The authors are grateful to Brad Barber, Byeong-Je An, Steve Figlewski, Mark Grinblatt, Bing Han, Kris Jacobs, Juhani Linnainmaa, Neil Pearson, John Wei, and Xiaoyan Zhang as well as participants at the Second Sun Yat-Sen University Finance International Conference, Singapore Management University Summer Research Camp, 2019 Asian Finance Association Conference, 2019 Financial Management Association Annual Meeting, 2020 American Finance Association Annual Meeting PhD Student Poster Session, 2020 Virtual Derivatives Workshop, HSBC Business School (Peking University), Korea Advanced Institute of Science and Technology, and National University of Singapore Brown Bag Seminar for helpful comments.