This paper explains fluctuations in the number of initial public offerings (IPOs) between 1876 and 2015 in the Netherlands. We test an econometric model and find that the number of IPOs is strongly related to the economic growth and the size of the stock exchange. We also find that IPOs are timed to coincide with favorable market conditions. Our model explains almost 50 percent of the fluctuations and most of the hot markets. To further understand IPO waves, we conduct a descriptive analysis, which yields two additional causes for hot markets, i.e., high capital needs and investors’ expectations for specific industries.

中文翻译：

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是什么导致股票首次公开募股市场火爆？1876-2015 年荷兰首次公开募股分析

本文解释了 1876 年至 2015 年间荷兰首次公开募股 (IPO) 数量的波动。我们测试了一个计量经济学模型，发现 IPO 的数量与经济增长和证券交易所的规模密切相关。我们还发现，首次公开募股的时机恰逢有利的市场条件。我们的模型解释了几乎 50% 的波动和大部分热门市场。为了进一步了解IPO浪潮，我们进行了描述性分析，得出了市场火爆的另外两个原因，即高资本需求和投资者对特定行业的期望。