Stock price and information interpretation of traders

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.