Internet downturn: finding valuation factors in Spring 2000

• 成果类型: Article; Proceedings Paper
• 署名作者: Keating, EK; Lys, TZ; Magee, RP
• 署名单位: Northwestern University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/S0165-4101(02)00086-1
• 发表日期: 2003
• 关键词: information; eyeballs; prices; tests

摘要

During Spring 2000, the Internet Stock Index declined 45%. Using a sample of internet firms, this paper investigates whether this decline was associated with new disclosures, such as earnings, analyst forecast revisions, and web-traffic measures, or to a reassessment by investors of pre-existing information. We find only modest evidence that the decline was associated with new disclosures. However, returns and post decline stock prices are significantly explained by 1999 annual report data. When earnings are decomposed into gross profit and various. expenses, traditional financial information contributes significantly more in explaining the cross-sectional returns and price levels than non-financial information. (C) 2002 Elsevier Science B.V. All rights reserved.