Equilibrium Consequences of Corruption on Firms: Evidence from China's Anti-Corruption Campaign
---- Acknowledgments ----
We are grateful to seminar participants at Tsinghua University, Shanghai University of Finance and Economics, and NBER Chinese Economy conference (2017) for comments and suggestions that significantly improved the paper. Ding acknowledges financial support from the National Natural Science Foundation of China (no. 71703086). Fang acknowledges the financial support from the China Research Engagement Fund of the University of Pennsylvania. We are responsible for all remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.