RESEARCH PAPERS

from the Department of Social Sciences

Institut for Samfundsvidenskab og Erhvervskonomi

Research Paper no. 12/01

The Impact of Electronic Commerce on

Industry Structure-The Case of
Scientific, Technical and Medical
Publishing

Ada Scupola

Roskilde University, Denmark

Research Paper no. 12/01

The Impact of Electronic Commerce on

Industry Structure-The Case of
Scientific, Technical and Medical
Publishing

Ada Scupola

Roskilde University, Denmark

Research Papers from the Department of Social Sciences, Roskilde

University, Denmark.
Working paper series
7KH 'HSDUWPHQW RI 6RFLDO 6FLHQFHV LV RQH RI WKH ODUJHVW DW 5RVNLOGH 8QLYHUVLW\ ZLWK
 SHUPDQHQW VFLHQWLILF SHUVRQQHO WRJHWKHU ZLWK VHYHUDO 3K'V DQG RWKHU WHDFKLQJ
VWDII 0RVW RI WKH DFDGHPLF SHUVRQQHO KDYH D EDFNJURXQG LQ HFRQRPLFV SROLWLFDO
VFLHQFH RU VRFLRORJ\ ,W LV D JHQHUDO JRDO RI RXU GHSDUWPHQW DQG WKH UHVW RI 5RVNLOGH
8QLYHUVLW\ WR IRVWHU LQWHUGLVFLSOLQDU\ WHDFKLQJ DQG UHVHDUFK 7KH ODWHU FDQ EH VHHQ
IURP WKH IRXU PDLQ UHVHDUFK OLQHV RI WKH GHSDUWPHQW QDPHO\





&KDQJHV LQ WKH ZHOIDUH VWDWH LQ D QDWLRQDO DQG LQWHUQDWLRQDO SHUVSHFWLYH

3XEOLF RUJDQLVDWLRQ DQG SROLF\ DQDO\VLV
,QQRYDWLRQ DQG WHFKQRORJ\ GHYHORSPHQW ZLWK VSHFLDO DWWHQWLRQ WR VHUYLFH ILUPV
DQG LQIRUPDWLRQ WHFKQRORJLHV
,QVWLWXWLRQV DFWRUV DQG LQVWLWXWLRQDOLVDWLRQ

7KH 5HVHDUFK 3DSHUV IURP WKH 'HSDUWPHQW RI 6RFLDO 6FLHQFHV DUH HGLWHG E\
$VVRFLDWH 3URIHVVRU 6XVDQD %RUUiV
3OHDVH QRWH WKDW
7KH SDSHUV DUH RQ D ZRUN LQ SURJUHVV IRUP ZKLFK PHDQV WKDW FRPPHQWV
DQG FULWLFLVPV LQ WKH IRUP RI IHHGEDFN DUH ZHOFRPHG )RU WKLV SXUSRVH WKH
DGGUHVVHV RI WKH DXWKRUV LV VSHFLILHG RQ WKH WLWOH SDJH 5HDGHUV PXVW DOVR
EH DZDUH WKDW WKH PDWHULDO RI WKH ZRUNLQJ SDSHUV PLJKW EH SULQWHG ODWHU LQ
MRXUQDOV RU RWKHU PHDQV RI VFLHQWLILF SXEOLFDWLRQ LQ D UHYLVHG YHUVLRQ
7KH DXWKRUV
$OO ULJKWV UHVHUYHG 1R SDUW RI WKLV ZRUNLQJ SDSHU PD\ EH UHSULQWHG RU UHSURGXFHG
RU XWLOLVHG LQ DQ\ IURP RU E\ DQ\ HOHFWURQLF PHFKDQLFDO RU RWKHU PHDQV QRZ
NQRZQ RU KHUHDIWHU LQYHQWHG LQFOXGLQJ SKRWRFRS\LQJ DQG UHFRUGLQJ RU LQ DQ\
LQIRUPDWLRQ VWRUDJH RU UHWULHYDO V\VWHP ZLWKRXW SHUPLVVLRQ LQ ZULWLQJ IURP WKH
DXWKRUV
,661 

Abstract
(OHFWURQLF FRPPHUFH LV EHFRPLQJ RQH RI WKH GULYHUV RI FRPSHWLWLRQ DQG LV VWDUWLQJ
SOD\LQJ DQ LPSRUWDQW UROH LQ LQGXVWU\ VWUXFWXUDO FKDQJH 7KLV DUWLFOH VKRZV KRZ
HOHFWURQLF FRPPHUFH PLJKW DIIHFW WKH 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ
VHFWRU 0RUH VSHFLILFDOO\ WKH SDSHU ORRNV DW WKH HPHUJHQFH RI WKH HOHFWURQLF MRXUQDO
DV D VXEVWLWXWH IRU WKH SDSHU MRXUQDO DQG LWV LPSOLFDWLRQV IRU WKH LQGXVWU\ VWUXFWXUH
ZLWK HPSKDVLV RQ GLVLQWHUPHGLDWLRQ DQG HOHFWURQLF LQWHUPHGLDWLRQ ,W LV IXUWKHU
JLYHQ HYLGHQFH WKDW VRPH DFWRUV RI WKH LQGXVWU\ YDOXH FKDLQ DUH UHHQJLQHHULQJ IRU
HOHFWURQLF FRPPHUFH DV D UHDFWLRQ WR WKH SRWHQWLDO WKUHDW RI GLVLQWHUPHGLDWLRQ WKXV
RSHUDWLQJ ERWK LQ WKH PDUNHWSODFH DQG WKH PDUNHWVSDFH
Keywords (OHFWURQLF &RPPHUFH 'LVLQWHUPHGLDWLRQ ,QWHUPHGLDWLRQ 3XEOLVKLQJ
,QGXVWU\

Address for correspondence: ada@ruc.dk

The Impact of Electronic Commerce on Industry Structure-The Case

of Scientific, Technical and Medical Publishing

By Ada Scupola, Roskilde University, Denmark

TABLE OF CONTENTS
Dqpv  %
UurrvphyAhrx &
6DqPyxsTpvrvsvpUrpuvphyhqHrqvphyQiyvuvt  (
UurHhxr  (
Tphy8uhtrvTpvrvsvpUrpuvphyhqHrqvphyQiyvuvt 

"

@yrpvpDrrqvhv 

Srrtvrrvts@yrpvp8rpr

DyvphvsUurhqQhpvprhq8pyv 

'

Srsrrpr  !

Introduction
7KH SXEOLVKLQJ LQGXVWU\ LQ JHQHUDO DQG 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO
SXEOLVKLQJ LQ SDUWLFXODU KDV EHHQ WUDQVIRUPHG RYHU WKH ODVW  \HDUV E\ WKH
LQIRUPDWLRQ DQG FRPPXQLFDWLRQ WHFKQRORJLHV DQG HOHFWURQLF LQIRUPDWLRQ LQ WKH
IRUP RI RQOLQH ELEOLRJUDSKLF GDWDEDVHV KDV EHHQ H[LVWLQJ LQ WKH ODVW WZHQW\ \HDUV
0DVWURGGL  7KH DGYHQW RI WKH :RUOG :LGH :HE ::: PLJKW EULQJ
LPSRUWDQW QHZ VWUXFWXUDO FKDQJHV WR WKLV LQGXVWU\ DV LW FDQ VSHHG XS WKH SXEOLFDWLRQ
SURFHVV DQG GHFUHDVH SXEOLVKLQJ FRVWV 3DQRUDPD  &(&  ,Q 6FLHQWLILF
7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ LQ IDFW WKH SUHVHQW WZR PDMRU EDUULHUV WR
HIILFLHQW LQIRUPDWLRQ GLVVHPLQDWLRQ DUH KLJK VXEVFULSWLRQ SULFHV DQG ORQJ WLPH ODJ
EHWZHHQ WKH LQLWLDO VXEPLVVLRQ RI DQ DUWLFOH DQG LWV ILQDO SXEOLFDWLRQ $V D UHVXOW LQ
UHFHQW \HDUV QHZ ,QWHUQHWEDVHG DFDGHPLF MRXUQDOV WKDW UHSUHVHQW D EUHDN DZD\ IURP
WKH IRUPHU SXEOLVKLQJ PRGHOV DUH VWDUWLQJ HPHUJLQJ WKDW PLJKW KDYH SURIRXQG
LPSOLFDWLRQV IRU WKH LQGXVWU\ VWUXFWXUH ([DPSOHV DUH ,WFRQ KWWSLWFRQIDJJXQLOM
VL 7KH -RXUQDO RI (OHFWURQLF 3XEOLVKLQJ KWWSZZZSUHVVXPLFKHGXMHS
-RXUQDO RI WKH $VVRFLDWLRQ IRU ,QIRUPDWLRQ 6\VWHPV KWWSMDLVLVZRUOGRUJ
7KH SUREOHP ZLWK ,QWHUQHWEDVHG SXEOLVKLQJ LV WKDW HYHQ WKRXJK LW LV RI HFRQRPLF
LQWHUHVW WR WKH XQLYHUVLWLHV WR SXEOLVK RQ WKH :RUOG :LGH :HE ::: WKH SUHVWLJH
RI FRPPHUFLDO DQG VRFLHWDO SXEOLVKLQJ FRQWLQXHV WR H[HUW D PDMRU LQIOXHQFH RQ
ZKHUH VFKRODUV SUHIHU WR SXEOLVK .OLQJ DQG &RYL  $ VXUYH\ FRQGXFWHG LQ
 E\ WKH ,QWHUQDWLRQDO &RXQFLO IRU 6FLHQWLILF DQG 7HFKQLFDO ,QIRUPDWLRQ RQ KRZ
UHVHDUFKHUV XVH ,QWHUQHW VHUYLFHV IRXQG WKDW 
RI WKH UHVSRQGHQWV ILQG
LQWHUHVWLQJ DQG HDV\ WR UHDG HOHFWURQLF DUWLFOHV DQG MRXUQDOV EXW RQO\  ZRXOG
SXEOLVK RQ HOHFWURQLF MRXUQDOV %MRUN DQG 7XUN  6LPLODUO\ 6ZHHQH\ 
DQG 3DOPHU HW DO  WKH ODVW RQHV IRU $PHULFDQ EXVLQHVV VFKRROV LQ SDUWLFXODU
ILQG WKDW HOHFWURQLF SXEOLFDWLRQV DUH OHVV GHVLUDEOH WKDQ SDSHU FRXQWHUSDUWV IRU
WHQXUH EXW HOHFWURQLF FRXQWHUSDUWV RI H[LVWLQJ MRXUQDOV ZRXOG NHHS WKHLU OHJLWLPDF\
IRU SURPRWLRQ SXUSRVHV %MRUN DQG 7XUN  DOVR ILQG WKDW UHVHDUFKHUV
GRZQORDG KDOI RI WKH PDWHULDO WKH\ UHDG IURP WKH :HE EXW WKH\ DUH QRW ZLOOLQJ WR
SD\ IRU HOHFWURQLF SXEOLFDWLRQ 1HYHUWKHOHVV WKH QXPEHU RI HOHFWURQLF MRXUQDOV LV
KLJKO\ LQFUHDVLQJ VLQFH WKH :RUOG :LGH :HE KDV EHHQ XVHG IRU HOHFWURQLF
SXEOLVKLQJ HYHQ WKRXJK WKLV QXPEHU FRPSDUHG WR WKH SDSHU YHUVLRQ LV VWLOO YHU\
VPDOO :HOOV  7KLV LV KDSSHQLQJ GHVSLWH XQUHVROYHG LVVXHV LQ HOHFWURQLF
SXEOLVKLQJ VXFK DV UHVSRQVLELOLW\ IRU ORQJ WHUP VWRUDJH RI WKH LQIRUPDWLRQ LQ
HOHFWURQLF IRUPDW SULFLQJ PRGHOV DQG XVH UHVWULFWLRQV IURP OLFHQVLQJ SURFHVVHV
&ROOLHU 
7KH SXUSRVH RI WKLV DUWLFOH LV WR VKRZ KRZ HFRPPHUFH WHFKQRORJLHV DUH VWDUWLQJ
UHVKDSLQJ WKH 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO 670 SXEOLVKLQJ VHFWRU 7KH
DQDO\VLV IRFXVHV PDLQO\ RQ WKH ULVH RI QHZ HQWUDQWV DQG VXEVWLWXWH SURGXFWV WKH
UHVXOW RI ZKLFK PLJKW OHDG ERWK WR D GLVLQWHUPHGLDWLRQ DQG DQ HOHFWURQLF
LQWHUPHGLDWLRQ HIIHFW %HQMDPLQ DQG :LJDQG  6DUNDU HW DO  0RUHRYHU
WKH DUWLFOH DUJXHV WKDW ZKLOH HOHFWURQLF FRPPHUFH FRXOG OHDG WR GLVLQWHUPHGLDWLRQ
DQG FRQVHTXHQW HOHFWURQLF LQWHUPHGLDWLRQ PDQ\ DFWRUV RI WKH LQGXVWU\ YDOXH FKDLQ
DUH UHHQJLQHHULQJ IRU HOHFWURQLF FRPPHUFH WR DYRLG EHLQJ E\SDVVHG E\ QHZ
,QWHUQHWEDVHG LQWHUPHGLDULHV WKXV RSHUDWLQJ ERWK LQ WKH PDUNHWSODFH DQG WKH
PDUNHWVSDFH
7KH SDSHU LV RUJDQL]HG DV IROORZV WKH QH[W VHFWLRQ LQWURGXFHV WKH UHVHDUFK PHWKRG
WKHQ WKH WKHRUHWLFDO IUDPHZRUN LV SUHVHQWHG IROORZHG E\ WKH LQGXVWU\ GHVFULSWLRQ


$IWHU WKH LQGXVWU\ GHVFULSWLRQ WKH LQGXVWU\ DQDO\VLV GLYLGHG LQWR QHZ HQWUDQWV
VXEVWLWXWH SURGXFWV GLVLQWHUPHGLDWLRQ HOHFWURQLF LQWHUPHGLDWLRQ DQG ILQDOO\
UHHQJLQHHULQJ IRU HOHFWURQLF FRPPHUFH LV JLYHQ 7KH DUWLFOH FRQFOXGHV ZLWK WKH
VHFWLRQ RQ LPSOLFDWLRQV IRU WKHRU\ DQG SUDFWLFH DQG FRQFOXVLRQV

Research Method
7KH VWXG\ KDV EHHQ FRQGXFWHG DV D FDVH VWXG\ RI WKH 6FLHQWLILF 7HFKQLFDO DQG
0HGLFDO SXEOLVKLQJ LQGXVWU\ 7KH GDWD FROOHFWLRQ KDV LQFOXGHG WKH IROORZLQJ VRXUFHV
  H[SORUDWLYH HOLWH LQWHUYLHZV RI PDQDJHUV RI LQWHUQDWLRQDO SXEOLVKHUV RI
DFDGHPLF MRXUQDOV HOHFWURQLF LQWHUPHGLDULHV DQG HOHFWURQLF MRXUQDOV ZLWK WKH
SXUSRVH RI XQGHUVWDQGLQJ WKH IXWXUH WUHQGV   H[SHUW VWDWHPHQWV RQ WKH IXWXUH RI
HOHFWURQLF SXEOLVKLQJ  3UHH[LVWLQJ GRFXPHQWV VXFK DV MRXUQDO DUWLFOHV SXEOLVKHUV
DQQXDO UHSRUWV (XURSHDQ &RPPXQLW\ UHSRUWV DQG UHSRUWV IURP RWKHU DVVRFLDWLRQV
LQ WKH ILHOG RI 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ  ,QWHUQHW :HE 6LWHV
,QWHUQHW KDV PDLQO\ EHHQ XVHG WR LGHQWLI\ DQG DQDO\]H WKH ZHE VLWHV RI ,QWHUQHW
EDVHG MRXUQDOV RU RI FRPPHUFLDO SXEOLVKHUV RI HOHFWURQLF MRXUQDOV 7ULDQJXODWLRQ KDV
EHHQ XVHG WR LGHQWLI\ DQG QDUURZ GRZQ WKH VHDUFK WR WKH H[DPSOHV SUHVHQWHG LQ WKH
DUWLFOH

Theoretical Framework
7KH PDLQ WKHRUHWLFDO IUDPHZRUN XVHG WR DQDO\VH WKH LQGXVWU\ VWUXFWXUDO FKDQJHV LV
3RUWHU V PRGHO RI WKH ILYH IRUFHV RI FRPSHWLWLYH DGYDQWDJH 6HH )LJ 
3RUWHU V PRGHO VWDWHV WKDW WKH FRPSHWLWLYH G\QDPLFV RI DQ LQGXVWU\ FDQ EH
UHSUHVHQWHG E\ WKH ILYH IRUFHV RI SRZHU RI EX\HUV SRZHU RI VXSSOLHUV QHZ HQWUDQWV
DQG QHZ VXEVWLWXWH SURGXFWV DV ZHOO DV E\ WKH FRPSHWLWLRQ EHWZHHQ WKH LQGXVWU\
SOD\HUV (DFK LQGXVWU\ SOD\HU KDV DYDLODEOH WKUHH JHQHULF VWUDWHJLHV WR SXUVXH DQG
REWDLQ FRPSHWLWLYH DGYDQWDJH FRVW OHDGHUVKLS GLIIHUHQWLDWLRQ DQG IRFXV 7KH
VWUHQJWKV RI WKH IRUFHV YDU\ IURP LQGXVWU\ WR LQGXVWU\ DQG GHWHUPLQH WKH DELOLW\ RI
ILUPV LQ DQ LQGXVWU\ WR HDUQ RQ DYHUDJH UDWHV RI UHWXUQ RQ LQYHVWPHQW LQ H[FHVV RI
WKH FRVW RI FDSLWDO 7KH DWWUDFWLYHQHVV DQG WKH VWUXFWXUH RI DQ LQGXVWU\ DQG WKH
FRPSHWLWLYH SRVLWLRQ RI D ILUP FKDQJH RYHU WLPH DV H[WHUQDO IDFWRUV FDQ LQIOXHQFH
WKH G\QDPLFV RI WKH LQGXVWU\ 7KH PRVW LPSRUWDQW JHQHULF IDFWRUV LQIOXHQFLQJ WKH
SXEOLVKLQJ LQGXVWU\ DUH WHFKQRORJ\ GHPRJUDSK\ DQG UHJXODWLRQ &(&  ,Q
SDUWLFXODU WHFKQRORJ\ LV HPHUJLQJ DV D PDMRU VWUDWHJLF IDFWRU LQ FKDQJLQJ LQGXVWU\
VWUXFWXUH 3RUWHU  2(&' D
0DQ\ VWXGLHV KDYH EHHQ FRQGXFWHG DOVR RQ WKH SRWHQWLDO RI ,QWHUQHWEDVHG
HOHFWURQLF FRPPHUFH WR DOWHU WKH VWUXFWXUH RI PDUNHWV LQ DQ\ LQGXVWU\ %DLOH\ DQG
%DNRV  6WHLQILHOG HW DO  $GHODDU  7KHVH VWXGLHV KDYH FRQFHQWUDWHG
RQ WZR DUHDV WKH UHODWLRQVKLS EHWZHHQ EX\HUV DQG VHOOHUV DQG WKH UROH RI
LQWHUPHGLDULHV LQ WKH YDOXH FKDLQ 6WHLQILHOG HW DO  0RUHRYHU LW KDV EHHQ
DUJXHG WKDW ,QWHUQHW HQDEOHV WKH SURGXFHUV RI JRRGV DQG VHUYLFHV WR GHYHORS PRUH
GLUHFW UHODWLRQVKLSV ZLWK WKHLU FXVWRPHUV RIWHQ E\SDVVLQJ WKHLU LQWHUPHGLDULHV &KRL
HW DO  3RUWHU  GHYHORSV D JHQHUDO PRGHO RI KRZ WHFKQRORJLFDO FKDQJH
FDQ DIIHFW WKH VSHFLILF IRUFHV RI HQWU\ EDUULHUV SRZHU RI EX\HUV SRZHU RI VXSSOLHUV
VXEVWLWXWH SURGXFWV DQG WKH LQWHUQDO LQGXVWU\ ULYDOU\ %ORFK HW DO  GHYHORSV D
PRGHO WKDW LQ SDUWLFXODU VKRZV KRZ HOHFWURQLF FRPPHUFH V\VWHPV FDQ LPSDFW WKH
ILYH IRUFHV RI FRPSHWLWLYH DGYDQWDJH 7KLV PRGHO VXJJHVWV WKDW IRU H[DPSOH
HOHFWURQLF FRPPHUFH V\VWHPV FDQ DIIHFW WKH FRPSHWLWLYH DGYDQWDJH RI FRPSDQLHV
DQG LQGXVWULHV E\ ILUVW DIIHFWLQJ WKH WKUHH JHQHULF VWUDWHJLHV 7KLV LV GRQH E\

2IIHULQJ D FRVW DGYDQWDJH WKURXJK OHVV H[SHQVLYH SURGXFW SURPRWLRQ DQG

FKHDSHU GLVWULEXWLRQ FKDQQHOV 7KLV PHDQV WKDW ,QWHUQHW DOORZV VPDOO FRPSDQLHV
WR DFW DV PXFK ODUJHU RQHV E\ XVLQJ D IUHH RU YHU\ ORZ FRVW LQIUDVWUXFWXUH WR
SURPRWH WKHLU SURGXFWV RQ D JOREDO EDVLV )RU WKH SXEOLVKLQJ LQGXVWU\ WKLV
LPSOLHV WKDW ELJ HVWDEOLVKHG SXEOLVKHUV FRXOG EH WKUHDWHQ E\ VPDOO QHZ
HQWUHSUHQHXUV WKDW MXVW HVWDEOLVK D SUHVHQFH RQ WKH ,QWHUQHW DQG FRQWUDFW IRU
H[DPSOH GLUHFWO\ ZLWK HGLWRUV WR JHW WKH PDWHULDO WR EH SXEOLVKHG HOHFWURQLFDOO\
+HOSLQJ D FRPSDQ\ WR GLIIHUHQWLDWH LWVHOI QRW RQO\ WKURXJK SULFH EXW DOVR
WKURXJK SURGXFW LQQRYDWLRQ DQG FXVWRPHU VHUYLFH 7KH SUREOHP RI SULFH
GLIIHUHQWLDWLRQ ZLOO H[LVW LQ WKH PDUNHWVSDFH DV LW KDV H[LVWHG LQ WKH PDUNHWSODFH
)RU H[DPSOH D FRPSDQ\ WKDW KDV PRUH LQIRUPDWLRQ DERXW D SURGXFW DQG RIIHUV
D EHWWHU RQOLQH FXVWRPHU VXSSRUW KDV D PRUH DGYDQFHG DQG WKHUHIRUH PRUH
H[SHQVLYH V\VWHP ,W VKRXOG EH H[SHFWHG WKDW LWV SULFHV DUH KLJKHU WKHQ WKRVH
RIIHUHG E\ FRPSDQLHV ZLWK D ORZHU VHUYLFH OHYHO DV LW KDSSHQV DOUHDG\ LQ WKH
PDUNHWSODFH

New Entrants

Industry Competitors

Suppliers

3 generic strategies
Cost leadership
differentiation
focus

Buyers

Substitutes

)LJ  3RUWHU  FRPSHWLWLYH IRUFHV IUDPHZRUN 6RXUFH 3RUWHU 

$OORZLQJ IRU FXVWRPHU IRFXV VWUDWHJLHV WKURXJK EHWWHU FXVWRPHU UHODWLRQVKLSV
LPSOHPHQWHG WURXJK PDVV FXVWRPL]DWLRQ RI GLJLWDO SURGXFWV ,Q 6FLHQWLILF
7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ PDVV FXVWRPL]DWLRQ FRXOG EH LPSOHPHQWHG
E\ VHQGLQJ HPDLO PHVVDJHV WR FXVWRPHUV DOHUWLQJ WKHP DERXW DUWLFOHV RI
VSHFLILF LQWHUHVW WR WKHP
(OHFWURQLF FRPPHUFH V\VWHPV FDQ FKDQJH WKH LQGXVWU\ VWUXFWXUH E\
,QIOXHQFLQJ WKH IRUFH RI HQWU\ EDUULHUV E\ DOORZLQJ HDVLHU HQWU\ LQWR WUDGLWLRQDOO\
KDUG WR DFFHVV PDUNHWV GXH WR OHVV H[SHQVLYH SURGXFW SURPRWLRQ QHZ VDOHV
FKDQQHOV DQG UHGXFHG FDSLWDO UHTXLUHPHQWV )RU H[DPSOH LQ FDVH RI 6FLHQWLILF
7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ D QHZ HQWUDQW LQ WKH PDUNHWVSDFH QHHGV MXVW
DFFHVV WR WKH DUWLFOHV DQ ,QWHUQHW FRQQHFWLRQ DQG D VRSKLVWLFDWHG KDUGZDUH DQG
VRIWZDUH V\VWHP LQ RUGHU WR VHOO RU GLVWULEXWH WKH MRXUQDOV RQOLQH ,Q WKH
PDUNHWSODFH LW LV QHFHVVDU\ WR H[SOLFDWH D ORW RI IXQFWLRQV VXFK DV ELQGLQJ


SULQWLQJ SK\VLFDO GLVWULEXWLRQ WKDW HLWKHU KDYH WR EH GRQH LQ KRXVH RU

RXWVRXUFHG DQG LQ DQ\ FDVH LPSOLHV KLJKHU FRRUGLQDWLRQ SURGXFWLRQ DQG
WUDQVDFWLRQ FRVWV
)DFLOLWDWLQJ WKH LQWURGXFWLRQ RI VXEVWLWXWH SURGXFWV LQ D PDUNHW )RU H[DPSOH
WKH HOHFWURQLF MRXUQDO ZLOO EH D VXEVWLWXWH IRU WKH SDSHU MRXUQDO VHOOLQJ RQOLQH
DLUOLQHV WLFNHWV ZLOO EH D VXEVWLWXWH VHUYLFH IRU WKH RQHV SUHVHQWO\ RIIHUHG E\ WKH
SUHVHQW WUDYHO DJHQFLHV HWF
0DNLQJ LW HDVLHU WR E\SDVV DQ LQWHUPHGLDU\ LQ D GLVWULEXWLRQ QHWZRUN GXH WR
GLUHFW FXVWRPHU FRQWDFW DQG WKH XVH RI D SXEOLFO\ VKDUHG LQIUDVWUXFWXUH
'LVLQWHUPHGLDWLRQ PHDQV WKDW PDQ\ IXQFWLRQV GRQH LQ WKH PDUNHWSODFH E\ VRPH
LQWHUPHGLDULHV FDQ EH VXSSUHVVHG E\ FRQQHFWLQJ GLUHFWO\ WKH SURGXFHU ZLWK WKH
FRQVXPHU ,Q UHDOLW\ LW LV OLNHO\ WKDW VXFK IXQFWLRQV FDQQRW EH VXSSUHVVHG
FRPSOHWHO\ WKHUHIRUH QHZ IRUPV RI LQWHUPHGLDULHV WKLV WLPH EDVHG RQ ,QWHUQHW
ZLOO HPHUJH 6DUNDU HW DO  DV WKH QH[W SRLQW VKRZV
0DNLQJ LW HDVLHU WR EHFRPH D QHZ LQWHUPHGLDU\ LQ DQ LQGXVWU\ E\ SURYLGLQJ DQ
DGGHGYDOXH VHUYLFH WKURXJK LQIRUPDWLRQ PDQDJHPHQW VXFK DV LQWHJUDWRUV RU
UHSDFNDJHUV RI PRUH EDVLF VHUYLFHV 2IWHQ HOHFWURQLF LQWHUPHGLDWLRQ ZLOO RFFXU
EHFDXVH WKH GLUHFW FRQQHFWLRQ EHWZHHQ WKH VXSSOLHU DQG WKH EX\HU PLJKW QRW
DOZD\V EH WKH RSWLPXP GXH WR PDQ\ UHDVRQV 2QH UHDVRQ LV WKH LQIRUPDWLRQ
RYHUORDG RU WKH IDFW WKDW WKH FRVW DQG WKH WLPH UHTXLUHG DFFHVVLQJ PXOWLSOH VLWHV
FDQ LQFUHDVH QRWDEO\ RIWHQ SUHIHUULQJ WR KDYH DQ LQWHUPHGLDU\ WKDW GRHV WKH
VHDUFK $ VHFRQG UHDVRQ PLJKW EH WKDW WKH FXVWRPHU LV ORRNLQJ DW D WRWDO
VROXWLRQ ZKLOH WKH VXSSOLHUV DUH RIWHQ VSHFLDOL]HG LQ WKHLU RZQ DUHD )LQDOO\
FXVWRPHUV RIWHQ QHHG D WUXVWHG WKLUG SDUW\ WR SURYLGH WKHP ZLWK LQIRUPDWLRQ
DERXW WKH UHSXWDWLRQ RI D SDUWLFXODU VXSSOLHU

An Industry Outlook of Scientific, Technical and Medical

Publishing
The Market
7KH (XURSHDQ PDUNHW IRU HOHFWURQLF SXEOLVKLQJ LQ WKH 6FLHQWLILF 7HFKQLFDO DQG
0HGLFDO VHFWRU LV HVWLPDWHG DW FLUFD  PLOOLRQV (FXV 0DVWURGGL  7KH
ZRUOGZLGH PDUNHW IRU WKH VDPH VHFWRU VKRXOG EH FLUFD  0LOOLRQV (FXV LQ
\HDU  ,QVWLWXWLRQDO VXEVFULEHUV VXFK DV OLEUDULHV FRUSRUDWLRQV DQG UHVHDUFK
LQVWLWXWLRQV UHSUHVHQW  SHU FHQW RI WKLV PDUNHW 6LQJOH LQGLYLGXDOV VXFK DV GRFWRUV
DQG UHVHDUFKHUV UHSUHVHQW FLUFD  SHU FHQW RI WKH PDUNHW 7HQRSLU DQG .LQJ 
ILQG FLUFD  MRXUQDOV ZKLOH 8OULFKV &'520 OLVWV FLUFD  MRXUQDO WLWOHV
ZRUOGZLGH 2I WKHVH MRXUQDO WLWOHV  SHU FHQW DUH SURGXFHG LQ 86$  SHU FHQW
LQ WKH (XURSHDQ 8QLRQ  SHU FHQW LQ -DSDQ  SHU FHQW LQ /DWLQ $PHULFD  SHU
FHQW LQ 6RXWK (DVW $VLD DQG  SHU FHQW LQ WKH UHVW RI WKH ZRUOG 9RXWWDV DQG
&HWWR  6FLHQWLILF VRFLHWLHV DQG DFDGHPLF LQVWLWXWLRQV VXFK DV XQLYHUVLWLHV DQG
UHVHDUFK FHQWHUV SURGXFH VRPH RI WKHVH MRXUQDOV +RZHYHU WKHUH DUH DOVR D
FRQVLGHUDEOH QXPEHU RI FRPPHUFLDO SXEOLVKHUV 5HHG(OVHYLHU 6SULQJHU 9HUODJ
,QWHUQDWLRQDO 7KRPSVRQ (OVHYLHU 6FLHQFH /RQJPDQ &KDSPDQ DQG +DOO %ODFNZHOO
6FLHQFH 6DJH 3XEOLFDWLRQV DUH DPRQJ WKH PRVW LPSRUWDQW LQ WHUPV RI UHYHQXHV DQG
PDUNHW VKDUH 7KH MRXUQDO VXEMHFWV YDU\ IURP DJULFXOWXUH WR DUFKLWHFWXUH WR
HQJLQHHULQJ DQG YHWHULQDU\ DQG PHGLFDO VFLHQFH 6ZHWV DQG =HLWOLQJHU RQH RI WKH
ELJJHVW GLVWULEXWRUV RI UHVHDUFK MRXUQDOV LQ WKH ZRUOG KDYH FLUFD  VXEMHFW
FDWHJRULHV KWWSZZZVZHWVQO 7KH 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO
3XEOLVKLQJ $VVRFLDWLRQ KWWSZZZVWPVSULQJHUGHPHPEHUV UHSUHVHQWV 


LQGLYLGXDO SXEOLVKLQJ FRPSDQLHV DQG OHDUQHG VRFLHWLHV LQ  FRXQWULHV DURXQG WKH

ZRUOG 7KH PDLQ FRQFHQWUDWLRQ RI SXEOLVKHUV LV LQ WKH 8QLWHG 6WDWHV 8QLWHG
.LQJGRP *HUPDQ\ DQG WKH 1HWKHUODQGV
7KHUH DUH DW OHDVW  WUDGLWLRQDO 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ
PHPEHUV WKDW KDYH HVWDEOLVKHG D SUHVHQFH RQ WKH :RUOG :LGH :HE
KWWSZZZXQLYUHLPVIU/DERV6FLHQFHV([D&KLPLH3K\V,QGXVVWPKWP
6RPH KDYH VWDUWHG RIIHULQJ HOHFWURQLF MRXUQDOV RQ ,QWHUQHW 7KH ,QVWLWXWH RI 3K\VLFV
3XEOLVKLQJ KDV PDGH DOO WKH  MRXUQDOV DYDLODEOH LQ HOHFWURQLF IRUP DW QR H[WUD FRVW
WR H[LVWLQJ LQVWLWXWLRQDO VXEVFULEHUV :DOWHUV .OXZHU VSHFLDOLVW LQ WKH EXVLQHVV DQG
OHJDO SXEOLVKLQJ DOVR H[SHFWV WR SXEOLVK  RI WKHLU SURGXFW LQ HOHFWURQLF IRUP
ERWK &' DQG RQOLQH E\ \HDU  &ROOLHU  2WKHU FRPSDQLHV WKDW DUH
H[SHULPHQWLQJ ZLWK ,QWHUQHWEDVHG HOHFWURQLF SXEOLVKLQJ DUH %ODFNZHOO 6FLHQFH
0XQNVJDDUG 3XEOLVKLQJ 6DJH 3XEOLFDWLRQV ,Q DGGLWLRQ WKHUH DUH PDQ\ QHZ VWDUWXS
FRPSDQLHV HGLWRUV DQG XQLYHUVLWLHV WKDW DUH VWDUWLQJ GHOLYHULQJ WKH HOHFWURQLF RQO\
YHUVLRQ RI MRXUQDOV DQG DUWLFOHV
7KHUH DUH VHYHUDO WKRXVDQG VFLHQFH VLWHV RQ ,QWHUQHW 7KH PRVW SRSXODU VXEMHFWV DUH
HQJLQHHULQJ FRPSXWHU VFLHQFH PHGLFLQH ELRORJ\ HDUWK VFLHQFH DQG SK\VLFV 0RVW
RI WKH VLWHV FDUU\ PL[HG LQIRUPDWLRQ VXFK DV DUWLFOHV QHZV UHIHUHQFHV WR
GRFXPHQWV SXEOLFLW\ DQQRXQFHPHQWV MRE VHHNLQJ FDOO IRU SDSHUV 0DVWURGGL
 +RZHYHU PXFK FRQIXVLRQ H[LVWV DERXW WKH QXPEHU RI HOHFWURQLF MRXUQDOV
7KHUH KDYH EHHQ IHZ VXUYH\V WU\LQJ WR XQGHUVWDQG WKH GHYHORSPHQW RI SHHU
UHYLHZHG RU DW OHDVW VFKRODUO\ HOHFWURQLF MRXUQDOV DQG PRVW GDWD DUH RXWGDWHG :HOOV
 ILQGV FLUFD  IUHH HOHFWURQLF MRXUQDOV ZKLOH +LWFKFRFN  VXPPDULVHV
WKH VXUYH\V XQWLO  LQ WDEOH  EHORZ 3UREOHPV ZLWK FRPSDULQJ WKH UHVXOWV RI
WKHVH VXUYH\V DUH WKH FULWHULD XVHG WR FROOHFW WKH GDWD DQG WKH GHILQLWLRQ RI
HOHFWURQLF MRXUQDO 7KLV WHUP LQ IDFW KDV EHHQ XVHG WR GHVFULEH MRXUQDOV GLVWULEXWHG
RQ WKH ZHE HOHFWURQLF YHUVLRQV RI WDEOH RI FRQWHQWV DQG MRXUQDOV GLVWULEXWHG RQ
RWKHU QHWZRUNV DQG VROG DV SDUW RI GDWDEDVHV 0DVWURGGL 
$XWKRUV

'DWD 3XEOLVKHG

&OHPHQW

2FWREHU 

1R RI 3HHUUHYLHZHG
HMRXUQDOV
  RQ :::

5RHV
+LWFKFRRN HW
DO
+DUWHU .LP

'HFHPEHU 
-DQXDU\ 

  RQ :::
  RQ :::

0D\ 



*ROGLH
+LWFKFRRN HW
DO

'HFHPEHU 
2FWREHU 


&D  SURMHFWHG 
IRU 

&ULWHULD
6FLHQFH
8QLYHUVDO DFFHVV
DUFKLYHG
)XOOWH[W
670 IXOO WH[W
6FKRODUO\
UHIHUHHG
670
8. 3XEOLVKHUV

7DEOH  6XUYH\V GDWD RQ QXPEHU RI HOHFWURQLF MRXUQDOV 6RXUFH +LWFKFRRN


)XUWKHUPRUH UHJDUGLQJ WKH EUHDN GRZQ RI WKH HOHFWURQLF MRXUQDOV DFFRUGLQJ WR WKH
GLVFLSOLQH IHZ GDWD KDYH EHHQ IRXQG ZKLFK VKRZ FRQWUDVWLQJ UHVXOWV )RU H[DPSOH
+DUWHU DQG .LPV  VXUYH\ ILQGV WKDW PRVW RI WKH MRXUQDOV DUH LQ WKH VRFLDO
VFLHQFH ZKLOH +LWFKFRRNV  VWXG\ VKRZV WKDW PRVW RI WKH MRXUQDOV DUH LQ


PDWKHPDWLFV ZLWK WKH ILUVW PDWK MRXUQDO DSSHDULQJ LQ  *HQHUDOO\ +LWFKFRRN
 VD\V WKDW LW LV KDUGHU WR SXEOLVK WHFKQLFDO DUWLFOHV LQ HOHFWURQLF YHUVLRQV GXH WR
WKH PDQ\ PDWKHPDWLFDO HTXDWLRQV DQG SLFWXUHV WKDW UHTXLUH KLJKHU OHYHO RI
WHFKQRORJ\ VRSKLVWLFDWLRQ WKDQ PRVW RI WKH VRFLDO VFLHQFH MRXUQDOV ,W VKRXOG EH
H[SHFWHG WKDW DV WKHVH WHFKQRORJLFDO LVVXHV DUH VROYHG WKH QXPEHU RI HOHFWURQLF
MRXUQDOV LQ WKH WHFKQLFDO ILHOGV VKRXOG EH KLJKHU WKHQ WKH RQHV LQ WKH VRFLDO VFLHQFH

Actors of Scientific, Technical and Medical Publishing

7KH SXEOLVKLQJ PDUNHW FDQ EH FDWHJRUL]HG LQ WHUPV RI WKH W\SH RI FXVWRPHUV 
LQGLYLGXDOV DIILOLDWHG ZLWK SURIHVVLRQDO DVVRFLDWLRQ WKDW JHW WKH MRXUQDO IRU IUHH 
LQGLYLGXDOV WKDW DUH UHJXODU VXEVFULEHUV WR WKH MRXUQDOV  LQVWLWXWLRQV ERWK SXEOLF
DQG FRUSRUDWH OLEUDULHV DQG RWKHU W\SHV RI LQVWLWXWLRQV $FFRUGLQJ WR 3DJH 
WKH PDLQ DFWRUV DQG DFWLYLWLHV LQYROYHG LQ WKH SURGXFWLRQ DQG GLVWULEXWLRQ RI D
MRXUQDO DUH DV IROORZV 6HH ILJ 



7KH VXSSOLHUVDXWKRUV DUH XVXDOO\ SDUWV RI D UHVHDUFK LQVWLWXWLRQ ,Q WKH

VFKRODUO\ MRXUQDOV WKHUH LV RIWHQ D VXEVWDQWLDO RYHUODS EHWZHHQ WKH DXWKRU
FRPPXQLW\ DQG WKH UHDGHU FRPPXQLW\ 0RUHRYHU DXWKRUV DUH ZLOOLQJ WR SXW
FRQVLGHUDEOH HIIRUW LQWR SUHSDULQJ DUWLFOHV IRU SXEOLFDWLRQ ZLWKRXW
FRPSHQVDWLRQ 3DJH 
7KH HGLWRUHGLWRULDO ERDUG DUH UHVSRQVLEOH WR FKHFN WKH TXDOLW\ RI WKH DUWLFOH
DQG WR VHQG LW WR WKH UHYLHZHUV (GLWRUV KDYH D PHGLDWLQJ IXQFWLRQ EHWZHHQ WKH
DXWKRU DQG WKH UHIHUHH
7KH UHYLHZHUV SURYLGH WKH UHIHUHHV UHSRUWV 8VXDOO\ WKH\ DUH QRW SDLG DQG LW LV
GLIILFXOW WR ILQG WKHP EHFDXVH WKH\ FDQ EH RYHUEXUGHQHG ZLWK SDSHUV
7KH SXEOLVKHU WUDQVIRUPV WKH GLIIHUHQW DUWLFOHV LQWR D VSHFLILF IRUPDW DQG
FUHDWHV WKH MRXUQDO DQG GLVWULEXWHV LW 'XULQJ WKLV SURFHVV WKH SXEOLVKHU KDV WR
GR IXQFWLRQV VXFK DV FRS\HGLWLQJ W\SHVHWWLQJ SULQWLQJ DQG ELQGLQJ ZKLFK FDQ
EH GRQH LQ KRXVH RU PD\ EH RXWVRXUFHG
&RS\HGLWLQJ LW LV FRPPRQO\ GRQH E\ WKH SXEOLVKHU HLWKHU LQ WKH SXEOLVKHUV
SURGXFWLRQ GHSDUWPHQW RU E\ XVLQJ IUHHODQFH FRS\HGLWRUV 6RPHWLPHV LW LV GRQH
DW WKH MRXUQDOV HGLWRULDO RIILFH 7KH FRS\HGLWRUV WDVN LV WR HQVXUH WKDW WKH
PDWHULDO ZKLFK JRHV WR WKH SULQWHU LV FOHDU FRQVLVWHQW XQDPELJXRXV DQG ZHOO
RUJDQL]HG LQ RUGHU WR PDNH LW HDV\ IRU WKH UHDGHU WR IROORZ DQG XQGHUVWDQG
ZKLOH FKDQJLQJ DV OLWWOH DV SRVVLEOH RI WKH DXWKRUV WH[W
7\SHVHWWLQJ PDQ\ SXEOLVKHUV KDYH WKHLU RZQ W\SHVHWWLQJ GHSDUWPHQW ZKLOH
RWKHUV RXWVRXUFH WKLV IXQFWLRQ WR VSHFLDOLVW W\SHVHWWHUV ZKR SURGXFH WKH SURRIV
PDNH FRUUHFWLRQV DQG PDNH XS WKH SDJHV EHIRUH VHQGLQJ WKH ILQDO LPDJH RQ
ILOP WR D SULQWHU 7\SHVHWWLQJ FRVWV FRQVWLWXWH D ODUJH SDUW RI WKH WRWDO FRVW RI
SURGXFWLRQ DQG RIIHU PRVW VFRSH IRU VDYLQJV
3ULQWLQJ WKH SULQWLQJ GHSDUWPHQW RIWHQ RXWVRXUFHG KDV WKH IXQFWLRQ RI
SURGXFLQJ WKH SULQWHG YHUVLRQ RI WKH MRXUQDO 6RPHWLPHV WKH SULQWHUV DOVR
SURYLGH WKH SDSHU DQG FKDUJH WKH SXEOLVKHU IRU WKDW 2WKHU WLPHV WKH SXEOLVKHU
EX\V WKH SDSHU IURP D SDSHU VXSSOLHU

Editor
Ed. Office
Management System
Publisher
Journal Publishing Management
Copy
Editors

Typesetters

PDF

Typesetting

SGML
Printer
ESS

Binder

Warehouse

Online Services

Distributor
Customer

)LJ  7KH IORZ RI D MRXUQDO DUWLFOH



%LQGLQJ WKLV LV WKH IXQFWLRQ RI PDNLQJ WKH FROOHFWLRQ RI SULQWHG SDJHV LQWR D
MRXUQDO 6RPH ELQGHUV KDYH WKH H[WUD IDFLOLW\ WR GLVSDWFK WKH MRXUQDO GLUHFWO\ WR
WKH VXEVFULEHUV ZKLOH RWKHU VHQG WKH MRXUQDO WR WKH SXEOLVKHU ZKR WKHQ VWRUHV LW
LQ WKH ZDUHKRXVH UHDG\ WR EH GLVWULEXWHG WR WKH VXEVFULEHUV
7KH GLVWULEXWRUV DUH SK\VLFDO FDUULHUV VXFK DV 5R\DO 0DLO 1RUPDO 0DLO HWF
XVLQJ VXUIDFH RU DLU PDLO 7KH GLVWULEXWLRQ FRVWV DUH XVXDOO\ IDLUO\ KLJK ZKLFK LV
DOVR GXH WR SDFNDJLQJ FRVWV $OVR WKH GLVWULEXWLRQ IXQFWLRQ FDQ EH GRQH LQ
KRXVH RU FDQ EH VXEFRQWUDFWHG
6XEVFULSWLRQ DJHQWV DUH LQWHUPHGLDU\ RUJDQL]DWLRQV WKDW KDYH DQ LPSRUWDQW UROH
LQ VHOOLQJ WKH MRXUQDOV ,Q IDFW IRU D W\SLFDO OLEUDU\ LW WDNHV WLPH WR WUDFN WKH
MRXUQDOV GRZQ GHDO ZLWK GLIIHUHQW FXUUHQFLHV OHDUQ WKH GLIIHUHQFHV LQ WUDGH
SUDFWLFHV EHWZHHQ SXEOLVKHUV 7KH VXEVFULSWLRQ DJHQW LV LQ FKDUJH RI WKHVH DQG
RWKHU IXQFWLRQV VXFK DV FROOHFWLQJ LQIRUPDWLRQ RQ H[LVWLQJ MRXUQDOV DV IRU
H[DPSOH FKDQJHV RI SULFH DQG WLWOHV 3DJH  7KH DJHQW FROODWHV RUGHUV E\
SXEOLVKHU DQG DFWV DV D EXIIHU IRU FODLPV DQG TXHULHV 3DJH  7KHUH DUH
FLUFD  VXEVFULSWLRQ DJHQW ZRUOGZLGH DQG WKH\ DUH SDLG IRU WKHLU VHUYLFH E\
D FLUFD  GLVFRXQW RI OLVW SULFH IURP WKH SXEOLVKHU E\ D VHUYLFH FKDUJH WR WKH
OLEUDU\ RU E\ D FRPELQDWLRQ RI ERWK

Structural Changes in Scientific, Technical and Medical

Publishing
7KH WKHRUHWLFDO IUDPHZRUNV GHVFULEHG DERYH DUH DSSOLHG LQ D GHVFULSWLYH IDVKLRQ WR
VKRZ KRZ HOHFWURQLF FRPPHUFH V\VWHPV PLJKW FKDQJH WKH VWUXFWXUH RI WKH
6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ VHFWRU 7KH DQDO\VLV WDNHV WKH SRLQW RI
YLHZ RI WKH SXEOLVKHU EHFDXVH WKH SXEOLVKHU LV WKH PDLQ DFWRU LQ WKH SXEOLVKLQJ YDOXH
FKDLQ H[SORLWLQJ RU FRRUGLQDWLQJ PDQ\ IXQFWLRQV VXFK DV ELQGLQJ SULQWLQJ
GLVWULEXWLQJ )XUWKHUPRUH WKH PDLQ IRFXV LV RQ WKH WKUHDW RI QHZ HQWUDQWV DQG RI
VXEVWLWXWH SURGXFWV DQG WKHLU FRQVHTXHQFHV IRU HOHFWURQLF LQWHUPHGLDWLRQ DQG
GLVLQWHUPHGLDWLRQ 7KLV LV EHFDXVH WKH EDUJDLQLQJ SRZHU RI VXSSOLHUV WKH DXWKRU
DQG EX\HUV DUH YHU\ ORZ LQ 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ VLQFH WKH
DXWKRU XVXDOO\ ZULWHV WKH DUWLFOH IRU UHSXWDWLRQ SHUVRQDO DGYDQFHPHQW FDUULHU
SXUSRVHV DQG WKH EX\HUV QHHG WKH MRXUQDO DUWLFOHV WR FRQGXFW WKHLU RZQ DFWLYLW\
3DJH 

New Entrants
,QWHUQHW JLYHQ WKH ORZ HQWU\ FRVWV JLYHV WKH RSSRUWXQLW\ WR PDQ\ JURXSV RI DFWRUV
WR HQWHU WKH SXEOLVKLQJ EXVLQHVV DQG WKHUHIRUH WR EH SRWHQWLDO WKUHDWV WR WKH
SXEOLVKHU (QWU\ FRVWV DUH ORZ EHFDXVH WKH SUHVHQW XVH RI DFDGHPLF QHWZRUNV VHHPV
WR EH IUHH EXW HYHQ WKRXJK WKLV VKRXOG QRW EH WKH FDVH WKH FRPPXQLFDWLRQ FRVWV
VKRXOG EH DV FKHDS DV ORQJ GLVWDQFH FDOOV 2NHUVRQ  7KH SRWHQWLDO QHZ
HQWUDQWV LQ WKH ILHOG RI HOHFWURQLF SXEOLVKLQJ FRXOG EH



,QQRYDWLYH UHVHDUFKHUV DQG VFKRODUV ([WHUQDO HFRQRPLF FRQGLWLRQV PD\ SXVK

VFKRODUV WR VWDUW QHWZRUNHG HOHFWURQLF MRXUQDOV LQVWHDG RI SDSHU RQHV *LYHQ
UDWKHU KLJK VXEVFULSWLRQ FRVWV RI SDSHU MRXUQDOV VFKRODUV ZLOO KDYH DQ LQFHQWLYH
WR FUHDWH HOHFWURQLF MRXUQDOV VLQFH VXEVWDQWLDO FRVW VDYLQJV FDQ EH UHDOL]HG LI WKH
QHZ MRXUQDO LV HOHFWURQLFDOO\ GLVWULEXWHG ([DPSOHV DUH HGLWRUV RI SXEOLFDWLRQV
VXFK DV 7KH (OHFWURQLF -RXUQDO RI &RPPXQLFDWLRQ 8QLYHUVLW\ RI :LQGVRU
(MRXUQDO 6XQ\ $OEDQ\ WKH -RXUQDO RI ,QWHUQDWLRQDO $FDGHP\ RI +RVSLWDOLW\
5HVHDUFK 9LUJLQLD 7HFK WKH -RXUQDO RI 5HSURGXFWLYH 7R[LFRORJ\ DQG 7KH
3XEOLF $FFHVV &RPSXWHU 6\VWHP 5HYLHZ 8QLYHUVLW\ RI +RXVWRQ /LEUDULHV
8QLYHUVLWLHV HQWHULQJ HOHFWURQLF SXEOLVKLQJ 1RZDGD\V WKH XQLYHUVLWLHV SXEOLVK
DW PRVW  RI WKHLU IDFXOW\V RXWSXW 7KLV LQFOXGHV GLVFXVVLRQ SDSHUV DQG
SHULRGLFDOV HPDQDWLQJ IURP LQGLYLGXDO DFDGHPLF GHSDUWPHQWV DQG IRUPDOL]HG
XQLYHUVLW\ RXWOHWV OLNH XQLYHUVLW\ SUHVVHV 6RPH HOHFWURQLF SXEOLVKLQJ LQLWLDWLYHV
DUH DOUHDG\ WDNLQJ SODFH HVSHFLDOO\ LQ WKH ILHOG RI SUHSULQWV )RU H[DPSOH WKH
6WDQIRUG /LQHDU DFFHOHUDWRU KDV VXSSRUWHG D SUHSULQW GDWDEDVH LQ KLJKHQHUJ\
SK\VLFV IRU DERXW ILIWHHQ \HDUV WKDW FDQ LQVWDQWDQHRXVO\ EH GLVWULEXWHG RYHU
WHOHFRPPXQLFDWLRQ QHWZRUNV $QRWKHU PDMRU LQLWLDWLYH LV WKH ,03 ,QVWDQW
0DWK 3UHSULQW 7KLV SURMHFW FRQVLVWV LQ PDLQWDLQLQJ D GDWDEDVH RI DEVWUDFWV RQ
D QHWZRUN FRPSXWHU LQ D PDMRU XQLYHUVLW\ 7KH DEVWUDFWV ZLOO DOVR EH VHDUFKDEOH
RQ HPDWK WKH $PHULFDQ 0DWKHPDWLFDO 6RFLHW\V PHPEHU VHUYLFH 2NHUVRQ

&RPSXWHU FRQIHUHQFHV DV HOHFWURQLF MRXUQDOV 0DQ\ VFKRODUV DQG OLEUDULDQV
EHJLQ WR WDNH VHULRXVO\ WKH VFKRODUO\ FRPSXWHU FRQIHUHQFHV NQRZQ DV OLVWV
DQG PRUH DQG PRUH DFDGHPLFV YLHZ WKHP DV D QHZ NLQG RI MRXUQDO %HQHILWV RI
WKHVH OLVWV LQFOXGH DFFHVVLQJ LPSRUWDQW LQIRUPDO LQIRUPDWLRQ VKDULQJ LGHDV DQG
FULWLTXH DOO RYHU WKH ZRUOG LQ D PDWWHU RI PLQXWHV ILQGLQJ QHZ FROOHDJXHV DQG
OHDUQLQJ DERXW ZKRP LV SXUVXLQJ WKH VDPH LQWHUHVWV LQ DQRWKHU GLVFLSOLQH

2NHUVRQ  VWDWHV WKDW WKH ZLGHVSUHDG SDUWLFLSDWLRQ DQG RZQHUVKLS RI WKLV
QHZ PHWKRG RI FRPPXQLFDWLRQ KDYH WKH SRWHQWLDO WR WUDQVIRUP VFKRODUO\
ZULWLQJ DQG SXEOLVKLQJ IDU PRUH GUDPDWLFDOO\ WKDQ WKH PRWLYDWLRQ WR XQEXQGOH
MRXUQDOV SXEOLVK TXLFNO\ RU HYHQ UHGXFH VXEVFULSWLRQ FRVWV
1HZ RUJDQL]DWLRQV GLVWULEXWLQJ WKH MRXUQDO HOHFWURQLFDOO\ RQO\ VXFK DV 29,'
7HFKQRORJLHV KWWSZZZRYLGWHFK WKDW SRWHQWLDOO\ FRXOG GLUHFWO\ FRQWUDFW
ZLWK WKH HGLWRUV WR JHW WKH MRXUQDOV IRU RQOLQH SXEOLFDWLRQ WKXV E\SDVVLQJ WKH
SXEOLVKHU

Substitute Products
,Q 6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ WKH PDLQ VXEVWLWXWHV IRU WKH SDSHU
MRXUQDOV DUH WKH HOHFWURQLF MRXUQDOV DQG WKH PDLOLQJ OLVWV GHVFULEHG DERYH $FFRUGLQJ
WR &ROOLHU  WKHVH VXEVWLWXWHV KDYH PDQ\ YDOXHDGGLQJ FKDUDFWHULVWLFV LQ
FRPSDULVRQ WR WKH SDSHU YHUVLRQV RI WKH VFKRODUO\ MRXUQDO DPRQJ ZKLFK

7KH SRVVLELOLW\ WKURXJK WKH K\SHUWH[W IXQFWLRQ WR LQVWDQWDQHRXVO\ PDNH D OLQN

WR UHIHUHQFHV RU RWKHU OLWHUDWXUH
7KH SRVVLELOLW\ RI TXLFNO\ VHDUFKLQJ IRU D VSHFLILF DUWLFOH DXWKRU HWF LQ D
GDWDEDVH
7KH SRVVLELOLW\ RI FXVWRPL]DWLRQ E\ GHOLYHULQJ DQG VHOOLQJ IRU H[DPSOH MXVW RQH
DUWLFOH RU RQH VHFWLRQ ZLWKRXW WKH FXVWRPHU KDYLQJ WR EX\ WKH ZKROH LVVXH
7KH LPPHGLDWH GHOLYHU\ RYHU D QHWZRUN ZLWKRXW KDYLQJ WR UHO\ RQ WKH SK\VLFDO
GLVWULEXWLRQ V\VWHP

7KH VXEVWLWXWLRQ WKUHDW LV DOVR D IXQFWLRQ RI WKH UHODWLYH YDOXHSULFH RI D VXEVWLWXWH

FRPSDUHG WR DQ LQGXVWU\V SURGXFW WKH FRVW RI VZLWFKLQJ WR WKH VXEVWLWXWH DQG WKH
EX\HU SURSHQVLW\ WR FKDQJH EHKDYLRU ,I WKH SULFH WKDW FDQ EH FKDUJHG IRU WKH
HOHFWURQLF YHUVLRQ FDQ EH VXEVWDQWLDOO\ OHVV WKDQ WKH SDSHU YHUVLRQ WKHQ SHRSOH
ZRXOG KDYH WKH WHQGHQF\ WR VZLWFK WR WKH HOHFWURQLF YHUVLRQ 7KLV VKRXOG EH WKH
FDVH JLYHQ WKH IDFW WKDW WKHUH DUH QR ZDUHKRXVLQJ ELQGLQJ SULQWLQJ DQG GLVWULEXWLRQ
FRVWV IRU WKH HOHFWURQLF YHUVLRQ ,Q UHDOLW\ KRZHYHU WKH SULFH RI WKH HOHFWURQLFRQO\
YHUVLRQ VROG E\ WUDGLWLRQDO SXEOLVKHUV LV HTXDO RU KLJKHU WKHQ WKH SULFH IRU WKH SDSHU
YHUVLRQ 7KH HOHFWURQLF YHUVLRQ DV DQ DGGRQ WR WKH SDSHU YHUVLRQ XVXDOO\ LPSOLHV D
SULFH LQFUHDVH RI 
UHVSHFW WR WKH SDSHU YHUVLRQ RQO\ 0XQNVJDDUG
,QWHUQDWLRQDO 3XEOLVKLQJ SULFH FDWDORJXH  7KLV PHDQV WKDW WKH SXEOLVKHUV DUH
YHU\ FRQVHUYDWLYH DQG SUHIHU WR NHHS WKH VWDWXV TXR DV ORQJ DV SRVVLEOH E\
GLVFRXUDJLQJ WKH HOHFWURQLFRQO\ YHUVLRQV RI WKH MRXUQDOV &XVWRPHUV VZLWFKLQJ
FRVWV DOVR DIIHFW WKH GLIIXVLRQ RI WKH HOHFWURQLF MRXUQDO ,Q IDFW LI WR JHW D SDSHU
YHUVLRQ DOO ZKDW LV UHTXLUHG LV WR VXEVFULEH WR WKH MRXUQDO IRU WKH HOHFWURQLF YHUVLRQ
LW LV QHFHVVDU\ WR KDYH D FRPSXWHU D SULQWHU D PRGHP DFFHVV WR ,QWHUQHW DQG WKH
GDWDEDVH ZKHUH WKH MRXUQDO LV VWRUHG 7KLV PLJKW QRW EH D SUREOHP IRU FRUSRUDWH
FXVWRPHUV RU LQVWLWXWLRQV EXW LW FRXOG EH D SUREOHP IRU VLQJOH LQGLYLGXDOV $Q
LQFUHDVH LQ WKH EX\HU SURSHQVLW\ WR VZLWFK WR WKH HOHFWURQLF MRXUQDO FDQ EH IRUHVHHQ
KRZHYHU LQ OLJKW RI WUHQGV VXFK DV LQFUHDVLQJ 3& OLWHUDF\ RI \RXWK DQG ULVLQJ
HOHFWURQLF PHGLD OLWHUDF\ &(&  DV ZHOO DV LQ WKH QDWXUH RI WKH MRXUQDOV
PDUNHW 7KLV LV PDLQO\ PDGH RI KLJKO\ OLWHUDWH VSHFLDOL]HG SHRSOH XVXDOO\ XVLQJ
FRPSXWHUV DQG QHWZRUNV DV GDLO\ EUHDGV



Disintermediation
7KH K\SRWKHVLV RI GLVLQWHUPHGLDWLRQ VWDWHV WKDW ,QWHUQHWEDVHG HOHFWURQLF FRPPHUFH
PLJKW OHDG WR D GLVLQWHUPHGLDWLRQ RI VRPH SOD\HUV RI WKH YDOXH FKDLQ 3HGHUVHQ
 %HQMDPLQ DQG :LJDQG  6DUNDU HW DO  7KLV LV DOVR WKH FDVH LQ
6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ PDLQO\ GXH WR WKH GLIIXVLRQ RI WKH
HOHFWURQLF MRXUQDO DQG WKH HVWDEOLVKPHQW RI QHZ HQWUDQWV 6XFK GLVLQWHUPHGLDWLRQ
VKRXOG OHDG WR FRVW UHGXFWLRQ DQG WLPH UHGXFWLRQ IURP VXEPLVVLRQ WR SXEOLFDWLRQ
)RU H[DPSOH D ORRN DW D W\SLFDO MRXUQDO VFKHGXOH VKRZV WKDW ZLWK HOHFWURQLF
FRPPHUFH WKH WLPH FDQ EH UHGXFHG PLQLPXP E\  ZHHNV WKH WLPH IRU SULQWLQJ DQG
ELQGLQJ SOXV WKH VKLSPHQW WLPH 3DJH HW DO  +HUH WKUHH PDLQ K\SRWKHWLFDO
GLVLQWHUPHGLDWLRQ VFHQDULRV DUH LGHQWLILHG

7KH DXWKRUVHGLWRUV GHFLGH WR SXEOLVK WKHLU RZQ DUWLFOHV RQ ,QWHUQHW RU MXVW

GLVWULEXWH WKHP WURXJK WKH GLIIHUHQW PDLOLQJ OLVWV 7KLV VFHQDULR LV WKH PRVW
UDGLFDO RQH DQG DV D FRQVHTXHQFH DOO WKH DFWRUV RI WKH LQGXVWU\ YDOXH FKDLQ
ZRXOG EH GLVLQWHUPHGLDWHG WKDW LV WKH SXEOLVKHU WKH SULQWLQJ KRXVH ELQGHUV
SK\VLFDO GLVWULEXWRUV WKH VXEVFULSWLRQ DJHQW &RS\HGLWRUV DQG SDUWLDOO\
W\SHVHWWHUV FRXOG EH QHFHVVDU\ DOVR IRU DUWLFOHV LQ HOHFWURQLF IRUP ([DPSOHV RI
HGLWRUVDXWKRUV WKDW SXEOLVK WKH MRXUQDOV WKHPVHOYHV WKXV E\SDVVLQJ WKH UHVW RI
WKH YDOXH FKDLQ DQG FRQQHFWLQJ GLUHFWO\ WR WKH FXVWRPHUV DUH UHSUHVHQWHG E\
HGLWRUV RI ,7&RQ 7KH -RXUQDO RI (OHFWURQLF 3XEOLVKLQJ -RXUQDO RI $VVRFLDWLRQ
IRU ,QIRUPDWLRQ 6\VWHPV
7KH XQLYHUVLW\ VLQJXODUO\ RU WRJHWKHU ZLWK RWKHU XQLYHUVLWLHV SXEOLVKHV WKH
DUWLFOHV RQOLQH ZLWKRXW VHQGLQJ WKHP WR WKH SXEOLVKHU 7KLV VFHQDULR LV YHU\
VLPLODU WR WKH SUHYLRXV RQH ZKHUH DOO WKH DFWRUV DUH GLVLQWHUPHGLDWHG $Q
H[DPSOH LV WKH 6WDQIRUG $FFHOHUDWRU 'DWDEDVH 2NHUVRQ 
7KH DUWLFOH JHWV WR WKH SXEOLVKHU WKDW GHOLYHUV LW RQ ,QWHUQHW WR WKH FXVWRPHU DQG
DV D FRQVHTXHQFH WKH SULQWHUV ELQGHUV SK\VLFDO GLVWULEXWRUV DQG VXEVFULSWLRQ
DJHQWV ZRXOG EH GLVLQWHUPHGLDWHG $Q H[DPSOH LV ILUVWPRQGD\
ZZZILUVWPRQGD\GN

&RPPRQ WR WKH DERYH VFHQDULRV LV WKDW SULQWLQJ ELQGLQJ ZDUHKRXVLQJ SDFNDJLQJ

SK\VLFDO GLVWULEXWLRQ DQG VXEVFULSWLRQ DJHQWV ZRXOG GLVDSSHDU LI WKHUH ZHUH RQO\ WKH
HOHFWURQLF YHUVLRQ RI WKH MRXUQDO ,Q WKHVH VFHQDULRV WKH SXEOLVKHU FDQ EH VHHQ DV DQ
LQWHUPHGLDU\ EHWZHHQ LQVWLWXWLRQV DV SDUHQWV RI WKH DXWKRU DQG LQVWLWXWLRQV DV
SDUHQWV RI WKH FRQVXPHU ,Q IDFW WKH PDUNHW IRU MRXUQDOV LV D VSHFLDO NLQG RI
PDUNHW 2QH SDUW\ WKH SXEOLVKHU JHWV KLV PDWHULDO IRU IUHH RU IRU D VPDOO IHH SDLG
WR WKH HGLWRU ZKLOH DQRWKHU SDUW\ WKH LQVWLWXWLRQV SD\V UHDOO\ IRU WKH FRQVXPSWLRQ
DQG WKH FUHDWLRQ RI WKH SURGXFW /LQH  ,I WKH ILUVW WZR VFHQDULRV VKRXOG
SUHYDLO WKH MRXUQDOV ZRXOG SUREDEO\ JLYH ZD\ WR GDWDEDVHV RI XQSDFNHJHG LQGLYLGXDO
DUWLFOHV ZKLFK VKRXOG EH FKHDSHU WKDQ SDSHU MRXUQDOV 7KLV LV QRW RQO\ GXH WR
VDYLQJV LQ SULQWLQJ ELQGLQJ HWF EXW DOVR WR WKH LQVWLWXWLRQV QRW WU\LQJ WR PDNH D
SURILW +RZHYHU WKH DQVZHU WR ZKHWKHU LW ZRXOG EH PRUH FRVWHIIHFWLYH LV QRW
NQRZQ \HW /LQH  3UHVHQWO\ WKH VLWXDWLRQ LV D K\EULG RQH ZKHUH DOO WKUHH
VFHQDULRV DUH VWDUWLQJ DSSHDULQJ FRH[LVWLQJ ZLWK WKH WUDGLWLRQDO SDSHU MRXUQDO

Electronic Intermediation
7KH K\SRWKHVLV RI HOHFWURQLF LQWHUPHGLDWLRQ VWDWHV WKDW HOHFWURQLF FRPPHUFH PLJKW
JLYH ULVH WR QHZ HOHFWURQLFEDVHG DFWRUV WKDW UHSODFH WUDGLWLRQDO SOD\HUV LQ WKH YDOXH


FKDLQ 6DUNDU HW DO  *HQHUDOO\ LQ RUGHU WR ILQG RXW DERXW WKH GLIIHUHQW
SURGXFWV FRQVXPHUV EHLQJ VLQJOH LQGLYLGXDOV RU LQVWLWXWLRQV QHHG WR GHYRWH
HFRQRPLF UHVRXUFHV VXFK DV VHDUFK WLPH WR FROOHFWLQJ DQG DVVHPEOLQJ RI
LQIRUPDWLRQ RQ WKH PDUNHW 6SHFLDOLVW EXVLQHVVHV LQWHUPHGLDULHV RIWHQ SHUIRUP WKLV
IXQFWLRQ IRU D SULFH VLQFH LQIRUPDWLRQ VHHNHUV PLJKW WUDGH RII WKH WLPH WKH\ VKRXOG
GHYRWH WR WKH VHDUFK IRU D IHH WKH\ SD\ WKH LQWHUPHGLDU\ )RU H[DPSOH WKLV LV WKH UROH
RI WKH WUDYHO DJHQF\ LQ WKH WRXULVP LQGXVWU\ /RFNVOH\  ,W VKRXOG EH H[SHFWHG
WKDW WKH LQFUHDVLQJ QXPEHU RI DFWRUV WKDW RIIHU HOHFWURQLF YHUVLRQV RI MRXUQDOV ZRXOG
LQFUHDVH WKH VHDUFK FRVWV IRU HOHFWURQLF DUWLFOHV DQG WKHUHIRUH LW PLJKW EH GHVLUDEOH
WR VWDUW SD\LQJ DQ HOHFWURQLF LQWHUPHGLDU\ WR GR WKH VHDUFK %ORFK HW DO  7KXV
WKH QXPEHU RI QHZ FRPSDQLHV HOHFWURQLF LQWHUPHGLDULHV WKDW VWDUW OLFHQVLQJ
HOHFWURQLF DUWLFOHV IURP GLIIHUHQW ,QWHUQHWEDVHG SXEOLVKHUV HGLWRUV RU XQLYHUVLWLHV
DGG YDOXH DQG GLVWULEXWH WKHP HOHFWURQLFDOO\ WR WKH FRQVXPHU VKRXOG DOVR LQFUHDVH
$Q H[DPSOH RI VXFK DQ HOHFWURQLF LQWHUPHGLDU\ LV 2YLG 7HFKQRORJLHV ,QF
KWWSZZZRYLGFRP 2YLG 7HFKQRORJLHV LV DQ HOHFWURQLF DJHQW WKDW HVWDEOLVKHV
SDUWQHUVKLSV ZLWK GLIIHUHQW FRQWHQW SURYLGHUV WR RIIHU RQOLQH DFFHVV WR PDQ\
GDWDEDVHV 7KHVH GDWDEDVHV DUH XSGDWHG ZHHNO\ PRQWKO\ RU TXDUWHUO\ GHSHQGLQJ
XSRQ SXEOLFDWLRQ IUHTXHQF\ DQGRU XVHU QHHGV 2YLG DOVR SURYLGHV D )XOO 7H[W
&ROOHFWLRQ 7KLV LV LWV RZQ LPSOHPHQWDWLRQ RI WKH HOHFWURQLF IXOO WH[W RI PRUH WKDQ
 OHDGLQJ ELRPHGLFDO MRXUQDOV $QQDOV RI ,QWHUQDO 0HGLFLQH -RXUQDO RI WKH
$PHULFDQ 0HGLFDO $VVRFLDWLRQ 6FLHQFH DUH VRPH H[DPSOHV 7KLV FRPSDQ\ ZDV
IRXQGHG LQ  ZLWK WKH LQWHQWLRQ WR SURYLGH DFFHVV WR ELEOLRJUDSKLF DQG IXOO WH[W
GDWDEDVHV ZLWKLQ DFDGHPLF ELRPHGLFDO DQG VFLHQWLILF UHVHDUFK 2YLG KDV QRZ FLUFD
 OLFHQVHG FXVWRPHUV WKDW LQFOXGH DFDGHPLF DQG PHGLFDO OLEUDULHV
SKDUPDFHXWLFDO ILUPV UHVHDUFK IDFLOLWLHV FRQVRUWLD DQG JRYHUQPHQWDO DJHQFLHV 2YLG
V\VWHP SODWIRUP LV EDVHG RQ ,QWHUQHW DQG WKH :RUOG :LGH :HE ZKLFK HQDEOH
EURZVHU VHDUFKHV IURP DQ\ GHVNWRS DQG HQVXUH FRPSOHWH SODWIRUPLQGHSHQGHQW
DFFHVV KWWSZZZRYLGFRP

Reengineering for Electronic Commerce

7KH K\SRWKHVLV RI GLVLQWHUPHGLDWLRQ DQG HOHFWURQLF LQWHUPHGLDWLRQ VWDWHV WKDW DV D
UHVXOW RI HOHFWURQLF FRPPHUFH VRPH RI WUDGLWLRQDO YDOXH FKDLQ DFWRUV PLJKW EH
GLVLQWHUPHGLDWHG DQG QHZ HOHFWURQLFDOO\ EDVHG DFWRUV PLJKW DSSHDU ,Q 6FLHQWLILF
7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ ZKDW LV DOVR KDSSHQLQJ LV WKDW WKH WUDGLWLRQDO
LQWHUPHGLDULHV DUH UHHQJLQHHULQJ IRU HOHFWURQLF FRPPHUFH WR FRPSHWH ZLWK DQG
DYRLG EHLQJ E\SDVVHG E\ WKH ,QWHUQHWEDVHG LQWHUPHGLDULHV ,Q GRLQJ WKLV WKH\ KDYH
WR ILQG RSWLPDO EXVLQHVV PRGHOV WR FRPSHWH ERWK LQ WKH PDUNHWSODFH DQG WKH
PDUNHWVSDFH 5D\SRUW DQG 6YLRNOD  7RGD\ ,QWHUQHW LV RYHUORDGHG ZLWK
MRXUQDOV DUWLFOHV SXEOLVKHG RQ OLQH HWF $V LQ DQ\ LQGXVWU\ WKHUH ZLOO EH D QHHG WR
GLIIHUHQWLDWH DPRQJ DOO WKHVH RIIHULQJV DQG VWURQJ EUDQG QDPHV ZLOO SUHYDLO 7KH
LPSRUWDQFH RI UHSXWDWLRQ VWURQJ EUDQG QDPHV ILUVW PRYHU DGYDQWDJH DQG RQOLQH
PDUNHWLQJ DUH LPSRUWDQW IDFWRUV WKDW FDQ OHDG WR LQFUHDVHG UHSXWDWLRQ RI
LQWHUPHGLDULHV DQG SXEOLVKHUV HQWHULQJ WKH HFRPPHUFH DUHQD %ORFK HW DO  ,W
LV OLNHO\ WKHUHIRUH WKDW HVWDEOLVKHG ZHOO NQRZQ SXEOLVKHUV ZLOO DOVR GRPLQDWH LQ WKH
PDUNHWVSDFH LI WKH\ HQWHU LW DW WKH ULJKW PRPHQW &RS\ULJKW ODZV ZLOO LQIOXHQFH WKHVH
WUHQGV 7KH WZR PDLQ LQWHUPHGLDULHV RI WKH SXEOLVKLQJ YDOXH FKDLQ UHHQJLQHHULQJ IRU
HOHFWURQLF FRPPHUFH DUH WKH SXEOLVKHUV DQG WKH VXEVFULSWLRQ DJHQWV
$PRQJ WKH VXEVFULSWLRQ DJHQWV WKDW DUH UHHQJLQHHULQJ WR SURYLGH DOVR RQOLQH
VHUYLFHV WKHUH DUH 2&/& 2QOLQH KWWSZZZRFOFRUJ DQG 6ZHWV DQG =HLWOLQJHU
KWWSZZZVZHWVQO 7KH HOHFWURQLF VXEVFULSWLRQ DJHQWV FDQ EH GLYLGHG LQWR WZR


W\SHV WKH JDWHZD\ DJHQWV ZKLFK RQO\ PDNH D FRQQHFWLRQ EHWZHHQ WKH SXEOLVKHU DQG
WKH FXVWRPHU DQG WKH QRQJDWHZD\ DJHQW WKDW DOVR PDLQWDLQV D FRS\ RI WKH MRXUQDOV
RQ WKHLU RZQ GDWDEDVHV DQG VHOO LW WR WKH FXVWRPHUV 7KH\ DUH LOOXVWUDWHG LQ )LJ 
DQG )LJ  UHVSHFWLYHO\
3XEOLVKHU

*DWHZD\ $JHQW

&XVWRPHU VHDUFKLQJ
IRU LQIRUPDWLRQ

)LJ  *DWHZD\ $JHQW

7KH JDWHZD\ VXEVFULSWLRQ DJHQW IXQFWLRQV DV D EURNHU ZKLFK HVWDEOLVKHV D
UHODWLRQVKLS FDOOHG D VXEVFULSWLRQ EHWZHHQ RQH SURGXFHU DQG RQH FRQVXPHU IRU
VSHFLILF GDWD 7KH SXUSRVH RI WKH VXEVFULSWLRQ LV WR UHOLHYH WKH EXUGHQ IURP ERWK
WKH SURGXFHU DQG WKH FRQVXPHU IRU PDLQWDLQLQJ WKH FXUUHQF\ RI WKH GDWD $V GDWD
FKDQJHV WKH SURGXFHU VKRXOG LQIRUP WKH EURNHU RI WKHVH FKDQJHV

HU

Qiyvu

IBhrh
6tr

8rrhpuvt
svshv

)LJ  1RQ *DWHZD\ $JHQW

WKXV DYRLGLQJ WR PDLQWDLQ D VXEVFULEHU OLVW DQG WR VHQG FKDQJHV WR HDFK VXEVFULEHU
/LNHZLVH WKH FRQVXPHU VKRXOG EH LQIRUPHG E\ WKH EURNHU RI DQ\ FKDQJHV WR DYRLG
WKH FRQVXPHU WR SROO HDFK SURGXFHU SHULRGLFDOO\ WR GHWHFW FKDQJHV %\WH  7KH
SXEOLVKHU XVXDOO\ SUHIHUV WKH JDWHZD\ DJHQW VLQFH WKH QRQ JDWHZD\ DJHQW E\
PDLQWDLQLQJ D FRS\ RI WKH DUWLFOHV RQ LWV GDWDEDVH WDNH WKH FRQWURO DZD\ IURP WKH
SXEOLVKHU RQ WKH VXEVFULSWLRQ OLVWV DQG QXPEHU RI FRSLHV VROG
$PRQJ WKH SXEOLVKHUV WKDW DUH UHHQJLQHHULQJ IRU WKH PDUNHWVSDFH WKHUH DUH (OVHYLHU
6FLHQFH DQG 6SULQJHU 9HUODJ 6SULQJHU 9HUODJ KWWSZZZVSULQJHUYHUODJ EDVHG LQ
*HUPDQ\ ZDV IRXQGHG LQ  DQG KDV EHHQ IRU VRPH WLPH D OHDGHU LQ HOHFWURQLF
SXEOLVKLQJ LQQRYDWLRQV EHLQJ D IRXQGLQJ PHPEHU RI WKH $'21,6 &RQVRUWLXP
DQG D PDQDJLQJ SDUWQHU LQ WKH 0H'2& SURMHFW 0H'2& LV RQH RI WKH OHDGLQJ
UHVHDUFK SURMHFWV LQ WKH *HUPDQ JRYHUQPHQW GHDOLQJ ZLWK WKH FRQVWUXFWLRQ DQG
WHVWLQJ RI GLVWULEXWHG LQIRUPDWLRQ V\VWHPV 7KH PDLQ JRDO RI WKH FRPSDQ\ LV WR
RIIHU RQOLQH YHUVLRQV RI MRXUQDOV DQG ERRNV DW WKH FXVWRPHUV GHVNWRS 7R GR WKLV
6SULQJHU 9HUODJ KDV GHYHORSHG /,1. D GLJLWDO OLEUDU\ FUHDWHG IRU WKH ,QWHUQHW


KWWSOLQNVSULQJHUQ\FRP /,1. ZLOO DOVR LQFOXGH D )RUXP IRU 6FLHQFH LQ

ZKLFK VFLHQWLVWV FDQ FRPPXQLFDWH ZLWK 6SULQJHU DQG MRXUQDO HGLWRUV LQ PRGHUDWHG
IRUXPV 7KLV LV D YHU\ LQQRYDWLYH YDOXH DGGLQJ FRQFHSW DQG UHSUHVHQWV D QHZ IRUP
RI FRPPXQLW\ RUJDQL]HU +DJHO DQG +DUPVWURQJ  $ FXVWRPHU SURILOH VHUYLFH
ZLOO DOVR EH FUHDWHG WKDW ZLOO VHQG XVHUV LQIRUPDWLRQ RQ QHZ SXEOLFDWLRQV DFFRUGLQJ
WR SHUVRQDO QHHGV RU XSRQ UHTXHVW 7KH XVHUV RI /,1. ZLOO KDYH DFFHVV WR WKH
HOHFWURQLF YHUVLRQV RI WKH DUWLFOHV DQG MRXUQDOV EHIRUH WKH SULQW YHUVLRQV FRPH WR WKH
PDUNHW )URP D WHFKQRORJ\ SRLQW RI YLHZ /,1. FRQVLVWV RI D ZHE VHUYHU D ILUHZDOO
DV ZHOO DV D KLJK SHUIRUPDQFH GDWDEDVH DQG ILOH VHUYHU
(OVHYLHU 6FLHQFH KWWSZZZHOVHYLHUQO LV DQRWKHU SXEOLVKHU VWURQJO\ PRYLQJ LQWR
RQOLQH SXEOLVKLQJ (OVHYLHU 6FLHQFH KDV EHHQ RQH RI WKH OHDGHUV RI HOHFWURQLF
LQIRUPDWLRQ GLVWULEXWLRQ WKURXJK WKH 78/,3 7KH 8QLYHUVLW\ /LFHQVLQJ 3URJUDP
SURJUDP WKDW VWDUWHG LQ  DQG HQGHG LQ  7KH JRDO RI WKLV SURMHFW ZDV WR WHVW
V\VWHPV IRU QHWZRUNHG GHOLYHU\ DQG XVH RI WKH MRXUQDOV DW WKH FXVWRPHUV GHVNWRS
7RGD\ (OVHYLHU KDV PDGH D FRPPHUFLDO H[WHQVLRQ RI WKH 78/,3 SURJUDP FDOOHG
(OVHYLHU (OHFWURQLF 6XEVFULSWLRQV ((6 7KLV VHUYLFH RIIHUV OLEUDULHV FRPSOHWH
HOHFWURQLF HGLWLRQV RI DQ\ WLWOHV IURP (OVHYLHU 6FLHQFHV OLVW RI  MRXUQDOV DV D
VXEVWLWXWH RU DGGLWLRQ WR WKH SDSHU YHUVLRQ 6FLHQFH 'LUHFW LV DQRWKHU PDMRU RQOLQH
VHUYLFH ZKLFK PDNHV DYDLODEOH PDQ\ MRXUQDOV DV RQOLQH IXOO WH[W (OVHYLHU 6FLHQFH
KDV DOVR HVWDEOLVKHG D &RQWHQWV $OHUW 6HUYLFH ZKLFK VHQGV YLD HPDLO WKH
SUHSXEOLFDWLRQ RI WKH WDEOH RI FRQWHQWV RI HDFK MRXUQDO WKH XVHU LV LQWHUHVWHG LQ
([DPSOHV RI RQOLQH MRXUQDOV ZLWK IXOO K\SHUWH[W FDSDELOLWLHV DUH ,PPXQRORJ\ 7RGD\
2QOLQH ,72 DQG 9DFFLQH 2QOLQH 7KH FRPSDQ\ LV DOVR UHHQJLQHHULQJ WKH MRXUQDO
SURGXFWLRQ WR VWRUH WKH MRXUQDO DUWLFOHV LQ PHGLDQHXWUDO GDWDEDVHV IURP ZKLFK
WKH\ FDQ EH VXSSOLHG RQOLQH RQ &'520 RU SULQW IRUP (OVHYLHU 6FLHQFH $QQXDO
5HSRUW 

Implications for Theory and Practice and Conclusions

(OHFWURQLF FRPPHUFH WHFKQRORJLHV DUH GHYHORSLQJ DW D IDVW SDFH DQG LW LV QRW
SRVVLEOH WR IRUHVHH WKH IXOO LPSOLFDWLRQV RI WKLV GHYHORSPHQW 6FLHQWLILF 7HFKQLFDO
DQG 0HGLFDO SXEOLVKLQJ LV HVSHFLDOO\ DIIHFWHG E\ WKLV HYROXWLRQ VLQFH WKH DFDGHPLF
MRXUQDO FDQ EH HDVLO\ WUDQVIRUPHG LQWR D GLJLWDO SURGXFW DQG WUDQVPLWWHG RQ
WHOHFRPPXQLFDWLRQ QHWZRUNV ,Q WKLV SDSHU DQ DQDO\VLV RI KRZ HOHFWURQLF FRPPHUFH
PLJKW DIIHFW WKLV VHFWRU KDV EHHQ FRQGXFWHG VRPH H[DPSOHV RI SLRQHHULQJ
FRPSDQLHV WKDW DUH WU\LQJ WR LQFRUSRUDWH HOHFWURQLF FRPPHUFH LQ WKHLU EXVLQHVV
PRGHOV KDYH EHHQ SUHVHQWHG DQG H[DPSOHV RI QHZ HOHFWURQLF MRXUQDOV DQG HOHFWURQLF
LQWHUPHGLDULHV KDYH EHHQ SURYLGHG 7KH DUWLFOH KDV ERWK VKRZHG WKDW HOHFWURQLF
FRPPHUFH V\VWHPV DUH VWDUWLQJ VKLIWLQJ WKH LQGXVWU\ G\QDPLFV 3RUWHU  PDLQO\
WKURXJK QHZ HQWUDQWV DQG VXEVWLWXWH SURGXFWV DV ZHOO DV LQWHUPHGLDWLRQ DQG
GLVLQWHUPHGLDWLRQ %ORFK HW DO  ,W KDV DOVR EHHQ DUJXHG WKDW ZKLOH WKH
WKHRUHWLFDO PRGHOV RQO\ GLVFXVV KRZ HOHFWURQLF FRPPHUFH PLJKW LPSDFW WKH IRUFHV
RI QHZ HQWUDQWV VXEVWLWXWH SURGXFWV SRZHU RI EX\HUV DQG VXSSOLHUV ZLWK
FRQVHTXHQW GLVLQWHUPHGLDWLRQ DQG HOHFWURQLF LQWHUPHGLDWLRQ ZKDW LV KDSSHQLQJ LQ
UHDOLW\ LV WKDW VRPH DFWRUV DUH UHHQJLQHHULQJ IRU HOHFWURQLF FRPPHUFH WKXV
VLPXOWDQHRXVO\ RSHUDWLQJ LQ WKH PDUNHWSODFH DQG WKH PDUNHWVSDFH ,Q WKLV ZD\ WKH\
FDQ FRPSHWH ZLWK WKH QHZ HOHFWURQLF LQWHUPHGLDULHV 7KHUHIRUH WKH DFWRUV RI
6FLHQWLILF 7HFKQLFDO DQG 0HGLFDO SXEOLVKLQJ QHHG WR PRQLWRU YHU\ FDUHIXOO\ WKHVH
LQGXVWULDO FKDQJHV DQG WU\ WR DGMXVW WKHLU EXVLQHVV VWUDWHJLHV DQG EXVLQHVV PRGHOV
DFFRUGLQJO\ WR DYRLG EHLQJ E\SDVVHG E\ LQQRYDWLYH VWDUWXS FRPSDQLHV LQQRYDWLYH


UHVHDUFKHUV RU WUDGLWLRQDO SXEOLVKHUV UHHQJLQHHULQJ IRU HOHFWURQLF FRPPHUFH

+RZHYHU LW PLJKW EH H[SHFWHG WKDW WKH SUHVHQW DFWRUV DQG QHZ HOHFWURQLF EDVHG
DFWRUV ZLOO FRH[LVW DQG WKDW WKH HOHFWURQLF MRXUQDO ZLOO EH FRPSOHPHQWDU\ WR WKH
SDSHU MRXUQDO DOO WR WKH DGYDQWDJH RI WKH XVHU FRPPXQLW\ 5LJKW QRZ LW FDQ EH
FRQFOXGHG WKDW IXUWKHU UHVHDUFK LV UHTXLUHG WR XQGHUVWDQG ERWK WKH VWDWXV TXR DQG
WKH SRWHQWLDO HYROXWLRQ RI HOHFWURQLF SXEOLVKLQJ LQ WKH 6FLHQWLILF 7HFKQLFDO DQG
0HGLFDO VHFWRU ,WHPV IRU IXUWKHU UHVHDUFK LQFOXGH LQGXVWU\ VWXGLHV WR ILQG RXW
SUHFLVHO\ KRZ PDQ\ HOHFWURQLF MRXUQDOV SUHVHQWO\ H[LVW KRZ WKH\ DUH GLVWULEXWHG E\
VFLHQWLILF GLVFLSOLQH LQ GHSWK FDVH VWXGLHV RI QHZ HOHFWURQLF LQWHUPHGLDULHV DV ZHOO
DV RI MRXUQDO SXEOLVKHUV DQG VXEVFULSWLRQ DJHQWV WKDW KDYH UHHQJLQHHUHG IRU WKH
PDUNHWVSDFH )LQDOO\ DQDO\VLV RI RWKHU LQGXVWULHV SURGXFLQJ GLJLWDO SURGXFWV FRXOG
EH FRQGXFWHG WR VWXG\ WKH LPSDFW RI HOHFWURQLF FRPPHUFH RQ WKHVH LQGXVWULHV



References
$GHODDU 7  (OHFWURQLF &RPPHUFH DQG WKH ,PSOLFDWLRQV IRU 0DUNHW 6WUXFWXUH 7KH
([DPSOH RI WKH $UW DQG $QWLTXHV 7UDGH 6DOHV -RXUQDO RI &RPSXWHU 0HGLDWHG
&RPPXQLFDWLRQ $YDLODEOH KWWSZZZDVFXVFRUJMFPFYROLVVXHDGHODDUKWP
%DLOH\ -3 DQG %DNRV -<  $Q H[SORUDWRU\ VWXG\ RI WKH HPHUJLQJ UROH RI HOHFWURQLF
LQWHUPHGLDULHV ,QWHUQDWLRQDO -RXUQDO RI (OHFWURQLF &RPPHUFH 9RO 1R 
%HQMDPLQ 5 DQG :LJDQG 5  (OHFWURQLF 0DUNHWV DQG 9LUWXDO 9DOXH &KDLQV RQ WKH
,QIRUPDWLRQ +LJKZD\ 6ORDQ 0DQDJHPHQW 5HYLHZ :LQWHU
%\WH  'DWD GHOLYHU\ ZKHQ \RX QHHG LW -XQH
%ORFK 0 3LJQHXU < DQG 6HJHY $  2Q WKH 5RDG RI (OHFWURQLF &RPPHUFH $
%XVLQHVV 9DOXH )UDPHZRUN *DLQLQJ &RPSHWLWLYH $GYDQWDJH DQG 6RPH
5HVHDUFK ,VVXHV LQ 3URFHHGLQJV RI WKH 1LQWK ,QWHUQDWLRQDO (',,26
&RQIHUHQFH %OHG 6ORYHQLD -XQH 
%ORFK 0 3LJQHXU < DQG 6HJHY $  7KH ,PSDFW RI (OHFWURQLF &RPPHUFH RQ
WKH 7UDYHO ,QGXVWU\ 3URFHHGLQJV RI WKH WK +DZD\ ,QWHUQDWLRQDO
&RQIHUHQFH RQ 6\VWHP 6FLHQFHV +,&66 -DQXDU\ 
%MRUN % & DQG 7XUN =  +RZ 6FLHQWLVWV 5HWULHYH 3XEOLFDWLRQV $Q (PSLULFDO
6WXG\ RI +RZ WKH ,QWHUQHW ,6 2YHUWDNLQJ 3DSHU 0HGLD -RXUQDO RI (OHFWURQLF
3XEOLVKLQJ KWWSZZZSUHVVXPLFKHGXMHS
&(& &RPPLVVLRQ RI WKH (XURSHDQ &RPPXQLWLHV (OHFWURQLF 3XEOLVKLQJ
2SSRUWXQLW\ DQG 7UHQGV 5HSRUW 
&KRL 6 < 6WDKO ' :KLQVWRQ $  7KH (FRQRPLFV RI (OHFWURQLF &RPPHUFH
,QGLDQDSROLV ,10DFPLOODQ 7HFKQLFDO 3XEOLVKLQJ
&ROOLHU +  7KH (OHFWURQLF 3XEOLVKLQJ 0D]H 6WUDWHJLHV LQ WKH (OHFWURQLF 3XEOLVKLQJ
,QGXVWU\ ,QIRQRUWLFV (QJODQG 
(OVHYLHU 6FLHQFH  $QQXDO 5HSRUW
+DJHO ,,, - DQG $UPVWURQJ $ *  1HW *DLQ ([SDQGLQJ 0DUNHWV 7KURXJK 9LUWXDO
&RPPXQLWLHV +DUYDUG %XVLQHVV 6FKRRO 3UHVV
+DUWHU 63 DQG .LP +-  (OHFWURQLF -RXUQDOV DQG 6FKRODUO\ &RPPXQLFDWLRQ $
&LWDWLRQ DQG 5HIHUHQFH 6WXG\ LQ 3URFHHGLQJV RI WKH 0LG<HDU 0HHWLQJ RI
WKH $PHULFDQ 6RFLHW\ IRU ,QIRUPDWLRQ 6FLHQFH 6DQ 'LHJR &$ 0D\ 
$OVR YDLODEOH DW KWWSSKSLQGLDQDHGXaKDUWHUKDUWHUDVLVPLG\HDUKWPO
+LWFFRFN 6 &DUU / +DOO :  :HE -RXUQDO 3XEOLVKLQJ $ 8. 3HUVSHFWLYH
6HULDOV 9RO  1R 
.OLQJ 5 DQG &RYL /  (OHFWURQLF -RXUQDOV DQG /HJLWLPDWH 0HGLD LQ 7KH
6\VWHPV RI 6FKRODUO\ &RPPXQLFDWLRQ 7KH ,QIRUPDWLRQ 6RFLHW\  $OVR
DYDLODEOH KWWSZZZLFVXFLHGXaNOLQJNOLQJHHMKWPO
/LQH 0  :KR 3D\V IRU ,QIRUPDWLRQ DQG :K\ 6KRXOG 7KH\" ,Q ,QIRUPDWLRQ
6XSHUKLJKZD\ 7KH UROH RI /LEUDULDQV ,QIRUPDWLRQ 6FLHQWLVWV DQG ,QWHUPHGLDULHV
+(// $+ DQG :(,66 - (GV  3XEOLFDWLRQV RI (VVHQ 8QLYHUVLW\
/LEUDU\
/RFNVOH\ *  LQ 8QGHUVWDQGLQJ ,QIRUPDWLRQ %XVLQHVV 7HFKQRORJ\ DQG *HRJUDSK\
52%,16 . (G %HOOKDYHQ 3UHVV
0DVWURGGL )$  (OHFWURQLF 3XEOLVKLQJ LQ 6FLHQFH 7UHQGV DQG 8VHU 'HPDQGV
$ (XURSHDQ 8QLRQ 3HUVSHFWLYH LQ (OHFWURQLF 3XEOLVKLQJ LQ 6FLHQFH 6+$: '
DQG 0225( + (GV
0XQNVJDDUG ,QWHUQDWLRQDO 3XEOLVKLQJ 3ULFH &DWDORJ
2(&' D 3URSRVHG *XLGHOLQHV IRU &ROOHFWLQJ DQG ,QWHUSUHWLQJ 7HFKQRORJLFDO
,QQRYDWLRQ 'DWD 2VOR 0DQXDO 2(&' 3DULV



2NHUVRQ $  7KH (OHFWURQLF -RXUQDO LQ ,QIRUPDWLRQ 6RFLHW\ DQG &RPSXWHULVDWLRQ

./,1* 5 (G
3DJH * DQG &DPSEHOO 5  -RXUQDO 3XEOLVKLQJ 3ULQFLSOHV DQG 3UDFWLFH %XWWHUZRUWKV
&R
3DJH * &DPSEHOO 5 DQG 0HDGRZV 5  -RXUQDO 3XEOLVKLQJ 3ULQFLSOHV DQG 3UDFWLFH
%XWWHUZRUWKV &R
3DOPHU - 6SHLU & :UHQ ' DQG +DKQ 6  (OHFWURQLF -RXUQDOV LQ %XVLQHVV
6FKRROV /HJLWLPDF\ $FFHSWDQFH DQG 8VH -RXUQDO RI $VVRFLDWLRQ IRU
,QIRUPDWLRQ 6\VWHPV 9RO KWWSMDLVLVZRUOGRUJ
3DQRUDPD RI (8 ,QGXVWU\  9RO &KDSWHU  2IILFH IRU RIILFLDO SXEOLFDWLRQV
RI WKH (XURSHDQ &RPPXQLWLHV
3HGHUVHQ 0 .K\Q  (OHFWURQLF &RPPHUFH $Q ,QWURGXFWLRQ :RUNLQJ 3DSHU
6,& 3URMHFW 5RVNLOGH 8QLYHUVLW\
3RUWHU 0  &RPSHWLWLYH $GYDQWDJH 7KH )UHH 3UHVV
3RUWHU 0  7KH 7HFKQRORJLFDO 'LPHQVLRQ RI &RPSHWLWLYH 6WUDWHJ\ LQ 5HVHDUFK
RQ 7HFKQRORJLFDO ,QQRYDWLRQ 0DQDJHPHQW DQG 3ROLF\ 526(1%/220 56 (G
9RO
5D\SRUW -) DQG 6YLRNOD --  7KH (OHFWURQLF 0DUNHWSODFH +DUYDUG %XVLQHVV
5HYLHZ
6DUNDU 0% %XWOHU % DQG 6WHLQILHOG &  ,QWHUPHGLDULHV DQG &\EHUPHGLDULHV $
FRQWLQXLQJ UROH IRU PHGLDWLQJ SOD\HUV LQ WKH HOHFWURQLF PDUNHWSODFH -RXUQDO
RI &RPSXWHU 0HGLDWHG &RPPXQLFDWLRQ
KWWSVKXPKXMLDFLOMFPFYROLVVXHVDUNDUKWP
6WHLQILHOG &: &KDQ $3 .UDXW 5 (  &RPSXWHU 0HGLDWHG 0DUNHWV $Q
,QWURGXFWLRQ DQG 3UHOLPLQDU\ 7HVW RI 0DUNHW 6WUXFWXUH ,PSDFWV -RXUQDO RI
&RPSXWHU 0HGLDWHG &RPPXQLFDWLRQ
KWWSVKXPKXMLDFLOMFPFYROLVVXHVWHLQILHOGKWPO
6WHLQILHOG &: .UDXW 5 (  3OXPPHU  7KH LPSDFW RI HOHFWURQLF FRPPHUFH
RQ EX\HUVHOOHU UHODWLRQVKLSV -RXUQDO RI &RPSXWHU 0HGLDWHG
&RPPXQLFDWLRQ 
KWWSVKXPKXMLDFLOMFPFYROLVVXHVWHLQILHOGKWPO
6ZHHQH\ $ (  6KRXOG <RX 3XEOLVK LQ (OHFWURQLF -RXUQDOV" -RXUQDO RI (OHFWURQLF
3XEOLVKLQJ KWWSZZZSUHVVXPLFKHGXMHS
7HQRSLU & DQG .LQJ '  7RZDUGV (OHFWURQLF -RXUQDOV 5HDOLWLHV IRU 6FLHQWLVWV
/LEUDULHV DQG 3XEOLVKHUV 6SHFLDO /LEUDULHV $VVRFLDWLRQ :DVKLQJWRQ '&
9RXWWDV DQG &HWWR  (OHFWURQLF 3XEOLVKLQJ :LOO ,7 5HDFK WKH :KROH :RUOG"
LQ (OHFWURQLF 3XEOLVKLQJ LQ 6FLHQFH 6+$: ' DQG 0225( + (GV
:HOOV $  ([SORULQJ WKH 'HYHORSPHQW RI WKH ,QGHSHQGHQW (OHFWURQLF
6FKRODUO\ -RXUQDO 06F LQ ,QIRUPDWLRQ 0DQDJHPHQW (OHFWURQLF
'LVVHUWDWLRQV /LEUDU\ 'HSDUWPHQW RI ,QIRUPDWLRQ 6WXGLHV 8QLYHUVLW\ RI
6KHIILHOG 8.
KWWSZZZHOVHYLHUQO
KWWSZZZRYLGFRP
KWWSZZZOLQNVSULQJHUQ\FRP
KWWSZZZILUVWPRQDG\GN
KWWSZZZLWFRQIDJJXQLOMVL
KWWSZZZSUHVVXPLFKHGXMHS
KWWSZZZVZHWVQO
KWWSMDLVLVZRUOGRUJ
KWWSZZZXQLYUHLPVIU/DERV6FLHQFHV([D&KLPLH3K\V,QGXVVWPKWP
KWWSZZZRFOFRUJ



RESEARCH PAPERS from the Department of Social Science

To obtain a copy:
The papers can be
downloaded free from the
following address:
http://www.ssc.ruc.dk/
Paper-ready copies can also
be obtained at a price of 40
DKK
Request and order for paperready copies can be made to
the following address:
Secretary Janni Villadsen
Department of Social
Sciences
Roskilde University
P.O box 260
4000 Roskilde
Phone +45 4674 2597
Fax + 45 4674 3080

Research Paper no. 1/99

-HVSHU -HVSHUVHQ -UJHQ %LUN
0RUWHQVHQ DQG 5DVPXV 5XPPHO
%UHG\JWLJ HQHUJLDQYHQGHOVH RJ
NRQRPLVN YNVW +YDG VNDO GHU WLO"
+YDG NRVWHU GHW"
1RJOH NRQVHNYHQVEHUHJQLQJHU
JHQQHPIUW YHG KMOS DI 0DNUR RJ
PLOMPRGHOOHUQH $GDP RJ (PPD
Research Paper no. 2/99
-DNRE 7RUILQJ
9HOIUGVWDWHQV LGHRORJLVHULQJ
Research Paper no. 3/99
(YD 6UHQVHQ
'HPRFUDWLF JRYHUQDQFH DQG WKH
FKDQJLQJ UROH RI XVHUV RI SXEOLF
VHUYLFHV
Research Paper no. 4/99
*XQQDU 6NRJPDU
7KH 8QLWHG 6WDWHV (XUDWRP DQG
(XURSHDQ ,QWHJUDWLRQ 
Research Paper no. 5/99
3HWHU %RJDVRQ
3XEOLF $GPLQLVWUDWLRQ DQG WKH
8QVSHDNDEOH
$PHULFDQ 3RVWPRGHUQLVP DV DQ
$FDGHPLF 7UDLO RI WKH V
Research Paper no. 6/99
6XVDQD %RUUiV
7KH &RJQLWLYH 7XUQV LQ (8 6WXGLHV



Research Paper no. 7/99

Research Paper no. 7/00

+HOOH 6XQGJDDUG $QGHUVHQ /RWWH

-HQVHQ %LUJLW -JHU .DULQD 6HKHVWHG
(YD 6UHQVHQ
5ROHV LQ WUDQVLWLRQ 3ROLWLFLDQV DQG
$GPLQLVWUDWRUV EHWZHHQ KLHUDUFK\
DQG QHWZRUN

-RKQ $QGHUVHQ
.Q NODVVH RJ OLJHVWLOOLQJ

Research Paper no. 8/99

&DWKDULQD -XXO .ULVWHQVHQ
6UHQ
9R[WHG
+YRUIRU WDJHU IDJOUWH XIDJOUW
DUEHMGH"
Research Paper no. 1/00
%LUJLW -JHU
6&27 LQ $FWLRQ

Research Paper no. 8/00

$QQH 5HII 3HGHUVHQ 6YHQG %D\HU RJ
1LQD 0LGGHOERH
(Q SUVHQWDWLRQ DI .,7
 $W DUEHMGH PHG NYDOLWDWLYH LQWHUYLHZ
YLD O\G
Research Paper no. 9/00
3RYO $ +DQVHQ RFK *|UDQ 6HULQ
,QGXVWULQV
WHNQRORJLVWUXNWXU
UHVXQGVUHJLRQHQ

Research Paper no 10/00

Research Paper no. 2/00
/HRSROG *DOLFNL
'HW 6RFLRORJLVNH 9UNVWHG

-HVSHU -HVSHUVHQ
08pQV SROLWLVNH NRQRPL
Research Paper no 11/00

Research Paper no. 3/00

$QGHUV 0DWKLHVHQ
1\OLEHUDOLVPHQ RJ GH VWUNH
OHGHUH

-HVSHU -HVSHUVHQ
0DNURNRQRPLVN WHRUL RJ 08pQ
Research Paper no 12/00

Research Paper no. 4/00

(YD 6UHQVHQ -DFRE 7RUILQJ
.RPSHWHQFHXGYLNOLQJ L 'DQPDUN
Research Paper no. 5/00
6XVDQD %RUUiV
6FLHQFH WHFKQRORJ\ DQG LQQRYDWLRQ
LQ (XURSHDQ 3ROLWLFV

/DUV )XJOVDQJ
7KUHH SHUVSHFWLYHV LQ VFLHQFH
WHFKQRORJ\ DQG VRFLHW\ VWXGLHV 676
LQ WKH SROLF\ FRQWH[W
Research Paper no 13/00
-DFRE 7RUILQJ
9HOIUGVVWDWHQV GLVNXUVLYLWHW
Research Paper no 14/00

Research Paper no. 6/00

/DUV $ (QJEHUJ
6RFLDO KRXVLQJ LQ 'HQPDUN



&KULVWHO 6WRUPKM
)HPLQLVW SROLWLFV DIWHU
SRVWVWUXFWXUDOLVP

Research Paper no 15/00

Research Paper no 4/01

$QGHUV &KU +DQVHQ

&ULWLFDO $VVXPSWLRQV LQ (VWLPDWLRQ
RI 1RQ5HQHZDEOH 5HVRXUFH &DSLWDO
&RQVXPSWLRQ

-RKQ $QGHUVHQ
)URP 8UEDQ 0RYHPHQW WR
QHJRWLDWHG (QWUHSUHQHXULDOLVP

Research Paper no 16/00

Research Paper no 5/01

$QGHUV &KU +DQVHQ

(QYLURQPHQWDO .X]QHWV &XUYHV
DQGVRPH 'DQLVK ([SHULHQFHV

+DQV $DJH
7UDQVLWLRQ WLO 'HPRNUDWL RJ YHOVWDQG
Research Paper no 6/01

Research Paper no 17/00

$GD 6FXSROD
0DUNHWLQJ ,Q
0DUNHWSODFH $
$SSURDFK

WKH (OHFWURQLF
&RPSOHPHQWDULW\

Research Paper no 18/00

3RYO $ +DQVHQ *|UDQ 6HULQ
/DYWHNQRORJLVNH
SURGXNWLRQHU
PDWHULDOHU
LQQRYDWLRQHU
RJ
NRQNXUUHQFHHYQH
 HNVHPSOHU IUD GHQ GDQVNH
PHWDOHPEDOODJHLQGXVWUL

-RKQ $QGHUVHQ /DUV %RKQ

.JV (QJKDYH  E\ EHERHUH RJ WUDILN
Research Paper no 7/01
%HQW *UHYH
/DERXU 0DUNHW ,VVXHV
(XURSHDQ &RPPXQLW\

LQ

WKH

Research Paper no 8/01

$QGHUV &KU +DQVHQ
'HQ JUQQH EXGJHWUHIRUP
'DQPDUN

Research Paper no 1/01

.DULQD 6HKHVWHG
,QYHVWLJDWLQJ XUEDQ JRYHUQDQFH 
IURP WKH SHUVSHFWLYHV RI SROLF\
QHWZRUNV GHPRFUDF\ DQG SODQQLQJ

Research Paper no 9/01

7RUEHQ %HFK '\UEHUJ
)RXFDXOWV RYHUDUFKLQJ
&RQFHSW RI SRZHU DV JRYHUQPHQWDOLW\

Research Paper no 2/01

6YHQ 5 /DUVVRQ
3ULFH VWLFNLQHVV DQG FRQVXPSWLRQ
KHGJLQJ

Research Paper no 10/01

-HVSHU -HVSHUVHQ
-RKQ 0D\QDUG .H\QHV 
cUKXQGUHGHWV PDNURNRQRP

Research Paper no 3/01

+HOOH 6 $QGHUVHQ
:KDW WROH GRHV WUXVW SOD\ LQ QHWZRUNV
VWHHULQJ"



Research Paper no 11/01

6XVDQD %RUUiV 0LFKDHO .OXWK
,QWHJUDWLRQ LQ WLPHV RI LQVWDELOLW\
([FKDQJH UDWH DQG PRQHWDU\ FR
RSHUDWLRQ LQ 0HUFRVXU DQG WKH (8