The authors thank Nick Bloom, Jan Brueckner, Jaewon Choi, Jess Cornaggia, Anh Le, Shirley Lu, Andrii Parkhomenko, Michael Schwert, Berk Sensoy, Matthew Serfling, Manpreet Singh, Dipesh Bhattarai, and seminar participants at 2023 AEA conference, 2023 Annual Eastern Finance Meeting, 2023 Fixed Income and Financial Institutions Conference, 2023 Remote Work Conference, Middle Tennessee State University, Southern Illinois University-Carbondale, University of Massachusetts Lowell, Vanderbilt University, and Virginia Tech University for helpful comments and the two anonymous referees for constructive comments in the review process.