Does Trading Spur Specialization? Evidence from Patenting

The authors thank Lin William Cong (editor), an anonymous associate editor, three anonymous referees, Ufuk Akcigit, Li An, Ashish Arora, Salome Baslandze, Bo Bian, Murat Celik, Zhuo Chen, Lauren Cohen, Emin Dinlersoz, Hanming Fang, Lily Fang, Joao Gomes, Jeremy Greenwood, Bronwyn Hall, Zhiguo He, David Hirshleifer, Sabrina Howell, Wei Jiang, Ben Jones, Chad Jones, Bill Kerr, Peter Klenow, Zonglai Kou, Josh Lerner, Bo Li, Bibo Liu, Dong Lou, Yao Lu, Song Ma, Yifei Mao, Jun Qian, David Robinson, Carlos Serrano, Zheng (Mike) Song, Shang-Jin Wei, Wenfeng Wu, Han Xia, Wei Xiong, Bohui Zhang, Fabrizio Zilibotti, and participants of the National Bureau of Economic Research Chinese economy working group meeting, the American Finance Association meeting, the Northern Finance Association meeting, China International Conference in Finance, China Financial Research Conference, and China Finance Scholar Forum for helpful comments and suggestions.