Building Castles in the Air: Evidence from Industry IPO Waves
---- Acknowledgements ----
This paper previously circulated as "Growth versus Margin and Castles in the Air: Evidence from Industry IPO Waves." We thank Umit Gurun, Michael Hertzel, Byoung-Hyoun Hwang, Mudit Kapoor, Ambrus Kecskes, Michelle Lowry, Jeremy Page, Jeff Pontiff, Jay Ritter, Michael Sher, Krishnamurthy Subramanian, Yu Yuan, Tim Loughran, and participants at the 3rd Behavioral Finance Conference at Queen's University and seminars at Australia National University, Shanghai Advanced Institute of Finance at the Shanghai Jiao Tong University, University of New South Wales, and the Indian School of Business for helpful comments. We thank Matt Cain, Bill McDonald, and Jay Ritter for making their data available to us. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.