A Theory of IPO Waves
提出一个理论，解释IPO市场为何出现周期性热潮：投资者根据过往IPO表现协调定价，激励投行生产信息，在热潮期信息改善企业质量，使低质量企业也能上市，从而同步推高IPO数量和首日回报。
In the IPO market, investors coordinate on acceptable IPO price based on the performance of past IPOs, and this generates an incentive for investment banks to produce information about IPO firms. In hot periods, the information produced by investment banks improves the quality of IPO firms, and this allows ex ante low quality firms to go public and increases the secondary market price, thus synchronizing high IPO volumes and high first day returns. When investment banks behave asymmetrically in information production, the "reputations" of investment banks are interpreted as a form of market segmentation to economize on the social cost of information production.