An initial public offering (IPO) expands a firm's access to funding and enables future-oriented strategic investments. Though aggressive investments can open new opportunities and speed the construction of relative advantage, this aggression risks time compression diseconomies and maladaptive learning from rushed experiences. We propose a firm's investment tempo and industry velocity combine to affect the trajectory of a firm's post-IPO performance. Agent-based simulation modeling suggested that aggressive, up-tempo investment sped the construction of relative advantage in low-velocity industries. Empirical analyses of multiyear post-IPO windows in real firms supported this. In contrast, simulations and analyses of real firms suggested up-tempo investment was maladaptive in high-velocity industries as the combination of fast investment and fast industry change was often more than boundedly rational agents could cognitively handle.

中文翻译：

---

快进？时间压缩尝试和 IPO 后的表现

首次公开募股 (IPO) 扩大了公司的融资渠道并实现面向未来的战略投资。尽管积极的投资可以开辟新的机会并加速相对优势的建设，但这种积极的投资可能会带来时间压缩不经济和从匆忙的经历中学习适应不良的风险。我们建议公司的投资节奏和行业速度结合起来影响公司首次公开募股后的业绩轨迹。基于主体的模拟模型表明，积极、快节奏的投资加速了低速行业相对优势的构建。对真实公司多年上市后窗口的实证分析支持了这一点。相比之下，对真实企业的模拟和分析表明，快节奏投资在高速行业中是不适应的，因为快速投资和快速行业变化的结合往往超出了有限理性主体的认知能力。