Corruption in Chinese Privatizations

We would like to thank Loren Brandt, Charles Calomiris, Harry DeAngelo, Nandini Gupta, Amit Khandelwal, John Matsusaka, Adair Morse, Kevin Murphy, Richard Roll, Philipp Schnabl, Catherine Thomas, Shang-Jin Wei, Julie Wulf, Jialin Yu, and seminar participants at AFA, Berkeley, Indiana University (Kelly), Maryland, NBER China Conference, Yale, University of International Business and Economics, and USC-UCLA Finance Day for helpful comments. Jin Xie and Huifeng Yin provide able RA support. We also thank a senior officer at the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Feihu Long, Kui Zeng and Zhichao Fang for providing institutional details on state asset transfers. Financial support from CIBER at Columbia Business School is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.