It’s basically overprized placebo, but the placebo effect is real. Honestly not sure how well this translates to company profits; shareholder value can definitely work like that, though - it increases because people think that whatever the company is doing will increase profits, not because it actually does.
Millions of people use homoeopathic medicine instead of visiting doctors. That doesnt mean homoeopathy works.
It’s basically overprized placebo, but the placebo effect is real. Honestly not sure how well this translates to company profits; shareholder value can definitely work like that, though - it increases because people think that whatever the company is doing will increase profits, not because it actually does.