> Arguably the most significant among the changes was the 2001 move to decimalization
Wow, the claim that the ability to trade stocks in dollars and cents, as opposed to dollars and fractions, is one of the most significant factors in creating a "hostile environment" for IPOs, because then the minimum potential profit is 1 penny. Essentially re-iterating that stocks are merely trading vehicles, and that underlying value isn't responsible for movement in stock price but rather the mechanics of trading.
Wow, the claim that the ability to trade stocks in dollars and cents, as opposed to dollars and fractions, is one of the most significant factors in creating a "hostile environment" for IPOs, because then the minimum potential profit is 1 penny. Essentially re-iterating that stocks are merely trading vehicles, and that underlying value isn't responsible for movement in stock price but rather the mechanics of trading.