Measurement and Data Collection

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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:

  1. Revenue: Annual sales and net of allowance for the fiscal year before June (US$million)

  2. Income: Annual net income for the fiscal year before June (US$million)

  3. Stock Price: Monthly average stock price in June (US$)

  4. 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.

  1. 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.

    Table 1: Market Capitalization and Revenue of Pure e-Tailers.

    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

  2. C&M Retailer Group: We collected 112 data points in total: 55 from NYSE, 55 from NASDAQ; and two from AMEX.

  3. 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.

Table 2: Mean and Standard Deviations of Pure e-Tailers, C&M, and B&M for T1999–T2001.
 

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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Advanced Topics in Global Information Management (Vol. 3)
Trust in Knowledge Management and Systems in Organizations
ISBN: 1591402204
EAN: 2147483647
Year: 2003
Pages: 207

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