[fan]

Those of you who say that this research is just correlation need to read the paper for a few minutes. Shai's paper would be much less interesting if he just looked at many patents companies did pre and post IPO.

Shai looked at companies that pulled their IPO due to random external factors, and compared this to an group that didn't, and found that those that pulled their IPO innovated more afterwards. It's really this clever identification that makes this paper so well-done.