In summary, my results indicate there appears to be little new informational value available in the on-line financial information investigated in the following essays. While the Internet has a real impact on market efficiency via the transactional and informational costs efficiency it generates, the quality and extent of the information that is circulated is not superior to otherwise publicly available information.

In the second essay, I examine the significance of unofficial earnings estimates circulated on the Internet. I find that "whispers", while unbiased, are not more accurate than financial analysts' consensus. Also, I find that the market partially impounds whisper's information into price.

In the past decade, the Internet has transformed financial markets. There appear to be two primary dimensions to this transformation. First, replacing traditional middlemen, it has allowed more direct participation of individuals in financial markets. Second, the Internet offers investors a wealth of corporate, financial and economic information.

In the third and final essay, I attempt to discern the relative effectiveness of different strategies to reduce information asymmetry. I show that in the on-line comic book market, certification is the most valuable mechanism available to sellers. The price impacts of reputation and warranties are much smaller. In addition, I ascertain the value and cost effectiveness of the certification process.

In the following three essays, I try to find new and innovative ways to answer the question: Can individual investors derive value from the information freely provided on the Internet? While some studies have investigated the decision to switch to the new medium and the changes in behavior occurring after the move is completed, few have investigated the returns accruing to an individual investor from this new strategy.

In the first essay, I investigate the origin and the quality of investment advice on the Internet. I find that Internet stock recommendations are overwhelmingly positive and that stocks are recommended after they have experienced sharp price increases. In summary, there is no evidence that any new worthwhile information is exchanged in these forums.