摘要：Market participants usually think that a share price reflects investors’ predictionsabout the future performance of a company. These expectations are basedon available information about the company. The release of new informationforces investors to change their expectationsabout the future performance of thecompany. New announcements are the main source for price fluctuations. Sinceinvestors evaluate the content of new information differently, prices may remainconstant even though new information is important for the market. This can bethe case if some investors think that the news is good, whereas others understandthe same announcements quite differently. The direction of movements of pricesdepends on the average reaction of investors to news.
