Regulating Conglomerates in China: Evidence from an Energy Conservation Program

We are very grateful for discussions from Stefan Lamp, Mar Reguant, Nick Ryan, and Shaoda Wang and for comments from Hunt Allcott, Soren Anderson, Prabhat Barnwal, Raj Chetty, Julie Cullen, David Cutler, Michael Davidson, Michael Dinerstein, Matt Gentzkow, Ed Glaeser, Ken Gillingham, Josh Gottlieb, Michael Greenstone, Caroline Hoxby, Kelly Jones, Matthew Kahn, Louis Kaplow, Lawrence Katz, Stephanie Kestelman, Justin Kirkpatrick, Thibaut Lamadon, Ashley Langer, Shanjun Li, Neale Mahoney, Justin Marion, Leslie Martin, Magne Mogstad, Ben Olken, Edson Severnini, Joe Shapiro, Felix Soliman, Michael Song, Stefanie Stantcheva, Chris Timmins, Reed Walker, Heidi Williams, Xiaodong Zhu, and seminar participants at American University, ASSA, Barcelona Summer Forum, Cowles Foundation Summer Conference, Fudan University, FRB of Atlanta, Harvard, Helsinki GSE, Michigan State University, NBER Public, NBER China, Paris School of Economics, Peking University, SHUFE, Stanford University, University of Chicago, University of Toronto, UCSC, UCSD, University du Quebec a Montreal, University of Oxford, University of Michigan, and the 9th Mannheim Conference on Energy and the Environment. We thank IntSig Information for providing China's Administrative Registration Data (CARD). All errors remain 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.

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