This paper examines the relation between audit market competition and audit quality. We use the staggered introduction of bullet trains in China as shocks to travel time between audit clients and prospective audit firms, which increases the threat of competition for incumbent audit firms. Using...

Using proprietary data of all high-tech incubators in China, we study a new approach by government to implement industrial policy through market intermediaries instead of directly allocating resources. Exploiting a highly localized industrial policy that targets different ``strategic emerging...

Using the regulation-induced initial public offering (IPO) suspensions in China as shocks that distract venture capitalists (VCs) from their other portfolio companies because they must pay attention to the suspended firms, we identify the reduced impact of their monitoring role on other...