The authors are grateful to Editor Lamar Pierce, an anonymous associate editor, three anonymous reviewers, Ruth Aguilera, Dominique Baabo Kubuya, Marco Becht, Vanessa Burbano, Olga Hawn, Natasha Hochberg, David Levine (discussant at the American Economic Association (AEA) Meetings), Steve Lydenberg, Serge Mayaka, Mary-Hunter McDonnell, Agnes Muzama, Ivan Png, Gui Deng Say, David Stolow, and Haitao Yu as well as seminar participants at Boston University; Cornell University; Erasmus University; Georgia Institute of Technology; George Mason University; HEC Paris (École des hautes études commerciales de Paris); IESE (Instituto de Estudios Superiores de la Empresa); Ivey; Lancaster University; Singapore Management University; Toulouse School of Economics; the University of California, Los Angeles; the University of Manchester; the University of Zurich; the University of Texas at Austin; the AEA Meetings (New Orleans); the Ackerman Corporate Governance Conference (Tel Aviv); the Swiss Economists Abroad Conference (Geneva); and the Strategic Management Society Annual Conference (Minnesota) for helpful comments and suggestions. The authors thank the Democratic Republic of Congo’s Ministry of Health, the Projet de Développement du Système de Santé coordination team, and Bluesquare for providing them with the data as well as their help and insights.
