The authors greatly acknowledge helpful comments and suggestions from Brian Bushee (the department editor), the associate editor, two anonymous reviewers, and seminar participants at Fudan University, Shanghai Jiao Tong University, Shanghai University of Finance and Economics, Lingnan University, Central South University, Dongbei University of Science and Economics, and the American Accounting Association 2022 Annual Conference. The authors also thank Yi Chen and Chenkai Ge for their excellent research assistance, and Xifeng Wen (Director of Experiment and Data Center in ACEM, Shanghai Jiao Tong University) for his technical support. All authors contribute equally to this paper.