the country's shipbuilding industry to the largest globally. Using comprehensive data on shipyards worldwide and a dynamic … model of firm entry, exit, investment, and production, we find that the scale of the policy was massive and boosted China …'s domestic investment, entry, and world market share dramatically. On the other hand, it created sizable distortions and led to …

strategy to world shipbuilding, a classic target of industrial policy. I find strong evidence consistent with China having …

industry from 1991 to 1996. Plant-level decisions on R&D, physical capital investment, entry, and exit are integrated in a … physical investment, and plant scrap value distribution. Knowledge spillovers are essential to explaining the firm …

shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they … compensation, investment, and firm performance for both cases. The relationship between firm performance and managerial incentives …, in isolation, is insufficient to identify whether managers have private benefits or private costs of investment. In order …