Is the Chinese Anticorruption Campaign Authentic? Evidence from Corporate Investigations

The authors thank an associate editor, two anonymous referees, Vikas Agarwal, Lin Chen, Mark Chen, Yongheng Deng, Gerald Gay, Stuart Gillan, Jie (Jack) He, Sara Holland, Andrew Karolyi, Omesh Kini, Jun Hoon Lee, David Lesmond, Xuhui Pan, Yihui Pan, Bradley Paye, Tomasz Piskorski (the editor), Clemens Sialm, Baolian Wang, Yongxiang Wang, Bernard Yeung, Xiaoyun Yu, Wei Xiong, Bohui Zhang, Feng Zhang, and conference participants at 2019 Finance Down Under Conference, 2018 Conference of Financial Economics and Accounting, 2018 Financial Management Association Meeting (Asia Panel Session), 2018 Paris December Conference, 2017 Association of Financial Economists Meeting, 2017 Asian Bureau of Finance and Economic Research Meeting, the Fifth Symposium on Emerging Financial Markets: China and Beyond, 2016 China International Conference of Finance, 2016 Massachusetts Institute of Technology Asian Conference in Accounting, and 2016 China Financial Research Conference, and seminar participants at Arizona State University, Tulane University, University of Georgia, Georgia State University, University of Hong Kong, and University of Utah for helpful comments and the many research assistants including Haorui Bai, Hunter Bezner, Tianyuan Liu, Kush Patel, and Wenqing Zhao for research support. All remaining errors are the authors’ responsibility. C. Liu is the corresponding author.