TY  - CHAP
AB  - This study looks at the value-relevance of accounting data and measures of web-traffic for Internet firms listed on the Neuer Markt. We show that earnings and cash flows cannot explain the valuation of Internet companies, while we report a positive association between total sales and market capitalisation. In addition, sales and marketing as well as research and development expenses are relevant value-drivers. Furthermore, we find a positive relation between market values and a number of web-metrics such as customer loyalty, reach, page impressions, and unique visitors. We conclude that during the Internet bubble, measures of web-traffic provided at least as much explanatory power for market values as financial statement information.
VL  - 10
SN  - 978-0-76231-137-8, 978-1-84950-293-1/1569-3732
DO  - 10.1016/S1569-3732(04)10007-8
UR  - https://doi.org/10.1016/S1569-3732(04)10007-8
AU  - Trautwein Andreas
AU  - Vorstius Sven
ED  - Giancarlo Giudici
ED  - Peter Roosenboom
PY  - 2004
Y1  - 2004/01/01
TI  - THE ROLE OF ACCOUNTING DATA AND WEB-TRAFFIC IN THE PRICING OF GERMAN INTERNET STOCKS
T2  - The Rise and Fall of Europe's New Stock Markets
T3  - Advances in Financial Economics
PB  - Emerald Group Publishing Limited
SP  - 157
EP  - 180
Y2  - 2024/04/19
ER  -