The authors thank Allen Berger, Lamont Black, Yongqiang Chu, Haoyu Gao, Vahid Irani, Chao Jiang, Da Ke, Seung Jung Lee, Gregory Niehaus, Chenyu Shan, Sergey Tsyplakov, Xueping Wu, and Wenhao Yang as well as conference/seminar participants at the University of South Carolina, 2019 China International Conference in Finance, and the 2019 Financial Management Association Annual Conference for their helpful comments. The authors also thank Victoria Ivashina (the editor), the associate editor, and three anonymous referees for their comments that greatly improved the paper.