Origin of Marketplace Matters: Amazon vs Alibaba

Over the past few years, the role of digital platforms in the global economy has increased significantly. Currently, the world market of digital platforms is dominated by companies from two countries - the USA and China. The question that still remains debatable is how significantly Chinese Big Tech companies differ from American ones. To answer this question, it was decided to compare the business structure and factors shaping the long-term value of companies of China and the United States - Alibaba and Amazon, respectively. For this comparison, a comparative analysis of the revenue structure as a characteristic of the business model and the method of financial event studies were used to identify whether investors' expectations about the future profits of companies react equally to different groups of profit factors. Data on changes in stock prices of Alibaba and Amazon for the period from 2021 to 2024 was used. It is shown that for two companies investors evaluate the consequences of information security incidents in the same way. Company policies respond to the impact of these events in the same way, regardless of country of origin. The reaction of companies to the consequences of antitrust bans does not depend on the country of origin: although Alibaba reacts more strongly to such bans, the principle of extraterritoriality of the work of antitrust regulators is observed.