The authors thank two anonymous referees for many valuable suggestions and Shai Bernstein, Oleg Chuprinin, Espen Eckbo, Andrey Golubov (discussant), Vidhan Goyal, Kose John, Chang-Mo Kang, Kaushik Krishnan (discussant), Hao Liang (discussant), Lubomir Litov, Michelle Lowry, Daniel Metzger (discussant), Shawn Mobbs, Hernan Ortiz-Molina (discussant), Yue Qiu (discussant), Denis Sosyura, Peter Swan, Randall Thomas, Robert Thompson, Karin Thorburn, Li Yang, Xianming Zhou, and seminar participants at UNSW Sydney, Deakin University, University of Alabama, University of Toledo, Norwegian School of Economics, La Trobe University, Florida State University, and conference participants at the 2017 Northern Finance Association Conference, 2017 FMA Conference, 2017 AsianFA Conference, 2017 FIRN Corporate Finance Conference, the 2020 Emerging Markets Finance Conference, the 2022 Midwest Finance Association Conference, and the 2023 Erasmus Corporate Governance Conference for helpful discussions and valuable comments. All errors are our own.
