Public equity is an important source of risk capital, especially in China. The Chinese government has occasionally suspended IPOs, exposing firms already approved to IPO to indeterminate listing delays. The temporary bar on going public increases uncertainty about access to public markets for...

We study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010. We match confidential loan-level data from the 19 largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion...

We model a dynamic economy with strategic complementarity among investors andstudy how endogenous government interventions mitigate coordination failures. We establishequilibrium existence and uniqueness, and we show that one intervention can affectanother through altering the public information...