The authors are grateful for helpful comments from Brian Bushee (department editor), the anonymous associate editor, two anonymous referees, Tongrui Cao, Wei Chen, Lukas Helikum, Feng Yeo, Tu Xu, Yanjia Yang, and Yao Yu as well as seminar participants at Chulalongkorn University, Nanyang Technological University, Yonsei University, and the Korea Accounting Association 2020 Winter Conference. The authors thank Kullapat Phatinawin and Passawoot Supagumnerd for research assistance.