The authors thank Ranjani Krishnan (Editor), the anonymous Associate Editor, and two anonymous reviewers for their valuable feedback. The authors also thank Svenja Dube (discussant), Chuchu Liang, Dawn Matsumoto (discussant), Alex Nekrasov, Mort Pincus, Devin Shanthikumar, Terry Shevlin, Siew Hong Teoh, Radhika Lunawat, Holly Yang (discussant), Chenqi Zhu, and seminar participants at the University of California Irvine, the 2021 AAA Western Region Doctoral Student Faculty Interchange, the 2021 American Accounting Association Annual Meeting, and the 2022 Hawaii Accounting Research Conference for their helpful comments.