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UID:8c4019ad20f2d2a095342b0393363fbe
CATEGORIES:Seminars
CREATED:20211115T164707
SUMMARY:Lunch Seminar: Emanuele Colonnelli - University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:"Investing with the Government: A Field Experiment in China"\nAbstract:\nWe
  study the demand for government participation in financial markets. Focusi
 ng on the venture capital and private equity industry in China, we design a
  non-deceptive field experiment in collaboration with the leading industry 
 organization, through which we conduct 1,000 experimental surveys of both s
 ides of the market: the capital investors (LPs) and the private firms that 
 manage the invested capital by deploying it to high-growth firms (GPs). Our
  respondents together account for nearly $1 trillion in assets under manage
 ment. Each respondent evaluates hypothetical profiles of potential partners
 , whose characteristics we randomize, under the real-stakes incentive that 
 they will be matched with and introduced to real partners based on their pr
 eferences. We document that the aver- age GP dislikes government-connected 
 LPs. Consistent with political views of government participation in finance
 , such dislike is not present for government-owned GPs. To further unpack c
 hannels, we conduct additional large-scale surveys, which suggest the prese
 nce of political interference in decision-making, and the presence of burea
 ucrats rather than in- vestment professionals in the management of governme
 nt LPs, to be leading mechanisms why private GPs prefer capital from privat
 e LPs. On the other hand, we find that the average LP prefers GPs that have
  a government-connected LP as an investor. To illustrate the importance of 
 accounting for demand for different sources of capital, we first establish 
 two stylized facts using administrative data: government LPs are more likel
 y to match with government-owned GPs, and government-owned GPs have lower r
 eturns. We then quantify the equilibrium impact of government participation
  on market outcomes using a two-sided search and matching model and conduct
  several policy counterfactuals\n
DTSTAMP:20260406T010616Z
DTSTART:20211214T130000Z
DTEND:20211214T140000Z
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TRANSP:OPAQUE
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