The authors are indebted to Barry Adler (discussant), Pat Akey, Matthias Breuer, Brian Bushee, Hans Christensen, Alex Edmans, Vivian Fang, Fabrizio Ferri, Wei Jiang, Luzi Hail, Gilles Hilary, Colleen Honigsberg, Justin Hopkins, Gaizka Ormazabal, Christine Panasian (discussant), Shiva Rajgopal, Rik Sen, Marti Subrahmanyam, Eric Talley (discussant), Daniel Wolfenzon, Wayne Guay, Alminas Zaldokas, and participants at the 2018 Global Issues in Accounting Conference (University of North Carolina), the 2018 Columbia University Burton Conference, the 2019 American Law & Economics Association Conference, the 2019 NYU-LABEX-SAFE Workshop at ESCP Europe and Pantheon-Sorbonne University, the 2019 Corporate Governance Workshop at Northeastern, the 2019 Accounting Workshop in Bolzano, the 2019 Workshop on Corporate Governance and Investment (Oslo Business School), the 2019 Conference on Empirical Legal Studies, the University of Pennsylvania (Wharton), and the Chinese University of Hong Kong for helpful comments and discussions. All errors are our own.