We use administrative registration records with information on the owners of all Chinese firms to document the importance of "connected" investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy...

The gender education gap has been narrowing worldwide in recent decades. We provide the first causal evidence on how foreign direct investment (FDI) affects the gender education gap. By exploiting the quasi-exogenous deregulation of FDI entry in China upon its WTO accession, we find that...

We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a...