This paper focuses on the issues of consumers behaving as investors in the context of electronic commerce. The notion of consumers as investors carries a significance in that it is probably a part of the web surfing ecommerce consumers that have turned out to be savvy (at least for now), active day traders (individual investors) that are largely responsible for the incredible (fundamentals defying) stock prices of pure Internet companies. Pure Internet companies are defined as those companies that solely depend upon the Internet for their revenue and do not have parent companies such as IBM, Microsoft etc. to subsidize their financial resources. Yahoo, Amazon.com, eBay etc. are prime examples. This paper is one of the earliest attempts (according authors' knowledge) at developing a theoretical model to explain the incredible stock performance of Internet companies.
Salam, A. and Zurada, Jozef, "Consumers As Investors: Investor Psychology and the Case of The Internet Industry" (1999). AMCIS 1999 Proceedings. 185.