The authors thank Sonakshi Agrawal (discussant), Khrystyna Bochkay, Thomas Bourveau, David Eisel (discussant), Davidson Heath, Anthony Joffre, Dan Li, Reeyarn Li (discussant), Mark Maffett, Jim Naughton, Zeyu Ou, Suhas Sridharan, and Philip Wang, along with workshop and conference participants at the 2023 Florida Accounting Symposium, 2024 AAA Annual Meeting, 2025 Financial Accounting and Reporting Section Midyear Meeting, the University of Miami, and Yonsei University for helpful comments.