The authors appreciate the helpful comments of Victoria Ivashina (editor), the anonymous associate editor, the two anonymous reviewers, Sanjeev Bhojraj, Robert Bloomfield, Ivor Cribben, Radhakrishnan Gopalan, Toomas Laarits, Pavel Savor, and Eric Yeung, as well as seminar participants at Cornell University, the 2019 Conference on Financial Economics and Accounting, and the American Finance Association 2020 Annual Meeting.