For helpful comments, the authors benefited from discussants Michael Brennan, Hans Fredrikson, Neal Galpin, Robert Ready, and Baolian Wang as well as Ron Dye, Ravi Jagannathan, Robert Korajczyk, Swaminathan Sridharan, and Linda Vincent in addition to other seminar participants at Arizona State University, Capital University of Economics and Business, Central University of Finance and Economics, Dongbei University of Finance and Economics, Fudan University, Hong Kong University of Science and Technology, Indiana University, Kellogg School of Management (Accounting Information and Management) at Northwestern University, People’s Bank of China, School of Finance and School of Economics and Management at Tsinghua University, Guanghua School of Management and Institute of New Structural Economics at Peking University, Rutgers University, the Financial Research Network seminar hosted by University of Queensland, The Ohio State University, University of Bristol, University of Cincinnati, University of Exeter, University of Lancaster, University of Iowa, University of Manchester, University of Manitoba, University of Mannheim, University of Texas at Dallas, University of Toronto, and Zhejiang Gongshang University as well as the 2019 Swedish House of Finance Conference on Financial Markets and Corporate Decisions, the 2019 University of British Columbia Phillips, Hager & North Centre for Financial Research Summer Finance Conference, the Second China International Forum on Finance and Policy at University of International Business and Economics in 2019, the Fourth Annual Wealth and Asset Management Research Conference at Washington University in St. Louis in 2019, the 2020 Greater China Area Finance Conference, the Ninth China Investments Annual Conference in 2021, the 2021 Taiwan Finance Association Annual Meetings, the 2021 Shanghai Advanced Institute of Finance and China Academy of Financial Research Summer Camp, the 2021 China International Conference in Finance, the Eighth Annual Melbourne Asset Pricing Meeting in 2021, and the 2022 China Fintech Research Conference. Lukas Schmid (the editor), an associate editor, and two anonymous referees deserve special thanks. This paper supersedes our work previously circulated under the title “Security Analysis: An Investment Perspective.” All remaining errors are our own.
