NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

State Capitalism vs. Private Enterprise

Alexander Ljungqvist, Donghua Chen, Dequan Jiang, Haitian Lu, Mingming Zhou

NBER Working Paper No. 20930
Issued in February 2015, Revised in March 2016

---- Acknowledgements ----

Thanks for helpful comments go to Heitor Almeida, Yakov Amihud, Tim Baldenius, Mara Faccio (our ABFER discussant), Hui He (our NBER discussant), Takeo Hoshi, Kose John, Jun-koo Kang, Barbara Katz, Bin Ke (our MIT Asia discussant), Kenneth Kim, Ross Levine, Agnes Lo, Meijun Qian (our JFLA conference discussant), Antoinette Schoar, Henri Servaes, Andrei Shleifer, Denis Sosyura, Marti Subrahmanyam, Daniel Wolfenzon (our AFA discussant), Donghui Wu, Xueping Wu, and Bernard Yeung, and to audiences at various conferences and seminars. We thank Lei Zhen for outstanding research assistance. Chen gratefully acknowledges financial support from the China National Natural Science Foundation (grant no. 71372032). Jiang gratefully acknowledges financial support from the China National Natural Science Foundation (grant no. 71502130). Ljungqvist gratefully acknowledges the hospitality of Hong Kong Polytechnic University while working on this project. Zhou gratefully acknowledges financial support from UCCS. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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