We provide new evidence on IPOs over the industry life cycle. Less innovative, financially constrained firms seek public equity earlier in an industry's life cycle. Moreover, average profitability of early IPOs is lower when more private capital flows to the industry early in its growth phase....

We analyze IPO activity under political uncertainty surrounding gubernatorial elections in the U.S. There are fewer IPOs originating from a state when it is scheduled to have an election. To establish identification, we develop a neighboring-states method that uses bordering states without...