The authors thank Cindy Alexander, Scott Bauguess, Hendrik Bessembinder, Utpal Bhattacharya, John Boschen, Gjergji Cici, Scott Gibson, John Griffin, Umit Gurun, Tobin Hanspal, Ehud Kamar, Alexander Kempf, Igor Kozhanov, Marcel Müller, Ken Njoroge, Audrey Ok, Christo Pirinsky, Elmira Shekari-Namin, Ľuboš Pástor, Martin Rohleder, Kim Smith, Charles Trzcinka, Marliese Uhrig-Homburg, Wei Zhang; seminar participants at Conference on Empirical Legal Studies in Europe 2018, FMA 2017, Financial Management Association European Conference 2019, German Finance Association 2018, Karlsruhe Institute of Technology, 9th Professional Asset Management Conference (Rotterdam School of Management, Erasmus University), Technical University of Munich, the U.S. Security and Exchange Commission, Université Angers, University of Cologne, and William & Mary; and the department editor (Agostino Capponi), the associate editor, and referees of this journal for helpful comments and suggestions. The authors are solely responsible for any remaining errors.