The authors thank Eric So (department editor), an anonymous associate editor, two anonymous reviewers, Dan Amiram, Vishal Baloria, Joseph Gerakos, Joao Granja, Gilles Hilary, Sudarshan Jayaraman, Kelvin Law, Petro Lisowsky, Michael Song, Chang Sun, Jake Thornock, Brady Williams, Jerry Zimmerman, and seminar participants at the Massachusetts Institute of Technology Asia Conference in Accounting, City University of Hong Kong, Hong Kong University of Science and Technology, Sun Yat-sen University, Tongji University, University of California, Irvine, and University of Hong Kong for helpful comments and suggestions.