uestion 4: So, why does the equity market price brick-and-mortar and online retailers differently?

Year	Price-to-Book ratio		Price-to-Sales ratio
	Brick-and-Mortar	Online	Brick-and-Mortar	Online
2001	2.90	2.30	0.436	1.314
2002	2.20	2.30	0.457	1.314
2003	2.61	2.30	0.632	2.218
2004	2.94	2.30	0.676	1.727
2005	2.77	15.03	0.701	1.549
2006	3.88	15.03	0.701	1.369
2007	3.22	15.03	0.604	1.629
2008	2.55	2.54	0.443	1.314
2009	2.57	7.03	0.516	1.552
2010	2.48	7.81	0.483	1.709
2011	3.34	7.39	0.485	1.314
2012	2.71	10.42	0.516	1.536
2013	2.66	14.50	0.542	2.093
2014	4.90	10.40	0.604	1.530
2015	2.22	15.03	0.551	2.218
2016	2.64	13.13	0.526	1.919
2017	4.90	12.32	0.599	2.218
2018	4.00	11.35	0.601	2.218

Data source: WRDS; Data Management: Stata

Key Procedure: a. Fama-French 48-industry categorization was used to define industry. b. SIC codes were used to segregate the industry.

c. Brick-and-mortar segments relative ratios were winsorized at 5%; online retailing segments relative ratios were winsorized at 20%.