The authors thank the seminar and conference participants at the Cheung Kong Graduate School of Business, the Fudan International School of Finance, the PBC School of Finance at Tsinghua University, Peking University, Renmin University, the Shanghai Advanced Institute of Finance at Shanghai Jiaotong University, the University of Sydney, the 2021 China International Conference of Finance, the 2021 Financial Management Association Annual Meeting, the 2021 Midwest Finance Association Annual Meeting, the 2021 FIRN Annual Meeting, and the 2022 SFS Cavalcade Asia-Pacific Annual Meeting for helpful discussions.