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| Tekijä: | Hand, J. R. M. |
| Otsikko: | The Role of Book Income, Web Traffic, and Supply and Demand in the Pricing of U.S. Internet Stocks |
| Lehti: | European Finance Review
2001 : VOL. 5:3, p. 295-317 |
| Asiasana: | BOOK TRADE INCOMES INTERNET INFORMATION TECHNOLOGY |
| Kieli: | eng |
| Tiivistelmä: | In this paper the author assess the degree of similarity in the cross-sectional pricing of Internet and in-Internet stocks during the tumultuous year of 2000. Despite large differences in their economic fundamentals, the author finds that the equity market values of Internet firms with immaterial web traffic, firms at are randomly selected, and firms that went public at the same time as Internet firms are similarly related to analysts' forecasts of earnings in 2001 and the long-term rate of growth in earnings. This not the case for firms with intensive web traffic. The author also finds that at the peak of Internet prices in larch 2000 the market rewarded losses of web-traffic-intensive firms but did not reward profits, while after the peak the market reversed its view, rewarding profits but not losses. |
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