Victoria Schwartz on Celebrity Stock Markets
In this episode, Victoria L. Schwartz, Associate Dean for Academic Affairs and Associate Professor of Law at Pepperdine University School of Law, discusses her article "The Celebrity Stock Market," which was published in the UC Davis Law Review. Schwartz observes that many potential celebrities, including entertainers and athletes, lack the capital to invest efficiently in their careers, and that transaction costs prevent efficient private investment. Accordingly, she proposes liberalizing and expanding "human equity" investment. She discusses related proposals in relation to education, and observes that human equity investment in celebrities makes more sense, because of the lack of public investment. She observes that a "celebrity stock market" could facilitate more efficient investment, and that potential problems seem less serious than the existing alternatives. Schwartz is on Twitter at @ProfVSchwartz.