The announcement gives the NewBird AI a shell to trade on, but 'a stock going from $3 to $17 on a press release doesn't restore $4bn in destroyed value,' Kan said.
这一尖锐的评论点出了股价飙升与实际价值创造之间的巨大鸿沟，Allbirds的市值从高点下跌超过90%，仅靠公告无法挽回数十亿美元的损失，揭示了市场短期投机与企业长期价值之间的矛盾。
Alfaro, L., Chari, A., Greenland, A. N., & Schott, P. K. (2020). Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time (Working Paper No. 26950; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w26950
Céspedes, L. F., Chang, R., & Velasco, A. (2020). The Macroeconomics of a Pandemic: A Minimalist Model (Working Paper No. 27228; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w27228
MikeFarb on Twitter: “What the he’ll is going on in the Stock Market. GDP dropped by 32.9%(a disastrous number)and over the last 3 trading days the NASDAQ is up over 300 Points! Never mind the Pandemic and Rampant Unemployment. https://t.co/e6aK5qJ5Lt” / Twitter. (n.d.). Twitter. Retrieved August 4, 2020, from https://twitter.com/mikefarb1/status/1289524802550546432
might markets just not work?
Same thing in publishing, too. Lots of people say journal costs are inflated & they can run one cheaper. They're right, but there are two considerations: a) in a market economy prices reflect more than just costs. They reflect the economic value, which includes things like brand value, prestige and also, as this & the other posts argue, an inflation due to productivity rising in adjacent market sectors. So the market failures seem to come from a) the difficulty knowing how much something should cost (having comparables and not having too much complexity to understand) and b) too high value ascribed to the status or prestige (which, if understood as a social consensus proxy that reduces the complexity of actually understanding the business & what it's value to the consumer should be, collapses b into a).