The authors are grateful to Department Editor Lin William Cong, the associate editor, and the referees for valuable guidance and suggestions. The authors also appreciate helpful feedback from Vikas Agarwal, Anup Agrawal, Yan An, Daniel Bradley, Andrew Detzel, David Dicks, Jesse Ellis, Todd Gormley, Iftekhar Hasan, Gerard Hoberg, Zongbo Huang, Swaminathan Kalpathy, Chang-Mo Kang, Omesh Kini, Dan Li, Andrey Malenko, Paolina Medina, Daniel Rabetti, Chip Ryan, Jinfei Sheng, and Baozhong Yang; seminar participants at Georgia State University, Baylor University, Southwest University of Finance and Economics, and Xi’an Jiaotong–Liverpool University; and conference participants at the 2021 Lone Star Conference, the 2021 Financial Management Association Annual Meeting, the Fifth Shanghai–Edinburgh–London Fintech Conference, the 2023 Conference on Emerging Technologies in Accounting and Financial Economics, and the 2023 China International Conference in Finance.