Abstract
Stock market responses to announcements of transactional Web site launches by business-to-consumer retail outlets are examined. In general, announcements by retail firms yielded positive average abnormal returns (AAR). More specifically, announcements by catalog firms yielded higher AAR than announcements by physical (brick-and-mortar) retail firms. Announcement of portal tenancy also leads to higher AAR for the subsample of firms making such announcements. Responses to announcements of plans to launch transactional Web sites are also explored. The implications of the results for multiple theoretical perspectives are discussed.
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