Two Technological Revolutions
比较了电力/内燃机革命与信息技术革命中IPO的长期价值，发现前者更持久，并从计算机价格快速下降和公司被收购威胁增加两个角度解释原因。
The IPOs of the Electricity/Internal Combustion revolution created more lasting value than the IPOs of the IT revolution. Stock-market data point to two explanations for this. First, computer prices have been falling much faster than did those of electricity and internal combustion in the 1890–1930 period, and so the value of each generation of computer-intensive entrants is reduced by later entrants. And, second, the pre-1973 vintages reacted to the microcomputer relatively quickly, perhaps because the threat of being taken over is now higher than it was 70–100 years ago.