Worthless companies
研究了资产无价值的公司为何仍能拥有高市值和接近面值的债务，原因在于存在非理性竞购者的可能性，这有助于解释一些知名初创公司估值、90年代互联网泡沫以及做空者的糟糕表现。
Abstract Companies with worthless assets can have substantial efficient markets equity values and debt that trades near par if there is a probability that an irrational bidder will acquire the company. Even if most capital market participants recognize that the company's assets are worthless, efficient markets pricing of the worthless company's equity and debt precludes arbitrage, and it may be impossible to persuade the potential irrational bidder to abandon its plans. The worthless company hypothesis may shed light on the valuation of some high‐profile start‐ups, the 1990s dot‐com bubble, and the bad performance of some short sellers.