NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Vertical Integration, Institutional Determinants and Impact: Evidence from China

Joseph P.H. Fan, Jun Huang, Randall Morck, Bernard Yeung

NBER Working Paper No. 14650
Issued in January 2009

---- Acknowledgements -----

We are grateful for helpful comments from Pedro Dal Bó, Zhiwu Chen, Kai Li, Harold Mulherin, Joanne Oxley, Ivan Png, Pablo Spiller, Tracy Wang, Larry White and other participants in seminars and conferences at the American Finance Association, the China International Conference in Finance, Harvard Business School, the Hass School at UC Berkeley, the National Bureau of Economic Research's China Working Group workshop, New York University, and the University of Copenhagen. Joseph Fan and Jun Huang gratefully acknowledge financial support from Institute of Economics & Finance of CUHK. Randall Morck thanks the SSHRC for partial funding. Bernard Yeung acknowledges partial funding from The Lally School of Management and Technology at Rensselaer University, where he was a visiting scholar in Jan 2008. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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