The authors thank Neil Bhattacharya, Mark Bradshaw, Andy Call, Kun-Chih Chen, Qiang Cheng, Steve Crawford (American Accounting Association Annual Meeting discussant), Ricky Johnston, Jae Bum Kim, Yen-Jung Lee, and Hai Lu as well as seminar participants at National Taiwan University, Singapore Management University, Southern Methodist University, Temple University, and the University of Technology Sydney-Singapore Management University-University of New South Wales Joint Accounting Conference. Special thanks to Allen Huang for providing the Institutional Investor all-star ranking data.