Oxford Review of Economic Policy volume 18, issue 3, P265-287 2002 DOI: 10.1093/oxrep/18.3.265 View full text
E. Ofek

Abstract: ABSTRACTThis paper provides an analysis of some existing as well as new evidence of the relation between market prices and fundamentals in the internet sector over the period January 1998 to February 2000. Appealing to results across a broad class of outcomes, we demonstrate a strong, circumstantial case against market rationality In particular, we investigate (i) the level of internet stock prices given their underlying fundamentals, (ii) responses of stock prices to information-based events, and (iii) the v…

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