The authors are grateful for comments provided by Cristi Gleason, James Myers, and Isabel Wang (discussant) as well as workshop participants at the 2023 Financial Accounting and Reporting Section Midyear Meeting, the 2023 Oklahoma State University PhD Alumni Research Conference, the University of Missouri, Dartmouth College, the University of Connecticut, the University of Louisville, the 2022 Tennessee Alumni Research Symposium, and the Corporate Governance and Executive Compensation Research Series. All errors are the authors’ own.
