There are a lot of speculations regarding Panda on the Internet, but most of them are not based on anything material. I'd advice you to read this wikipedia page about the Panda update first.
Google has never disclosed what actually triggers the algorithm, they've only hinted at what sites'd be safe from it, so, SEO's went on speculating and suggesting that, perhaps, Google is now looking at how unique your content is, how high your CTR (from the SERPs) is, other user-behavior metrics (time on site, etc.)
However, the only thing we know for a fact is that Google had let their quality testers look at tons of websites, and then, a machine-learning algorithm was used to analyze what the "downvoted" sites had in common, which lay the foundation for the Panda update.
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