Private Information ,Fluctuation Risk and Large A-Shareholders''S elective Selling
信息优势、波动风险与大股东的选择性减持行为

This study investigates the large A-shareholders' selling behavior using the disclosed trading data before February 29,2008.We find that large shareholders make use of private information about company's fundamental value and future performance in their selling decision.The companies which have higher valuation,worse prospect and larger price fluctuation risk will be sold more aggressively by large shareholders.By analyzing the selling quantity,we find that large sales are mainly made due to valuation and p...