The authors are grateful to Lin William Cong (the editor), an anonymous associate editor, two anonymous referees, Ufuk Akcigit, John M. Barrios, Zhi Da, Mike Ewens, Hanming Fang, Lily Fang, Joao Gomes, Will Gornall, Jeremy Greenwood, Bronwyn Hall, Zhiguo He, David Hirshleifer, Sabrina Howell, Chang-Tai Hsieh, Jiacui Li, Tong Liu, Andrew Lo, Dong Lou, Yao Lu, Fuwei Jiang, Wei Jiang, Steve Kaplan, Bill Kerr, Hyeik Kim, Pete Klenow, Josh Lerner, Yifei Mao, Jun Pan, Dave Robinson, John Rogers, Hongxun Ruan, Amit Seru, Yang Song, Zheng (Michael) Song, Haotian Xiang, Luke Taylor, Melanie Wallskog, Ting Xu, Jianfeng Yu, Bohui Zhang, Linyi Zhang, Sili Zhou, and Fabrizio Zilibotti, and participants in seminars at Peking University and Tsinghua University and those in the NBER Summer Institute Entrepreneurship Meeting, the WFA Meeting, and China International Conference in Finance for helpful comments and suggestions. All errors are the authors’ own. The authors are listed in alphabetical order and contributed equally to the article.
