Do Financial Frictions Explain Chinese Firms' Saving and Misallocation?
---- Acknowledgments ----
We would like to thank the discussants and other participants at the China Meeting of Econometric Society 2014, World Congress of Comparative Economics 2015, SED 2016 Conference, CEA 2016, 2016 Conference at Tsinghua Center for Growth and Institutions, the 2nd Annual BoC-UoT-Rotman Conference on the Chinese Economy, CCER Summer Institute, Asian Meeting of the Econometric Society, and seminar participants at the University of Rochester, University of Toronto, Syracuse University, Hong Kong University, San Francisco Fed, SUNY Buffalo, and City University of New York for their helpful comments and discussions. Special thanks to WestGrid Computing and Center for Integrated Research Computing (CIRC) at the University of Rochester for computational support. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.