Big Shareholders Reduce Holdings Of Information Dissemination And The Influence Of The Market Reaction

At present, With the development of the network science and technology, Passing out information on the Internet to market investors behavior has a significant effect.More and more stock investors begin to apply the information on the market to guide their investment decisions.Investors who are participate in online discussions can publish and obtain information on the Internet.However,these information not only contain valuable insider information,but also contains the rumors.There are many platforms for information exchange on the Internet.Most investors from the Stock BBS to communiate, discuss and attain information. This article takes the major shareholders to reduce the holding of stock events as the subject investigated,researching on the Internet stocks BBS information and the link between the stock market reaction.This can help us to predict the trend of the listing Corporation’s stock returns.In this paper, the main research and innovation is based on the large shareholders to reduce the stock of the event.The proxy variable of Internet information dissemination is the number of Posts published in the stock forum daily.The daily return on the stock market reflects the situation in the market.We want to discuss whether the network information transmission can be used to explain the abnormal returns of the stock of large shareholders.The following is the empirical research conclusion of this artical:we use a linear regression model to study the relationship between abnormal stock BBS postings volume and the excess return of stock.The conclusion is that the amount of abnormal posting can be explained by the excess return of stock.Present a yuan linear regression relationship between them.It is illustrates that the major shareholders holdings of abnormal stock postings can predict the excess yield of the stock.The conclusion of future investors investment decisions which have important guiding significance.