First movers, globally, have enjoyed a distinct advantage across industries in not just gaining market shares but also in achieving sustainable profitability. Fierce competition and changing global economics have challenged many first entrants in their own bastions, refuting this thought process...

We show that network advantages constitute an important intangible asset that goes unrecognized in the financial statements. For a sample of e-commerce firms, we find that network advantages created by website traffic have substantial explanatory power for stock prices over and above traditional...

Many online retail firms (e-tailers) do not collect sales tax from the majority of their customers, providing these firms a potential competitive advantage over traditional retailers. We examine stock market returns and analysts’ sales forecast revisions surrounding federal legislative...