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Shrewd, crude or simply deluded? Comovement and the internet stock phenomenon

Author

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  • Ezra W. Zuckerman
  • Hayagreeva Rao

Abstract

We show that (i) return comovement among internet stocks during the late 1990s and early 2000 was not exceedingly high; (ii) there was substantial consistency in the manner by which investors distinguished among internet stocks; and (iii) high comovement is most common during periods of price erosion. These results cast doubt on the view that the extraordinary appreciation of internet stocks was due to the crude classification of all such stocks as members of a hot category. Copyright 2004, Oxford University Press.

Suggested Citation

  • Ezra W. Zuckerman & Hayagreeva Rao, 2004. "Shrewd, crude or simply deluded? Comovement and the internet stock phenomenon," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 13(1), pages 171-212, February.
    • Handle: RePEc:oup:indcch:v:13:y:2004:i:1:p:171-212
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    Citations

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    Cited by:

    1. Mary J. Benner, 2010. "Securities Analysts and Incumbent Response to Radical Technological Change: Evidence from Digital Photography and Internet Telephony," Organization Science, INFORMS, vol. 21(1), pages 42-62, February.
    2. Tammar B. Zilber, 2011. "Institutional Multiplicity in Practice: A Tale of Two High-Tech Conferences in Israel," Organization Science, INFORMS, vol. 22(6), pages 1539-1559, December.
    3. Julien Jourdan, 2018. "Institutional Specialization and Survival: Theory and Evidence from the French Film Industry," Strategy Science, INFORMS, vol. 3(2), pages 408-425, June.
    4. Mary Tripsas, 2009. "Technology, Identity, and Inertia Through the Lens of “The Digital Photography Company”," Organization Science, INFORMS, vol. 20(2), pages 441-460, April.
    5. Mary J. Benner & Ram Ranganathan, 2013. "Divergent Reactions to Convergent Strategies: Investor Beliefs and Analyst Reactions During Technological Change," Organization Science, INFORMS, vol. 24(2), pages 378-394, April.
    6. Emilie R. Feldman, 2016. "Corporate spinoffs and analysts' coverage decisions: The implications for diversified firms," Strategic Management Journal, Wiley Blackwell, vol. 37(7), pages 1196-1219, July.
    7. Majid Majzoubi & Eric Yanfei Zhao, 2023. "Going beyond optimal distinctiveness: Strategic positioning for gaining an audience composition premium," Strategic Management Journal, Wiley Blackwell, vol. 44(3), pages 737-777, March.
    8. J.-P. Vergne & Tyler Wry, 2014. "Categorizing Categorization Research: Review, Integration, and Future Directions," Journal of Management Studies, Wiley Blackwell, vol. 51(1), pages 56-94, January.
    9. Julien Jourdan, 2018. "Institutional Specialization and Survival : Theory and Evidence From the French Film Industry," Post-Print hal-01819590, HAL.
    10. Kraemer, Klaus, 2013. "Imitation and deviation: Decisions in financial markets under extreme uncertainty," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 14(3), pages 21-26.
    11. Anne Bowers, 2015. "Relative Comparison and Category Membership: The Case of Equity Analysts," Organization Science, INFORMS, vol. 26(2), pages 571-583, April.
    12. Jose N. Uribe, 2020. "Multipoint contact without forbearance? How coverage synergies shape equity analysts' forecasting performance," Strategic Management Journal, Wiley Blackwell, vol. 41(10), pages 1901-1932, October.
    13. Verena Hossnofsky & Sebastian Junge, 2019. "Does the market reward digitalization efforts? Evidence from securities analysts’ investment recommendations," Journal of Business Economics, Springer, vol. 89(8), pages 965-994, December.

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