Learning and staged equity financing
研究了为何企业常在IPO后不久再次进行股权融资，认为难以估值的公司会进行较小的IPO，并在获得正面估值信号后再次融资，这源于市场信息与公司内部信息的双向学习。
We propose a rationale for why firms often return to the equity market shortly after their initial public offering (IPO). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market conditional on a positive valuation signal. This is driven by two-way learning, as market information complements both corporate disclosure and internal information available to management. In contrast to prior studies, we find that information asymmetry is not a necessary condition for staged financing. Our arguments receive support in a sample of 3625 U.S. IPOs between 1980 and 2018.