Industrial Policy via the IPO Market -- by Zhiguo He, Yiming Qian, Xi Sun, Wang Renxuan

He acknowledges financial support from the Chai-Siriwatwechakul fellowship at Stanford GSB. Wang acknowledges the financial support from the CEIBS-APS Center for Financial Markets. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.