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This paper is based on the author’s dissertation at Tulane University. The author is deeply indebted to his dissertation committee: Gus De Franco (chair), Lisa LaViers, and Gans Narayanamoorthy. The author appreciates comments and suggestions from two anonymous reviewers, an anonymous associate editor, Suraj Srinivasan (editor), Benjamin Bennett, Jasmijn Bol, Sean Cao, Wilbur Chen, Yang Chen, Stephanie Cheng, Yanhua Dong, Pingyang Gao, Rui Ge (discussant), Tim Gray, Ziming Guo, Sophia Hamm, Jiapeng He, Shuoyuan He, Mengqi Huang, Le (Lexi) Kang, Chengzhe Li, Dan Li, Jiayin Li, Shengnan Li, Pengkai Lin, Wenwei Lin, Serena Loftus, Ting Luo, Guang Ma, Brian P. Miller, Joseph Pacelli (discussant), Jason Sandvik, Thomas Shohfi, Susan Shu, Douglas Skinner, Bohan Song, Sheri Tice, Barrett Wheeler, Hal White, Ari Yezegel, Cheng Yin, Xiang Yin, Shuangchen Yu, Xin Yuan, Guochang Zhang, Qian Zhang, Liandong Zhang, Ruizhong Zhang, Yuan Zhang, Yuyan Zhang, Qinlin Zhong, Hui (Susan) Zhou, Zhiwei (Vivi) Zhu, and Luo Zuo. The author also thanks seminar attendees at Tulane University, University of Hong Kong, Tsinghua University, China Europe International Business School, Beijing Jiaotong University, Central University of Finance and Economics, Southern University of Science and Technology, Peking University, and Renmin University of China, and participants at the 2021 Deloitte Doctoral Consortium, the 2021 AAA Annual Meeting, the 2022 FARS Midyear Meeting, the 2022 CAPANA Conference, and the 2024 Antai Forum of Accounting and Capital Market for helpful comments. The author thanks Minli Luo, Linxia Wang, Zhiliang Xu, Xiaohua Zhan, and Yuwen Zhang for their excellent research assistance. All remaining errors are the author’s responsibility.