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Beware the Winner's CurseVictories that Can Sink You and Your Company$
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G. Anandalingam and Henry C. Lucas

Print publication date: 2004

Print ISBN-13: 9780195177404

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195177404.001.0001

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Dot-coms: On top of the world for a while

Dot-coms: On top of the world for a while

Chapter:
(p.119) 6 Dot-coms: On top of the world for a while
Source:
Beware the Winner's Curse
Author(s):

G. Anandalingam (Contributor Webpage)

Henry C. Lucas

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195177404.003.0006

Many dot.com companies, declared to be the winners in the new economy, were expected to change completely the paradigm of doing business and drive down the market shares of traditional “bricks and mortar” firms in their industries. These “winners” attracted huge amounts of capital and the adulation of stock market analysts. All of the parties involved overestimated the value and likely success of dot.com business models and the impact of technology. In the space of less than two years, the winner’s curse surfaced with a vengeance: the dot.coms and their prospects had been highly overvalued by their founders, venture capitalists, and the investing public. The business models in many cases were just not realistic. This chapter examines several of the dot.coms to learn how “irrational exuberance” and excessive optimism led to the demise of firms like Webvan and Boo.com.

Keywords:   network effect, search engines, portals, Webvan, exchanges, Chemdex

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