Panda Games: Corporate Disclosure in the Eclipse of Search

The authors thank Gustavo Manso (the editor), an anonymous associate editor, three anonymous referees, Rajesh Aggarwal, Daniel Beneish, Matt Billet, Zhi Da (discussant), Nandini Gupta, Dirk Hackbarth, Jack He, Xing Hu, Jennifer Huang, Shiyang Huang, Ryan Israelsen, Paul Karehnke, Alan Kwan, Jaehoon Lee, Feng Li, Chen Lin, TC Lin, Laura Xiaolei Liu (discussant), Ron Masulis, Lilian Ng, Jun Qian, Ghon Rhee, Thomas Ruf, Rik Sen, Tao Shu, Andrew Sinclair, Douglas J Skinner (discussant), Dragon Yongjun Tang (discussant), Wing Wah Tham, Fei Xie, Jian Wang, Lucy White, T.J. Wong (discussant), Wei Yang, Teri Yohn, Frank Yu, Jason Zein, Dexin Zhou (discussant), and Hong Zou, as well as seminar and conference participants at Boston University, Cheung Kong Graduate School of Business, Cardiff University, Curtin University, Fudan University, Indiana University, La Trobe University, Macquarie University, Manchester University, Northeastern University, RMIT University, Shanghai Advanced Institute of Finance, The Chinese University of Hong Kong, Shenzhen, University of Auckland, University of Georgia, University of Hawaii, University of Hong Kong, UNSW Sydney, University of South Australia, University of Western Australia, Victoria University of Wellington, York University, the 2017 China Finance Review International Conference, the 2018 Financial Management Association Doctoral Students Consortium Annual Conference, the 2018 China Financial Research Conference, the 2018 China International Conference in Finance, the 2018 China International Forum on Finance and Policy, the 2018 Financial Management Association Doctoral Students Consortium Doctoral Students Consortium, and the 2019 European Finance Association Annual Meeting for valuable comments. The authors also thank the program committees of the 2018 China International Conference in Finance and the 2018 China International Forum on Finance and Policy for awarding us the XiYue Best Paper Award and the Excellent Paper Award, respectively. The authors thank Nicholas Korsakov for editorial assistance and technology consultation.