NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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IPO Intervention and Innovation: Evidence from China

Lin William Cong, Sabrina T. Howell

NBER Working Paper No. 24657
Issued in May 2018, Revised in January 2019

---- Acknowledgments ----

Previously circulated as "Listing Delays and Innovation: Evidence from Chinese IPOs." The authors especially thank Shai Bernstein and Manju Puri for helpful discussions and suggestion. They also thank Viral Acharya, Philip Bond, Jennifer Carpenter, Francois Derrien, Shan Ge, Steve Kaplan, Elisabeth Kempf, Charles Lee, Holger Mueller, Raghuram Rajan, Mike Schwert, Amir Sufi, Qian Sun, Shan Zhao, and conference and seminar participants at NBER Chinese Economy Meeting, CICF, Asian Finance Association Meeting, Econometric Society Asian Meeting, the Changing Role of Stock Markets in Capital Formation Conference, HEC, Mannheim, HKU, HKUST, NUS, NYU Stern, University of Washington Foster School, and Peking University for comments and feedback. For data assistance, they are also grateful to the Private Capital Research Institute (PCRI), Xiaobo Zhang, and especially Rania Zhang with whom we had repeated discussions and consultations that helped shape an initial version of the paper. Cong’s research was funded by the Initiative on Global Markets, the Fama-Miller Center, and the Polsky Center at the University of Chicago Booth School of Business. Howell’s research was funded by the NYU Stern Center for Global Economy and Business and the Kauffman Foundation. Ammon Lam, Danye Wang, and Xiao Zhang provided excellent research assistance. 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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