The authors appreciate valuable comments from Ranjani Krishnan (Department Editor), the Associate Editor, and two anonymous reviewers, as well as Jaehan Ahn, Wen Chen, Jinyu Cui, Udi Hoitash, Sidney Leung, Xiaotao Liu, Suyuan Ma, Yihan Niu, Christian Paparcuri, Nancy Su, Zheng Wang, Forester Wong, Eliza Wu (discussant), Cheng Zeng (discussant), and Xindong Zhu. The authors also thank seminar participants at the Chinese University of Hong Kong-Shenzhen, City University of Hong Kong, Lanzhou University, Northeastern University (Boston), Sun Yat-sen University, University of Science and Technology of China, and Xi’an Jiaotong University, as well as attendees at the 2024 Asian Finance Association Conference and the 3rd Malan Accounting Forum.