A Reply to Listo, Saberian and Thivierge (2023)
回应了Listo等人对De Haas和Popov（2023）的复制研究，通过修正标准误聚类、GMM代码错误以及调整中国样本，证实原结果在经济意义和统计精度上仍然稳健。
Listo, Saberian and Thivierge (2023) conduct a careful replication of De Haas and Popov (2023) using the data, code, and instructions we made available at the time of publication. They highlight an inconsistency between the table notes and the main text in how the clustering of standard errors is described; uncover a coding mistake in the GMM regressions; and show that weak instruments are unlikely to bias our 2SLS coefficients. In this reply, we show that our results remain economically meaningful and statistically precise (though smaller in magnitude) when we (i) cluster standard errors by country in the country panel; (ii) correct the GMM code; and (iii) include or exclude China in the country and industry samples.