The authors thank Victoria Ivashina (the editor) and three anonymous referees, as well as Pat Akey, David Brown, Christopher James, Yeejin Jang, Tao Li, Ron Masulis, Manju Puri, Jay Ritter, Paola Sapienza, David Sappington, Rik Sen, Daniel Sokol, Jennifer Tucker, Ryan Williams, Jun Yang, and conference/seminar participants at the 2021 American Finance Association (AFA) Annual Meeting, 2020 Financial Management Association (FMA) Annual Meeting, the University of New South Wales, Australian National University, and the University of Florida for helpful comments. C. Ahn was affiliated with the Chinese University of Hong Kong while this work was conducted.