The authors are grateful to Phil Berger, Matt Bernhardt, Jeremy Bertomeu, Kevin Boyd, Eric Budish, Hans Christensen, Amoray Riggs-Cragun, Christine Gramhofer, Rebecca Hann (discussant), Yael Hochberg, Emir Kamenica, Christy Leak, Christian Leuz, Patricia Naranjo, Valeri Nikolaev, Ray Pauliks, Canice Prendergast, Santanu Roy, Doug Skinner, Paul Steven, Kevin Troy, an anonymous associate editor, and two anonymous reviewers as well as seminar participants at Emory University, London Business School, Marist College, University of California Irvine, University of Louisiana - Lafayette, University of Chicago, Early Insights in Accounting Webinar, and Haskayne and Fox Accounting Conference for helpful comments and suggestions. The authors extend a special thanks to Edwige Cheynel, Malte Lammert, and Giampaolo Bonomi. The authors are also grateful for excellent research assistance from Haoyi (Daniel) An and Alexander Weiss.
