The authors thank Evisa Bogdani, Jagan Krishnan, Yi Liang, Michael Mayberry, Vicki Tang, Wei Wang, and workshop participants at the Washington Accounting Research Symposium (2023), Haskayne and Fox Accounting Conference (2023), AAA Audit Midyear Meeting (2024), AAA Annual Meeting (2024), George Mason University, London Business School, and Villanova University for comments and Alice Lee, Yujie Ma, and Krystian Tarkowski for excellent research assistance. The authors are also grateful to the department editor Suraj Srinivasan, the associate editor, and the anonymous reviewers for their constructive feedback, which significantly improved the manuscript. Finally, the authors acknowledge financial support from the Fisher School of Accounting and Warrington College of Business at the University of Florida, the Costello College of Business at George Mason University, and the Fox School of Business and Management at Temple University.
