The Real Effects of Implicit Government Guarantee: Evidence from Chinese State-Owned Enterprise Defaults

The authors thank the editors Lukas Schmid and Haoxiang Zhu, two anonymous referees, an anonymous associate editor, Sumit Agarwal, Deniz Anginer (discussant), Bernard Black, Zhuo Chen (discussant), Sudipto Dasgupta, Sadok El Ghoul, Zhiguo He, Eunhee Kim, Doron Levit, Bo Li (discussant), Yupeng Lin, Song Ma, Paul Malatesta (discussant), Frank Milne, Jacopo Ponticelli (discussant), Luke Taylor, Florin Vasvari, Hong Yan, Xiaoqian Zhang (discussant), and Ning Zhu. They also thank seminar and conference participants at the China Financial Research Conference; Financial Management Association Annual Meetings (Boston); the FMA Asia Pacific Conference; the Journal of Law, Finance, and Accounting Conference (Hong Kong); Queen’s University; SFS Cavalcade (Yale); Shanghai University of Finance and Economics; the South Carolina Fixed Income and Financial Institutions Conference; the Summer Institute of Finance Conference; and Tsinghua University. All errors are their own.