Rational IPO Waves
认为IPO数量随时间变化源于市场条件波动，构建模型解释IPO浪潮由预期市场回报下降、预期总盈利能力上升或对未来盈利不确定性增加引发，并得到实证支持。
ABSTRACT We argue that the number of firms going public changes over time in response to time variation in market conditions. We develop a model of optimal initial public offering (IPO) timing in which IPO waves are caused by declines in expected market return, increases in expected aggregate profitability, or increases in prior uncertainty about the average future profitability of IPOs. We test and find support for the model's empirical predictions. For example, we find that IPO waves tend to be preceded by high market returns and followed by low market returns.