action	NOUN
easat-7520	223	10	2602	2602	NUM
easat-7520	223	11	edelweiss	edelweiss	PROPN
easat-7520	223	12	applied	apply	VERB
easat-7520	223	13	science	science	NOUN
easat-7520	223	14	and	and	CCONJ
easat-7520	223	15	technology	technology	NOUN
easat-7520	223	16	issn	issn	PROPN
easat-7520	223	17	:	:	PUNCT
easat-7520	223	18	2576	2576	NUM
easat-7520	223	19	-	-	SYM
easat-7520	223	20	8484	8484	NUM
easat-7520	223	21	vol	vol	NOUN
easat-7520	223	22	.	.	PROPN
easat-7520	224	1	9	9	NUM
easat-7520	224	2	,	,	PUNCT
easat-7520	224	3	no	no	INTJ
easat-7520	224	4	.	.	NOUN
easat-7520	224	5	5	5	NUM
easat-7520	224	6	:	:	SYM
easat-7520	224	7	2595	2595	NUM
easat-7520	224	8	-	-	SYM
easat-7520	224	9	2603	2603	NUM
easat-7520	224	10	,	,	PUNCT
easat-7520	224	11	2025	2025	NUM
easat-7520	224	12	doi	doi	NOUN
easat-7520	224	13	:	:	PUNCT
easat-7520	224	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	224	15	©	©	NOUN
easat-7520	224	16	2025	2025	NUM
easat-7520	224	17	by	by	ADP
easat-7520	224	18	the	the	DET
easat-7520	224	19	author	author	NOUN
easat-7520	224	20	;	;	PUNCT
easat-7520	224	21	licensee	licensee	PROPN
easat-7520	224	22	learning	learning	NOUN
easat-7520	224	23	gate	gate	NOUN
easat-7520	224	24	does	do	AUX
easat-7520	224	25	not	not	PART
easat-7520	224	26	result	result	VERB
easat-7520	224	27	in	in	ADP
easat-7520	224	28	dramatic	dramatic	ADJ
easat-7520	224	29	market	market	NOUN
easat-7520	224	30	movements	movement	NOUN
easat-7520	224	31	,	,	PUNCT
easat-7520	224	32	and	and	CCONJ
easat-7520	224	33	this	this	PRON
easat-7520	224	34	is	be	AUX
easat-7520	224	35	reflected	reflect	VERB
easat-7520	224	36	in	in	ADP
easat-7520	224	37	the	the	DET
easat-7520	224	38	mismatch	mismatch	NOUN
easat-7520	224	39	between	between	ADP
easat-7520	224	40	the	the	DET
easat-7520	224	41	descriptive	descriptive	ADJ
easat-7520	224	42	statistics	statistic	NOUN
easat-7520	224	43	and	and	CCONJ
easat-7520	224	44	regression	regression	VERB
easat-7520	224	45	results	result	NOUN
easat-7520	224	46	of	of	ADP
easat-7520	224	47	the	the	DET
easat-7520	224	48	study	study	NOUN
easat-7520	224	49	variables	variable	NOUN
easat-7520	224	50	.	.	PUNCT
easat-7520	225	1	moreover	moreover	ADV
easat-7520	225	2	,	,	PUNCT
easat-7520	225	3	pex	pex	PROPN
easat-7520	225	4	chairman	chairman	NOUN
easat-7520	225	5	addressed	address	VERB
easat-7520	225	6	these	these	DET
easat-7520	225	7	issues	issue	NOUN
easat-7520	225	8	in	in	ADP
easat-7520	225	9	a	a	DET
easat-7520	225	10	seminar	seminar	NOUN
easat-7520	225	11	held	hold	VERB
easat-7520	225	12	in	in	ADP
easat-7520	225	13	december	december	PROPN
easat-7520	225	14	2022	2022	NUM
easat-7520	225	15	on	on	ADP
easat-7520	225	16	the	the	DET
easat-7520	225	17	arab	arab	ADJ
easat-7520	225	18	american	american	PROPN
easat-7520	225	19	university	university	PROPN
easat-7520	225	20	(	(	PUNCT
easat-7520	225	21	aaup	aaup	PROPN
easat-7520	225	22	)	)	PUNCT
easat-7520	225	23	campus	campus	NOUN
easat-7520	225	24	.	.	PUNCT
easat-7520	226	1	in	in	ADP
easat-7520	226	2	his	his	PRON
easat-7520	226	3	speech	speech	NOUN
easat-7520	226	4	,	,	PUNCT
easat-7520	226	5	he	he	PRON
easat-7520	226	6	mentioned	mention	VERB
easat-7520	226	7	the	the	DET
easat-7520	226	8	slow	slow	ADJ
easat-7520	226	9	rate	rate	NOUN
easat-7520	226	10	of	of	ADP
easat-7520	226	11	speculative	speculative	ADJ
easat-7520	226	12	transactions	transaction	NOUN
easat-7520	226	13	in	in	ADP
easat-7520	226	14	pex	pex	PROPN
easat-7520	226	15	and	and	CCONJ
easat-7520	226	16	invited	invite	VERB
easat-7520	226	17	researchers	researcher	NOUN
easat-7520	226	18	to	to	PART
easat-7520	226	19	examine	examine	VERB
easat-7520	226	20	more	more	ADV
easat-7520	226	21	closely	closely	ADV
easat-7520	226	22	the	the	DET
easat-7520	226	23	dynamics	dynamic	NOUN
easat-7520	226	24	of	of	ADP
easat-7520	226	25	the	the	DET
easat-7520	226	26	exchange	exchange	NOUN
easat-7520	226	27	.	.	PUNCT
easat-7520	227	1	the	the	DET
easat-7520	227	2	findings	finding	NOUN
easat-7520	227	3	of	of	ADP
easat-7520	227	4	the	the	DET
easat-7520	227	5	study	study	NOUN
easat-7520	227	6	validate	validate	VERB
easat-7520	227	7	his	his	PRON
easat-7520	227	8	statements	statement	NOUN
easat-7520	227	9	,	,	PUNCT
easat-7520	227	10	and	and	CCONJ
easat-7520	227	11	the	the	DET
easat-7520	227	12	necessity	necessity	NOUN
easat-7520	227	13	to	to	PART
easat-7520	227	14	overcome	overcome	VERB
easat-7520	227	15	these	these	DET
easat-7520	227	16	problems	problem	NOUN
easat-7520	227	17	.	.	PUNCT
easat-7520	228	1	to	to	PART
easat-7520	228	2	counter	counter	VERB
easat-7520	228	3	this	this	PRON
easat-7520	228	4	,	,	PUNCT
easat-7520	228	5	policymakers	policymaker	NOUN
easat-7520	228	6	need	need	VERB
easat-7520	228	7	to	to	PART
easat-7520	228	8	make	make	VERB
easat-7520	228	9	an	an	DET
easat-7520	228	10	attempt	attempt	NOUN
easat-7520	228	11	to	to	PART
easat-7520	228	12	place	place	VERB
easat-7520	228	13	high	high	ADJ
easat-7520	228	14	priority	priority	NOUN
easat-7520	228	15	on	on	ADP
easat-7520	228	16	activities	activity	NOUN
easat-7520	228	17	that	that	PRON
easat-7520	228	18	will	will	AUX
easat-7520	228	19	attract	attract	VERB
easat-7520	228	20	more	more	ADJ
easat-7520	228	21	investors	investor	NOUN
easat-7520	228	22	to	to	ADP
easat-7520	228	23	pex	pex	PROPN
easat-7520	228	24	.	.	PROPN
easat-7520	229	1	increased	increase	VERB
easat-7520	229	2	investor	investor	NOUN
easat-7520	229	3	presence	presence	NOUN
easat-7520	229	4	would	would	AUX
easat-7520	229	5	create	create	VERB
easat-7520	229	6	trading	trading	NOUN
easat-7520	229	7	momentum	momentum	NOUN
easat-7520	229	8	and	and	CCONJ
easat-7520	229	9	enable	enable	VERB
easat-7520	229	10	the	the	DET
easat-7520	229	11	market	market	NOUN
easat-7520	229	12	to	to	PART
easat-7520	229	13	grow	grow	VERB
easat-7520	229	14	and	and	CCONJ
easat-7520	229	15	become	become	VERB
easat-7520	229	16	more	more	ADV
easat-7520	229	17	stable	stable	ADJ
easat-7520	229	18	as	as	ADP
easat-7520	229	19	a	a	DET
easat-7520	229	20	whole	whole	NOUN
easat-7520	229	21	.	.	PUNCT
easat-7520	230	1	with	with	ADP
easat-7520	230	2	the	the	DET
easat-7520	230	3	more	more	ADV
easat-7520	230	4	active	active	ADJ
easat-7520	230	5	and	and	CCONJ
easat-7520	230	6	vibrant	vibrant	ADJ
easat-7520	230	7	trading	trading	NOUN
easat-7520	230	8	environment	environment	NOUN
easat-7520	230	9	,	,	PUNCT
easat-7520	230	10	pex	pex	PROPN
easat-7520	230	11	is	be	AUX
easat-7520	230	12	better	well	ADV
easat-7520	230	13	able	able	ADJ
easat-7520	230	14	to	to	PART
easat-7520	230	15	reach	reach	VERB
easat-7520	230	16	its	its	PRON
easat-7520	230	17	full	full	ADJ
easat-7520	230	18	potential	potential	NOUN
easat-7520	230	19	as	as	ADP
easat-7520	230	20	a	a	DET
easat-7520	230	21	beneficial	beneficial	ADJ
easat-7520	230	22	contribution	contribution	NOUN
easat-7520	230	23	to	to	ADP
easat-7520	230	24	the	the	DET
easat-7520	230	25	regional	regional	ADJ
easat-7520	230	26	economy	economy	NOUN
easat-7520	230	27	.	.	PUNCT
easat-7520	231	1	transparency	transparency	NOUN
easat-7520	231	2	:	:	PUNCT
easat-7520	231	3	the	the	DET
easat-7520	231	4	author	author	NOUN
easat-7520	231	5	confirms	confirm	VERB
easat-7520	231	6	that	that	SCONJ
easat-7520	231	7	the	the	DET
easat-7520	231	8	manuscript	manuscript	NOUN
easat-7520	231	9	is	be	AUX
easat-7520	231	10	an	an	DET
easat-7520	231	11	honest	honest	ADJ
easat-7520	231	12	,	,	PUNCT
easat-7520	231	13	accurate	accurate	ADJ
easat-7520	231	14	,	,	PUNCT
easat-7520	231	15	and	and	CCONJ
easat-7520	231	16	transparent	transparent	ADJ
easat-7520	231	17	account	account	NOUN
easat-7520	231	18	of	of	ADP
easat-7520	231	19	the	the	DET
easat-7520	231	20	study	study	NOUN
easat-7520	231	21	;	;	PUNCT
easat-7520	231	22	that	that	SCONJ
easat-7520	231	23	no	no	DET
easat-7520	231	24	vital	vital	ADJ
easat-7520	231	25	features	feature	NOUN
easat-7520	231	26	of	of	ADP
easat-7520	231	27	the	the	DET
easat-7520	231	28	study	study	NOUN
easat-7520	231	29	have	have	AUX
easat-7520	231	30	been	be	AUX
easat-7520	231	31	omitted	omit	VERB
easat-7520	231	32	;	;	PUNCT
easat-7520	231	33	and	and	CCONJ
easat-7520	231	34	that	that	SCONJ
easat-7520	231	35	any	any	DET
easat-7520	231	36	discrepancies	discrepancy	NOUN
easat-7520	231	37	from	from	ADP
easat-7520	231	38	the	the	DET
easat-7520	231	39	study	study	NOUN
easat-7520	231	40	as	as	SCONJ
easat-7520	231	41	planned	plan	VERB
easat-7520	231	42	have	have	AUX
easat-7520	231	43	been	be	AUX
easat-7520	231	44	explained	explain	VERB
easat-7520	231	45	.	.	PUNCT
easat-7520	232	1	this	this	DET
easat-7520	232	2	study	study	NOUN
easat-7520	232	3	followed	follow	VERB
easat-7520	232	4	all	all	DET
easat-7520	232	5	ethical	ethical	ADJ
easat-7520	232	6	practices	practice	NOUN
easat-7520	232	7	during	during	ADP
easat-7520	232	8	writing	writing	NOUN
easat-7520	232	9	.	.	PUNCT
easat-7520	233	1	copyright	copyright	NOUN
easat-7520	233	2	:	:	PUNCT
easat-7520	233	3	©	©	PROPN
easat-7520	233	4	2025	2025	NUM
easat-7520	233	5	by	by	ADP
easat-7520	233	6	the	the	DET
easat-7520	233	7	author	author	NOUN
easat-7520	233	8	.	.	PUNCT
easat-7520	234	1	this	this	DET
easat-7520	234	2	open	open	ADJ
easat-7520	234	3	-	-	PUNCT
easat-7520	234	4	access	access	NOUN
easat-7520	234	5	article	article	NOUN
easat-7520	234	6	is	be	AUX
easat-7520	234	7	distributed	distribute	VERB
easat-7520	234	8	under	under	ADP
easat-7520	234	9	the	the	DET
easat-7520	234	10	terms	term	NOUN
easat-7520	234	11	and	and	CCONJ
easat-7520	234	12	conditions	condition	NOUN
easat-7520	234	13	of	of	ADP
easat-7520	234	14	the	the	DET
easat-7520	234	15	creative	creative	ADJ
easat-7520	234	16	commons	common	NOUN
easat-7520	234	17	attribution	attribution	NOUN
easat-7520	234	18	(	(	PUNCT
easat-7520	234	19	cc	cc	NOUN
easat-7520	234	20	by	by	ADP
easat-7520	234	21	)	)	PUNCT
easat-7520	234	22	license	license	NOUN
easat-7520	234	23	(	(	PUNCT
easat-7520	234	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-7520	234	25	)	)	PUNCT
easat-7520	234	26	.	.	PUNCT
easat-7520	235	1	references	reference	NOUN
easat-7520	235	2	[	[	X
easat-7520	235	3	1	1	NUM
easat-7520	235	4	]	]	PUNCT
easat-7520	235	5	l.	l.	PROPN
easat-7520	235	6	h.	h.	PROPN
easat-7520	235	7	summers	summers	PROPN
easat-7520	235	8	,	,	PUNCT
easat-7520	235	9	"	"	PUNCT
easat-7520	235	10	do	do	AUX
easat-7520	235	11	demand	demand	VERB
easat-7520	235	12	curves	curve	NOUN
easat-7520	235	13	for	for	ADP
easat-7520	235	14	stocks	stock	NOUN
easat-7520	235	15	slope	slope	VERB
easat-7520	235	16	down	down	ADP
easat-7520	235	17	?	?	PUNCT
easat-7520	235	18	,	,	PUNCT
easat-7520	235	19	"	"	PUNCT
easat-7520	235	20	the	the	DET
easat-7520	235	21	journal	journal	NOUN
easat-7520	235	22	of	of	ADP
easat-7520	235	23	finance	finance	NOUN
easat-7520	235	24	,	,	PUNCT
easat-7520	235	25	vol	vol	NOUN
easat-7520	235	26	.	.	PROPN
easat-7520	235	27	41	41	NUM
easat-7520	235	28	,	,	PUNCT
easat-7520	235	29	no	no	INTJ
easat-7520	235	30	.	.	NOUN
easat-7520	235	31	3	3	NUM
easat-7520	235	32	,	,	PUNCT
easat-7520	235	33	pp	pp	ADJ
easat-7520	235	34	.	.	PUNCT
easat-7520	236	1	591–601	591–601	NUM
easat-7520	236	2	,	,	PUNCT
easat-7520	236	3	1986	1986	NUM
easat-7520	236	4	.	.	PUNCT
easat-7520	237	1	https://doi.org/10.1111/j.1540-6261.1986.tb04518.x	https://doi.org/10.1111/j.1540-6261.1986.tb04518.x	PROPN
easat-7520	237	2	[	[	X
easat-7520	237	3	2	2	NUM
easat-7520	237	4	]	]	PUNCT
easat-7520	237	5	r.	r.	PROPN
easat-7520	237	6	j.	j.	PROPN
easat-7520	237	7	shiller	shiller	PROPN
easat-7520	237	8	,	,	PUNCT
easat-7520	237	9	"	"	PUNCT
easat-7520	237	10	do	do	AUX
easat-7520	237	11	stock	stock	NOUN
easat-7520	237	12	prices	price	NOUN
easat-7520	237	13	move	move	VERB
easat-7520	237	14	too	too	ADV
easat-7520	237	15	much	much	ADV
easat-7520	237	16	to	to	PART
easat-7520	237	17	be	be	AUX
easat-7520	237	18	justified	justify	VERB
easat-7520	237	19	by	by	ADP
easat-7520	237	20	subsequent	subsequent	ADJ
easat-7520	237	21	changes	change	NOUN
easat-7520	237	22	in	in	ADP
easat-7520	237	23	dividends	dividend	NOUN
easat-7520	237	24	?	?	PUNCT
easat-7520	237	25	,	,	PUNCT
easat-7520	237	26	"	"	PUNCT
easat-7520	237	27	american	american	PROPN
easat-7520	237	28	economic	economic	PROPN
easat-7520	237	29	review	review	PROPN
easat-7520	237	30	,	,	PUNCT
easat-7520	237	31	vol	vol	NOUN
easat-7520	237	32	.	.	PROPN
easat-7520	237	33	71	71	NUM
easat-7520	237	34	,	,	PUNCT
easat-7520	237	35	no	no	INTJ
easat-7520	237	36	.	.	NOUN
easat-7520	237	37	3	3	NUM
easat-7520	237	38	,	,	PUNCT
easat-7520	237	39	pp	pp	ADJ
easat-7520	237	40	.	.	PUNCT
easat-7520	238	1	421–436	421–436	NUM
easat-7520	238	2	,	,	PUNCT
easat-7520	238	3	1981	1981	NUM
easat-7520	238	4	.	.	PUNCT
easat-7520	239	1	[	[	X
easat-7520	239	2	3	3	NUM
easat-7520	239	3	]	]	X
easat-7520	239	4	k.-y	k.-y	NOUN
easat-7520	239	5	.	.	PUNCT
easat-7520	239	6	woo	woo	PROPN
easat-7520	239	7	,	,	PUNCT
easat-7520	239	8	c.	c.	PROPN
easat-7520	239	9	mai	mai	PROPN
easat-7520	239	10	,	,	PUNCT
easat-7520	239	11	m.	m.	NOUN
easat-7520	239	12	mcaleer	mcaleer	NOUN
easat-7520	239	13	,	,	PUNCT
easat-7520	239	14	and	and	CCONJ
easat-7520	239	15	w.-k	w.-k	PROPN
easat-7520	239	16	.	.	PUNCT
easat-7520	240	1	wong	wong	PROPN
easat-7520	240	2	,	,	PUNCT
easat-7520	240	3	"	"	PUNCT
easat-7520	240	4	review	review	NOUN
easat-7520	240	5	on	on	ADP
easat-7520	240	6	efficiency	efficiency	NOUN
easat-7520	240	7	and	and	CCONJ
easat-7520	240	8	anomalies	anomaly	NOUN
easat-7520	240	9	in	in	ADP
easat-7520	240	10	stock	stock	NOUN
easat-7520	240	11	markets	market	NOUN
easat-7520	240	12	,	,	PUNCT
easat-7520	240	13	"	"	PUNCT
easat-7520	240	14	economies	economy	NOUN
easat-7520	240	15	,	,	PUNCT
easat-7520	240	16	vol	vol	NOUN
easat-7520	240	17	.	.	PROPN
easat-7520	240	18	8	8	NUM
easat-7520	240	19	,	,	PUNCT
easat-7520	240	20	no	no	INTJ
easat-7520	240	21	.	.	NOUN
easat-7520	240	22	1	1	NUM
easat-7520	240	23	,	,	PUNCT
easat-7520	240	24	p.	p.	NOUN
easat-7520	240	25	20	20	NUM
easat-7520	240	26	,	,	PUNCT
easat-7520	240	27	2020	2020	NUM
easat-7520	240	28	.	.	PUNCT
easat-7520	241	1	https://doi.org/10.3390/economies8010020	https://doi.org/10.3390/economies8010020	NOUN
easat-7520	241	2	[	[	X
easat-7520	241	3	4	4	X
easat-7520	241	4	]	]	PUNCT
easat-7520	241	5	j.	j.	PROPN
easat-7520	241	6	patel	patel	PROPN
easat-7520	241	7	,	,	PUNCT
easat-7520	241	8	r.	r.	PROPN
easat-7520	241	9	zeckhauser	zeckhauser	PROPN
easat-7520	241	10	,	,	PUNCT
easat-7520	241	11	and	and	CCONJ
easat-7520	241	12	d.	d.	PROPN
easat-7520	241	13	hendricks	hendrick	NOUN
easat-7520	241	14	,	,	PUNCT
easat-7520	241	15	"	"	PUNCT
easat-7520	241	16	the	the	DET
easat-7520	241	17	rationality	rationality	NOUN
easat-7520	241	18	struggle	struggle	NOUN
easat-7520	241	19	:	:	PUNCT
easat-7520	241	20	illustrations	illustration	NOUN
easat-7520	241	21	from	from	ADP
easat-7520	241	22	financial	financial	ADJ
easat-7520	241	23	markets	market	NOUN
easat-7520	241	24	,	,	PUNCT
easat-7520	241	25	"	"	PUNCT
easat-7520	241	26	the	the	DET
easat-7520	241	27	american	american	PROPN
easat-7520	241	28	economic	economic	PROPN
easat-7520	241	29	review	review	PROPN
easat-7520	241	30	,	,	PUNCT
easat-7520	241	31	vol	vol	NOUN
easat-7520	241	32	.	.	PROPN
easat-7520	241	33	81	81	NUM
easat-7520	241	34	,	,	PUNCT
easat-7520	241	35	no	no	INTJ
easat-7520	241	36	.	.	NOUN
easat-7520	241	37	2	2	NUM
easat-7520	241	38	,	,	PUNCT
easat-7520	241	39	pp	pp	ADJ
easat-7520	241	40	.	.	PUNCT
easat-7520	242	1	232	232	NUM
easat-7520	242	2	-	-	SYM
easat-7520	242	3	236	236	NUM
easat-7520	242	4	,	,	PUNCT
easat-7520	242	5	1991	1991	NUM
easat-7520	242	6	.	.	PUNCT
easat-7520	243	1	[	[	X
easat-7520	243	2	5	5	NUM
easat-7520	243	3	]	]	PUNCT
easat-7520	243	4	i.	i.	PROPN
easat-7520	243	5	awad	awad	PROPN
easat-7520	243	6	and	and	CCONJ
easat-7520	243	7	z.	z.	PROPN
easat-7520	243	8	daraghma	daraghma	PROPN
easat-7520	243	9	,	,	PUNCT
easat-7520	243	10	"	"	PUNCT
easat-7520	243	11	testing	test	VERB
easat-7520	243	12	the	the	DET
easat-7520	243	13	weak	weak	ADJ
easat-7520	243	14	-	-	PUNCT
easat-7520	243	15	form	form	NOUN
easat-7520	243	16	efficiency	efficiency	NOUN
easat-7520	243	17	of	of	ADP
easat-7520	243	18	the	the	DET
easat-7520	243	19	palestinian	palestinian	ADJ
easat-7520	243	20	securities	security	NOUN
easat-7520	243	21	market	market	NOUN
easat-7520	243	22	,	,	PUNCT
easat-7520	243	23	"	"	PUNCT
easat-7520	243	24	international	international	ADJ
easat-7520	243	25	research	research	NOUN
easat-7520	243	26	journal	journal	NOUN
easat-7520	243	27	of	of	ADP
easat-7520	243	28	finance	finance	NOUN
easat-7520	243	29	and	and	CCONJ
easat-7520	243	30	economics	economic	NOUN
easat-7520	243	31	,	,	PUNCT
easat-7520	243	32	vol	vol	NOUN
easat-7520	243	33	.	.	PROPN
easat-7520	243	34	32	32	NUM
easat-7520	243	35	,	,	PUNCT
easat-7520	243	36	pp	pp	ADJ
easat-7520	243	37	.	.	PUNCT
easat-7520	244	1	7–17	7–17	NOUN
easat-7520	244	2	,	,	PUNCT
easat-7520	244	3	2009	2009	NUM
easat-7520	244	4	.	.	PUNCT
easat-7520	245	1	[	[	X
easat-7520	245	2	6	6	NUM
easat-7520	245	3	]	]	PUNCT
easat-7520	245	4	b.	b.	PROPN
easat-7520	245	5	abu	abu	PROPN
easat-7520	245	6	zarour	zarour	PROPN
easat-7520	245	7	,	,	PUNCT
easat-7520	245	8	"	"	PUNCT
easat-7520	245	9	the	the	DET
easat-7520	245	10	halloween	halloween	PROPN
easat-7520	245	11	effect	effect	PROPN
easat-7520	245	12	anomaly	anomaly	NOUN
easat-7520	245	13	:	:	PUNCT
easat-7520	245	14	evidence	evidence	NOUN
easat-7520	245	15	from	from	ADP
easat-7520	245	16	some	some	DET
easat-7520	245	17	arab	arab	ADJ
easat-7520	245	18	countries	country	NOUN
easat-7520	245	19	equity	equity	NOUN
easat-7520	245	20	markets	market	NOUN
easat-7520	245	21	,	,	PUNCT
easat-7520	245	22	"	"	PUNCT
easat-7520	245	23	studies	study	NOUN
easat-7520	245	24	in	in	ADP
easat-7520	245	25	business	business	NOUN
easat-7520	245	26	and	and	CCONJ
easat-7520	245	27	economics	economic	NOUN
easat-7520	245	28	,	,	PUNCT
easat-7520	245	29	vol	vol	NOUN
easat-7520	245	30	.	.	PROPN
easat-7520	245	31	13	13	NUM
easat-7520	245	32	,	,	PUNCT
easat-7520	245	33	no	no	INTJ
easat-7520	245	34	.	.	NOUN
easat-7520	245	35	1	1	NUM
easat-7520	245	36	,	,	PUNCT
easat-7520	245	37	pp	pp	ADJ
easat-7520	245	38	.	.	PUNCT
easat-7520	246	1	23–41	23–41	NUM
easat-7520	246	2	,	,	PUNCT
easat-7520	246	3	2007	2007	NUM
easat-7520	246	4	.	.	PUNCT
easat-7520	247	1	[	[	X
easat-7520	247	2	7	7	X
easat-7520	247	3	]	]	PUNCT
easat-7520	247	4	s.	s.	PROPN
easat-7520	247	5	nassar	nassar	PROPN
easat-7520	247	6	,	,	PUNCT
easat-7520	247	7	"	"	PUNCT
easat-7520	247	8	the	the	DET
easat-7520	247	9	day	day	NOUN
easat-7520	247	10	of	of	ADP
easat-7520	247	11	the	the	DET
easat-7520	247	12	week	week	NOUN
easat-7520	247	13	effect	effect	NOUN
easat-7520	247	14	of	of	ADP
easat-7520	247	15	stock	stock	NOUN
easat-7520	247	16	returns	return	NOUN
easat-7520	247	17	:	:	PUNCT
easat-7520	247	18	empirical	empirical	ADJ
easat-7520	247	19	evidence	evidence	NOUN
easat-7520	247	20	from	from	ADP
easat-7520	247	21	five	five	NUM
easat-7520	247	22	selected	select	VERB
easat-7520	247	23	arab	arab	ADJ
easat-7520	247	24	countries	country	NOUN
easat-7520	247	25	,	,	PUNCT
easat-7520	247	26	"	"	PUNCT
easat-7520	247	27	eurasian	eurasian	ADJ
easat-7520	247	28	journal	journal	NOUN
easat-7520	247	29	of	of	ADP
easat-7520	247	30	business	business	NOUN
easat-7520	247	31	and	and	CCONJ
easat-7520	247	32	management	management	NOUN
easat-7520	247	33	,	,	PUNCT
easat-7520	247	34	vol	vol	NOUN
easat-7520	247	35	.	.	PROPN
easat-7520	247	36	4	4	NUM
easat-7520	247	37	,	,	PUNCT
easat-7520	247	38	no	no	INTJ
easat-7520	247	39	.	.	NOUN
easat-7520	247	40	2	2	NUM
easat-7520	247	41	,	,	PUNCT
easat-7520	247	42	pp	pp	ADJ
easat-7520	247	43	.	.	PUNCT
easat-7520	248	1	55–64	55–64	NUM
easat-7520	248	2	,	,	PUNCT
easat-7520	248	3	2016	2016	NUM
easat-7520	248	4	.	.	PUNCT
easat-7520	249	1	https://doi.org/10.20421/ejbm.2016.4.2.01	https://doi.org/10.20421/ejbm.2016.4.2.01	NOUN
easat-7520	250	1	[	[	X
easat-7520	250	2	8	8	NUM
easat-7520	250	3	]	]	PUNCT
easat-7520	250	4	s.	s.	PROPN
easat-7520	250	5	t.	t.	PROPN
easat-7520	250	6	hijazi	hijazi	PROPN
easat-7520	250	7	and	and	CCONJ
easat-7520	250	8	m.	m.	PROPN
easat-7520	250	9	i.	i.	PROPN
easat-7520	250	10	tabash	tabash	PROPN
easat-7520	250	11	,	,	PUNCT
easat-7520	250	12	"	"	PUNCT
easat-7520	250	13	behavioral	behavioral	ADJ
easat-7520	250	14	biases	bias	NOUN
easat-7520	250	15	and	and	CCONJ
easat-7520	250	16	herding	herding	NOUN
easat-7520	250	17	behavior	behavior	NOUN
easat-7520	250	18	in	in	ADP
easat-7520	250	19	islamic	islamic	ADJ
easat-7520	250	20	financial	financial	ADJ
easat-7520	250	21	markets	market	NOUN
easat-7520	250	22	:	:	PUNCT
easat-7520	250	23	an	an	DET
easat-7520	250	24	empirical	empirical	ADJ
easat-7520	250	25	investigation	investigation	NOUN
easat-7520	250	26	,	,	PUNCT
easat-7520	250	27	"	"	PUNCT
easat-7520	250	28	international	international	ADJ
easat-7520	250	29	journal	journal	NOUN
easat-7520	250	30	of	of	ADP
easat-7520	250	31	islamic	islamic	ADJ
easat-7520	250	32	and	and	CCONJ
easat-7520	250	33	middle	middle	ADJ
easat-7520	250	34	eastern	eastern	ADJ
easat-7520	250	35	finance	finance	NOUN
easat-7520	250	36	and	and	CCONJ
easat-7520	250	37	management	management	NOUN
easat-7520	250	38	,	,	PUNCT
easat-7520	250	39	vol	vol	NOUN
easat-7520	250	40	.	.	PROPN
easat-7520	250	41	13	13	NUM
easat-7520	250	42	,	,	PUNCT
easat-7520	250	43	no	no	INTJ
easat-7520	250	44	.	.	NOUN
easat-7520	250	45	4	4	NUM
easat-7520	250	46	,	,	PUNCT
easat-7520	250	47	pp	pp	ADJ
easat-7520	250	48	.	.	PUNCT
easat-7520	251	1	701–719	701–719	NUM
easat-7520	251	2	,	,	PUNCT
easat-7520	251	3	2020	2020	NUM
easat-7520	251	4	.	.	PUNCT
easat-7520	252	1	https://doi.org/10.1108/imefm-12-2019-0461	https://doi.org/10.1108/imefm-12-2019-0461	PUNCT
easat-7520	253	1	[	[	X
easat-7520	253	2	9	9	NUM
easat-7520	253	3	]	]	PUNCT
easat-7520	253	4	s.	s.	PROPN
easat-7520	253	5	bikhchandani	bikhchandani	PROPN
easat-7520	253	6	,	,	PUNCT
easat-7520	253	7	d.	d.	PROPN
easat-7520	253	8	hirshleifer	hirshleifer	PROPN
easat-7520	253	9	,	,	PUNCT
easat-7520	253	10	and	and	CCONJ
easat-7520	253	11	i.	i.	PROPN
easat-7520	253	12	welch	welch	PROPN
easat-7520	253	13	,	,	PUNCT
easat-7520	253	14	"	"	PUNCT
easat-7520	253	15	a	a	DET
easat-7520	253	16	theory	theory	NOUN
easat-7520	253	17	of	of	ADP
easat-7520	253	18	fads	fad	NOUN
easat-7520	253	19	,	,	PUNCT
easat-7520	253	20	fashion	fashion	NOUN
easat-7520	253	21	,	,	PUNCT
easat-7520	253	22	custom	custom	ADJ
easat-7520	253	23	,	,	PUNCT
easat-7520	253	24	and	and	CCONJ
easat-7520	253	25	cultural	cultural	ADJ
easat-7520	253	26	change	change	NOUN
easat-7520	253	27	as	as	ADP
easat-7520	253	28	informational	informational	ADJ
easat-7520	253	29	cascades	cascade	NOUN
easat-7520	253	30	,	,	PUNCT
easat-7520	253	31	"	"	PUNCT
easat-7520	253	32	journal	journal	NOUN
easat-7520	253	33	of	of	ADP
easat-7520	253	34	political	political	ADJ
easat-7520	253	35	economy	economy	NOUN
easat-7520	253	36	,	,	PUNCT
easat-7520	253	37	vol	vol	NOUN
easat-7520	253	38	.	.	PROPN
easat-7520	253	39	100	100	NUM
easat-7520	253	40	,	,	PUNCT
easat-7520	253	41	no	no	INTJ
easat-7520	253	42	.	.	NOUN
easat-7520	253	43	5	5	NUM
easat-7520	253	44	,	,	PUNCT
easat-7520	253	45	pp	pp	ADJ
easat-7520	253	46	.	.	PUNCT
easat-7520	254	1	992	992	NUM
easat-7520	254	2	-	-	SYM
easat-7520	254	3	1026	1026	NUM
easat-7520	254	4	,	,	PUNCT
easat-7520	254	5	1992	1992	NUM
easat-7520	254	6	.	.	PUNCT
easat-7520	255	1	https://doi.org/10.1086/261849	https://doi.org/10.1086/261849	PUNCT
easat-7520	256	1	[	[	X
easat-7520	256	2	10	10	NUM
easat-7520	256	3	]	]	X
easat-7520	256	4	i.	i.	PROPN
easat-7520	256	5	welch	welch	PROPN
easat-7520	256	6	,	,	PUNCT
easat-7520	256	7	"	"	PUNCT
easat-7520	256	8	sequential	sequential	ADJ
easat-7520	256	9	sales	sale	NOUN
easat-7520	256	10	,	,	PUNCT
easat-7520	256	11	learning	learning	NOUN
easat-7520	256	12	,	,	PUNCT
easat-7520	256	13	and	and	CCONJ
easat-7520	256	14	cascades	cascade	NOUN
easat-7520	256	15	,	,	PUNCT
easat-7520	256	16	"	"	PUNCT
easat-7520	256	17	the	the	DET
easat-7520	256	18	journal	journal	NOUN
easat-7520	256	19	of	of	ADP
easat-7520	256	20	finance	finance	NOUN
easat-7520	256	21	,	,	PUNCT
easat-7520	256	22	vol	vol	NOUN
easat-7520	256	23	.	.	PROPN
easat-7520	257	1	47	47	NUM
easat-7520	257	2	,	,	PUNCT
easat-7520	257	3	no	no	INTJ
easat-7520	257	4	.	.	NOUN
easat-7520	257	5	2	2	NUM
easat-7520	257	6	,	,	PUNCT
easat-7520	257	7	pp	pp	ADJ
easat-7520	257	8	.	.	PUNCT
easat-7520	258	1	695	695	NUM
easat-7520	258	2	-	-	SYM
easat-7520	258	3	732	732	NUM
easat-7520	258	4	,	,	PUNCT
easat-7520	258	5	1992	1992	NUM
easat-7520	258	6	.	.	PUNCT
easat-7520	259	1	https://doi.org/10.1111/j.1540-6261.1992.tb04406.x	https://doi.org/10.1111/j.1540-6261.1992.tb04406.x	ADJ
easat-7520	260	1	[	[	X
easat-7520	260	2	11	11	NUM
easat-7520	260	3	]	]	PUNCT
easat-7520	260	4	a.	a.	NOUN
easat-7520	260	5	v.	v.	ADP
easat-7520	260	6	banerjee	banerjee	PROPN
easat-7520	260	7	,	,	PUNCT
easat-7520	260	8	"	"	PUNCT
easat-7520	260	9	a	a	DET
easat-7520	260	10	simple	simple	ADJ
easat-7520	260	11	model	model	NOUN
easat-7520	260	12	of	of	ADP
easat-7520	260	13	herd	herd	NOUN
easat-7520	260	14	behavior	behavior	NOUN
easat-7520	260	15	,	,	PUNCT
easat-7520	260	16	"	"	PUNCT
easat-7520	260	17	the	the	DET
easat-7520	260	18	quarterly	quarterly	ADJ
easat-7520	260	19	journal	journal	NOUN
easat-7520	260	20	of	of	ADP
easat-7520	260	21	economics	economic	NOUN
easat-7520	260	22	,	,	PUNCT
easat-7520	260	23	vol	vol	NOUN
easat-7520	260	24	.	.	PUNCT
easat-7520	261	1	107	107	NUM
easat-7520	261	2	,	,	PUNCT
easat-7520	261	3	no	no	INTJ
easat-7520	261	4	.	.	NOUN
easat-7520	261	5	3	3	NUM
easat-7520	261	6	,	,	PUNCT
easat-7520	261	7	pp	pp	ADJ
easat-7520	261	8	.	.	PUNCT
easat-7520	262	1	797	797	NUM
easat-7520	262	2	-	-	SYM
easat-7520	262	3	817	817	NUM
easat-7520	262	4	,	,	PUNCT
easat-7520	262	5	1992	1992	NUM
easat-7520	262	6	.	.	PUNCT
easat-7520	263	1	https://doi.org/10.2307/2118364	https://doi.org/10.2307/2118364	NOUN
easat-7520	264	1	[	[	X
easat-7520	264	2	12	12	NUM
easat-7520	264	3	]	]	PUNCT
easat-7520	264	4	k.	k.	PROPN
easat-7520	264	5	a.	a.	PROPN
easat-7520	264	6	froot	froot	PROPN
easat-7520	264	7	,	,	PUNCT
easat-7520	264	8	d.	d.	PROPN
easat-7520	264	9	s.	s.	PROPN
easat-7520	264	10	scharfstein	scharfstein	PROPN
easat-7520	264	11	,	,	PUNCT
easat-7520	264	12	and	and	CCONJ
easat-7520	264	13	j.	j.	PROPN
easat-7520	264	14	c.	c.	PROPN
easat-7520	264	15	stein	stein	PROPN
easat-7520	264	16	,	,	PUNCT
easat-7520	264	17	"	"	PUNCT
easat-7520	264	18	herd	herd	NOUN
easat-7520	264	19	on	on	ADP
easat-7520	264	20	the	the	DET
easat-7520	264	21	street	street	NOUN
easat-7520	264	22	:	:	PUNCT
easat-7520	264	23	informational	informational	ADJ
easat-7520	264	24	inefficiencies	inefficiency	NOUN
easat-7520	264	25	in	in	ADP
easat-7520	264	26	a	a	DET
easat-7520	264	27	market	market	NOUN
easat-7520	264	28	with	with	ADP
easat-7520	264	29	short‐term	short‐term	ADJ
easat-7520	264	30	speculation	speculation	NOUN
easat-7520	264	31	,	,	PUNCT
easat-7520	264	32	"	"	PUNCT
easat-7520	264	33	the	the	DET
easat-7520	264	34	journal	journal	NOUN
easat-7520	264	35	of	of	ADP
easat-7520	264	36	finance	finance	NOUN
easat-7520	264	37	,	,	PUNCT
easat-7520	264	38	vol	vol	NOUN
easat-7520	264	39	.	.	PROPN
easat-7520	265	1	47	47	NUM
easat-7520	265	2	,	,	PUNCT
easat-7520	265	3	no	no	INTJ
easat-7520	265	4	.	.	NOUN
easat-7520	265	5	4	4	NUM
easat-7520	265	6	,	,	PUNCT
easat-7520	265	7	pp	pp	ADJ
easat-7520	265	8	.	.	PUNCT
easat-7520	265	9	1461	1461	NUM
easat-7520	265	10	-	-	SYM
easat-7520	265	11	1484	1484	NUM
easat-7520	265	12	,	,	PUNCT
easat-7520	265	13	1992	1992	NUM
easat-7520	265	14	.	.	PUNCT
easat-7520	266	1	https://doi.org/10.1111/j.15406261.1992.tb04665.x	https://doi.org/10.1111/j.15406261.1992.tb04665.x	PROPN
easat-7520	267	1	[	[	X
easat-7520	267	2	13	13	NUM
easat-7520	267	3	]	]	PUNCT
easat-7520	267	4	t.	t.	PROPN
easat-7520	267	5	lux	lux	PROPN
easat-7520	267	6	,	,	PUNCT
easat-7520	267	7	"	"	PUNCT
easat-7520	267	8	herd	herd	NOUN
easat-7520	267	9	behaviour	behaviour	NOUN
easat-7520	267	10	,	,	PUNCT
easat-7520	267	11	bubbles	bubble	NOUN
easat-7520	267	12	and	and	CCONJ
easat-7520	267	13	crashes	crash	NOUN
easat-7520	267	14	,	,	PUNCT
easat-7520	267	15	"	"	PUNCT
easat-7520	267	16	economic	economic	ADJ
easat-7520	267	17	journal	journal	NOUN
easat-7520	267	18	,	,	PUNCT
easat-7520	267	19	vol	vol	NOUN
easat-7520	267	20	.	.	PROPN
easat-7520	267	21	105	105	NUM
easat-7520	267	22	,	,	PUNCT
easat-7520	267	23	no	no	INTJ
easat-7520	267	24	.	.	NOUN
easat-7520	267	25	431	431	NUM
easat-7520	267	26	,	,	PUNCT
easat-7520	267	27	pp	pp	ADJ
easat-7520	267	28	.	.	PUNCT
easat-7520	268	1	881	881	NUM
easat-7520	268	2	-	-	SYM
easat-7520	268	3	896	896	NUM
easat-7520	268	4	,	,	PUNCT
easat-7520	268	5	1995	1995	NUM
easat-7520	268	6	.	.	PUNCT
easat-7520	269	1	https://doi.org/10.2307/2235156	https://doi.org/10.2307/2235156	PROPN
easat-7520	270	1	[	[	X
easat-7520	270	2	14	14	NUM
easat-7520	270	3	]	]	X
easat-7520	270	4	r.	r.	PROPN
easat-7520	270	5	j.	j.	PROPN
easat-7520	270	6	shiller	shiller	PROPN
easat-7520	270	7	,	,	PUNCT
easat-7520	270	8	"	"	PUNCT
easat-7520	270	9	conversation	conversation	ADJ
easat-7520	270	10	,	,	PUNCT
easat-7520	270	11	information	information	NOUN
easat-7520	270	12	,	,	PUNCT
easat-7520	270	13	and	and	CCONJ
easat-7520	270	14	herd	herd	NOUN
easat-7520	270	15	behavior	behavior	NOUN
easat-7520	270	16	,	,	PUNCT
easat-7520	270	17	"	"	PUNCT
easat-7520	270	18	the	the	DET
easat-7520	270	19	american	american	PROPN
easat-7520	270	20	economic	economic	PROPN
easat-7520	270	21	review	review	PROPN
easat-7520	270	22	,	,	PUNCT
easat-7520	270	23	vol	vol	NOUN
easat-7520	270	24	.	.	PROPN
easat-7520	270	25	85	85	NUM
easat-7520	270	26	,	,	PUNCT
easat-7520	270	27	no	no	INTJ
easat-7520	270	28	.	.	NOUN
easat-7520	270	29	2	2	NUM
easat-7520	270	30	,	,	PUNCT
easat-7520	270	31	pp	pp	ADJ
easat-7520	270	32	.	.	PUNCT
easat-7520	270	33	181185	181185	NUM
easat-7520	270	34	,	,	PUNCT
easat-7520	270	35	1995	1995	NUM
easat-7520	270	36	.	.	PUNCT
easat-7520	271	1	[	[	X
easat-7520	271	2	15	15	NUM
easat-7520	271	3	]	]	X
easat-7520	271	4	r.	r.	PROPN
easat-7520	271	5	dave	dave	PROPN
easat-7520	271	6	and	and	CCONJ
easat-7520	271	7	p.	p.	PROPN
easat-7520	271	8	welch	welch	PROPN
easat-7520	271	9	,	,	PUNCT
easat-7520	271	10	"	"	PUNCT
easat-7520	271	11	real	real	ADJ
easat-7520	271	12	options	option	NOUN
easat-7520	271	13	and	and	CCONJ
easat-7520	271	14	investment	investment	NOUN
easat-7520	271	15	under	under	ADP
easat-7520	271	16	uncertainty	uncertainty	NOUN
easat-7520	271	17	,	,	PUNCT
easat-7520	271	18	"	"	PUNCT
easat-7520	271	19	journal	journal	NOUN
easat-7520	271	20	of	of	ADP
easat-7520	271	21	finance	finance	NOUN
easat-7520	271	22	,	,	PUNCT
easat-7520	271	23	vol	vol	NOUN
easat-7520	271	24	.	.	PROPN
easat-7520	272	1	51	51	NUM
easat-7520	272	2	,	,	PUNCT
easat-7520	272	3	no	no	INTJ
easat-7520	272	4	.	.	NOUN
easat-7520	272	5	1	1	NUM
easat-7520	272	6	,	,	PUNCT
easat-7520	272	7	pp	pp	ADJ
easat-7520	272	8	.	.	PUNCT
easat-7520	272	9	177205	177205	NUM
easat-7520	272	10	,	,	PUNCT
easat-7520	272	11	1996	1996	NUM
easat-7520	272	12	.	.	PUNCT
easat-7520	273	1	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
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easat-7520	274	2	https://doi.org/10.3390/economies8010020	https://doi.org/10.3390/economies8010020	PROPN
easat-7520	274	3	https://doi.org/10.20421/ejbm.2016.4.2.01	https://doi.org/10.20421/ejbm.2016.4.2.01	PROPN
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easat-7520	274	7	https://doi.org/10.2307/2118364	https://doi.org/10.2307/2118364	NOUN
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easat-7520	274	10	https://doi.org/10.2307/2235156	https://doi.org/10.2307/2235156	PROPN
easat-7520	274	11	2603	2603	NUM
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easat-7520	274	17	issn	issn	PROPN
easat-7520	274	18	:	:	PUNCT
easat-7520	274	19	2576	2576	NUM
easat-7520	274	20	-	-	SYM
easat-7520	274	21	8484	8484	NUM
easat-7520	274	22	vol	vol	NOUN
easat-7520	274	23	.	.	PROPN
easat-7520	275	1	9	9	NUM
easat-7520	275	2	,	,	PUNCT
easat-7520	275	3	no	no	INTJ
easat-7520	275	4	.	.	NOUN
easat-7520	275	5	5	5	NUM
easat-7520	275	6	:	:	SYM
easat-7520	275	7	2595	2595	NUM
easat-7520	275	8	-	-	SYM
easat-7520	275	9	2603	2603	NUM
easat-7520	275	10	,	,	PUNCT
easat-7520	275	11	2025	2025	NUM
easat-7520	275	12	doi	doi	NOUN
easat-7520	275	13	:	:	PUNCT
easat-7520	275	14	10.55214/25768484.v9i5.7520	10.55214/25768484.v9i5.7520	NUM
easat-7520	275	15	©	©	NOUN
easat-7520	275	16	2025	2025	NUM
easat-7520	275	17	by	by	ADP
easat-7520	275	18	the	the	DET
easat-7520	275	19	author	author	NOUN
easat-7520	275	20	;	;	PUNCT
easat-7520	275	21	licensee	licensee	PROPN
easat-7520	275	22	learning	learning	NOUN
easat-7520	275	23	gate	gate	NOUN
easat-7520	276	1	[	[	X
easat-7520	276	2	16	16	NUM
easat-7520	276	3	]	]	X
easat-7520	276	4	c.	c.	PROPN
easat-7520	276	5	avery	avery	PROPN
easat-7520	276	6	and	and	CCONJ
easat-7520	276	7	p.	p.	PROPN
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easat-7520	276	9	,	,	PUNCT
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easat-7520	276	11	multidimensional	multidimensional	ADJ
easat-7520	276	12	uncertainty	uncertainty	NOUN
easat-7520	276	13	and	and	CCONJ
easat-7520	276	14	herd	herd	NOUN
easat-7520	276	15	behavior	behavior	NOUN
easat-7520	276	16	in	in	ADP
easat-7520	276	17	financial	financial	ADJ
easat-7520	276	18	markets	market	NOUN
easat-7520	276	19	,	,	PUNCT
easat-7520	276	20	"	"	PUNCT
easat-7520	276	21	american	american	PROPN
easat-7520	276	22	economic	economic	PROPN
easat-7520	276	23	review	review	PROPN
easat-7520	276	24	,	,	PUNCT
easat-7520	276	25	vol	vol	NOUN
easat-7520	276	26	.	.	PROPN
easat-7520	276	27	88	88	NUM
easat-7520	276	28	,	,	PUNCT
easat-7520	276	29	no	no	INTJ
easat-7520	276	30	.	.	NOUN
easat-7520	276	31	8	8	NUM
easat-7520	276	32	,	,	PUNCT
easat-7520	276	33	pp	pp	ADJ
easat-7520	276	34	.	.	PUNCT
easat-7520	277	1	724	724	NUM
easat-7520	277	2	-	-	SYM
easat-7520	277	3	748	748	NUM
easat-7520	277	4	,	,	PUNCT
easat-7520	277	5	1998	1998	NUM
easat-7520	277	6	.	.	PUNCT
easat-7520	277	7	https://doi.org/10.2307/117003	https://doi.org/10.2307/117003	X
easat-7520	278	1	[	[	X
easat-7520	278	2	17	17	NUM
easat-7520	278	3	]	]	X
easat-7520	278	4	s.	s.	PROPN
easat-7520	278	5	bikhchandani	bikhchandani	PROPN
easat-7520	278	6	,	,	PUNCT
easat-7520	278	7	d.	d.	PROPN
easat-7520	278	8	hirshleifer	hirshleifer	PROPN
easat-7520	278	9	,	,	PUNCT
easat-7520	278	10	and	and	CCONJ
easat-7520	278	11	i.	i.	PROPN
easat-7520	278	12	welch	welch	PROPN
easat-7520	278	13	,	,	PUNCT
easat-7520	278	14	"	"	PUNCT
easat-7520	278	15	learning	learn	VERB
easat-7520	278	16	from	from	ADP
easat-7520	278	17	the	the	DET
easat-7520	278	18	behavior	behavior	NOUN
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easat-7520	278	20	others	other	NOUN
easat-7520	278	21	:	:	PUNCT
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easat-7520	278	23	,	,	PUNCT
easat-7520	278	24	fads	fad	NOUN
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easat-7520	278	28	cascades	cascade	NOUN
easat-7520	278	29	,	,	PUNCT
easat-7520	278	30	"	"	PUNCT
easat-7520	278	31	journal	journal	NOUN
easat-7520	278	32	of	of	ADP
easat-7520	278	33	economic	economic	ADJ
easat-7520	278	34	perspectives	perspective	NOUN
easat-7520	278	35	,	,	PUNCT
easat-7520	278	36	vol	vol	NOUN
easat-7520	278	37	.	.	PROPN
easat-7520	278	38	12	12	NUM
easat-7520	278	39	,	,	PUNCT
easat-7520	278	40	no	no	INTJ
easat-7520	278	41	.	.	NOUN
easat-7520	278	42	3	3	NUM
easat-7520	278	43	,	,	PUNCT
easat-7520	278	44	pp	pp	ADJ
easat-7520	278	45	.	.	PUNCT
easat-7520	279	1	151	151	NUM
easat-7520	279	2	-	-	SYM
easat-7520	279	3	170	170	NUM
easat-7520	279	4	,	,	PUNCT
easat-7520	279	5	1998	1998	NUM
easat-7520	279	6	.	.	PUNCT
easat-7520	280	1	https://doi.org/10.1257/jep.12.3.151	https://doi.org/10.1257/jep.12.3.151	PROPN
easat-7520	280	2	[	[	X
easat-7520	280	3	18	18	NUM
easat-7520	280	4	]	]	X
easat-7520	280	5	e.	e.	PROPN
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easat-7520	280	7	and	and	CCONJ
easat-7520	280	8	r.	r.	PROPN
easat-7520	280	9	g.	g.	PROPN
easat-7520	280	10	gelos	gelos	PROPN
easat-7520	280	11	,	,	PUNCT
easat-7520	280	12	"	"	PUNCT
easat-7520	280	13	a	a	DET
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easat-7520	280	15	-	-	PUNCT
easat-7520	280	16	prone	prone	ADJ
easat-7520	280	17	pack	pack	NOUN
easat-7520	280	18	?	?	PUNCT
easat-7520	281	1	the	the	DET
easat-7520	281	2	behavior	behavior	NOUN
easat-7520	281	3	of	of	ADP
easat-7520	281	4	emerging	emerge	VERB
easat-7520	281	5	market	market	NOUN
easat-7520	281	6	mutual	mutual	ADJ
easat-7520	281	7	funds	fund	NOUN
easat-7520	281	8	,	,	PUNCT
easat-7520	281	9	"	"	PUNCT
easat-7520	281	10	imf	imf	PROPN
easat-7520	281	11	staff	staff	NOUN
easat-7520	281	12	papers	paper	NOUN
easat-7520	281	13	,	,	PUNCT
easat-7520	281	14	vol	vol	NOUN
easat-7520	281	15	.	.	PROPN
easat-7520	281	16	50	50	NUM
easat-7520	281	17	,	,	PUNCT
easat-7520	281	18	no	no	INTJ
easat-7520	281	19	.	.	NOUN
easat-7520	281	20	1	1	NUM
easat-7520	281	21	,	,	PUNCT
easat-7520	281	22	pp	pp	ADJ
easat-7520	281	23	.	.	PUNCT
easat-7520	282	1	43	43	NUM
easat-7520	282	2	-	-	SYM
easat-7520	282	3	63	63	NUM
easat-7520	282	4	,	,	PUNCT
easat-7520	282	5	2003	2003	NUM
easat-7520	282	6	.	.	PUNCT
easat-7520	283	1	https://doi.org/10.2307/4149947	https://doi.org/10.2307/4149947	X
easat-7520	284	1	[	[	X
easat-7520	284	2	19	19	NUM
easat-7520	284	3	]	]	PUNCT
easat-7520	284	4	s.	s.	PROPN
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easat-7520	284	6	and	and	CCONJ
easat-7520	284	7	m.	m.	NOUN
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easat-7520	284	9	,	,	PUNCT
easat-7520	284	10	"	"	PUNCT
easat-7520	284	11	market	market	NOUN
easat-7520	284	12	stress	stress	NOUN
easat-7520	284	13	and	and	CCONJ
easat-7520	284	14	herding	herding	NOUN
easat-7520	284	15	,	,	PUNCT
easat-7520	284	16	"	"	PUNCT
easat-7520	284	17	journal	journal	NOUN
easat-7520	284	18	of	of	ADP
easat-7520	284	19	empirical	empirical	ADJ
easat-7520	284	20	finance	finance	NOUN
easat-7520	284	21	,	,	PUNCT
easat-7520	284	22	vol	vol	NOUN
easat-7520	284	23	.	.	PROPN
easat-7520	284	24	11	11	NUM
easat-7520	284	25	,	,	PUNCT
easat-7520	284	26	no	no	INTJ
easat-7520	284	27	.	.	NOUN
easat-7520	284	28	4	4	NUM
easat-7520	284	29	,	,	PUNCT
easat-7520	284	30	pp	pp	ADJ
easat-7520	284	31	.	.	PUNCT
easat-7520	285	1	585	585	NUM
easat-7520	285	2	-	-	SYM
easat-7520	285	3	616	616	NUM
easat-7520	285	4	,	,	PUNCT
easat-7520	285	5	2004	2004	NUM
easat-7520	285	6	.	.	PUNCT
easat-7520	286	1	https://doi.org/10.1016/j.jempfin.2004.04.003	https://doi.org/10.1016/j.jempfin.2004.04.003	NOUN
easat-7520	286	2	[	[	PUNCT
easat-7520	286	3	20	20	NUM
easat-7520	286	4	]	]	PUNCT
easat-7520	286	5	m.	m.	NOUN
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easat-7520	286	7	,	,	PUNCT
easat-7520	286	8	j.	j.	PROPN
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easat-7520	286	10	,	,	PUNCT
easat-7520	286	11	and	and	CCONJ
easat-7520	286	12	a.	a.	NOUN
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easat-7520	286	14	,	,	PUNCT
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easat-7520	286	16	herding	herd	VERB
easat-7520	286	17	and	and	CCONJ
easat-7520	286	18	contrarian	contrarian	ADJ
easat-7520	286	19	behavior	behavior	NOUN
easat-7520	286	20	in	in	ADP
easat-7520	286	21	financial	financial	ADJ
easat-7520	286	22	markets	market	NOUN
easat-7520	286	23	:	:	PUNCT
easat-7520	286	24	an	an	DET
easat-7520	286	25	internet	internet	NOUN
easat-7520	286	26	experiment	experiment	NOUN
easat-7520	286	27	,	,	PUNCT
easat-7520	286	28	"	"	PUNCT
easat-7520	286	29	american	american	PROPN
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easat-7520	286	32	,	,	PUNCT
easat-7520	286	33	vol	vol	NOUN
easat-7520	286	34	.	.	PROPN
easat-7520	286	35	95	95	NUM
easat-7520	286	36	,	,	PUNCT
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easat-7520	286	38	.	.	NOUN
easat-7520	286	39	5	5	NUM
easat-7520	286	40	,	,	PUNCT
easat-7520	286	41	pp	pp	ADJ
easat-7520	286	42	.	.	PUNCT
easat-7520	286	43	1403	1403	NUM
easat-7520	286	44	-	-	SYM
easat-7520	286	45	1426	1426	NUM
easat-7520	286	46	,	,	PUNCT
easat-7520	286	47	2005	2005	NUM
easat-7520	286	48	.	.	PUNCT
easat-7520	287	1	https://doi.org/10.1257/000282805775014317	https://doi.org/10.1257/000282805775014317	X
easat-7520	288	1	[	[	X
easat-7520	288	2	21	21	NUM
easat-7520	288	3	]	]	X
easat-7520	288	4	j.	j.	PROPN
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easat-7520	288	9	,	,	PUNCT
easat-7520	288	10	and	and	CCONJ
easat-7520	288	11	a.	a.	NOUN
easat-7520	288	12	mitsios	mitsio	NOUN
easat-7520	288	13	,	,	PUNCT
easat-7520	288	14	"	"	PUNCT
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easat-7520	288	17	herd	herd	VERB
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easat-7520	288	20	australian	australian	ADJ
easat-7520	288	21	equities	equity	NOUN
easat-7520	288	22	?	?	PUNCT
easat-7520	288	23	,	,	PUNCT
easat-7520	288	24	"	"	PUNCT
easat-7520	288	25	international	international	ADJ
easat-7520	288	26	journal	journal	NOUN
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easat-7520	288	28	managerial	managerial	ADJ
easat-7520	288	29	finance	finance	NOUN
easat-7520	288	30	,	,	PUNCT
easat-7520	288	31	vol	vol	NOUN
easat-7520	288	32	.	.	PROPN
easat-7520	288	33	2	2	NUM
easat-7520	288	34	,	,	PUNCT
easat-7520	288	35	no	no	INTJ
easat-7520	288	36	.	.	NOUN
easat-7520	288	37	3	3	NUM
easat-7520	288	38	,	,	PUNCT
easat-7520	288	39	pp	pp	ADJ
easat-7520	288	40	.	.	PUNCT
easat-7520	289	1	196	196	NUM
easat-7520	289	2	-	-	SYM
easat-7520	289	3	219	219	NUM
easat-7520	289	4	,	,	PUNCT
easat-7520	289	5	2006	2006	NUM
easat-7520	289	6	.	.	PUNCT
easat-7520	290	1	https://doi.org/10.1108/17439130610676475	https://doi.org/10.1108/17439130610676475	NOUN
easat-7520	291	1	[	[	X
easat-7520	291	2	22	22	NUM
easat-7520	291	3	]	]	PUNCT
easat-7520	291	4	f.	f.	PROPN
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easat-7520	291	6	,	,	PUNCT
easat-7520	291	7	a.	a.	NOUN
easat-7520	291	8	kostakis	kostakis	PROPN
easat-7520	291	9	,	,	PUNCT
easat-7520	291	10	and	and	CCONJ
easat-7520	291	11	n.	n.	PROPN
easat-7520	291	12	philippas	philippas	PROPN
easat-7520	291	13	,	,	PUNCT
easat-7520	291	14	"	"	PUNCT
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easat-7520	291	16	-	-	ADJ
easat-7520	291	17	country	country	ADJ
easat-7520	291	18	effects	effect	NOUN
easat-7520	291	19	in	in	ADP
easat-7520	291	20	herding	herd	VERB
easat-7520	291	21	behaviour	behaviour	NOUN
easat-7520	291	22	:	:	PUNCT
easat-7520	291	23	evidence	evidence	NOUN
easat-7520	291	24	from	from	ADP
easat-7520	291	25	four	four	NUM
easat-7520	291	26	south	south	ADJ
easat-7520	291	27	european	european	ADJ
easat-7520	291	28	markets	market	NOUN
easat-7520	291	29	,	,	PUNCT
easat-7520	291	30	"	"	PUNCT
easat-7520	291	31	journal	journal	NOUN
easat-7520	291	32	of	of	ADP
easat-7520	291	33	international	international	ADJ
easat-7520	291	34	financial	financial	ADJ
easat-7520	291	35	markets	market	NOUN
easat-7520	291	36	,	,	PUNCT
easat-7520	291	37	institutions	institution	NOUN
easat-7520	291	38	and	and	CCONJ
easat-7520	291	39	money	money	NOUN
easat-7520	291	40	,	,	PUNCT
easat-7520	291	41	vol	vol	NOUN
easat-7520	291	42	.	.	PROPN
easat-7520	291	43	21	21	NUM
easat-7520	291	44	,	,	PUNCT
easat-7520	291	45	no	no	INTJ
easat-7520	291	46	.	.	NOUN
easat-7520	291	47	3	3	NUM
easat-7520	291	48	,	,	PUNCT
easat-7520	291	49	pp	pp	ADJ
easat-7520	291	50	.	.	PUNCT
easat-7520	292	1	443	443	NUM
easat-7520	292	2	-	-	SYM
easat-7520	292	3	460	460	NUM
easat-7520	292	4	,	,	PUNCT
easat-7520	292	5	2011	2011	NUM
easat-7520	292	6	.	.	PUNCT
easat-7520	293	1	https://doi.org/10.1016/j.intfin.2011.01.005	https://doi.org/10.1016/j.intfin.2011.01.005	INTJ
easat-7520	294	1	[	[	X
easat-7520	294	2	23	23	NUM
easat-7520	294	3	]	]	PUNCT
easat-7520	294	4	t.	t.	PROPN
easat-7520	294	5	chen	chen	PROPN
easat-7520	294	6	,	,	PUNCT
easat-7520	294	7	"	"	PUNCT
easat-7520	294	8	do	do	AUX
easat-7520	294	9	investors	investor	NOUN
easat-7520	294	10	herd	herd	VERB
easat-7520	294	11	in	in	ADP
easat-7520	294	12	global	global	ADJ
easat-7520	294	13	stock	stock	NOUN
easat-7520	294	14	markets	market	NOUN
easat-7520	294	15	?	?	PUNCT
easat-7520	294	16	,	,	PUNCT
easat-7520	294	17	"	"	PUNCT
easat-7520	294	18	journal	journal	NOUN
easat-7520	294	19	of	of	ADP
easat-7520	294	20	behavioral	behavioral	ADJ
easat-7520	294	21	finance	finance	NOUN
easat-7520	294	22	,	,	PUNCT
easat-7520	294	23	vol	vol	NOUN
easat-7520	294	24	.	.	PROPN
easat-7520	295	1	14	14	NUM
easat-7520	295	2	,	,	PUNCT
easat-7520	295	3	no	no	INTJ
easat-7520	295	4	.	.	NOUN
easat-7520	295	5	3	3	NUM
easat-7520	295	6	,	,	PUNCT
easat-7520	295	7	pp	pp	ADJ
easat-7520	295	8	.	.	PUNCT
easat-7520	296	1	230	230	NUM
easat-7520	296	2	-	-	SYM
easat-7520	296	3	239	239	NUM
easat-7520	296	4	,	,	PUNCT
easat-7520	296	5	2013	2013	NUM
easat-7520	296	6	.	.	PUNCT
easat-7520	296	7	https://doi.org/10.1080/15427560.2013.819804	https://doi.org/10.1080/15427560.2013.819804	PUNCT
easat-7520	297	1	[	[	X
easat-7520	297	2	24	24	NUM
easat-7520	297	3	]	]	X
easat-7520	297	4	v.	v.	X
easat-7520	297	5	miceli	miceli	PROPN
easat-7520	297	6	,	,	PUNCT
easat-7520	297	7	"	"	PUNCT
easat-7520	297	8	do	do	VERB
easat-7520	297	9	sovereign	sovereign	ADJ
easat-7520	297	10	wealth	wealth	NOUN
easat-7520	297	11	funds	fund	NOUN
easat-7520	297	12	herd	herd	NOUN
easat-7520	297	13	in	in	ADP
easat-7520	297	14	equity	equity	NOUN
easat-7520	297	15	markets	market	NOUN
easat-7520	297	16	?	?	PUNCT
easat-7520	297	17	,	,	PUNCT
easat-7520	297	18	"	"	PUNCT
easat-7520	297	19	quantitative	quantitative	ADJ
easat-7520	297	20	finance	finance	NOUN
easat-7520	297	21	,	,	PUNCT
easat-7520	297	22	vol	vol	NOUN
easat-7520	297	23	.	.	PROPN
easat-7520	297	24	13	13	NUM
easat-7520	297	25	,	,	PUNCT
easat-7520	297	26	no	no	INTJ
easat-7520	297	27	.	.	NOUN
easat-7520	297	28	10	10	NUM
easat-7520	297	29	,	,	PUNCT
easat-7520	297	30	pp	pp	ADJ
easat-7520	297	31	.	.	PUNCT
easat-7520	298	1	1503	1503	NUM
easat-7520	298	2	-	-	SYM
easat-7520	298	3	1518	1518	NUM
easat-7520	298	4	,	,	PUNCT
easat-7520	298	5	2013	2013	NUM
easat-7520	298	6	.	.	PUNCT
easat-7520	299	1	https://doi.org/10.1080/14697688.2013.830321	https://doi.org/10.1080/14697688.2013.830321	PROPN
easat-7520	300	1	[	[	X
easat-7520	300	2	25	25	NUM
easat-7520	300	3	]	]	PUNCT
easat-7520	300	4	s.	s.	PROPN
easat-7520	300	5	stavroyiannis	stavroyiannis	PROPN
easat-7520	300	6	and	and	CCONJ
easat-7520	300	7	v.	v.	ADP
easat-7520	300	8	babalos	babalo	NOUN
easat-7520	300	9	,	,	PUNCT
easat-7520	300	10	"	"	PUNCT
easat-7520	300	11	herding	herding	NOUN
easat-7520	300	12	,	,	PUNCT
easat-7520	300	13	faith	faith	NOUN
easat-7520	300	14	-	-	PUNCT
easat-7520	300	15	based	base	VERB
easat-7520	300	16	investments	investment	NOUN
easat-7520	300	17	and	and	CCONJ
easat-7520	300	18	the	the	DET
easat-7520	300	19	global	global	ADJ
easat-7520	300	20	financial	financial	ADJ
easat-7520	300	21	crisis	crisis	NOUN
easat-7520	300	22	:	:	PUNCT
easat-7520	300	23	empirical	empirical	ADJ
easat-7520	300	24	evidence	evidence	NOUN
easat-7520	300	25	from	from	ADP
easat-7520	300	26	static	static	ADJ
easat-7520	300	27	and	and	CCONJ
easat-7520	300	28	dynamic	dynamic	ADJ
easat-7520	300	29	models	model	NOUN
easat-7520	300	30	,	,	PUNCT
easat-7520	300	31	"	"	PUNCT
easat-7520	300	32	journal	journal	NOUN
easat-7520	300	33	of	of	ADP
easat-7520	300	34	behavioral	behavioral	ADJ
easat-7520	300	35	finance	finance	NOUN
easat-7520	300	36	,	,	PUNCT
easat-7520	300	37	vol	vol	NOUN
easat-7520	300	38	.	.	PROPN
easat-7520	300	39	18	18	NUM
easat-7520	300	40	,	,	PUNCT
easat-7520	300	41	no	no	INTJ
easat-7520	300	42	.	.	NOUN
easat-7520	300	43	4	4	NUM
easat-7520	300	44	,	,	PUNCT
easat-7520	300	45	pp	pp	ADJ
easat-7520	300	46	.	.	PUNCT
easat-7520	301	1	478	478	NUM
easat-7520	301	2	-	-	SYM
easat-7520	301	3	489	489	NUM
easat-7520	301	4	,	,	PUNCT
easat-7520	301	5	2017	2017	NUM
easat-7520	301	6	.	.	PUNCT
easat-7520	302	1	[	[	X
easat-7520	302	2	26	26	NUM
easat-7520	302	3	]	]	PUNCT
easat-7520	302	4	x.	x.	PROPN
easat-7520	302	5	yang	yang	PROPN
easat-7520	302	6	,	,	PUNCT
easat-7520	302	7	m.	m.	NOUN
easat-7520	302	8	gao	gao	PROPN
easat-7520	302	9	,	,	PUNCT
easat-7520	302	10	y.	y.	PROPN
easat-7520	302	11	wu	wu	PROPN
easat-7520	302	12	,	,	PUNCT
easat-7520	302	13	and	and	CCONJ
easat-7520	302	14	x.	x.	NOUN
easat-7520	302	15	jin	jin	PROPN
easat-7520	302	16	,	,	PUNCT
easat-7520	302	17	"	"	PUNCT
easat-7520	302	18	performance	performance	NOUN
easat-7520	302	19	evaluation	evaluation	NOUN
easat-7520	302	20	and	and	CCONJ
easat-7520	302	21	herd	herd	NOUN
easat-7520	302	22	behavior	behavior	NOUN
easat-7520	302	23	in	in	ADP
easat-7520	302	24	a	a	DET
easat-7520	302	25	laboratory	laboratory	NOUN
easat-7520	302	26	financial	financial	ADJ
easat-7520	302	27	market	market	NOUN
easat-7520	302	28	,	,	PUNCT
easat-7520	302	29	"	"	PUNCT
easat-7520	302	30	journal	journal	NOUN
easat-7520	302	31	of	of	ADP
easat-7520	302	32	behavioral	behavioral	ADJ
easat-7520	302	33	and	and	CCONJ
easat-7520	302	34	experimental	experimental	ADJ
easat-7520	302	35	economics	economic	NOUN
easat-7520	302	36	,	,	PUNCT
easat-7520	302	37	vol	vol	NOUN
easat-7520	302	38	.	.	PROPN
easat-7520	303	1	75	75	NUM
easat-7520	303	2	,	,	PUNCT
easat-7520	303	3	pp	pp	ADJ
easat-7520	303	4	.	.	PUNCT
easat-7520	304	1	45	45	NUM
easat-7520	304	2	-	-	SYM
easat-7520	304	3	54	54	NUM
easat-7520	304	4	,	,	PUNCT
easat-7520	304	5	2018	2018	NUM
easat-7520	304	6	.	.	PUNCT
easat-7520	305	1	https://doi.org/10.1016/j.socec.2018.05.001	https://doi.org/10.1016/j.socec.2018.05.001	PROPN
easat-7520	305	2	[	[	X
easat-7520	305	3	27	27	NUM
easat-7520	305	4	]	]	PUNCT
easat-7520	305	5	m.	m.	NOUN
easat-7520	305	6	youssef	youssef	PROPN
easat-7520	305	7	and	and	CCONJ
easat-7520	305	8	k.	k.	PROPN
easat-7520	305	9	mokni	mokni	PROPN
easat-7520	305	10	,	,	PUNCT
easat-7520	305	11	"	"	PUNCT
easat-7520	305	12	on	on	ADP
easat-7520	305	13	the	the	DET
easat-7520	305	14	effect	effect	NOUN
easat-7520	305	15	of	of	ADP
easat-7520	305	16	herding	herd	VERB
easat-7520	305	17	behavior	behavior	NOUN
easat-7520	305	18	on	on	ADP
easat-7520	305	19	dependence	dependence	NOUN
easat-7520	305	20	structure	structure	NOUN
easat-7520	305	21	between	between	ADP
easat-7520	305	22	stock	stock	NOUN
easat-7520	305	23	markets	market	NOUN
easat-7520	305	24	:	:	PUNCT
easat-7520	305	25	evidence	evidence	NOUN
easat-7520	305	26	from	from	ADP
easat-7520	305	27	gcc	gcc	NOUN
easat-7520	305	28	countries	country	NOUN
easat-7520	305	29	,	,	PUNCT
easat-7520	305	30	"	"	PUNCT
easat-7520	305	31	journal	journal	NOUN
easat-7520	305	32	of	of	ADP
easat-7520	305	33	behavioral	behavioral	ADJ
easat-7520	305	34	and	and	CCONJ
easat-7520	305	35	experimental	experimental	ADJ
easat-7520	305	36	finance	finance	NOUN
easat-7520	305	37	,	,	PUNCT
easat-7520	305	38	vol	vol	NOUN
easat-7520	305	39	.	.	PROPN
easat-7520	305	40	20	20	NUM
easat-7520	305	41	,	,	PUNCT
easat-7520	305	42	pp	pp	ADJ
easat-7520	305	43	.	.	PUNCT
easat-7520	306	1	52	52	NUM
easat-7520	306	2	-	-	SYM
easat-7520	306	3	63	63	NUM
easat-7520	306	4	,	,	PUNCT
easat-7520	306	5	2018	2018	NUM
easat-7520	306	6	.	.	PUNCT
easat-7520	307	1	https://doi.org/10.1016/j.jbef.2018.07.003	https://doi.org/10.1016/j.jbef.2018.07.003	NOUN
easat-7520	307	2	[	[	X
easat-7520	307	3	28	28	NUM
easat-7520	307	4	]	]	X
easat-7520	307	5	a.	a.	NOUN
easat-7520	307	6	kumar	kumar	PROPN
easat-7520	307	7	,	,	PUNCT
easat-7520	307	8	k.	k.	PROPN
easat-7520	307	9	badhani	badhani	PROPN
easat-7520	307	10	,	,	PUNCT
easat-7520	307	11	e.	e.	PROPN
easat-7520	307	12	bouri	bouri	PROPN
easat-7520	307	13	,	,	PUNCT
easat-7520	307	14	and	and	CCONJ
easat-7520	307	15	t.	t.	PROPN
easat-7520	307	16	saeed	saeed	PROPN
easat-7520	307	17	,	,	PUNCT
easat-7520	307	18	"	"	PUNCT
easat-7520	307	19	herding	herd	VERB
easat-7520	307	20	behavior	behavior	NOUN
easat-7520	307	21	in	in	ADP
easat-7520	307	22	the	the	DET
easat-7520	307	23	commodity	commodity	NOUN
easat-7520	307	24	markets	market	NOUN
easat-7520	307	25	of	of	ADP
easat-7520	307	26	the	the	DET
easat-7520	307	27	asia	asia	PROPN
easat-7520	307	28	-	-	PUNCT
easat-7520	307	29	pacific	pacific	PROPN
easat-7520	307	30	region	region	NOUN
easat-7520	307	31	,	,	PUNCT
easat-7520	307	32	"	"	PUNCT
easat-7520	307	33	finance	finance	NOUN
easat-7520	307	34	research	research	NOUN
easat-7520	307	35	letters	letter	NOUN
easat-7520	307	36	,	,	PUNCT
easat-7520	307	37	vol	vol	NOUN
easat-7520	307	38	.	.	PROPN
easat-7520	307	39	41	41	NUM
easat-7520	307	40	,	,	PUNCT
easat-7520	307	41	p.	p.	NOUN
easat-7520	307	42	101813	101813	NUM
easat-7520	307	43	,	,	PUNCT
easat-7520	307	44	2021	2021	NUM
easat-7520	307	45	.	.	PUNCT
easat-7520	308	1	https://doi.org/10.1016/j.frl.2020.101813	https://doi.org/10.1016/j.frl.2020.101813	NUM
easat-7520	309	1	[	[	X
easat-7520	309	2	29	29	NUM
easat-7520	309	3	]	]	X
easat-7520	309	4	w.	w.	PROPN
easat-7520	309	5	g.	g.	PROPN
easat-7520	309	6	christie	christie	PROPN
easat-7520	309	7	and	and	CCONJ
easat-7520	309	8	r.	r.	PROPN
easat-7520	309	9	d.	d.	PROPN
easat-7520	309	10	huang	huang	PROPN
easat-7520	309	11	,	,	PUNCT
easat-7520	309	12	"	"	PUNCT
easat-7520	309	13	following	follow	VERB
easat-7520	309	14	the	the	DET
easat-7520	309	15	pied	pied	ADJ
easat-7520	309	16	piper	piper	NOUN
easat-7520	309	17	:	:	PUNCT
easat-7520	309	18	do	do	VERB
easat-7520	309	19	individual	individual	ADJ
easat-7520	309	20	returns	return	NOUN
easat-7520	309	21	herd	herd	VERB
easat-7520	309	22	around	around	ADP
easat-7520	309	23	the	the	DET
easat-7520	309	24	market	market	NOUN
easat-7520	309	25	?	?	PUNCT
easat-7520	309	26	,	,	PUNCT
easat-7520	309	27	"	"	PUNCT
easat-7520	309	28	financial	financial	ADJ
easat-7520	309	29	analysts	analyst	NOUN
easat-7520	309	30	journal	journal	NOUN
easat-7520	309	31	,	,	PUNCT
easat-7520	309	32	vol	vol	NOUN
easat-7520	309	33	.	.	PROPN
easat-7520	309	34	51	51	NUM
easat-7520	309	35	,	,	PUNCT
easat-7520	309	36	no	no	INTJ
easat-7520	309	37	.	.	NOUN
easat-7520	309	38	4	4	NUM
easat-7520	309	39	,	,	PUNCT
easat-7520	309	40	pp	pp	ADJ
easat-7520	309	41	.	.	PUNCT
easat-7520	310	1	31	31	NUM
easat-7520	310	2	-	-	SYM
easat-7520	310	3	37	37	NUM
easat-7520	310	4	,	,	PUNCT
easat-7520	310	5	1995	1995	NUM
easat-7520	310	6	.	.	PUNCT
easat-7520	311	1	https://doi.org/10.2469/faj.v51.n4.1918	https://doi.org/10.2469/faj.v51.n4.1918	PROPN
easat-7520	312	1	[	[	X
easat-7520	312	2	30	30	NUM
easat-7520	312	3	]	]	X
easat-7520	312	4	e.	e.	PROPN
easat-7520	312	5	c.	c.	PROPN
easat-7520	312	6	chang	chang	PROPN
easat-7520	312	7	,	,	PUNCT
easat-7520	312	8	j.	j.	PROPN
easat-7520	312	9	w.	w.	PROPN
easat-7520	312	10	cheng	cheng	PROPN
easat-7520	312	11	,	,	PUNCT
easat-7520	312	12	and	and	CCONJ
easat-7520	312	13	a.	a.	PROPN
easat-7520	312	14	khorana	khorana	PROPN
easat-7520	312	15	,	,	PUNCT
easat-7520	312	16	"	"	PUNCT
easat-7520	312	17	an	an	DET
easat-7520	312	18	examination	examination	NOUN
easat-7520	312	19	of	of	ADP
easat-7520	312	20	herd	herd	NOUN
easat-7520	312	21	behavior	behavior	NOUN
easat-7520	312	22	in	in	ADP
easat-7520	312	23	equity	equity	NOUN
easat-7520	312	24	markets	market	NOUN
easat-7520	312	25	:	:	PUNCT
easat-7520	312	26	an	an	DET
easat-7520	312	27	international	international	ADJ
easat-7520	312	28	perspective	perspective	NOUN
easat-7520	312	29	,	,	PUNCT
easat-7520	312	30	"	"	PUNCT
easat-7520	312	31	journal	journal	NOUN
easat-7520	312	32	of	of	ADP
easat-7520	312	33	banking	banking	NOUN
easat-7520	312	34	&	&	CCONJ
easat-7520	312	35	finance	finance	PROPN
easat-7520	312	36	,	,	PUNCT
easat-7520	312	37	vol	vol	NOUN
easat-7520	312	38	.	.	PROPN
easat-7520	312	39	24	24	NUM
easat-7520	312	40	,	,	PUNCT
easat-7520	312	41	no	no	INTJ
easat-7520	312	42	.	.	NOUN
easat-7520	312	43	10	10	NUM
easat-7520	312	44	,	,	PUNCT
easat-7520	312	45	pp	pp	ADJ
easat-7520	312	46	.	.	PUNCT
easat-7520	313	1	1651	1651	NUM
easat-7520	313	2	-	-	SYM
easat-7520	313	3	1679	1679	NUM
easat-7520	313	4	,	,	PUNCT
easat-7520	313	5	2000	2000	NUM
easat-7520	313	6	.	.	PUNCT
easat-7520	314	1	https://doi.org/10.1016/s03784266(99)00096-5	https://doi.org/10.1016/s03784266(99)00096-5	PROPN
easat-7520	315	1	[	[	X
easat-7520	315	2	31	31	NUM
easat-7520	315	3	]	]	PUNCT
easat-7520	315	4	k.	k.	PROPN
easat-7520	315	5	c.	c.	PROPN
easat-7520	315	6	gleason	gleason	PROPN
easat-7520	315	7	,	,	PUNCT
easat-7520	315	8	c.	c.	PROPN
easat-7520	315	9	i.	i.	PROPN
easat-7520	315	10	lee	lee	PROPN
easat-7520	315	11	,	,	PUNCT
easat-7520	315	12	and	and	CCONJ
easat-7520	315	13	i.	i.	PROPN
easat-7520	315	14	mathur	mathur	PROPN
easat-7520	315	15	,	,	PUNCT
easat-7520	315	16	"	"	PUNCT
easat-7520	315	17	herding	herd	VERB
easat-7520	315	18	behavior	behavior	NOUN
easat-7520	315	19	in	in	ADP
easat-7520	315	20	european	european	ADJ
easat-7520	315	21	futures	future	NOUN
easat-7520	315	22	markets	market	NOUN
easat-7520	315	23	,	,	PUNCT
easat-7520	315	24	"	"	PUNCT
easat-7520	315	25	finance	finance	NOUN
easat-7520	315	26	letters	letter	NOUN
easat-7520	315	27	,	,	PUNCT
easat-7520	315	28	vol	vol	NOUN
easat-7520	315	29	.	.	PROPN
easat-7520	315	30	1	1	NUM
easat-7520	315	31	,	,	PUNCT
easat-7520	315	32	pp	pp	ADJ
easat-7520	315	33	.	.	PUNCT
easat-7520	315	34	5	5	NUM
easat-7520	315	35	–	–	PUNCT
easat-7520	315	36	8	8	NUM
easat-7520	315	37	,	,	PUNCT
easat-7520	315	38	2003	2003	NUM
easat-7520	315	39	.	.	PUNCT
easat-7520	316	1	[	[	X
easat-7520	316	2	32	32	NUM
easat-7520	316	3	]	]	PUNCT
easat-7520	316	4	k.	k.	PROPN
easat-7520	316	5	c.	c.	PROPN
easat-7520	316	6	gleason	gleason	PROPN
easat-7520	316	7	,	,	PUNCT
easat-7520	316	8	i.	i.	PROPN
easat-7520	316	9	mathur	mathur	PROPN
easat-7520	316	10	,	,	PUNCT
easat-7520	316	11	and	and	CCONJ
easat-7520	316	12	m.	m.	PROPN
easat-7520	316	13	a.	a.	PROPN
easat-7520	316	14	peterson	peterson	PROPN
easat-7520	316	15	,	,	PUNCT
easat-7520	316	16	"	"	PUNCT
easat-7520	316	17	analysis	analysis	NOUN
easat-7520	316	18	of	of	ADP
easat-7520	316	19	intraday	intraday	NOUN
easat-7520	316	20	herding	herding	NOUN
easat-7520	316	21	behavior	behavior	NOUN
easat-7520	316	22	among	among	ADP
easat-7520	316	23	the	the	DET
easat-7520	316	24	sector	sector	NOUN
easat-7520	316	25	etfs	etfs	NOUN
easat-7520	316	26	,	,	PUNCT
easat-7520	316	27	"	"	PUNCT
easat-7520	316	28	journal	journal	NOUN
easat-7520	316	29	of	of	ADP
easat-7520	316	30	empirical	empirical	ADJ
easat-7520	316	31	finance	finance	NOUN
easat-7520	316	32	,	,	PUNCT
easat-7520	316	33	vol	vol	NOUN
easat-7520	316	34	.	.	PROPN
easat-7520	316	35	11	11	NUM
easat-7520	316	36	,	,	PUNCT
easat-7520	316	37	pp	pp	ADJ
easat-7520	316	38	.	.	PUNCT
easat-7520	317	1	681–694	681–694	NUM
easat-7520	317	2	,	,	PUNCT
easat-7520	317	3	2004	2004	NUM
easat-7520	317	4	.	.	PUNCT
easat-7520	318	1	https://doi.org/10.1016/j.jempfin.2004.04.007	https://doi.org/10.1016/j.jempfin.2004.04.007	PROPN
easat-7520	318	2	[	[	X
easat-7520	318	3	33	33	NUM
easat-7520	318	4	]	]	PUNCT
easat-7520	318	5	r.	r.	NOUN
easat-7520	318	6	demirer	demirer	PROPN
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easat-7520	318	8	a.	a.	NOUN
easat-7520	318	9	m.	m.	NOUN
easat-7520	318	10	kutan	kutan	PROPN
easat-7520	318	11	,	,	PUNCT
easat-7520	318	12	"	"	PUNCT
easat-7520	318	13	does	do	AUX
easat-7520	318	14	herding	herding	NOUN
easat-7520	318	15	behavior	behavior	NOUN
easat-7520	318	16	exist	exist	VERB
easat-7520	318	17	in	in	ADP
easat-7520	318	18	chinese	chinese	ADJ
easat-7520	318	19	stock	stock	NOUN
easat-7520	318	20	markets	market	NOUN
easat-7520	318	21	?	?	PUNCT
easat-7520	318	22	,	,	PUNCT
easat-7520	318	23	"	"	PUNCT
easat-7520	318	24	journal	journal	NOUN
easat-7520	318	25	of	of	ADP
easat-7520	318	26	international	international	ADJ
easat-7520	318	27	financial	financial	ADJ
easat-7520	318	28	markets	market	NOUN
easat-7520	318	29	,	,	PUNCT
easat-7520	318	30	institutions	institution	NOUN
easat-7520	318	31	and	and	CCONJ
easat-7520	318	32	money	money	NOUN
easat-7520	318	33	,	,	PUNCT
easat-7520	318	34	vol	vol	NOUN
easat-7520	318	35	.	.	PROPN
easat-7520	319	1	16	16	NUM
easat-7520	319	2	,	,	PUNCT
easat-7520	319	3	no	no	INTJ
easat-7520	319	4	.	.	NOUN
easat-7520	319	5	2	2	NUM
easat-7520	319	6	,	,	PUNCT
easat-7520	319	7	pp	pp	ADJ
easat-7520	319	8	.	.	PUNCT
easat-7520	320	1	123	123	NUM
easat-7520	320	2	-	-	SYM
easat-7520	320	3	142	142	NUM
easat-7520	320	4	,	,	PUNCT
easat-7520	320	5	2006	2006	NUM
easat-7520	320	6	.	.	PUNCT
easat-7520	321	1	https://doi.org/10.1016/j.intfin.2005.01.002	https://doi.org/10.1016/j.intfin.2005.01.002	NOUN
easat-7520	321	2	https://doi.org/10.2307/117003	https://doi.org/10.2307/117003	NOUN
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easat-7520	321	4	https://doi.org/10.2307/4149947	https://doi.org/10.2307/4149947	X
easat-7520	321	5	https://doi.org/10.1016/j.jempfin.2004.04.003	https://doi.org/10.1016/j.jempfin.2004.04.003	NOUN
easat-7520	321	6	https://doi.org/10.1257/000282805775014317	https://doi.org/10.1257/000282805775014317	NOUN
easat-7520	321	7	https://doi.org/10.1108/17439130610676475	https://doi.org/10.1108/17439130610676475	NOUN
easat-7520	321	8	https://doi.org/10.1016/j.intfin.2011.01.005	https://doi.org/10.1016/j.intfin.2011.01.005	VERB
easat-7520	321	9	https://doi.org/10.1080/15427560.2013.819804	https://doi.org/10.1080/15427560.2013.819804	PROPN
easat-7520	321	10	https://doi.org/10.1080/14697688.2013.830321	https://doi.org/10.1080/14697688.2013.830321	PROPN
easat-7520	322	1	https://doi.org/10.1016/j.socec.2018.05.001	https://doi.org/10.1016/j.socec.2018.05.001	PROPN
easat-7520	322	2	https://doi.org/10.1016/j.jbef.2018.07.003	https://doi.org/10.1016/j.jbef.2018.07.003	PROPN
easat-7520	322	3	https://doi.org/10.1016/j.frl.2020.101813	https://doi.org/10.1016/j.frl.2020.101813	PROPN
easat-7520	322	4	https://doi.org/10.2469/faj.v51.n4.1918	https://doi.org/10.2469/faj.v51.n4.1918	PROPN
easat-7520	322	5	https://doi.org/10.1016/s0378-4266(99)00096-5	https://doi.org/10.1016/s0378-4266(99)00096-5	PROPN
easat-7520	322	6	https://doi.org/10.1016/s0378-4266(99)00096-5	https://doi.org/10.1016/s0378-4266(99)00096-5	ADJ
easat-7520	322	7	https://doi.org/10.1016/j.jempfin.2004.04.007	https://doi.org/10.1016/j.jempfin.2004.04.007	PROPN
easat-7520	322	8	https://doi.org/10.1016/j.intfin.2005.01.002	https://doi.org/10.1016/j.intfin.2005.01.002	NOUN