The Shanxi Banks
---- Acknowledgements ----
We are grateful to Will Goetzmann, Li Huaizu, Bruce Kogut, Nan Li, Ira Milstein, Bernard Yeung, and participants at Yale's History of Shareholder Activism conference and National University of Singapore's finance seminar for helpful suggestions. We especially thank Sarah Chia, Joseph Fan, Jenny See, Bernard Yeung, and Zhenyu Wu for assistance in acquiring Chinese language sources. We thank Li Huaizu for introducing us to present day Shanxi bankers; and Wang Yidian for sharing with us his in‐depth knowledge of the Sunrise Provident Bank's history. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.