A Study of Network Negative News Based on Behavioral Finance Analysis of Abnormal Fluctuation of Stock Price

Table 1

Selection and definition of variables.

	Variable code	Definition	Quantitative method	Unit
Dependent variable	CAR	Cumulative average return		%
Independent variable	EPS	Earnings per share	Net profit/general capital	Yuan/share
	ROE	Return on equity	Net profit/net assets	%
	H1	Shareholding ratio of the largest shareholder	Stock ownership/total shares outstanding	%
	HHI5	Herfindahl–Hirschman index	Sum of squares	%
	REP	Corporate reputation	The number of company violations is taken from the natural logarithm	Times
	INV	Institutional investor shareholding ratio	Institutional investor holdings/total share capital	%