Internet Stock
...by: Yao Tian
Supervised by: Pat O'Brien
Summer, 20041
1 I thank Pat O'Brien for her insight and research guidance and Sean Speers for his technical help.
2
Table of Contents
Abstract ............................................................................................................................... 3
1. Introduction................................................................................................................... 4
2. Literature Review and Hypothesis Development....................................................... 7
2.1 Analysts' Forecast/Recommendation Optimism..................................................... 7
2.2 Internet Stock Overpricing ...................................................................................... 8
2.3 Hypothesis Development........................................................................................ 10
3. Research Design .......................................................................................................... 10
3.1 Sample Selection .................................................................................................... 10
3.2 Data Collection....................................................................................................... 12
4. The Logistic Regression Tests for H1..................................................................... 12
4.1 The Logistic Model ................................................................................................ 12
4.2 The Yearly Analysis ............................................................................................... 20
5. The OLS analysis Test for H2................................................................................. 22
6. Conclusion...
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