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The data on revenue, net income, and market capitalization of e-tailers and retailers from U.S. Stock Markets-NYSE (New York Stock Exchange), NASDAQ (National Association of Securities Dealers Automated Quotation System), and AMEX (American Stock Exchange)-are collected from Datastream (www.datastream.com) and Media General Financial Services (MGFS; www.mgfs.com).
The definitions of factors are the followings:
Revenue: Annual sales and net of allowance for the fiscal year before June (US$million)
Income: Annual net income for the fiscal year before June (US$million)
Stock Price: Monthly average stock price in June (US$)
Market Capitalization: Stock price multiplied by shares outstanding in June (US$million)
According to the classification of MGFS, there were 251 retailers (coded in #73 retail group and #74 special retail group) and 14 e-tailers (picked from the code in #852 Internet Software & Services Group) in the U.S. stock markets as of June 2001. We have used all of the 14 e-tailers, but classified the retailers to C&M and B&M by confirming the existence of online stores. In this manner, we could collect the reliable data of 112 C&Ms and 75 B&Ms. The data are collected for three time points: June 1999 (T1999), June 2000 (T2000), and June 2001 (T2001). Due to the nature of factors, the time for revenue and income implies a period of a fiscal year closest to June, whereas the time for stock prices and market capitalization implies the time point of June.
Pure e-Tailer Group: There were 14 pure e-tailers listed at NASDAQ in June 2001, but eight of them went public since June 2000. So in June 1999, there were only six listed companies in the stock market, thus there are only six data points for stock prices although there are 14 data points for revenue and income for T1999. The revenue and market capitalization of 14 companies are listed in Table 1.
0 | T1999 | T2000 | T2001 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Ticker Rev | Company | Market Cap | Revenue | MarCap/Rev | Market Cap | Revenue | MarCap/Rev | Market Cap | Revenue | MarCap/ | |
ABTL | Autobytel Inc. | 351,422.50 | 40,300 | 8.720 | 141,672.10 | 66,500 | 2.130 | 29,120.52 | 71,100 | 0.410 | |
AMZN | Amazon.Com Inc. | 18,028,997.33 | 1,639,800 | 10.995 | 15,892,537.99 | 2,762,000 | 5.754 | 5,086,144.56 | 3,122,400 | 1.629 | |
ASFD | Ashford.Com Inc. | N/A | 5,900 | N/A | 133,431.74 | 39,900 | 3.344 | 13,958.25 | 67,200 | 0.208 | |
BNBN | Bamesandnoble.ComInc. | 426,500.00 | 193,700 | 2.202 | 248,394.60 320,100 | 0.776 | 76,713.60 | 404,600 | 0.190 | ||
DMAX | Drugmax Inc. | 2,007.72 | 100 | 20.077 | 62,410.79 | 21,100 | 2.958 | 43,368.00 | 177,700 | 0.244 | |
DSCM | Drugstore.Com Inc. | N/A | 34,800 | N/A | 389,717.37 | 110,000 | 3.543 | 77,618.97 | 145,300 | 0.534 | |
EBAY | Ebay Inc. | 19,549,023.78 | 224,700 | 87.001 | 16,496,789.76 | 431,400 | 38.240 | 17,739,033.90 | 748,800 | 23.690 | |
EFTD | FTD.Com Inc | N/A | 49,400 | N/A | 15,567.20 | 94,800 | 0.164 | 48,692.00 | 126,500 | 0.385 | |
FLWS | 1-800-Flowers.Com Inc. | N/A | 292,900 | N/A | 146,014.95 | 379,500 | 0.385 | 297,303.02 | 442,200 | 0.672 | |
FMKT | Freemarkets Inc. | N/A | 20,900 | N/A | 1,795,940.51 | 83,300 | 21.560 | 578,459.16 | 147,600 | 3.919 | |
ONVI | Onvia.Com Inc. | N/A | 27,200 | N/A | 610,387.08 | 147,600 | 4.135 | 76,473.65 | 68,100 | 1.123 | |
PCLN | Priceline.Com Inc. | 13,937,397.60 | 482,400 | 28.892 | 7,330,298.44 | 1,235,400 | 5.934 | 1,489,417.55 | 1,170,000 | 1.273 | |
QXLC | Qxl Ricardo Plc Ads | N/A | 4,200 | N/A | 1,983,372.65 | 9,800 | 202.385 | 256,275.38 | 21,300 | 12.032 | |
STMP | Stamps.Com Inc | . | N/A | 400 | N/A | 449,438.40 | 15,200 | 29.568 | 157,759.88 | 20,200 | 7.810 |
0 | Mean | 8,715,891.49 | 215,479 | 26.314 | 3,263,998 | 408,329 | 22.920 | 1,855,024 | 480,929 | 3.866 | |
Unit: Market Capitalization and Revenue ($thousand); N/A: Not Applicable |
C&M Retailer Group: We collected 112 data points in total: 55 from NYSE, 55 from NASDAQ; and two from AMEX.
B&MRetailer Group: We collected 75 data points in total: 28 from NYSE, 44 from NASDAQ, and three from AMEX.
The mean and standard deviation of groups are summarized in Table 2. With these data, we can perform the t-test to compare the difference between groups for the same point of time, and also the paired t-test to check the change between two consecutive times.
Pure e-Tailers G1 | C&M Retailers G2 | B&M Retailers G3 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mean | Std. Dev | Std. Err. Mean | N | Mean | Std. Dev | Std. Err. Mean | N | Mean | Std. Dev | Std. Err. Mean | N | ||
Revenue | T1999 | 215,478.6 | 434,292.0 | 116,069.4 | 14 | 5,333,626.4 | 14,994,251.7 | 1,416,823.6 | 112 | 2,004,070.8 | 4,191,867.1 | 484,035.1 | 75 |
($thousand) | T2000 | 408,328.6 | 749,861.2 | 200,408.8 | 14 | 6,332,120.2 | 17,926,834.8 | 1,701,539.9 | 111 | 2,416,346.7 | 5,884,478.7 | 679,481.1 | 75 |
T2001 | 480,928.6 | 827,678.9 | 221,206.5 | 14 | 7,221,200.5 | 20,665,032.4 | 1,970,333.5 | 110 | 2,644,386.0 | 6,337,416.5 | 736,709.7 | 74 | |
Net Income | T1999 | -149,385.7 | 321,201.8 | 85,844.8 | 14 | 136,490.9 | 434,127.4 | 41,021.2 | 112 | 36,083.3 | 109,783.9 | 12,676.8 | 75 |
($thousand) | T2000 | -189,861.9 | 364,847.3 | 97,509.5 | 14 | 184,784.3 | 574,223.8 | 54,502.9 | 111 | 55,652.9 | 146,277.2 | 16,890.6 | 75 |
T2001 | -145,121.4 | 170,606.8 | 45,596.6 | 14 | 184,216.9 | 711,937.5 | 67,271.8 | 112 | 46,941.7 | 115,777.3 | 13,458.8 | 74 | |
Shares | T1999 | 72,453.3 | 67,643.4 | 25,566.8 | 7 | 140,673.2 | 463,459.9 | 44,391.4 | 109 | 48,037.0 | 85,501.1 | 10,147.1 | 71 |
T2000 | 95,775.0 | 107,667.9 | 28,775.5 | 14 | 159,340.2 | 493,339.6 | 46,616.2 | 112 | 52,149.2 | 110,606.0 | 12,945.4 | 73 | |
T2001 | 97,807.5 | 106,698.2 | 28,516.3 | 14 | 166,959.2 | 501,007.5 | 47,340.8 | 112 | 54,251.9 | 108,449.8 | 12,693.1 | 73 | |
Stock P | T1999 | 60.4 | 60.3 | 22.8 | 7 | 25.2 | 18.9 | 1.8 | 109 | 20.8 | 15.8 | 1.9 | 71 |
(US$) | T2000 | 19.3 | 20.8 | 5.5 | 14 | 18.9 | 15.9 | 1.5 | 112 | 15.4 | 11.9 | 1.4 | 74 |
T2001 | 9.7 | 16.8 | 4.5 | 14 | 20.5 | 16.7 | 1.6 | 112 | 16.9 | 11.6 | 1.3 | 74 | |
Market Cap | T1999 | 8,715,891.5 | 9,444,204.0 | 3,855,580.1 | 6 | 5,962,290.1 | 20,662,105.9 | 1,979,070.8 | 109 | 1,350,307.3 | 3,256,592.5 | 389,237.3 | 70 |
($thousand) | T2000 | 3,263,998.1 | 5,799,928.3 | 1,550,096.0 | 14 | 6,217,249.4 | 27,059,165.4 | 2,556,850.8 | 112 | 1,015,334.0 | 2,312,349.1 | 270,640.0 | 73 |
T2001 | 1,855,024.2 | 4,764,625.8 | 1,273,399.8 | 14 | 6,742,740.9 | 27,549,819.6 | 2,603,213.3 | 112 | 1,264,932.5 | 2,888,932.5 | 338,124.0 | 73 | |
N: Sample Size |
A limitation of this data is that it cannot represent all e-tailers and retailers which are not yet listed. In this regard, the data collected represent the currently successful, or at least surviving, listed companies in the U.S. stock markets.
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