Why Wait? A Century of Life Before IPO
发现，1990年代上市的公司比一战以来任何早期队列都年轻，但19世纪末上市的公司与今天一样年轻。作者认为电气化和信息技术时代的公司因技术生产力高而更早上市，模型将IPO前阶段视为学习期，好想法会加速上市。
Firms that entered the stock market in the 1990s were younger than any earlier cohort since World War I. Surprisingly, however, firms that IPO'd at the close of the 19th century were just as young as the companies that are entering today. We argue here that the electrification-era and the IT-era firms came in young because the technologies that they brought in were too productive to be kept out very long. The model assumes that the stage before IPO is a learning period during which the firm refines the idea before committing to it at the IPO stage. The better the idea, the higher is the opportunity cost of a delay in its implementation, and the earlier the firm will have its IPO.