This paper benefited from helpful suggestions from Dennis Campbell, Jung Ho Choi, Fabrizio Ferri, Janet Gao, Michael Guo, Jonathan Glover, Jillian Grennan, Kai Li, Sara Malik, David Reeb, Michael Shen, Gurpal Sran, Suraj Srinivasan, Sebastian Tideman, Benjamin Yost, Ronghuo Zheng, and seminar and conference participants at MIT, National University of Singapore, Syracuse University, 2023 Berkeley Culture Conference, MIT Asia 2022 Accounting Conference, FARS 2023 Midyear Meeting, Hawaii Accounting Research Conference 2023, AFA 2023 Annual Meeting, CFEA 2022 Meeting, and the ICGI 2022 Conference. The authors are grateful to Cindy Kuang and Jinyuan Guo for excellent research assistance.