The Value Relevance of Revenue for Internet Firms: Does Reporting Grossed‐up or Barter Revenue Make a Difference?
研究互联网公司收入公告的市场反应，发现总额收入和易货收入在互联网公司中常见，但2000年4月互联网泡沫破裂后其价值相关性下降，且个人投资者关注度高的公司收入定价更高。
This study provides evidence on (a) the market’s response to revenue and revenue announcements, (b) the extent of the use of grossed‐up and barter revenue by Internet firms, and (c) whether the value relevance of revenue differs when Internet firms report grossed‐up or barter revenue. Results indicate that revenue announcements are highly associated with three‐day market returns and provide information incremental to that contained in earnings announcements. The use of grossed‐up and barter revenue is common for certain sectors of Internet firms, but not pervasive across sectors. Evidence suggests that the value relevance of revenue for firms reporting grossed‐up and barter revenue declined subsequent to the “crash” in April 2000. Additional analyses explore the effect of active individual investors on the pricing of revenue for firms reporting grossed‐up and barter revenue. Findings suggest higher pricing of revenue for firms reporting grossed‐up or barter revenue with relatively greater individual investor following.