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In 2013, two finance professors, Bradford Cornell of the California Institute of Technology and Aswath Damodaran of New York University’s Stern School of Business, started to notice something screwy happening on the NASDAQ, the world’s second-largest stock exchange. Shares in Tesla (TSLA) were exploding, even though the fledgling electric-vehicle manufacturer was selling fewer than 2000 cars a month in the 1.3 million-a-month U.S. auto market. For most of the two-plus years since Tesla’s June 2010 initial public offering, the carmaker’s stock had waddled around in the $ 22-to-$ 35 range. On March 19, 2013, TSLA began to go up—and it kept rising. READ MORE ››
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