The authors thank Agostino Capponi, Gerard Hoberg, and Gustavo Schwenkler for detailed comments and direction; Chunrong Ai, Kwan Chen, Tony Cookson, Tarek Hassan, Shiyang Huang, Sanya Kohli, Kai Li, Alejandro Lopez-Lira Nadya Malenko, Alan Moreira, Deniz Okat, Lubos Pastor, Lauren Sutioso, George Tauchen, Baozhong Yang, Weiyi Zhao, and seminar and conference participants at the AEA/CERNA Joint Meeting, Ansatz Capital, Conference on Big Data, Machine Learning and AI in Economics, Baidu Du Xiaoman Financial, DataYes/KDD China AI x FinTech Workshop, Erasmus University (Rotterdam), Financial Intermediation Research Society Annual Conference (Savannah), Global Digital Economy Summit for Small and Medium Enterprises (DES2020), Guanghua International Symposium, University of Hong Kong, Hong Kong University of Science and Technology, INQUIRE Europe Autumn Seminar (Krakow), IIF International Research Conference & Award Summit (Delhi), JD.com JDD (Financial Arm), Kenan Institute Frontiers of Entrepreneurship Conference, Nanyang Technological University, New Technologies in Finance Conference (Columbia Graduate School of Business), 1st NY Fed FinTech Research Conference, Singapore Management University, Tilburg University, the Second Toronto FinTech Conference, and the Zhongnan University of Economics and Law for feedback and suggestions; Michael Fortunato, Fujie Wang, Oliver Xie, and Guanyu Zhou for excellent research and programming assistance; and Shuyan Huang, Chloe Shin, Raj Shukla, Ellis Soodak, Jiashu Sun, Sourabh Velaga, and Connie Xu for research assistance. The contents of this publication are solely the responsibility of the authors.
