If you look at the studies that were done about high PE firms you will see that those firms were not attempting to secure the maximum valuation possible @ IPO.

If you look at the studies that were done about high PE firms you will see that those firms were not attempting to secure the maximum valuation possible @ IPO. In FB's case they were attempting to secure a $100 billion valuation (the maximum valuation that any stock prognosticator had called for.) I also do not believe high PE studies go further back than the 1990's. There is something there, but more data is needed.