کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10475849 | 929421 | 2015 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Search-based peer firms: Aggregating investor perceptions through internet co-searches
ترجمه فارسی عنوان
شرکت های همکار مبتنی بر جستجو: جمع آوری ادراک سرمایه گذاران از طریق جستجوی اینترنتی
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
Applying a “co-search” algorithm to Internet traffic at the SEC׳s EDGAR website, we develop a novel method for identifying economically related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent searches by the same individual (Search-Based Peers or SBPs) are fundamentally similar on multiple dimensions. In direct tests, SBPs dominate GICS6 industry peers in explaining cross-sectional variations in base firms׳ out-of-sample: (a) stock returns, (b) valuation multiples, (c) growth rates, (d) R&D expenditures, (e) leverage, and (f) profitability ratios. We show that SBPs are not constrained by standard industry classification, and are more dynamic, pliable, and concentrated. We also show that co-search intensity captures the degree of similarity between firms. Our results highlight the potential of the collective wisdom of investors - extracted from co-search patterns - in addressing long-standing benchmarking problems in finance.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 116, Issue 2, May 2015, Pages 410-431
Journal: Journal of Financial Economics - Volume 116, Issue 2, May 2015, Pages 410-431
نویسندگان
Charles M.C. Lee, Paul Ma, Charles C.Y. Wang,