According to Bikhchandani, S and Sharma, s. (2001) [38], herd behavior exists in two basic morphological herd behavior is intentional and herd behavior is not intentional ... reviews on sensory level of herd behavior is not intentional or herd behavior (spurious herding), Christie and Hwang (1995) [44] defined the herd behavior that's as small retail investors eliminate the personal beliefs and conduct of major investment decisions based on the innovative behaviors could work out of the market. According to the explanation of Chang, Cheng and Khorana (1999) [40] herd behavior can be viewed as acts of unintentional market when investors dumped the previous conviction by blindly following the heels of other investors. In contrast, herd behavior is intentional when individuals believe that should copy the behavior of other investors, at the same time regardless of other information as well as reviews of her decision.
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