The authors thank Justin Birru, Andrew Fodor, Stanimir Markov, Joe Pacelli, Sugata Ray, Thomas Shohfi, Laura Wellman, Zhipeng Yan, Frank Yu, and seminar participants at Kings College London, The University of Toledo, Miami University, University of Cincinnati, People’s Bank of China School of Finance, Tsinghua University, University of Manchester, University of Warwick, the China International Conference in Finance, Financial Management Association, the Conference on Financial Economics and Accounting, and the Financial Accounting and Reporting Section Midyear Meeting for many helpful comments.