TY - JOUR T1 - What Went Wrong With the Dot-Coms? JF - The Journal of Investing SP - 52 LP - 56 DO - 10.3905/joi.2002.319506 VL - 11 IS - 2 AU - Damir Tokic Y1 - 2002/05/31 UR - https://pm-research.com/content/11/2/52.abstract N2 - The investment opportunities approach to valuation of growth shares provides a theoretical explanation of the recent fall of Internet stock prices. Managers of Internet firms overinvested in R&D and marketing, which led to negative profitability. Investors questioned the business savvy of managers once they realized they had not been able to convert their growth opportunities into steady earnings. This caused a sell-off in the Internet sector, contributing to poor U.S. market performance. ER -