Stock Price and Information Interpretation of Traders

摘要：

This paper interprets why the acute fluctuation happened without the changes of fundamentals. The paper discusses the method to describe information, and constructs the proxy of tangible and intangible information and, further, reinterprets the formation of fluctuation of stock markets by applying these methods and variables. The paper claims that the stock markets will acutely fluctuate only if the changes of intangible information without change of internal value of stock. In the meanwhile, this paper advances the standpoint about self-acceleration of markets, and makes the models of expectation change based on self-acceleration. On the basis of these, the paper practices the empirical test on the samples from Chinese stock market in recent two years, and analyzes their implications.

关键词： Stock price Interpretation of information Behavior of traders

作者: WU Zhongqun

作者单位: School of Business and Administration,North China Electric Power University,Beijing,P.R.China,102206

会议类型: 国际会议

会议名称: The 5th International Annual Conference on WTO and Financial Engineering(第五届WTO与金融工程国际会议)

会议地点: 杭州

会议语种:英文

页码: 583-588

在线出版日期: 2008-05-18（万方平台首次上网日期，不代表论文的发表时间）