Valuation of Internet Companies: Value Relevance of Web Traffic

This thesis investigates if web traffic is value-relevant to publicly traded internet companies. Internet companies achieve the major part of their revenue through business activities that are performed on the internet. Research suggests that web traffic data was considered by analysts to support the valuation of young internet companies in the early state of the internet and hence influenced stock returns of internet companies. Currently, web traffic is one of the KPIs for internet companies to measure the successfulness of their business activities. The thesis evaluates web traffic, stock returns and financial data of internet companies in order to find empirical evidence that internet companies’ revenue and market value are affected by web traffic.

Virtual Currency Schemes: An Assessment of Bitcoin in Respect to the Properties of Money and the Real Economy

The purpose of this paper is to show that amongst the family of virtual currency schemes, crypto currencies are the type of virtual currency schemes which in a theoretical framework could influence the real world economy. Furthermore, the paper applies properties of money and real currencies provided by the economic research to Bitcoin, in order to show, that Bitcoin cannot be considered a currency system. The properties include Medium of Exchange and Recognisability of Money, Unit of Account and Divisibility of Money and Portability and Store of Purchasing Power. Moreover, the paper discusses the interaction of Bitcoin with the real economy.