The authors thank David Sraer (the editor), an anonymous associate editor, and four anonymous referees for comments. The authors thank Zefeng Chen, Yeqing Zhang, and participants at the Georgetown Global Virtual Seminar Series on Fintech, Asian Meeting of the Econometric Society 2022, China Fintech Research Conference 2022, the 5th Big Data, AI and Fintech Conference, and Central University of Finance and Economics for helpful comments and discussions.