Learning to wait

We use Cai et al. (2017)'s proxy of patience and find out that investors do learn from their prior trading experiences. They become more patient when they participate in more IPOs, and they tend to obtain higher returns. We also document a concave learning curve: inexperienced investors are overall less patient than more experienced ones; however, inexperienced investors' marginal effect of learning is higher than experienced ones. This learning effect only exists in infrequent traders.