The authors thank the editorial board and the reviewers for their insightful comments and suggestions. The authors also thank Diego Amaya (discussant), Martijn Boons, Baptiste Colas (discussant), Peter Cziraki, Joost Driessen, Julian Franks, Rik Frehen, Jose V. Martinez, José Penalva (discussant), Alvaro Remesal, Rafael Repullo, Thomas Ruchti, Harm Schütt, Eric So, Michael Ungeheuer (discussant), Christian Westheide, and Bart Zhou Yueshen as well as seminar participants at Tilburg University, Comisión Nacional del Mercado de Valores, Centro de Estudios Monetarios y Financieros, the Technical University of Munich, the 12th Econometric Society World Congress, the Northern Finance Association 2020 Conference, the Central Bank of Uruguay, Colegio Universitario de Estudios Financieros (CUNEF), the 2021 European Accounting Association Annual Congress, and the 28th Finance Forum for valuable comments and suggestions.