IPO Market Cycles: Bubbles or Sequential Learning?
发现IPO数量和首日回报率高度自相关，且首日回报高时更多公司上市，但申请时的平均首日回报率不能预测公司最终折价，周期主要由注册期信息驱动。
ABSTRACT Both IPO volume and average initial returns are highly autocorrelated. Further, more companies tend to go public following periods of high initial returns. However, we find that the level of average initial returns at the time of filing contains no information about that company's eventual underpricing. Both the cycles in initial returns and the lead‐lag relation between initial returns and IPO volume are predominantly driven by information learned during the registration period. More positive information results in higher initial returns and more companies filing IPOs soon thereafter.