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Period, Sample Selection and Definition of Variables

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Equity Valuation and Negative Earnings

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Abstract

This chapter presents the definitions of the basic concepts underlying the empirical study. We begin by defining the period investigated, which we define as the New Economic Period (NEP) as well as the concept of net firms. Then, we define the procedures to select the sample. We present the number of observations and also the systematization of the investigation. For comparative purposes, we define also a match sample—no-net firms and finally we present the definition of the variables used.

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Notes

  1. 1.

    The designation itself is not consensual. For example, Neves (2002: XVI) prefers the designation “Digital Economy”. In the preface to this same book, Brealey opts for the concept “New Economy”. In the present investigation we chose the concept “New Economy”, which we designate by the acronym NEP as it was the concept with greater generalization (Copeland et al. 2000; Damodaran 2001; Penman 2001; Jorion and Talmor 2006; Kaplan 2002; Core et al. 2003).

  2. 2.

    This index was originally created by the company WRSN—Wall Street Research Net, posted on the website http://www.wsrn.com, for the period 20 April 1999 to 11 November 2003. At the end of 2003, WSRN was acquired by the Internet.com company. Currently on the website http://www.bullsector.com/internet.html can be found multiple indexes on net firms [GSTI—Internet Index (WBC: ^ GIN), AMEX—Internet Components Index (AMEX: ^ IIX), Philadelphia Internet Index (STREET.COM: ^ DOT), U.S. Dow Jones (DJI: ^ DJUSNS)].

  3. 3.

    The crash occurred in the firstt quarter 2000; Demers and Lev (2001) documented a decrease of 45% in the ISDEX index for the period February to March 2000.

  4. 4.

    This database can be found on the homepage of Jay Ritter: http://bear.cba.ufl.edu/ritter/ipodata.htm.

  5. 5.

    Analytically: (i) inner fences = [1stQ – 1.5 * IQR; 3rdQ * +1.5IQR] and (ii) outer fences = [1stQ – 3rdIQR; 3rdQ + 3IQR], with Q-quartile and IQR—the difference between quartile (inter quartile range).

  6. 6.

    The dot.com bubble, characterized by prices in a given period of time that diverge from fundamental values, was documented for example by Ofek and Richardson (2002, 2003), Ljungvist and Wilhelm (2003), Loughran and Ritter (2003), and Keating et al. (2003).

  7. 7.

    As an example we quote: Ritter (1991) and Loughran and Ritter (1995).

  8. 8.

    Thanks to Darren Hawkins, the department NASDAQ International for helping with this database.

  9. 9.

    Hendershott (2001) uses the term “imitation” to describe the IPO boom of net firms that occurred in 1999 and 2000. But the interesting fact according to the data of this author, and in line with the results reported by Schultz and Zaman (2001), is that this group of companies (imitators) could attract funding from venture capital as well as the involvement of the most prestigious investment banks (with a reputation to uphold) to the IPO process. Schultz and Zaman (2001) reported that the six major investment banks (CS First Boston, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley and Salomon Brothers) were associated with 39.30% of the net firms IPO (underwriter) in the period 1996 to March 2001, against 27.40% of other contemporaneous IPOs.

  10. 10.

    With this reasoning, Noe and Parker (2005) also support, albeit indirectly, the phenomenon of “positive valuation of losses” based on the “conservatism accounting” modelled by the FOM. At the start-up/growth phase and in order to create future growth opportunities, those firms invest massively in intangible assets which were accounted as costs under GAAP.

  11. 11.

    See Appendixes 5.1 and 5.2 with the number of net firms and non-net firms by sector.

  12. 12.

    With reference to the two samples analysed, net firms and non-net firms, 53.88% (54.34%) of companies wound up the fiscal year in December, in March 4.66% (2.96%), in June 3.38% (4.99%) and in September 41% (4.34%), respectively. Note that for 35.67% of net firms and 33.37% of non-net firms, information about the closing month of the fiscal year was not available in the Compustat database.

  13. 13.

    For a more detailed analysis of the preparation of Financial Statements according to GAAP, see Penman (2003).

  14. 14.

    Collins et al. (1997, 1999), Burgstahler and Dichev (1997), Barth et al. (1998, 2003), Tan (2004), Joos and Plesko (2005) outside the universe of net firms and Hand (2001b, 2003) and Trueman et al. (2000), in the universe of net firms, excluded from the sample under analysis companies with a negative BVE.

  15. 15.

    The high volatility patterns recorded for net firms are documented by Ofek and Richardson (2002, 2003).

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Author information

Authors and Affiliations

  1. Management and Economics Department, University of Beira Interior, Covilhã, Portugal

    Ana Paula Matias Gama

  2. Universidade Presbiteriana Mackenzie, São Paulo, Brazil

    Liliane Cristina Segura

  3. State University of Campinas—UNICAMP, Limiera, São Paulo, Brazil

    Marco Antonio Figueiredo Milani Filho

Authors
  1. Ana Paula Matias Gama
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  2. Liliane Cristina Segura
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  3. Marco Antonio Figueiredo Milani Filho
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Corresponding author

Correspondence to Ana Paula Matias Gama .

Appendices

Appendix 5.1: Number of Net Firms by SIC

SIC

Description

No. firms

1040

Gold and silver ores

1

2721

Periodicals: publishing and printing

1

2741

Miscellaneous publishing

1

2750

Commercial printing

5

2834

Pharmaceutical preparations

1

2844

Perfumes, cosmetics and other toilet preparations

1

3089

Plastics products, NEC

1

3541

Machine tools, metal cutting types

1

3571

Electronic equipment

1

3576

Computer communication equipment

17

3577

Computer peripheral equipment, NEC

2

3578

Calculating and accounting machines (no electronic computers)

1

3651

Household audio and video equipment

1

3661

Telephone and telegraph apparatus

13

3663

Radio and TV broadcasting and communications equipment

10

3669

Communication equipment, NEC

2

3670

Electronic components and accessories

1

3674

Semiconductors and related devices

7

3690

Miscellaneous electrical machinery, equipment and supplies

1

3714

Motor vehicle parts and accessories

1

3825

Instruments for measuring and testing of electricity and electrical signals

1

3990

Miscellaneous manufacturing industries

1

4700

Transportation services

6

4812

Radiotelephone communications

3

4813

Telephone communications (no radiotelephone)

24

4822

Telegraph and other message communications

3

4832

Radio broadcasting stations

2

4899

Communications services, NEC

7

4955

Hazardous waste management

1

5045

Wholesale—computers and peripheral equipment and software

3

5065

Wholesale—electronic parts and equipment, NEC

1

5122

Wholesale—drugs, proprietaries and druggists’ sundries

2

5400

Retail—food stores

1

5735

Retail—record and prerecorded tape stores

1

5812

Retail—eating places

1

5912

Retail—drug stores and proprietary stores

1

5940

Retail—miscellaneous shopping goods stores

1

5961

Retail—catalog and mail-order houses

31

5990

Retail—retail stores, NEC

3

6035

Savings institutions, federally chartered

1

6036

Savings institutions, not federally chartered

1

6162

Mortgage bankers and loan correspondents

2

6163

Loan brokers

1

6211

Security brokers, dealers and flotation companies

7

6282

Investment advice

1

6411

Insurance agents, brokers and services

4

6531

Real estate agents and managers (for others)

1

6794

Patent owners and lessors

1

7310

Services—advertising

7

7311

Services—advertising agencies

1

7320

Services—consumer credit reporting, collection agencies

1

7330

Services—mailing, reproduction, commercial art and photography

2

7331

Services—direct mail advertising services

5

7361

Services—employment agencies

1

7370

Services—computer programming, data processing, etc.

183

7371

Services—computer programming services

8

7372

Services—pre-packaged software

160

7373

Services—computer integrated systems design

34

7374

Services—computer processing and data preparation

2

7377

Services—computer rental and leasing

2

7380

Services—miscellaneous business services

1

7385

Services—telephone interconnect systems

1

7389

Services—business services, NEC

13

7812

Services—motion picture and video tape production

1

7841

Services—video tape rental

1

7990

Services—miscellaneous amusement and recreation

2

8200

Services—educational services

1

8600

Services—membership organizations

1

8700

Services—engineering, accounting, research, management

1

8711

Services—engineering services

1

8741

Services—management services

2

8742

Services—management consulting

9

9995

Non-operating establishments

1

 

Total

622

  1. Fonte: http://www.sec.gov/info/edgar/siccodes.htm (U.S. Securities Exchange Commission)

Appendix 5.2: Number of Non-Net Firms by SIC

SIC

Description

 

100

Agricultural production-crops

1

1220

Bituminous coal and lignite mining

1

1311

Crude petroleum and natural gas

2

1382

Oil and gas field exploration services

1

1520

General bldg contractors—residential

1

1600

Heavy construction other than bldg const—contractors

1

1700

Construction—special trade contractors

1

2020

Dairy products

1

2040

Grain mill products

2

2086

Bottled and canned soft drinks and carbonated waters

1

2090

Miscellaneous food preparation and kindred products

1

2253

Knit Outerwear mills

1

2330

Women’s, misses’, and juniors outwear

1

2340

Women’s, misses’, children’s and infants’ undergarments

1

2390

Miscellaneous fabricated textile products

1

2522

Office furniture (no wood)

1

2650

Paperboard containers and boxes

1

2741

Miscellaneous publishing

2

2810

Industrial inorganic chemicals

1

2833

Medical chemicals and botanical products

2

2834

Pharmaceutical preparations

22

2835

In vitro and in vivo diagnostic substances

8

2836

Biological products (no diagnostic substances)

17

2844

Perfumes, cosmetics and other toilet preparations

1

2870

Agricultural chemicals

1

2890

Miscellaneous chemical products

1

3089

Plastics products, NEC

1

3140

Footwear (no rubber)

1

3270

Concrete, gypsum and plaster products

1

3290

Abrasive, asbestos and miscellaneous non-metallic mineral products

1

3312

Steel works, blast furnaces and rolling mills (coke ovens)

1

3350

Rolling drawing and extruding of nonferrous metals

2

3440

Fabricated structural metal products

1

3452

Bolts, nuts, screws, rivets and washers

1

3510

Engines and turbines

1

3533

Oil and gas field machinery and equipment

1

3540

Metalwork machinery and equipment

1

3541

Machine tools, metal cutting types

1

3559

Special Industry machinery, NEC

8

3570

Computer and office equipment

1

3571

Electronic equipment

1

3572

Computer storage devices

2

3576

Computer communication equipment

6

3577

Computer peripheral equipment, NEC

8

3578

Calculating and accounting machines (no electronic computers)

2

3620

Electrical industrial apparatus

1

3621

Motors and generators

2

3651

Household audio and video equipment

2

3652

Phonographs records and prerecorded audio tapes and disks

1

3661

Telephone and telegraph apparatus

10

3663

Radio & TV broadcasting and communications equipment

8

3669

Communications equipment, NEC

2

3670

Electronic components and accessories

1

3672

Printed circuit boards

4

3674

Semiconductors and related devices

33

3679

Electronic components, NEC

3

3690

Miscellaneous electrical machinery, equipment and supplies

1

3714

Motor vehicle parts and accessories

2

3716

Motor homes

1

3823

Industrial instruments for measurement, display, and control

3

3825

Instruments for measuring and testing of electricity and electrical signals

5

3826

Laboratory analytical instruments

8

3827

Optical instruments and lenses

3

3829

Measuring and controlling devices, NEC

5

3841

Surgical and medical instruments and apparatus

3

3842

Orthopedic, prosthetic and surgical appliances and supplies

5

3844

X-Ray apparatus and tubes and related irradiation apparatus

2

3845

Electromedical and electrotherapeutics apparatus

10

3861

Photographic equipment and supplies

3

3873

Watches, clocks, clockwork operated devices/parts

1

3942

Dolls and stuffed toys

1

3944

Games, toys and children’s vehicles (no dolls and bicycles)

1

3949

Sporting and athletic goods, NEC

2

3990

Miscellaneous manufacturing industries

2

4213

Trucking (no local)

4

4400

Water transportation

1

4512

Air transportation, scheduled

2

4731

Arrangement of transportation of freight and cargo

2

4812

Radiotelephone communications

9

4813

Telephone communications (no radiotelephone)

18

4832

Radio broadcasting stations

9

4833

Television broadcasting stations

3

4841

Cable and other pay television services

9

4899

Communications services, NEC

6

4924

Natural gas distribution

1

4953

Refuse systems

3

4955

Hazardous waste management

1

5010

Wholesale—motor vehicles and motor vehicle parts and supplies

1

5020

Wholesale—furniture and home furnishings

1

5045

Wholesale—computers and Peripheral Equipment and Software

3

5047

Wholesale—medical, dental and hospital equipment and supplies

1

5063

Wholesale—electrical apparatus and equipment, wiring supplies

1

5065

Wholesale—electronic parts and equipment, NEC

1

5072

Wholesale—hardware

1

5080

Wholesale—machinery, equipment and supplies

2

5122

Wholesale—drugs, proprietaries and druggists’ sundries

2

5171

Wholesale—petroleum bulk stations and terminals

1

5180

Wholesale—beer, wine and distilled alcoholic beverages

1

5190

Wholesale—miscellaneous nondurable goods

1

5311

Retail—department stores

1

5331

Retail—variety stores

1

5500

Retail—auto dealers and gasoline stations

1

5621

Retail—women’s clothing stores

2

5651

Retail—family clothing stores

1

5700

Retail—home furniture, furnishing and equipment stores

1

5731

Retail—radio, tv and consumer electronics stores

1

5735

Retail—record and prerecorded tape stores

1

5812

Retail—eating places

10

5900

Retail—miscellaneous retail

2

5940

Retail—miscellaneous shopping goods stores

1

5944

Retail—jewellery stores

1

5945

Retail—hobby, toy and games shops

1

5961

Retail—catalog and mail-order houses

4

5990

Retail—retail stores, NEC

1

6020

National Commercial Banks

25

6035

Savings institutions, federally chartered

6

6099

Functions related to depositary banking, NEC

1

6141

Personal credit institutions

2

6153

Short-term business credit institutions

2

6162

Mortgage bankers and loan correspondents

1

6163

Loan brokers

1

6200

Security and commodity brokers, dealers, exchanges services

1

6211

Security brokers, dealers and flotation companies

1

6282

Investment advice

1

6331

Fire, marine and casualty insurance

1

6351

Surety insurance

1

6411

Insurance agents, brokers and services

4

6513

Operators of apartment buildings

1

6794

Patent owners and lessors

3

6798

Real estate investment trusts

2

7310

Services—advertising

3

7331

Services—direct mail advertising services

1

7359

Services—equipment rental and leasing, NEC

1

7361

Services—employment agencies

2

7363

Services—help supply services

1

7370

Services—computer programming, data processing, etc.

4

7371

Services—computer programming services

2

7372

Services—pre-packaged software

68

7373

Services—computer integrated systems design

14

7374

Services—computer processing and data preparation

1

7380

Services—miscellaneous business services

1

7389

Services—business services, NEC

2

7819

Services—allied to motion picture production

1

7830

Services—motion picture theatres

1

8011

Services—office and clinics of doctors of medicine

1

8071

Services—Medical Laboratories

1

8200

Services—educational services

4

8351

Services—child day care services

1

8700

Services—engineering, accounting, research, management

1

8711

Services—engineering services

2

8731

Services—commercial physical and biological research

13

8734

Services—testing laboratories

1

8741

Services—management services

3

8742

Services—management consulting

4

9995

Non-operating establishments

1

 

Total

541

  1. Fonte: http://www.sec.gov/info/edgar/siccodes.htm (U.S. Securities Exchange Commission)

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Matias Gama, A.P., Segura, L.C., Milani Filho, M.A.F. (2017). Period, Sample Selection and Definition of Variables. In: Equity Valuation and Negative Earnings. Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application. Springer, Singapore. https://doi.org/10.1007/978-981-10-3009-3_5

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