Chen, Qiaoyi; Chen, Zhao; Liu, Zhikuo; Suárez Serrato, … - National Bureau of Economic Research - 2021
We study a prominent energy regulation affecting large Chinese manufacturers that are part of broader conglomerates … shifted production to unregulated firms in the same conglomerate instead of improving their energy efficiency. Conglomerate … spillovers account for 40% of the output loss of regulated firms and substantially reduce aggregate energy savings. Using a …