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Industrial and Corporate Change, Volume 13, Number 1, pp. 171-212
Industrial and Corporate Change 13/1 © ICC Association 2004; all rights reserved.

Shrewd, crude or simply deluded? Comovement and the internet stock phenomenon

Ezra W. Zuckerman and Hayagreeva Rao

Correspondence: Ezra W. Zuckerman, MIT Sloan School of Management, 50 Memorial Drive, Cambridge, MA 02142, USA. Email: ewzucker{at}mit.edu

Abstract

We show that (i) return comovement among internet stocks during the late 1990s and early 2000 was not exceedingly high; (ii) there was substantial consistency in the manner by which investors distinguished among internet stocks; and (iii) high comovement is most common during periods of price erosion. These results cast doubt on the view that the extraordinary appreciation of internet stocks was due to the crude classification of all such stocks as members of a hot category.


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