The authors thank the Editor, the Associate Editor, the three reviewers, Andy Call, Clifton Green, Jillian Grennan (discussant), Allen Huang (discussant), Jiekun Huang, Russell Jame, Andrew Karolyi, Ningzhong Li, Ross Lu, Stan Markov (discussant), Joe Pacelli, Marcus Painter (discussant), Hongping Tan, Ye Wang (discussant), Scott Yonker, Chi Zhang (discussant), Frank Zhang, Jingjing Zhang, and seminar participants at Korea University, the 2021 EFA Annual Meeting, the 2021 MIT Asia Conference in Accounting, the 2021 China International Conference in Finance, the 2021 CAPANA Conference, the 3rd Future of Financial Information Conference, and the 2021 Conference on Financial Innovation for many valuable suggestions and comments.