Stephen Diamond wrote an op-ed for Bloomberg Law on how Uber’s IPO was dead on arrival on the floor of the New York Stock Exchange.
“…The stock market may be turning into a “lemons market,” a concept devised by Nobel Prize-winning economist George Akerlof, on how markets can fail. Many people have forgotten about the possibility of market failure because we have assumed for a long time that competitive forces could accurately align stock market prices with fundamental value. That was true, and could be again, but not without a recognition that quality markets need the right rules to function well.”
