The authors thank Jeremy Bertomeu, Judson Caskey, Archishman Chakraborty, Doron Levit, Keri Hu, Navin Kartik, Kristof Madarasz, Nadya Malenko, Yuval Rottenstreich, Kevin Smith, and participants at the 12th Annual FSU SunTrust Beach Conference (2021), the Accounting and Economics Society Webinar, the Northern Finance Association Conference (2021), the Chicago-Minnesota Accounting Conference (2023), and seminars at Texas A&M and University of California, Irvine, for valuable feedback. A previous version of this paper was circulated under the title “The Man(ager) Who Knew Too Much.” All errors are the authors’ own.