It makes sense to allow public investment in companies, but base it off (regulated) external valuation rather than real time supply/demand.
Have a limit on how frequently a company can get revalued (months).
Do everything possible to make it a long term investment tool and not something that can be easily gamed. This is also less stressful for the individual investor — most people I know who trade stocks also check the stocks 10+ times per day and it occupies such a large area of their headspace.
Is that not the SEC and Generally Accepted Accounting Principals (GAAP)?
> Have a limit on how frequently a company can get revalued (months).
Is that not quarterly reports and earnings filings?
> Do everything possible to make it a long term investment tool and not something that can be easily gamed
Your suggestion was to delete it. One suggestion I've heard is to increase the transaction price, and marginally increase it with trading volume by the given actor. Micro-transactions become too expensive to be profitable.
You can have a market economy without immortal corporations. This is something Quigley pointed out a long time ago. The varieties of persona ficta we have created is unlike anything in history. Even the old British charters were limited in terms of either duration, operations, or both. Modern corporations can do whatever they want for as long as they want. They are mostly insulated from criminal law. An individual poisons the town, he gets the lynch mob. A team of executives poisons the town (after days/weeks of cool deliberation), they get bonuses.
Most companies are not publicly traded. Getting rid of the stock market doesn't mean that your local coffee shop is now state-owned. And if they sell specialty coffee, it may not even impact the price of the beans.
