Discussion of “Back to Basics: Forecasting the Revenues of Internet Firms” and “A Rude Awakening: Internet Shakeout in 2000”

Review of Accounting Studies -     

Stock Market Valuation of Deferred Tax Assets: Evidence from Internet Firms

Abstract:   We use the provisions of SFAS No. 109 , Accounting for Income Taxes , to examine the extent to which stock prices of Internet firms were associated with expectations of future profitability before versus after the 'market correction' in early 2000. We find that the valuation of deferred tax assets of firms with business models reliant on the level of web site traffic was significantly greater after the market correction. In our view, this evidence is consistent with pre‐correction mispricing.     

The Role of Book Income, Web Traffic, and Supply and Demand in the Pricing of U.S. Internet Stocks

In this paper I assess the degree of similarity in the cross-sectionalpricing of Internet and non-Internet stocks during the tumultuousyear of 2000. Despite large differences in their economic fundamentals, I find that the equity market values of Internetfirms with immaterial web traffic, firms that are randomly selected, and firms that went public atthe same time as Internet firms are similarly related to analysts' forecasts of earnings in 2001 andthe long-term rate of growth in earnings. This is not the case for firms with intensive web traffic.I also find that at the peak of Internet prices in March 2000 the market rewarded losses ofweb-traffic-intensive firms but did not reward profits, while after the peak the market reversed itsview, rewarding profits but not losses. Beyond earnings, web traffic is significantly positivelypriced both at and after the Internet peak. However, I find no evidence that two proxies forsupply and demand forces – the degree of public float and short interest – are value-relevantfor Internet firms. Overall, I argue that there are enough similarities in the cross-sectional pricingof Internet and non-Internet firms to make it unlikely that the pricing of Internet stocks during2000 was entirely irrational. Moreover, any irrationality in the prices of Internet stockscannot be linked to public float and short interest.     

数字时代中国老年人被诈骗研究——互联网与数字普惠金融的作用

本文采用具有全国代表性的中国健康与养老追踪调查(CHARLS)数据,研究在我国数字化和老龄化背景下,老年人被诈骗情况的主要特征以及在不同维度的差异,并进一步挖掘其影响因素,探讨互联网使用和数字普惠金融发展在其中发挥的作用。主要发现如下:第一,虽然经济条件较好的老年人群体更容易成为诈骗目标,但被诈骗者接触后,相对脆弱的老年人群体更容易实际受骗,高达30%的老人在被诈骗接触后会实际遭受损失;第二,本文构造的防骗能力指数显示,经济欠发达省份的老年人防骗能力明显更低;第三,互联网的使用同时具有“曝露效应”和“学习效应”;第四,个体认知能力以及当地数字普惠金融发展程度是影响老年人是否实际被骗及损失大小的关键因素。最后,从异质性的角度看,使用数字技术的正面“学习效应”对信息相对匮乏的农村和女性老年人作用更大,超过了负面的“曝露效应”;数字普惠金融的发展程度对女性老年人的助力作用更为明显,但在农村地区的作用仍有待进一步提高。