Abstract
This analysis focuses upon the online stock trading industry which the shift from a "mortar" market to an online market is progressed earlier among many rapid growing online businesses and analyzes quantitatively about the point which factor affects the performance of a company. The results are that (1) first-mover advantage does exist, and that (2) since the core customers are limited, performance is not improved only by increasing the number of accounts, that is "diseconomies of scale ". Moreover, the results indicate that (3) unique service which each company offers, or each company's specific resources and capabilities which underlie unique service, has great influence on performance.
