The authors thank editor Ranjani Krishnan, the anonymous associate editor, two anonymous referees, Deniz Anginer, Zhiguo He, Xiaoxiong Hu, Brian Krauth, Kai Li, Zengquan Li, Scott Liao, Shuqing Luo, Vivek Pandey, Rafael Rogo, Hongyu Shan, Susan Shu, Tao Shu, Xiaoli Tian, and Shubo Zhang; seminar participants at the Chinese University of Hong Kong Shenzhen, Peking University, Renmin University, Shanghai University of Finance and Economics, and Simon Fraser University; and conference participants at the Seventh China Europe International Business School Accounting and Finance Symposium, the China International Conference in Finance, the Five Star Conference in Beijing, and the Hawaii Accounting Research Conference for their helpful comments and suggestions. All errors are the authors’.