메뉴 건너뛰기




Volumn 18, Issue 4, 2007, Pages 370-394

Risk and return of information technology initiatives: Evidence from electronic commerce announcements

Author keywords

Electronic commerce; IT event study; IT risk; Risk and return; Risk effects; Wealth effects

Indexed keywords

COMMERCE; ECONOMIC AND SOCIAL EFFECTS; ELECTRONIC COMMERCE; INVESTMENTS; RISK PERCEPTION;

EID: 38549105750     PISSN: 10477047     EISSN: 15265536     Source Type: Journal    
DOI: 10.1287/isre.1070.0120     Document Type: Article
Times cited : (118)

References (56)
  • 2
    • 84977412295 scopus 로고
    • Effects of the 1970 bank holding company act: Evidence from capital markets
    • Aharony, J., I. Swary. 1981. Effects of the 1970 bank holding company act: Evidence from capital markets. J. Finance 36(4) 841-853.
    • (1981) J. Finance , vol.36 , Issue.4 , pp. 841-853
    • Aharony, J.1    Swary, I.2
  • 3
    • 84977319052 scopus 로고
    • An analysis of risk and return characteristics of corporate bankruptcy using capital market data
    • Aharony, J., C. P. Jones, I. Swary. 1980. An analysis of risk and return characteristics of corporate bankruptcy using capital market data. J. Finance 35(4) 1001-1016.
    • (1980) J. Finance , vol.35 , Issue.4 , pp. 1001-1016
    • Aharony, J.1    Jones, C.P.2    Swary, I.3
  • 4
    • 0000006183 scopus 로고
    • The impact of the 1980 Depository Institutions Deregulation and Monetary Control Act on market value and risk: Evidence from the capital markets
    • Allen, P. R., W. J. Wilhclm. 1988. The impact of the 1980 Depository Institutions Deregulation and Monetary Control Act on market value and risk: Evidence from the capital markets. J. Money, Credit Banking 20(3) 364-380.
    • (1988) J. Money, Credit Banking , vol.20 , Issue.3 , pp. 364-380
    • Allen, P.R.1    Wilhclm, W.J.2
  • 6
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test statistics
    • Barber, B. M., J. D. Lyon. 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. J. Financial Econom. 41(3) 359-399.
    • (1996) J. Financial Econom , vol.41 , Issue.3 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 7
    • 0000016890 scopus 로고    scopus 로고
    • On the wealth and risk effects of commercial bank expansion into securities underwriting: An analysis of Section 20 subsidiaries
    • Bhargava, R., D. R. Fraser. 1998. On the wealth and risk effects of commercial bank expansion into securities underwriting: An analysis of Section 20 subsidiaries. J. Banking Finance 22(4) 447-465.
    • (1998) J. Banking Finance , vol.22 , Issue.4 , pp. 447-465
    • Bhargava, R.1    Fraser, D.R.2
  • 8
    • 0000355381 scopus 로고
    • On the use of the Multivariate Regression Model in event studies
    • Binder, J. J. 1985a. On the use of the Multivariate Regression Model in event studies. J. Accounting Res. 23(1) 370-383.
    • (1985) J. Accounting Res , vol.23 , Issue.1 , pp. 370-383
    • Binder, J.J.1
  • 9
    • 0000474853 scopus 로고
    • Measuring the effects of regulation with stock price data
    • Binder, J. J. 1985b. Measuring the effects of regulation with stock price data. RAND J. Econom. 16(2) 167-183.
    • (1985) RAND J. Econom , vol.16 , Issue.2 , pp. 167-183
    • Binder, J.J.1
  • 10
    • 54649083649 scopus 로고    scopus 로고
    • The event study methodology since 1969
    • Binder, J. J. 1998. The event study methodology since 1969. Rev. Quant. Finance Accounting 11(2) 111-137.
    • (1998) Rev. Quant. Finance Accounting , vol.11 , Issue.2 , pp. 111-137
    • Binder, J.J.1
  • 11
    • 10644277503 scopus 로고
    • Event-study methodology under conditions of event-induced variance
    • Boehmer, E., J. Musumeci, A. B. Poulsen. 1991. Event-study methodology under conditions of event-induced variance. J. Financial Econom. 30(2) 253-272.
    • (1991) J. Financial Econom , vol.30 , Issue.2 , pp. 253-272
    • Boehmer, E.1    Musumeci, J.2    Poulsen, A.B.3
  • 13
    • 84989099586 scopus 로고
    • Measuring security price performance
    • Brown, S. J., J. B. Warner. 1980. Measuring security price performance. J. Financial Econom. 8(3) 205-258.
    • (1980) J. Financial Econom , vol.8 , Issue.3 , pp. 205-258
    • Brown, S.J.1    Warner, J.B.2
  • 14
    • 0346788758 scopus 로고    scopus 로고
    • Paradox lost? Firm-level evidence on the returns to information systems
    • Brynjolfsson, E., L. M. Hitt. 1996. Paradox lost? Firm-level evidence on the returns to information systems. Management Sci. 42(4) 541-558.
    • (1996) Management Sci , vol.42 , Issue.4 , pp. 541-558
    • Brynjolfsson, E.1    Hitt, L.M.2
  • 16
    • 0000000837 scopus 로고
    • Dividend information, stock returns, and market efficiency-II
    • Charest, G. 1978. Dividend information, stock returns, and market efficiency-II. J. Financial Econom. 6(2-3) 297-330.
    • (1978) J. Financial Econom , vol.6 , Issue.2-3 , pp. 297-330
    • Charest, G.1
  • 17
    • 0036753966 scopus 로고    scopus 로고
    • The shareholderwealth and trading-volume effects of information technology infrastructure investments
    • Chattcrjee, D., C. Pacini, V. Sambamurthy. 2002. The shareholderwealth and trading-volume effects of information technology infrastructure investments. J. Management Inform. Systems 19(2) 7-42.
    • (2002) J. Management Inform. Systems , vol.19 , Issue.2 , pp. 7-42
    • Chattcrjee, D.1    Pacini, C.2    Sambamurthy, V.3
  • 18
    • 0011257387 scopus 로고    scopus 로고
    • Examining the shareholder wealth effects of new CIO position announcements
    • Chattcrjee, D., V. J. Richardson, R. W. Zmud. 2001. Examining the shareholder wealth effects of new CIO position announcements. MIS Quart. 25(1) 43-70.
    • (2001) MIS Quart , vol.25 , Issue.1 , pp. 43-70
    • Chattcrjee, D.1    Richardson, V.J.2    Zmud, R.W.3
  • 19
    • 27844543549 scopus 로고    scopus 로고
    • The impact of CEO turnover on equity volatility
    • Clayton, M. J., J. C. Hartzell, J. V. Rosenberg. 2005. The impact of CEO turnover on equity volatility. J. Bus. 78(5) 1779-1808.
    • (2005) J. Bus , vol.78 , Issue.5 , pp. 1779-1808
    • Clayton, M.J.1    Hartzell, J.C.2    Rosenberg, J.V.3
  • 20
    • 0039698146 scopus 로고    scopus 로고
    • A Rose.com by any other name
    • Cooper, M. J., O. Dimitrov, P. R. Rau. 2001. A Rose.com by any other name. J. Finance 56(6) 2371-2388.
    • (2001) J. Finance , vol.56 , Issue.6 , pp. 2371-2388
    • Cooper, M.J.1    Dimitrov, O.2    Rau, P.R.3
  • 21
    • 3142771412 scopus 로고    scopus 로고
    • The value relevance of announcements of transformational information technology investments
    • Dehning, B., V. J. Richardson, R. W. Zmud. 2003. The value relevance of announcements of transformational information technology investments. MIS Quart. 27(4) 637-656.
    • (2003) MIS Quart , vol.27 , Issue.4 , pp. 637-656
    • Dehning, B.1    Richardson, V.J.2    Zmud, R.W.3
  • 23
    • 38549137432 scopus 로고    scopus 로고
    • Investigating the risk-return relationship of information technology investment: Firm-level empirical analysis
    • Forthcoming
    • Dewan, S., C. Shi, V. Gurbaxani. 2007. Investigating the risk-return relationship of information technology investment: Firm-level empirical analysis. Management Sci. Forthcoming.
    • (2007) Management Sci
    • Dewan, S.1    Shi, C.2    Gurbaxani, V.3
  • 24
    • 71149116783 scopus 로고
    • The impact of information technology investment announcements on the market value of the firm
    • Dos Santos, B. L., K. Peffers, D. C. Mauer. 1993, The impact of information technology investment announcements on the market value of the firm. Inform. Systems Res. 4(1) 1-23.
    • (1993) Inform. Systems Res , vol.4 , Issue.1 , pp. 1-23
    • Dos Santos, B.L.1    Peffers, K.2    Mauer, D.C.3
  • 25
    • 33749030268 scopus 로고
    • The options pricing model and the risk factor of stock
    • Galai, D., R. W. Masulis. 1976. The options pricing model and the risk factor of stock. J. Financial Econom. 3(1-2) 53-81.
    • (1976) J. Financial Econom , vol.3 , Issue.1-2 , pp. 53-81
    • Galai, D.1    Masulis, R.W.2
  • 26
    • 0004296209 scopus 로고    scopus 로고
    • Prentice-Hall, Englewood Cliffs, NJ
    • Greene, W. H. 2000. Econometric Analysis. Prentice-Hall, Englewood Cliffs, NJ.
    • (2000) Econometric Analysis
    • Greene, W.H.1
  • 27
    • 0001950179 scopus 로고
    • Earnings and risk changes surrounding primary stock offers
    • Healy, P. M., K. G. Palepu. 1990. Earnings and risk changes surrounding primary stock offers. J. Accounting Res. 28(1) 25-48.
    • (1990) J. Accounting Res , vol.28 , Issue.1 , pp. 25-48
    • Healy, P.M.1    Palepu, K.G.2
  • 28
    • 0001057052 scopus 로고
    • Problems and solutions in conducting event studies
    • Henderson, G. V. 1990. Problems and solutions in conducting event studies. J. Risk Insurance 57(2) 282-306.
    • (1990) J. Risk Insurance , vol.57 , Issue.2 , pp. 282-306
    • Henderson, G.V.1
  • 29
    • 60849117279 scopus 로고    scopus 로고
    • R&D investment and systematic risk
    • Ho, Y. K., Z. Xu, C. M. Yap. 2004. R&D investment and systematic risk. Accounting Finance 44(3) 393-418.
    • (2004) Accounting Finance , vol.44 , Issue.3 , pp. 393-418
    • Ho, Y.K.1    Xu, Z.2    Yap, C.M.3
  • 30
    • 2142769831 scopus 로고    scopus 로고
    • Information technology, organizational learning, and the market value of the firm
    • Hunter, S. D. 2003. Information technology, organizational learning, and the market value of the firm. J. Inform. Tech. Theory Appl. 5(1) 1-28.
    • (2003) J. Inform. Tech. Theory Appl , vol.5 , Issue.1 , pp. 1-28
    • Hunter, S.D.1
  • 31
    • 85041843112 scopus 로고    scopus 로고
    • Volatility and dispersion of earnings following IT expenditures
    • Hunter, S. D., K. Kobelsky, V. J. Richardson. 2003. Volatility and dispersion of earnings following IT expenditures. MIT Working paper series 4827-03, 1-40.
    • (2003) MIT Working paper series , vol.4827 -03 , pp. 1-40
    • Hunter, S.D.1    Kobelsky, K.2    Richardson, V.J.3
  • 32
    • 0035589482 scopus 로고    scopus 로고
    • A reexamination of IT investment and the market value of the firm-An event study methodology
    • Im, K. S., K. E. Dow, V. Grover. 2001. A reexamination of IT investment and the market value of the firm-An event study methodology. Inform. Systems Res. 12(1) 103-117.
    • (2001) Inform. Systems Res , vol.12 , Issue.1 , pp. 103-117
    • Im, K.S.1    Dow, K.E.2    Grover, V.3
  • 33
    • 51249173439 scopus 로고
    • Change in market assessments of depositinstitution riskiness
    • Kane, E. J., H. Unal. 1988. Change in market assessments of depositinstitution riskiness. J. Financial Services Res. 1(3) 207-229.
    • (1988) J. Financial Services Res , vol.1 , Issue.3 , pp. 207-229
    • Kane, E.J.1    Unal, H.2
  • 34
    • 0012754328 scopus 로고    scopus 로고
    • What's in a Name.com? The effects of ".com" name changes on stock prices and trading activity
    • Lee, P. M. 2001. What's in a Name.com? The effects of ".com" name changes on stock prices and trading activity. Strategic Management J. 22(8) 793-804.
    • (2001) Strategic Management J , vol.22 , Issue.8 , pp. 793-804
    • Lee, P.M.1
  • 35
    • 84959716532 scopus 로고
    • On the association between operating leverage and risk
    • Lev, B. 1974. On the association between operating leverage and risk. J. Financial Quant. Anal. 9(4) 621-641.
    • (1974) J. Financial Quant. Anal , vol.9 , Issue.4 , pp. 621-641
    • Lev, B.1
  • 36
    • 1542793915 scopus 로고
    • A model of adaptive organizational search
    • Levinthal, D. A., J. G. March. 1981. A model of adaptive organizational search. J. Econom. Behav. Organ. 2(4) 307-333.
    • (1981) J. Econom. Behav. Organ , vol.2 , Issue.4 , pp. 307-333
    • Levinthal, D.A.1    March, J.G.2
  • 37
    • 0142250304 scopus 로고    scopus 로고
    • IPO pricing in the dot-com bubble
    • Ljungqvist, A., W. J. Wilhelm. 2003. IPO pricing in the dot-com bubble. J. Finance 58(2) 723-752.
    • (2003) J. Finance , vol.58 , Issue.2 , pp. 723-752
    • Ljungqvist, A.1    Wilhelm, W.J.2
  • 39
    • 0011765591 scopus 로고    scopus 로고
    • Event studies in economics and finance
    • MacKinlay, A. C. 1997. Event studies in economics and finance. J. Econom. Literature 35(1) 13-39.
    • (1997) J. Econom. Literature , vol.35 , Issue.1 , pp. 13-39
    • MacKinlay, A.C.1
  • 40
    • 49549160079 scopus 로고
    • Risk and return: The case of merging firms
    • Mandelker, G. 1974. Risk and return: The case of merging firms. J. Financial Econom. 1(4) 303-335.
    • (1974) J. Financial Econom , vol.1 , Issue.4 , pp. 303-335
    • Mandelker, G.1
  • 41
    • 84974379086 scopus 로고
    • The impact of the degrees of operating and financial leverage on systematic risk of common stock
    • Mandelker, G. N., G. Rhee. 1984. The impact of the degrees of operating and financial leverage on systematic risk of common stock. J. Financial (Quant. Anal. 19(1) 45-57.
    • (1984) J. Financial (Quant. Anal , vol.19 , Issue.1 , pp. 45-57
    • Mandelker, G.N.1    Rhee, G.2
  • 42
    • 0001812752 scopus 로고
    • Exploration and exploitation in organizational learning
    • March, I. G. 1991. Exploration and exploitation in organizational learning. Organ. Sci. 2(1) 1-13.
    • (1991) Organ. Sci , vol.2 , Issue.1 , pp. 1-13
    • March, I.G.1
  • 43
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: The risk structure of interest rates
    • Merton, R. C. 1974. On the pricing of corporate debt: The risk structure of interest rates. J. Finance 29(2) 449-470.
    • (1974) J. Finance , vol.29 , Issue.2 , pp. 449-470
    • Merton, R.C.1
  • 44
    • 0142188086 scopus 로고    scopus 로고
    • DotCom mania: The rise and fall of Internet stock prices
    • Ofek, E., M. Richardson. 2003. DotCom mania: The rise and fall of Internet stock prices. J. Finance 58(3) 1113-1137.
    • (2003) J. Finance , vol.58 , Issue.3 , pp. 1113-1137
    • Ofek, E.1    Richardson, M.2
  • 45
    • 0000132603 scopus 로고
    • Volatility increases subsequent to stock splits: An empirical aberration
    • Ohlson, J. A., S. H. Penman. 1985. Volatility increases subsequent to stock splits: An empirical aberration. J. Financial Econom. 14(2) 251-266.
    • (1985) J. Financial Econom , vol.14 , Issue.2 , pp. 251-266
    • Ohlson, J.A.1    Penman, S.H.2
  • 46
    • 0002475691 scopus 로고
    • Event studies: A review of issues and methodology
    • Peterson, P. P. 1989. Event studies: A review of issues and methodology. Quart. J. Bus. Econom. 28(3) 36-66.
    • (1989) Quart. J. Bus. Econom , vol.28 , Issue.3 , pp. 36-66
    • Peterson, P.P.1
  • 47
    • 0035289645 scopus 로고    scopus 로고
    • Strategy and the Internet
    • Porter, M. E. 2001. Strategy and the Internet. Harvard Bus. Rev. 79(3) 62-78.
    • (2001) Harvard Bus. Rev , vol.79 , Issue.3 , pp. 62-78
    • Porter, M.E.1
  • 50
    • 0035595781 scopus 로고    scopus 로고
    • The impact of e-commcrce announcements on the market value of firms
    • Subramani, M., E. Walden. 2001. The impact of e-commcrce announcements on the market value of firms. Inform. Systems Res. 12(2) 135-154.
    • (2001) Inform. Systems Res , vol.12 , Issue.2 , pp. 135-154
    • Subramani, M.1    Walden, E.2
  • 51
    • 0028494782 scopus 로고
    • Information systems innovation among organizations
    • Swanson, E. B. 1994. Information systems innovation among organizations. Management Sci. 40(9) 1069-1092.
    • (1994) Management Sci , vol.40 , Issue.9 , pp. 1069-1092
    • Swanson, E.B.1
  • 52
    • 33847718370 scopus 로고    scopus 로고
    • The role of information technology in the risk/return relations of firms
    • Tanriverdi, H., T. W. Ruefli. 2004. The role of information technology in the risk/return relations of firms. J. Assoc. Inform. Systems 5(11-12) 421-447.
    • (2004) J. Assoc. Inform. Systems , vol.5 , Issue.11-12 , pp. 421-447
    • Tanriverdi, H.1    Ruefli, T.W.2
  • 53
    • 0037217429 scopus 로고    scopus 로고
    • Anomalous stock returns around internet firms' earnings announcements
    • Trueman, B., M. H. F. Wong, X. Zhang. 2003. Anomalous stock returns around internet firms' earnings announcements. J. Accounting Econom. 34(1-3) 249-271.
    • (2003) J. Accounting Econom , vol.34 , Issue.1-3 , pp. 249-271
    • Trueman, B.1    Wong, M.H.F.2    Zhang, X.3
  • 54
    • 84914725847 scopus 로고
    • Satisficing, selection, and the innovating remnant
    • Winter, S. G. 1971. Satisficing, selection, and the innovating remnant. Quart. J. Econom. 85(2) 237-261.
    • (1971) Quart. J. Econom , vol.85 , Issue.2 , pp. 237-261
    • Winter, S.G.1
  • 55
    • 84876636966 scopus 로고    scopus 로고
    • Yu, L. 2002. On the wealth and risk effects of the Glass-Steagall overhaul: Evidence from the stock market. Working paper, Department of Finance, New York University, New York.
    • Yu, L. 2002. On the wealth and risk effects of the Glass-Steagall overhaul: Evidence from the stock market. Working paper, Department of Finance, New York University, New York.
  • 56
    • 84946357749 scopus 로고
    • An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias
    • Zellner, A. 1962. An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. J. Amer. Statist. Assoc. 57(298) 348-368.
    • (1962) J. Amer. Statist. Assoc , vol.57 , Issue.298 , pp. 348-368
    • Zellner, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.