In response to economic decisions some information is needed that generally are settled by accounting system and using financial reports by users and especially shareholders. The final aim of these decisions is appropriation of capitals and savings on the most profitable activities. It is obvious that the more and correct information is in access of users, the better and more suitable decisions can be taken. The purpose of doing this research is studying the effect of information content on shareholder behavior related to the shares buying and selling. In other words, the study is that what kind of information has more effect on shareholders decision and which ones have not. As a whole, this research shows that shareholders decide in buying and selling decisions based on information. Here, eleven subordinate hypotheses under the principal hypothesis have been studied to distinguish the role of different information resources on shareholder behavior. The result of this inquiry shows that information taken from the analysis of accounting reports and statements, earning per share (EPS), P/E ratio, the ratio of capital increasing, kind of share ownership, original transaction of buying and selling, financial and political reports of newspapers and magazines and finally efficiency of one share in the past periods, are the most useful information for making decision of shareholders. Although, not only ratio of effect and importance degree of any information mentioned is not the same on shareholder decisions but also educational level of shareholders is effective in using these kind of information.

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