The authors thank Kurt Gee, Miaochan Li (discussant), Jochen Pierk (discussant), and Kathleen Schuchard (discussant) as well as workshop participants at the University of Houston, National Taipei University, National Tsing Hua University, National Chengchi University, the 2018 American Accounting Association Annual Meeting, the 2019 Hawaii Accounting Research Conference, and the 2019 European Accounting Association Annual Congress for helpful comments and suggestions. They thank Yilu Deng, Eleanore Yip, Shuming Zhang, Yaping Zheng, and Mei Zhu for research assistance.
