State ownership biases government support—evidence from the financial crisis
利用金融危机期间德国医院刺激资金分配数据，发现公立医院从政府获得显著优待，这解释了国有企业软预算约束的存在。
Abstract Do governments treat firms they own more generously than comparable firms they do not own? The allocation of stimulus funds to hospitals in Germany during the financial crisis provides a unique opportunity to address this question. Using an instrumental variable approach leveraging the historical persistence of hospital ownership, we find evidence that publicly owned hospitals received substantial preferential treatment from the government. These findings have important implications for industrial policy, providing an explanation for the existence of soft budget constraints often associated with publicly owned enterprises